Should I close two card accounts at the same time?

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Should I close two card accounts at the same time?

Postby BuildingCreditScore » Sun Nov 17, 2013 4:47 pm

I am 20 and I have five credit cards. I do keep my utilization around 10% and make sure I do not over spend. The two cards I want to close are the Wells Fargo Platinum card which used to be a secured card and a Capital One Journey. They have about 11 months of credit history. My new cards are around 2 months old each.

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Postby gijoe3181 » Mon Nov 18, 2013 6:49 am

To be quite honest you never want to close out your credit cards. Here is why, people have a misconception that once I have close it out it will due 2 things 1.) increase my credit score 2.) Lower my DTI(debt to income) ratio.

They are very wrong in thinking that. Main reason is most creditors look at beside your credit score is the length of credit history and on time payments. You said you've had them open for 11 months, keep them open!!! You want to build your credit history, if you close those accounts all the positive payment history you have will be gone. And can drop you score by 10%. Wish you the best!!
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Postby takeshi » Mon Nov 18, 2013 7:52 am

It's difficult to advise with the info provided. Consider the impact on utilization and whether or not you actually use the cards. AAoA won't be immediately affected. Closed accounts in good standing will remain on your report for 10 years.

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Postby Midori » Mon Nov 18, 2013 7:58 am

Like takeshi said, a card's age affects your account when you apply for it, not when you close it. Say you keep your card until its 12-month anniversary, and then close it. It will affect the total-available-credit part of your score, but it will continue to contribute to your AAoA for the next 10 years. Then, when you hit the 10th anniversary of having closed them, you'll lose two 11-year-old cards.

If there were fees attached to them, I'd close them, no problems. But if they were free cards, I'd have to look at what I expected to gain by closing them, versus what I expected to lose by keeping them.

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Postby whit » Mon Nov 18, 2013 8:56 am

three is a pretty good number of lines of credit to have at your age;

do you plan on applying for anymore cards within the next year or two or are you content with the freedom/slate/blue cash combo?

when I was that age I only had two prime cards and a few store cards that was never used and subsequently closed because I was young and dumb (to apply for those, esp victoria secret..asking for my social I shoulda known better)

that was Amex and a MC. they were perfectly fine for me and they auto increased my CL as time passed, though that was a different era

In your shoes I most likely would just keep those three cards, and close the two, unless there was another card i would want, then i would wait until I applied for that card and have it open to close the two

for a twenty year old, having those three cards is pretty good, might just want to use them and grow ;) the CL

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Postby BuildingCreditScore » Mon Nov 18, 2013 9:07 am

The two cards are fully paid off, I haven't used them since I received my new cards. I did get approved for the Sapphire Preferred card for $5000. I have never been late on a payment so it is all positive.

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Postby MemberSince99 » Mon Nov 18, 2013 10:06 am

With 11 months of history they aren't going to hurt you long term. If you don't feel you would use them, close them. You have 3 good cards and I haven't heard anything good at all about WF cards and Cap One isn't the greatest either.

I would say go for it, long term it's not going to matter, and build and use your good cards.

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