Closing Credit Card Accounts Too Close Together
Author: ero2
Posted: Fri May 30, 2003 4:34 pm
Post subject: Closing Credit Card Accounts Too Close Together
Okay right now I have an amex blue, a chase platinum, a best buy and a capital one student(my oldest card). I just got a Amex rewards green because it earns points faster than blue and because I will be using it as a debit card I will earn double points for almost everything. Would my credit score be affected if I cancelled the blue? Do charge cards count on your credit report? Has anyone that linked two amex cards into one rewards account had any problems doing this(if I decide to keep the blue?) what I am asking is if I cancel my blue is having only three revolving accounts, and only one that I will really use, as a backup to my amex(chase because the rate on the Cap One is ridiculous 19.99) going to hurt my score?
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ero2
Posted: Sat May 31, 2003 2:30 am
Post subject: Closing Credit Card Accounts Too Close Together
if I cancel the citibank shell card I just got because I am going to use my amex green only for all of my everyday purchases I will have cancelled 5000 of my available 10,000 because I really have no need for the amex blue (I just cancelled it today) and since I will be using my green for everyday purchases don't need my shell card, my main question is will my charge card (green card) still be reported to the CA's just as a regular CC is? I still have my oldest card and now with Amex green still have my history with them, my BB card is my second oldest, and I have an auto loan. Last I checked my score was 787, would cancelling these 2 cards ruin my credit, or could my fico be repaired in the next year or 2 since I won't need to apply for any new credit any time soon?
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Cathy
Posted: Sat May 31, 2003 2:38 am
Post subject: Closing Credit Card Accounts Too Close Together
Personally I would have kept the blue card for awhile, if only for ratio reasons. Also, since the blue allows you to revolve if you need to, using that card when nessessary could have still earned you points. Also I would not close further cards at this time, not only for ratio reasons but if you close too close together, i've heard that can be viewed as not so good by future creditors. Also, take it from me, someone that works at a gas/service station, it is always good to have a backup card, especially since not all merchants accept AmEX
ero2
Posted: Sat May 31, 2003 3:01 am
Post subject: Closing Credit Card Accounts Too Close Together
so maybe I will keep my shell MC but have it converted to something else, and keep my chase platinum, my college cap one(because it is the oldest), my Best Buy, and my new Green charge card. Thus leaving me with 4 revolving and one charge. Does that sound like a good ratio? 21 yr old that makes 10,000 a year, has a car loan for 19,000 and 8,000 in Credit limits plus the charge card and only a 200 dollar balance on one, and payed off in full usually every month? with a 780ish, sound like I am off to a good start?
Posted: Fri May 30, 2003 4:34 pm
Post subject: Closing Credit Card Accounts Too Close Together
Okay right now I have an amex blue, a chase platinum, a best buy and a capital one student(my oldest card). I just got a Amex rewards green because it earns points faster than blue and because I will be using it as a debit card I will earn double points for almost everything. Would my credit score be affected if I cancelled the blue? Do charge cards count on your credit report? Has anyone that linked two amex cards into one rewards account had any problems doing this(if I decide to keep the blue?) what I am asking is if I cancel my blue is having only three revolving accounts, and only one that I will really use, as a backup to my amex(chase because the rate on the Cap One is ridiculous 19.99) going to hurt my score?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
ero2
Posted: Sat May 31, 2003 2:30 am
Post subject: Closing Credit Card Accounts Too Close Together
if I cancel the citibank shell card I just got because I am going to use my amex green only for all of my everyday purchases I will have cancelled 5000 of my available 10,000 because I really have no need for the amex blue (I just cancelled it today) and since I will be using my green for everyday purchases don't need my shell card, my main question is will my charge card (green card) still be reported to the CA's just as a regular CC is? I still have my oldest card and now with Amex green still have my history with them, my BB card is my second oldest, and I have an auto loan. Last I checked my score was 787, would cancelling these 2 cards ruin my credit, or could my fico be repaired in the next year or 2 since I won't need to apply for any new credit any time soon?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Cathy
Posted: Sat May 31, 2003 2:38 am
Post subject: Closing Credit Card Accounts Too Close Together
Personally I would have kept the blue card for awhile, if only for ratio reasons. Also, since the blue allows you to revolve if you need to, using that card when nessessary could have still earned you points. Also I would not close further cards at this time, not only for ratio reasons but if you close too close together, i've heard that can be viewed as not so good by future creditors. Also, take it from me, someone that works at a gas/service station, it is always good to have a backup card, especially since not all merchants accept AmEX
ero2
Posted: Sat May 31, 2003 3:01 am
Post subject: Closing Credit Card Accounts Too Close Together
so maybe I will keep my shell MC but have it converted to something else, and keep my chase platinum, my college cap one(because it is the oldest), my Best Buy, and my new Green charge card. Thus leaving me with 4 revolving and one charge. Does that sound like a good ratio? 21 yr old that makes 10,000 a year, has a car loan for 19,000 and 8,000 in Credit limits plus the charge card and only a 200 dollar balance on one, and payed off in full usually every month? with a 780ish, sound like I am off to a good start?
posted by CardRatings.com at 1:27 PM
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