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.
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.
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
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
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.