Affect on CS when closing a CC but opening a new 1 to replace it

[smallfry]

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@joeblow2 wrote:

CS= Credit score. refid a mortgage in Dec 09 lost 9 points as a result. No other baddies

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A mortgage isn't considered a baddie by FICO. I'm sure you'd rather not have one though. What negative reasons did you see on your TU FICO report?

[joeblow2]

I took on new credit by refi ing mortgage. other mortgage was 5 yrs old. Went from a 30 yr to a 15 yr fixed No other baddies. 

[MarineVietVet]

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@joeblow2 wrote:

The annual fees on the 5800 CL is $59 the annual fees on the other 2 are $59 and $39. 5 other cards opened from 2002 - 2006 AAoA is 6 yrs. CL on those are

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To me personally that's pretty high. I would probably say adios also but I'd have to think about it for awhile.

[Anonymous]

Hmmmm.

How about closing the lowest limit AF card, app for 1 new card of your choice.

Then move forward from there.  A little baby steppin' may be in order.

It's quite likely that you won't see a score hit.  Again, check out what your AAofA will be when the new card hits.

Most people that do see a hit with new accounts see full recovery in 6-12 months.

Good luck to you, Joe, and let us know how you do when you close 1, or 2, or 3 accounts (you're really not going to see a score hit here if you're PIF'ing - unless you close all bank/national cc's); and how you do when you open 1, 2 or 3 accounts.  And keep doing your research on the credit cards forums to determine who will probably give you the best breaks.

[smallfry]

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@joeblow2 wrote:

I took on new credit by refi ing mortgage. other mortgage was 5 yrs old. Went from a 30 yr to a 15 yr fixed No other baddies. 

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If you think taking on a refi is considered a baddie (which it ain't) why are you going to close 3 cards which are not really toy limit cards only to open 3 probably like cards? Try for one and mull over those results. The whole exercise might set you back a year in scoring no more than that if you are going for 760 across the board. 712 TU is kinda a tweener. It's good. It was obviously good enough to refi your mortgage. If the annual fees are that hard to take close the two lowest limit cards and apply for one now.