FICO score closing one CC

[emily504]

Currently I have 4 open CC (2 Amex-21,000 limit total both card, 1 BFA - 10k limit, 1 Cap One - 2k limit)  being the BFA CC have the longest history (from 1999). However I plan to close the BFA as it being too many CC and there is no cash back or point I can earn if I using the CC. Will it drop my score if I close the BFA CC?

I always pay off the balance at the end of the statement. My current FICO score: 771 EQ, 778 EX, 825 TU

[GregB]

What do you think you would gain by closing the CC? What is BFA? Is there a yearly fee for that CC?

Hard to imagine that there is anything to be gained by closing a CC that has no fee. You can just show a small amount of activity a few times a year so they don't close it.

[YahComb]

perhaps in the digital era, the inconvenience of monitoring your accounts for fraud in addition to just making sure you pay on time is a bit much, and making sure to put something on it every few months just to keep it open...people can get overwhelmed by that with too many cards. Some of us can handle 10 15 20 cards, some people can't have peace of mind juggling all that.

[pizzadude]

The only time that your FICO® score might drop from closing a credit card is if your revolving utilization increases as a result of losing the credit limit. See this sticky thread: http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/td-p/347190

[-Cain-]

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@emily504 wrote:

Currently I have 4 open CC (2 Amex-21,000 limit total both card, 1 BFA - 10k limit, 1 Cap One - 2k limit)  being the BFA CC have the longest history (from 1999). However I plan to close the BFA as it being too many CC and there is no cash back or point I can earn if I using the CC. Will it drop my score if I close the BFA CC?

I always pay off the balance at the end of the statement. My current FICO score: 771 EQ, 778 EX, 825 TU

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Is it safe to assume BFA is Bank of America? If so, why not call and try to PC your card into a rewards card that you may like better?

[emily504]

Thanks all for all input. Yes BFA=Bank of America. The reason it is still open because it has the longest history since 1999. Somehow I keep thinking having too many card show risk for lender even though you do not carry balance. Again I may be wrong.

[Repo-ed]

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@emily504 wrote:

Thanks all for all input. Yes BFA=Bank of America. The reason it is still open because it has the longest history since 1999. Somehow I keep thinking having too many card show risk for lender even though you do not carry balance. Again I may be wrong.

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First step is admitting - WTG!

[GregB]

From a FICO point-of-view the best thing will be to keep it, use it several times a year, PIF, and wait for them to increase your credit limit. In 10 years you will look back at this and be very happy you didn't close it.