Closing 2 cards...

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Closing 2 cards...

Postby gerry » Fri Jan 24, 2014 11:23 am

I want to cancel my two oldest cards, which are both from Capital One, their Platinum card and the GM card which they bought from HSBC. My Amex account is almost as old, maybe less than a year difference so it wouldn't be a huge loss of history. Both Cap1 cards also have low limits, $1750 and $1700 respectively. I was just approved for a MCU Visa for $9300 so the loss of credit is a wash as well.

So is it really a bad idea to close both at the same time? Is it a better idea to close one and wait out the other?
Amex Green $NPSL
Amex Blue $12000
MCU Platinum $9300
Discover More $7000
Chase Freedom $4500

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Postby MemberSince99 » Fri Jan 24, 2014 12:10 pm

If you want to close them, close them. I never advise people to leave cards open they really don't want anymore.

I've personally closed more than I can count (I'm not too smart so I run out of fingers and toes and then I'm out of luck) and I still have 7 open currently and that's about as much as I care to try to manage.

For best scoring 2 or 3 cards is ideal, but frankly if you just don't want to manage your Cap Ones anymore, close them and don't look back.

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Postby JoDa » Fri Jan 24, 2014 11:09 pm

It depends a little on medium-term goals, but closing my low-limit Cap One when they wouldn't give me a CLI didn't make a dent on my score, and I didn't even have the CSP you'll see in my sig at the time. If you didn't have lines as aged or weren't able to replace the credit, that might make a difference, but it sounds like everything would come out in the wash for you *unless* you carry a high balance AND were considering a major purchase in the medium-term (house or expensive car).
CSP $19K
UMP $11.5K
Target Visa $1.5K

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Postby takeshi » Mon Jan 27, 2014 8:22 am

gerry wrote:So is it really a bad idea to close both at the same time? Is it a better idea to close one and wait out the other?

Your call to make. "Better" in what sense? AAoA won't be affected until the cards fall off 10 years down the road. The major impact will be to utilization. You can do the math to compare utilization before and after.

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