Will Closing some cards hurt me?

[Anonymous]

In the past couple years I have been very open to new cards and such. Some just aren't aging well as others. My discover has gone from $2,000 to $11,000 in a year. My capital one has gone from $500 to $1,100. Chase won't budge me soft pull wise, and I have a sync card I have never used.

They're all $2,000 or less. I currently have $55,560 in available credit. 

I am lining up to buy a home in 2020 but that's 2 years away. All accounts I am looking to close are less then a year old, and some of my older ones are 7+ years.

Should I not? I have 13 cards.. looking to close 3.

I don't think it will hurt, they have high APR, and I am no longer interested in any of them. 

What do you guys think?

[SouthJamaica]

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@Anonymous wrote:

In the past couple years I have been very open to new cards and such. Some just aren't aging well as others. My discover has gone from $2,000 to $11,000 in a year. My capital one has gone from $500 to $1,100. Chase won't budge me soft pull wise, and I have a sync card I have never used.

They're all $2,000 or less. I currently have $55,560 in available credit. 

I am lining up to buy a home in 2020 but that's 2 years away. All accounts are less then a year old, and some of mine oldests are 7+ years.

Should I not? I have 13 cards.. looking to close 3.

I don't think it will hurt, they have high APR, and I am no longer interested in any of them. 

What do you guys think?

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I have no idea what this sentence means:  "All accounts are less then a year old, and some of mine oldests are 7+ years."

To answer your question we would need to know the accounts, how old they are, and what the limits and balances are.

[Anonymous]

Sorry!! I meant the accounts I am looking to close. 

0 balance on all!

Chase FU - $2,000 9 months.

Capital One Plat - $1,100 11 Months 

Sync Bank - Mavis Tire - $500 - 11 months

[SouthJamaica]

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@Anonymous wrote:

Sorry!! I meant the accounts I am looking to close. 

0 balance on all!

Chase FU - $2,000 9 months.

Capital One Plat - $1,100 11 Months 

Sync Bank - Mavis Tire - $500 - 11 months

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Assuming the other 10 cards have zero balances as well, then I don't think your score would be affected.

But if I were you I would not close the Chase card.

To maximize your scores going into the loan you should let one of your cards report a small balance each month before paying it off.

[RobertEG]

Closing alone is only the determination, based on request of either the creditor or the consumer, that the account be closed to further new charges by the consumer.  It is a procedure that permits a creditor to thereafter minimize increased risk on their revolving credit accounts by limiting the balance, and thus the debt.

Upon closing, the scoring implications are then determined by the party who has developed the scoring algorithm.

Some algorithms exclude revolving accounts from length or credit scoring (e.g., AAoA) once closed, while others, such as FICO,, do not.

Additionally, once both the debt has been discharged on a revolving account, it is removed from % util scoring, and thus its credit limit no longer helps.  However, a closed account that remains delinquent with a debt balance is still retained in % util scoring until the debt becomes $0.  Thus, closing a delinquent account will not remove it from continued effect on your % util.

Additionally, after an account is closed, the consumer is not assured that the creditor wont decide to then delete the entire account in order to remove any need to monitor the account for information changes or to respond to any good-will requests or consumer disputes.

Thus, closing always runs the risk for an old card of losing its continued positive effect in FICO scoring of AAoA.

[Anonymous]

Closing the cards you mentioned is fine and will not hurt your score. 

Since your goal is to prepare for a mortgage, the best thing you can do is to apply for no new accounts (loans, cards, anything) until after you own your home.

If you decide that the Share Secure Loan Technique is something you want to do (and it won't help your mortgage scores) be sure to implement it at least 13 months before you will begin looking for a house.

[Shooting-For-800]

I would not close anything unless the mortgage company said so.

Use each card at lease every few months or so and pay off each month.