Will closing cards affect Fico's

[chrisw1968uk]

Hi All

I'm thinking of changing my bank - and in doing so, closing out the cards that I have with them

I currently have 90k in available CL's and this banks cards account for $37k

Util is not a consideration <1%

Will reducing my CLs by 37k affect my score much? - util will still only be around 2 or 3%

Thanks!

[blindambition]

The cards will continue to report up to 10 years. Having utilization that low shouldn't hurt scores much at all. Are these your oldest cards? If so, How long of a period before next oldest? Months, or years? That could affect AoOA, when it falls off report.

[SouthJamaica]

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@chrisw1968uk wrote:

Hi All

I'm thinking of changing my bank - and in doing so, closing out the cards that I have with them

I currently have 90k in available CL's and this banks cards account for $37k

Util is not a consideration <1%

Will reducing my CLs by 37k affect my score much? - util will still only be around 2 or 3%

Thanks!

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No it probably won't affect your scores. But I don't see why closing your deposit accounts should cause you to close your credit cards. Unless they have annual fees, I would leave them alone.

[chrisw1968uk]

Thanks! - No, they are nowhere near my oldest cards. If I close my checking account (Im leaning towards a CU) then I have to pay an AF for the cards - I appreciate your guidance

[Anonymous]

How many cards is it though? You don’t want to close a lot in this economic climate at once.