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fico score hit when you cancel add on card

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donnoyet
New Member

fico score hit when you cancel add on card

Folks,
I have a question regarding credit score improvement.
I have a credit card where my wife is the primary card holder and I
have the add-on card. I want to get rid of my add on card. Its fairly
recently opened card compared to my other cards. Because the high
balance( 50% usage on that credit card alone) on this credit card
account (on which we got a 3% BT for life) - the usage on my revolving
accounts goes upto 24% . If my wife requests the card guys to close
this add-on account of mine- my credit usage will come down to under
18% and  of course i will have less limit in all but i think this
might improve my credit score....
Do you think there is a problem with this approach?
Will this show up as a credit card account that was closed on my
request( will that bring my score down?)  or will it just get rid of
that account from my report completely? and since my revolving balance
 now comes down and so will my total usage - will it increase my
credit score?
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llecs
Moderator Emeritus

Re: fico score hit when you cancel add on card

Welcome to the forums!

Removing yourself as an AU isn't a big deal. Once you are removed, it will disappear off your CRs. Couple things to watch out for: utilization, history, and mix of credit. You mentioned that utilization would drop without this card. That'll help your score. You also mentioned that this is a newer account. Removing yourself would improve your avg. age and that will help your score too. The only other thing to look out for is your mix of credit. So as long as you have other CCs outside of this one, you'll be OK.
Message 2 of 2
1 REPLY 1
llecs
Moderator Emeritus

Re: fico score hit when you cancel add on card

Welcome to the forums!

Removing yourself as an AU isn't a big deal. Once you are removed, it will disappear off your CRs. Couple things to watch out for: utilization, history, and mix of credit. You mentioned that utilization would drop without this card. That'll help your score. You also mentioned that this is a newer account. Removing yourself would improve your avg. age and that will help your score too. The only other thing to look out for is your mix of credit. So as long as you have other CCs outside of this one, you'll be OK.
Message 2 of 2
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