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SeekingFinIndependence

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Can I close newer credit cards without negatively impacting my score?
My oldest line of credit is from a card that was opened in Jan 2003 and is still used regularly. I have subsequently opened 3 other credit cards that are also used regularly. However, I opened 4 lines of credit at the same time two years ago (Bloomingdale's and Macy's cards AND two corresponding Amex cards, all on the same day) that I don't ever use. All 4 lines of credit just reduced limit, presumably because I don't use them. Can I just close those without penalty? Should be good for my overall avg because they're some of the newest cards, and it should be good for everything else because I don't use them.

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First, FICO models still factor in closed accounts to the "average age of accounts". Don't base your decisions on the Vantage scoring model as very few lenders use it.

I am sure your credit will get dinged a little. My advice is to close one card at a time, wait a month or so in between and see how your scores react, both here and with FICO models.

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