Thinking of closing some old credit cards with annual fees, does this look okay with my profile?
I’m planning to clean up my credit profile and get rid of a few cards that have annual fees but don’t really give me much value in rewards anymore.
I read that canceling credit cards doesn’t hurt your average age of accounts (the closed cards will still show on your report with their full payment history for the next 10 years). With that in mind, here’s what my current lineup looks like.
Most of these cards are from when I first started building credit about 8 years ago, back when my score was much lower. My current score is sitting at 790. Each card has a zero balance.
Here’s the list:
Credit One (all three have annual fees)
• Platinum: $1,900 limit
• Platinum: $1,300 limit
• Platinum X5: $1,200 limit
Self
• Self Visa: $2,100 limit
• Self Plus: $1,500 limit
Capital One
• Venture X: $10,000 limit (only about a week old)
• Quicksilver: $1,500 limit (planning to upgrade this one to Savor)
• Quicksilver: $400 limit (just upgraded from Platinum)
Other cards
• Concora Store Card: $1,500 limit (3 months old)
• Best Buy Credit Card: $2,000 limit
• PayPal Mastercard: $1,100 limit
I’m mainly looking to close the three Credit One cards because of the annual fees and low value and the Concora card as well. Any thoughts on this plan? Planning on getting an Amex Platinum or Gold in the next 6 months as well. Should I be worried about anything else (utilization, average age, etc.) before pulling the trigger, planning on waiting 6 months between each cancellation?