Closed Multiple Cards at once

[afijunkie]

So in the last month I have closed 6 out of my 11 cards all which are under 5 years old. I also applied and got approved for a Chase Freedom Unlimited. What will happen to my score?

Oh and I also paid off my car loan and bought a house. 

Remaining Cards

CSP $25k cl

CFU $12k cl

Amex BCP $27k cl

Citi DC 11k cl

Citi Costco 11.5 cl

[AverageJoesCredit]

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@afijunkie wrote:

So in the last month I have closed 6 out of my 11 cards all which are under 5 years old. I also applied and got approved for a Chase Freedom Unlimited. What will happen to my score?

Oh and I also paid off my car loan and bought a house. 

Remaining Cards

CSP $25k cl

CFU $12k cl

Amex BCP $27k cl

Citi DC 11k cl

Citi Costco 11.5 cl

---

If you closed that many cards paid off your car and got a house, why care? Lol you won , got the biggest thing you can get with credit . I say live life, close Citi and Amex and put all your eggs in the Chase basket! Have fun

[Anonymous]

I agree with "you won."

That's a nice collection of remaining cards. You might consider the Reserve instead of the Preferred.

[Anonymous]

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@afijunkie wrote:

So in the last month I have closed 6 out of my 11 cards all which are under 5 years old. I also applied and got approved for a Chase Freedom Unlimited. What will happen to my score?

Oh and I also paid off my car loan and bought a house. 

Remaining Cards

CSP $25k cl

CFU $12k cl

Amex BCP $27k cl

Citi DC 11k cl

Citi Costco 11.5 cl

---

On one or two credit bureaus you lost a few points on credit inquiries.

Your age of youngest account went down with the new account.

Your average age of accounts went down with the new account.

You lost available credit from the closed cards.

You gained credit with the new Chase account.

The losing and gaining of available credit will impact utilization.

If your utilization remains low then net impact may be small.

[afijunkie]

So my utilization was at 1% prior to closing the old cards 1100/164000, but I lost around 72k in total credit. I am happy with the move like you guys said I won plus I just didn't need all that credit. 

[kdm31091]

You still have a good collection of cards with large limits. I wouldn't be at all concerned about the effects of closing the cards. Sometimes you just need to simplify, and you still kept a large buffer of available credit.

[Anonymous]

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@afijunkie wrote:

So in the last month I have closed 6 out of my 11 cards all which are under 5 years old. I also applied and got approved for a Chase Freedom Unlimited. What will happen to my score?

Oh and I also paid off my car loan and bought a house. 

Remaining Cards

CSP $25k cl

CFU $12k cl

Amex BCP $27k cl

Citi DC 11k cl

Citi Costco 11.5 cl

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I also agree that you won. And the fact that you're closed those cards is probably not gonna hurt you witg the limits you have from what you're saying. And 5 cards is the minimum number I recommend to be able to achieve the best scores across versions, and you've got a great lineup! I think you did great. Kudos to you.

and your scores have nowhere to go but up with time. well done.

[SouthJamaica]

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@afijunkie wrote:

So in the last month I have closed 6 out of my 11 cards all which are under 5 years old. I also applied and got approved for a Chase Freedom Unlimited. What will happen to my score?

Oh and I also paid off my car loan and bought a house. 

Remaining Cards

CSP $25k cl

CFU $12k cl

Amex BCP $27k cl

Citi DC 11k cl

Citi Costco 11.5 cl

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I'm guessing you'll lose points in FICO 8 & similar scores, but lose less points in the older models, such as the mortgage scores.

But as @AverageJoesCredit pointed out with his usual sagacity, who cares?

[Anonymous]

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@Anonymous wrote:

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@afijunkie wrote:

So in the last month I have closed 6 out of my 11 cards all which are under 5 years old. I also applied and got approved for a Chase Freedom Unlimited. What will happen to my score?

Oh and I also paid off my car loan and bought a house. 

Remaining Cards

CSP $25k cl

CFU $12k cl

Amex BCP $27k cl

Citi DC 11k cl

Citi Costco 11.5 cl

---

On one or two credit bureaus you lost a few points on credit inquiries.

Your age of youngest account went down with the new account.

Your average age of accounts went down with the new account.

You lost available credit from the closed cards.

You gained credit with the new Chase account.

The losing and gaining of available credit will impact utilization.

If your utilization remains low then net impact may be small.

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Youngest account segmentation factor was not reset; loans do not reset it.

[Anonymous]

Depending on what your B/L was before the loan was paid off on the car, you may lose some points on Score 8. That’s assuming it was your only loan the time.