Closing a credit card down

[Anonymous]

Hi here I will be putting some data points of how my credit report (Experian) will look on February.

I started building credit back in 2016, but at that time I only had 1 credit card.

At the begining of last year I went crazy trying to open credit cards to add on time payments on my report, but I didn't realize that I was shorting my average of credit by doing so.

I want to close down a couple credit cards including: Kay store, capital one that has not been unsecured yet, Amex cash magnet, and fifth third.

Can doing that lower my credit score dramatically?

Experian Fico Score 08: 738

Utilization: 1% ( 100 dollars being used out of around 15000 of available credit)

Inquiries: 6 inquiries in the las year and one should be removed today.

Acoounts:

- Wells Fargo secured credit card (becoming unsecured next month): $300.00 opened on May, 2016 (2years and 8 months old)

-Chase (Auto loan): Opened on Jun, 2016 (2 years and 7 months old)

-Discover (Graduated from secured to unsecured last month on 7th statement): $1500 opened on May, 2018 (9 months old)

-Capital One (Secured credit card): $500 opened on May, 2018 (9 months old)

-Amex Cash Magnet: $1000 opened o Jun, 2018 (8 months old)

-Kay Comenity Store card: $1500 opened on July, 2018 (7 months old)

-Barclay Arrival Plus: $1500 opened on July, 2018 (7 months old)

-Fifth Third Trio: $4000 opened on August, 2018 (6 months old)

-Sam's Club Mastercard: $4800 opened on November, 2018 (3 months old)

-Amex Platinum Card: No pre-set spending limit opened on Dicember, 2018 (2 months old)

-Amex Hilton Honors Aspire: $3100 opened on January, 2018 (2 months old)

Please advise thanks,

[Anonymous]

As long as they aren't your oldest and don't impact your UTI - you are good! Best wishes! 

[Anonymous]

Thanks for replying they are not my oldest account can it still lower my average of credit by closing them?

also how much could that drop it? I know it is unknown but an estimate

[Anonymous]

It will not drop you AAOA. Accounts in good standing will continue to report for 10 years. 

[Pikaboo-icu]

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@Anonymous wrote:

Thanks for replying they are not my oldest account can it still lower my average of credit by closing them?

also how much could that drop it? I know it is unknown but an estimate

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You have several ages to pay attention to:

AooA: Age of oldest account

AAoA: Average age of account

AoYA: Age of youngest account

These won't change due to closing cards as Brandon posted, they will continue to report for 10 yrs. 

The main thing is to watch your utilization. If you're carrying balances and you reduce available credit by closing cards, you can take a score hit for that.

cheersgif.gif

[Anonymous]

Thanks so much for replying if I close my oldest credit card could that make my score go down? why if it will be reporting for 10 years?

[Pikaboo-icu]

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@Anonymous wrote:

Thanks so much for replying if I close my oldest credit card could that make my score go down? why if it will be reporting for 10 years?

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No worries.. AAAthumbs_up_smiley.gif

It wont affect your score.

Yes, it will continue to report for 10 years so unless it's your oldest by far (years), it's ok to close.

BUT

It's also ok to just sock drawer the card if you're not paying an annual fee on it.  Put lunch on it once every six months LOL

[Anonymous]

I honestly thought about that it is just that I have too many now that I am scared to forget I have to pay it and I am the type of person who checks his credit cards everyday also I am trying to get the platinum bonus and even though I never carry balances I feel preassured because is a charge card so I am scared that paying so much attention to the platinum I end up forgetting about another credit card lol I know it sounds crazy and funny

[Pikaboo-icu]

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@Anonymous wrote:

I honestly thought about that it is just that I have too many now that I am scared to forget I have to pay it and I am the type of person who checks his credit cards everyday also I am trying to get the platinum bonus and even though I never carry balances I feel preassured because is a charge card so I am scared that paying so much attention to the platinum I end up forgetting about another credit card lol I know it sounds crazy and funny

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I get it  LOL

I'm OCD about paying my CC bills too. I get nervous if the statement date gets close and I haven't paid it off.

But if your oldest card, doesn't have any fees, you can hide it in a drawer (thus sock drawer) and just not use it.

That way it can report as zero bal each month.

But again, totally up to you and closing some to simplify is also a grand idea..

You should be safe either way so whatever is easiest on you. 

AAgesturing-tip hat.gif

[AverageJoesCredit]

Suprised you want to close 5/3 thats a nice prime card. Amex too, can grow big time and help your utilization.