Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
d1228

1 Contribution
0 People Helped
Opening and closing a new credit card
I currently have 9 accounts:
Bank of America- 114 Months with $500 CL - $0 Balance
Capital One- 83 Months with $1250 CL - $0 Balance
Chase Slate- 72 Months with $500 CL- $0 Balance
Chase Freedom- 57 Months with $5,300 CL- $100 Balance
Macy's- 40 Months with $800 CL - $0 Balance
Discover- 36 Months with $19,600 CL - $0 Balance
Bank of America Cash Rewards- 25 Months with $4,000 CL - $0 Balance
Capital One Quicksilver- 25 Months with $4,000 CL- $0 Balance
Chase Freedom Unlimited- 1 Month with $15,000 CL- $0 Balance

I recently received the Chase Freedom Unlimited with $15k credit limit and wanted to close out my Chase Slate and Capital One Quicksilver totaling $4500 credit limit. I do understand that FICO looks at overall credit utilization (which is very low for me), my FICO currently stands at 809. My question is- if I close both accounts but open a new one with higher credit limit is this going to negatively affect my score? The impact of age history is not much in my opinion... Advise is greatly appreciated.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
995 Contributions
548 People Helped
Most Helpful Response

Helpful to 2 out of 2 people

Not sure if you aware that Chase allow you to move the CL bwteewn its credit card accounts, either in part or whole limit.

-

Similarly with CapOne, they allow you to combine their cards, however certain conditions need to be met.

-

It can lessen the scoring impact a bit, by not losing available limit and won't affect your overall utilization. I suspect that your score would drop more from opening a new account than closing 2 cards. Besides, even if it dose drop? It would most likely to recover in 3~4 months, if you aren't looking for more credit anytime soon, then it dosent matter much.

Reply by
d1228

1 Contribution
0 People Helped

I was not aware of that, thank you!

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.