Subprime/Prime cards

[Anonymous]

I have 18 accts. 10 are subprimes (blaze, legacy, mission lane, 1st savings, total visa, show, taz, credit one (2) & avant. 8 prime (discover (2), quicksilver, Apple, target redcard, kohl's) & piggyback on 2 capital one with low limits (secured/quicksilver).

If I cancel all my subprime cards (six less than a 10 months & two has 1 yr 11 months, one is 2 yrs 5 months, last one is 2 yrs 11 months) will my credit age go back up with the older ones?

I know if I cancel one or serveral my score will drop, reason for wanting to cancel cause annual fees/monthly fees, also I want to get approve for future big boy cards & mortgage. Any advice on what I should do?

my current score through

Experian app FICO 2,3,8 is 

636 mortgage (fico 2)

661 auto (fico 8)

616 auto (fico 2)

669 bank card (fico 8)

663 bank card (fico 3)

625 bank card (fico 2) 

myFICO app

score 9 Bank card- 701,694,699

Fico 8 647,654,669

Mortgage (5-4 & 2)626,651,636

Auto (5-4 & 2) 629,653,616

[iv]

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@Anonymous wrote:

If I cancel all my subprime cards (six less than a 10 months & two has 1 yr 11 months, one is 2 yrs 5 months, last one is 2 yrs 11 months) will my credit age go back up with the older ones?

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No.

Your Average Age of Accounts includes both open and closed accounts. Just cancelling those cards will have no immediate impact on your AAoA. (They would need to be actually removed from your reports, rather than just being reported as closed to affect AAoA, and that would not normally happen on closure. In most cases, they would continue to report for about 10 years.)

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@Anonymous wrote:

I know if I cancel one or serveral my score will drop, reason for wanting to cancel cause annual fees/monthly fees, also I want to get approve for future big boy cards & mortgage. Any advice on what I should do?

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Cancelling cards will not necessarily cause a score drop.

Are you carrying balances on any of the cards?

If not, you are unlikely to see a major impact.

Yes, if you have a pile of annual/monthly fee subprime cards, you should cancel them and stop wasting money on the fees.

[Anonymous]

I'm not carrying any balances on any of them, do you know how many points it could possibly drop? 

[SouthJamaica]

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@Anonymous wrote:

I'm not carrying any balances on any of them, do you know how many points it could possibly drop? 

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The only way it would impact you negatively is if it drives your aggregate revolving utilization up to a point that you could lose points. 

In terms of your FICO 8 scores, if the aggregate utilization on the 8 prime cards is less than 5%, you probably won't lose a single point.

In terms of your mortgage scores, the way to avoid losing points would be to make sure most of your prime cards report zero balances.

[Shooting-For-800]

I would close them if they are more than a year old and have an AF you don't see the value in.  I would just close them one at a time a month or two before AF is due.

[Anonymous]

My utilization is 2% at the moment I'm going to cancel all subprime cards today, as far as my prime cards of all that I have I only carry on one which is 33% which I'm planning on paying it off to zero balance before the statement cuts this month, the rest are zero balance. Thank you for the much needed advice 😊

[Anonymous]

I was going to cancel all of my subprime today instead of dreading it one at a time since you've mention it doesn't make sense to have AF and monthly fees, I know it'll take a while for them to get off my credit but I want big banks to look at a better profile hopefully I'm doing this the correct way 

[SouthJamaica]

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@Anonymous wrote:

My utilization is 2% at the moment I'm going to cancel all subprime cards today, as far as my prime cards of all that I have I only carry on one which is 33% which I'm planning on paying it off to zero balance before the statement cuts this month, the rest are zero balance. Thank you for the much needed advice 😊

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Just make sure you let one bank card report a small balance ($10 to $99) before you pay it off.

[Anonymous]

Oh shooks I just paid it in full, so it's better to have a small balance than zero? 

[OmarGB9]

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@Anonymous wrote:

Oh shooks I just paid it in full, so it's better to have a small balance than zero? 

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Yes, but only on 1 bank card.