Close Newest Credit Card??

[ak1234]

Hi all!  

I had two CC COs and a Repo that I settled in March 21.  At the same time, in March, I opened a Self Lender loan, Disco Secured $500 SL, Cap One unsecured $500 SL. 

Since then I converted Self Loan to the Self CC $525 limit.  Disco is set to review for grad in the next few weeks, Cap 1 CLI to $1500. I've also added an Apple CC w/ $250 limit, Fingerhut w/ $500 limit, and Wayfair with $300 limit.  I don't actually use the fingerhut or Wayfair.  I do have an installment loan with roughly $13k balance.  

The self card is the newest, has only reported 3 months.  I was thinking of closing it and if Disco doesn't unsecure, adding the funds to my deposit to increase the CL so my available CL remains the same.  

Any major concerns I should be aware of by closing the Self CC? I figured my score might take a dip.  Is keeping this extra card helping with on time payment % etc.  

I've come from 570-Ex March - 522-Ex in May to 655-Ex 651-Eq 661-Tu.

TIA!!

[NYC_Fella]

Closing a card will decrease your utilization but will not affect your average account age. You do want to have 6-7 open accounts for score optimization.

[RSX]

you can close it  - score shouldnt be impacted

i would also close the Fingerhut and Wayfair over the next couple of months

you have the Cap1 - Disco  - Apple  - and an Installment loan

that is all you need for now - move forward with the 'good' cards and lose the old, rebuilding ones

[ak1234]

Thanks! That's the plan, only have them to increase available credit.  

[GrandBay]

@ak1234 

would close FingerHut & Wayfair first

unless, you want the cash from Self return 

as I think FH & Wayfair are unsecured

Self has a $25 annual fee 

which you have paid

I would hold onto the card for the next 9 months and close before the next AF

sock drawer it until then

[FireMedic1]

It would be best to stay the way it is now and not drop into the thin file area. A "thin" credit file typically means a credit history of less than five accounts or one where the accounts on it have been open for just a short time. A "thick" file generally is someone that has more than five accounts that have been open for longer periods of time. Once you get a better card. Then 1 by 1 replace the mentioned ones. Shows future creditors that you can handle multiple accounts.