Best way to close credit cards
Apr 25, 2015, 5:40 pm
#1
Original Poster
Join Date: Feb 2011
Posts: 197
Best way to close credit cards
I got rejected by Chase for the first time today for a new credit card. They said it was because I opened 7 cards with them in the past year. And just when I got my Redcard and was counting on, say, 50K points a month for free (laughing).
In fact, I have 16 open cards. I need to do something about that.
What is the best way to cancel credit cards? Would it be better to just cancel all the ones I don't need at once this month? Or would it look better if I stagger them?
And does anybody have any creative ideas I can use to improve my chances of getting accepted for other cards in the near future?
My credit history is stellar....my score is, I think, around 815 and I spend a small fraction of my credit each month.
Thanks in advance for opinions and input.
In fact, I have 16 open cards. I need to do something about that.
What is the best way to cancel credit cards? Would it be better to just cancel all the ones I don't need at once this month? Or would it look better if I stagger them?
And does anybody have any creative ideas I can use to improve my chances of getting accepted for other cards in the near future?
My credit history is stellar....my score is, I think, around 815 and I spend a small fraction of my credit each month.
Thanks in advance for opinions and input.
Apr 25, 2015, 7:21 pm
#2
Join Date: Feb 2014
Posts: 89
Having 16 open cards doesn't seem to be the issue. The fact that you opened 7 of them in one year with Chase doesn't change just because you now closed some of them. Even if you close a few of them, they still likely won't approve you so soon. (If that's the reason that they gave you)
Personally, I'd work on other Banks and come back to Chase in the future.
Personally, I'd work on other Banks and come back to Chase in the future.
Apr 27, 2015, 5:38 am
#5
Join Date: Aug 2012
Location: BOS/MHT/PVD/BDL
Programs: Belong to Many but No Longer Loyal to Any
Posts: 880
For Chase, depending on your present total credit line, it might not be the best idea to consolidate credit before cancelling. Check out http://www.flyertalk.com/forum/chase...solidated.html for the latest info.
Apr 27, 2015, 1:08 pm
#6
Join Date: Jul 2013
Posts: 384
That's not an issue in and of itself. As you stated, Chase denied because you opened 7 with them in the past year.
It really doesn't matter either way. No matter how you time them there is an impact to your revolving utilization each time you close one. You can calculate it before and after closing any card to help you in your decision making. All staggering will do is stagger when they fall off your reports and affect AAoA down the road.
It's all about your credit. Again, if Chase denied you for opening 7 cards with them in the past year there's nothing you can do to change that with Chase other than closing some of the 7. They have a limit on the number of cards you can have with them. Chase's limit on number of cards that you can hold with them has nothing to do with other creditors.
It's all about your credit. Again, if Chase denied you for opening 7 cards with them in the past year there's nothing you can do to change that with Chase other than closing some of the 7. They have a limit on the number of cards you can have with them. Chase's limit on number of cards that you can hold with them has nothing to do with other creditors.
