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Bad_DNA t1_j6pdsfo wrote

Do you need to go into debt anytime soon? If not, don't worry about it. Are you in debt now?

Keep the oldest fee-free card or two. If you don't come anywhere close to maxxing out those cards on monthly spend and you pay it in full on time, no problem. If your monthly max spend on CCs would be close to the max of your favorite card, maybe call them to see if you can get your limit bumped up a bit. The, close anything you don't use.

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richTING13 OP t1_j6pemuk wrote

no debt, i have 1 other credit card but it’s much newer. only 3 or 4 months old. the one i want to close is a few years old. no debt and i don’t anticipate any particularly soon.

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Bad_DNA t1_j6pgnf1 wrote

Yeah, so there will be a bit of a short-term hit to the FICO for closing the older card. It's how th FICO math works. If neither card have fees, and to answer your first question -- yep, you'll see an effect. If you don't need to close the account (no fees, right?), can you just park the card you thought about closing in a firesafe, and only use it for a tank of gas every four months or so? This keeps the card 'active' so the bank doesn't unilaterally close the acct for non-use. Yes, that's a thing.

Sorry -- I'd usually tell you to kill every account you don't need. But in this case, you'll have a hit that will last a few months to a year or more on the FICO.

Oh, and while we are on the topic, at least once a year pull your credit report and review it:

Use www.annualcreditreport.com to review all credit accounts, freeze all credit reports with Equifax, Experian, Transunion (use their free services)

Search for how FICOs are calculated -- there are 5 components to it, with account longevity being a fraction. On-time payments are the way to really build a great score as the years go by. Never carry a balance on non-mortgage accounts -- debt interest slavery is bad for your wealth.

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