CLOSING ACCOUNT

[Anonymous]

I have 2 CAP 1 Cards....One was a QS..The other a Platinum...One of their acct reps upgraded the QS to the no fee Platinum...I realized I had 2 exact cards..one at 2500, the other at 2350, both over a year old. I impulsively called and combined the two CL on to one card...4850...will my closing the one  one card with a  PERFECT history, as is the other one, hurt my score and if yes, how long..I did ask the rep she said it will show closed by card holder and then it will show a increase in my credit line? i don't think it works that way....I see me losing a perfect history credit line....ANY EXPERIENCES?

[SouthJamaica]

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@Anonymous wrote:

I have 2 CAP 1 Cards....One was a QS..The other a Platinum...One of their acct reps upgraded the QS to the no fee Platitum...I realized I had 2 exact cards..one at 2500, the other at 2350, both over a year old. I impulsivly called and combined the two CL on to one card...4850...will me closing the one card with a  PERFECT history, as is the other one, hurt my score and if yes, how long..I did ask the rep she said it will show closed by card holder and then it will show a increas in my credit line? i dont think it works that way....I see me losin a perfect history credit line....ANY EXPERIENCES?

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You don't lose your perfect history credit line. No it won't affect your credit score.

[Anonymous]

Hi Meatman!  Were these the only two credit cards you have?  If not, how many other cards do you have?

[Anonymous]

No, CreditGuyInDixie, I have about 15 CC....Just never closed one...

[Anonymous]

If those were the only two cards you had, then that would be a step in the wrong direction (going from two credit cards total to one).  This is because it is a lot easier (for various reasons) to score high when you have at least three credit cards.  But you already have 15 (possibly 14 now).  So you are fine there.

Given that you already have several cards, then SJ is right: there's no scoring downside (immediate, medium term, or long term) of closing one card and shunting its credit limit onto the other card.

Indeed, if you have a few really junky store cards (pr annual fee cards) that you have no use for, then you may wish to close those too.  Closing cards has no effect on your AAoA.

[Anonymous]

thanks CreditGuyInDixie....As Johnny Carson use to say,,,I did not know that....I don't have any useless/junk store cards....Ive worked strenuously to get my Credit healthy...This site has been very helpful in getting there...I may combine a few others...Amex could be next..THANKS AGAIN

[kmr8]

Have a question here.
My AAoA is 2 yrs, oldest a/c was 3 yrs old. Have about 16 cards (14 open 2 closed).
My CU Card which is my 2nd oldest acct (opened within a month of the oldest one) was closed due to inactivity. The CL was only $300. But my score dropped 20-30 pts (diff bureau FICOs). While I have a 45-38% util on one card since 3 months back this doesnt seem to be because of that since i alreay saw minor drops for those.
All the graphs took a plunge when the closure was reported.

My TU FICO for eg:
07/16 799
08/16 785 (45% util on 1 card first reported; overall 6-9%)
09/16 785 (42% util on 1 card; 6-9% overall)
10/16 780 (40% util on that card; 6-9% overall)
11/16 776 (38% util on card1; 6-9% overall)
12/16 753 (35% util on card1; 6-9% overall)
01/17 751 (33% util on card1; 6-9% overall)
02/17 ??? (0% util on card1; 2% overall; closed a 2.2 yr old auto loan)

Also, Citi's 900-based score dropped from 790 to 750 in 12/16 after my 2nd oldest acct was closed.

My question is is this drop due to the high util aging or my acct closing?

[joltdude]

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@Anonymous wrote:

thanks CreditGuyInDixie....As Johnny Carson use to say,,,I did not know that....I don't have any useless/junk store cards....Ive worked strenuously to get my Credit healthy...This site has been very helpful in getting there...I may combine a few others...Amex could be next..THANKS AGAIN

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I beg to differ. .. Your still holding on to that Credit One card aren't you, because its your "oldest" card....

Let it go.... it won't affect you....

-J

[Anonymous]

That card isn't a junk store card and its not creating any problems....i like it for sentimental reasons too. 1st cc of my journey

[Anonymous]

KMR - I think the high (30-40%) utilization is hurting your score far more than closing the account.  Others with more experience may have more information,