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Ready to drop some credit cards

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Established Member

Ready to drop some credit cards

I just got approve for 2 Amex cards( Hilton Ascend and Delta Blue Skymiles for 1,000 only) but now I wanna drop my LendupCard ( 600 right now) & my Cap1 card( 750right now).. Now my TU score right sits at 632 ( hopefully it doesnt drop) and my EXP score is at 617 ( at least on CK) and my other one is at 642 (EU) . I only had 6 inquires in last ( counting 2 approvals i got from Amex) 8 months and I dont really dont use LendUp anymore ... Will my credit take a dive or just I wait it out and maybe I can transfer the balance to that card
Message 1 of 6
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Contributor

Re: Ready to drop some credit cards

this will hurt your UTIL, as you are killing your overall CL. if you keep a zero balance it wont matter as much. but, as a whole you will be lowering your total available credit, thus any spend will increase UTIL against the total. id recommend NOT doing that yet, until you can increase the limits on your newer cards. 

 

congrats on the newer cards by the way.

 

Rick

FICO 8:
EQ-835
TU-836
EX-833

Discover IT - 23.5k @18.24%
Macys Amex - 7.5k @26.99%
Chase Amazon - 2k @20.74%
Chase Sapphire Preferred - 14.7k @17.49%
Amex Bonvoy Brilliant - 14.7k @20.49%
Amex Platinum (NPSL)
Message 2 of 6
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Super Contributor

Re: Ready to drop some credit cards

Do either of the two cards you wish to close have annual fees?  If not, I'd leave them open, and focus on paying off all of your CC debt.  Closing the cards will not give you an advantage and until your CC debt is paid off closing them will increase your total CC utilization, which is not good.

 

When you get your debt paid off, there's no problem with closing them, as long as you will still have three credit cards after they are closed.

 

If they do have annual fees, circle back with us and we can figure out the best plan.  The folks here will need in that event to have a complete list of all your cards, their balances, and their credit limits.

Message 3 of 6
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Contributor

Re: Ready to drop some credit cards

Totally agree with creditguy...if there are no annual fees or very low ones....Take those cards and put them away somewhere. I have a 2nd wallet full of cards I wont use sitting in a box in my closet. They are $0 and no annual fee but help my overall credit limit as well as age of my accounts.

Current FICO 8 Scores
EQ 759
TU 748
EX 744
Message 4 of 6
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Community Leader
Senior Contributor

Re: Ready to drop some credit cards

I'd get rid of LendUp and its fees while keeping Capital One. This gives you the three cards that scoring likes. And it gives you a Visa/MasterCard option for places where AMEX isn't accepted.

 

I woudn't be overly concerned about utilization in the short term. Once your debt is paid, it won't matter that the additional limit from LendUp is gone.

Message 5 of 6
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Frequent Contributor

Re: Ready to drop some credit cards

I agree with Heaven...
Get rid of lend up and keep cap1.



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