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Should I cancel my cards?

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Established Contributor

Re: Should I cancel my cards?


@MSOH1981 wrote:
I think the only no annual fee card I have is my Discover so I’d keep that. My AMEX is my oldest card because I used the trick this board told me and got my card back dated to my first card in college which was 20 years ago. I’ll keep my AMEX Platinum because it’s the one card we actually use and pay off every month. All the rest of the cards I’ve had for 5 years.

 

If that Amex card is really back dated 20 years in your CRs and not just on the webpage then I think it’s worth the AF (If you can afford it). I’d find a way to keep that and cancel the newer AF cards. But you know your finances better so it’s ultimately your call.

 

BK7 dc in 01/2011 with FICO8 in the 500s

HPs EX 4 EQ 3 TU 1
AAoA 5y2m
UTIL 1% - 3%

$180K+ Total Limits







New cc TLs 1/12(11 month old) & 3/24
Message 11 of 22
Moderator

Re: Will this tank my credit?


@MSOH1981 wrote:
I asked this in the credit card forums but it might be better for this one. <snip>

Hi @MSOH1981 and welcome to the myFICO Forums.  I've merged both of your threads here in General Credit Topics to eliminate confusion and receiving responses in two different places.


Message 12 of 22
New Member

Re: Will this tank my credit?

I was wondering if this was something I could do. Or consolidating all of my Chase cards into one and keeping the credit lines?
Message 13 of 22
New Member

Re: Will this tank my credit?

That’s good to know. But won’t losing all of that open available credit hurt?
Message 14 of 22
New Member

Re: Should I cancel my cards?

Yes my AMEX shows 20 years on my credit report.
Message 15 of 22
Contributor

Re: Should I cancel my cards?

I/we have no idea who you are replying to. Have you considered activating desktop mode?
Message 16 of 22
Senior Contributor

Re: Should I cancel my cards?


@MSOH1981 wrote:
Yes my AMEX shows 20 years on my credit report.

If you want to answer another posters question or post. Hit "Reply" Then hit the "Quote" button. Then type your responce. Welcome.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 17 of 22
Super Contributor

Re: Should I cancel my cards?


@MSOH1981 wrote:
I first joined this forum many years ago when I had terrible credit and wanted to improve it. I did, I got a lot of credit cards, I got a mortgage, I got good credit. My credit score is now 779 and I have no credit card debt yet I still have all these cards with hundreds of dollars in annual fees a year. I want to cancel these cards because I don’t want to pay annual fees for cards I don’t use, but I’m worried it’ll tank my credit if I cancel them.

Has anyone had any experience with this? And if I call the banks and have them cancel my cards, will they waive the fee or offer me a card without a fee? I’m just not sure what I should do. Next year my husband and I will probably be looking to buy a new house so I don’t want to tank my credit before we do this and then I can’t bring it up quickly.

Since you have low utilization, and will still have low utilization, yes you should feel free to close the cards you don't use which have annual fees.

 

It will not affect your scores adversely in the near future, and some mortgage loan officers prefer a profile with few revolving lines of credit. Most of your closed accounts will stay on your credit reports for many years.

 

If you close your oldest account today, and 10 years from now it falls off your credit report, that might affect your score at that time, but you will probably have such a well seasoned profile that it won't make a difference.


7/31 FICO 8: EQ 751 TU 781 EX 748 Total revolving limits 713500 (592500 reporting)
Message 18 of 22
Super Contributor

Re: Will this tank my credit?


@513credit wrote:

Closing revolving lines will decrease your average account age which does affect your FICO score.


Incorrect information above.  Closing revolving lines has no impact at all on AAoA as both open and closed accounts impact AAoA equally.  Closed accounts will remain on a CR for 10 years typically, so any adverse impact from their closure won't happen for a decade.

 

OP, go ahead and close your AF cards.  Or, see if you can downgrade the AF cards to non-AF versions or PC them to non-AF products.  At that point you can SD them and not have to worry about the fees.  As long as you have a couple of non-AF cards (like Discover) in your profile that remain open you'll be just fine.

Message 19 of 22
New Member

Re: Will this tank my credit?

Thank you everyone! I called Barclaycard, Chase and Capital One today. With Barclaycard they just moved my credit line from my American Airlines card to my Apple Rewards card and closed the AA card. With Chase they did the same. Closed my Chase Sapphire Preferred and moved the credit line to my Chase Freedom. Capital One is the only one who said they couldn’t move accounts so I just closed that one. Now the only card I have left is my AMEX platinum. Thanks everyone!
Message 20 of 22
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