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Hi everyone

So, I have an excellent credit score, and I would like to keep it that way :) (800+)

I just opened a new Chase Sapphire Preferred card, and realized that I am now flirting with the north end of the number of credit cards I would like to have open at any one time.

I am looking to close one of my existing cards. I pay balances in full each month, basically moving toward a points accrual strategy

Basically, I have the following to work with:

1) Discover card, no annual fee, used only during 5% promo periods, opened circa 1997.
Approx 10-15k credit limit

2) Basic bank credit card, no annual fee, never used--1x a year to keep active only, opened circa 2002/3
Approx 10-15k credit limit

3) Hotel rewards credit card, $95 annual fee, currently main card for purchases--that will change with CSP, opened circa 2012
Approx $20k credit limit, use approx 25% of this each month, but pay it off in full

4) NEW CARD Chase Sapphire Preferred, $95 annual fee, will be primary CC except for hotel purchases
Approx $15-20k credit line

I am also an authorized user of my wife's travel rewards card AND have a corporate CC from my office

Basically, I want to close credit card #2, but I worry about the impact of closing such a long held credit line on my credit score. Any tips to try to forecast the impact?
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No. of Recommendations: 2

So, I have an excellent credit score, and I would like to keep it that way :) (800+)

I just opened a new Chase Sapphire Preferred card, and realized that I am now flirting with the north end of the number of credit cards I would like to have open at any one time.


Presumably your score is already reflecting the impacts of opening the new card? If not, you probably want to see those impacts before you make any additional changes to your score.

Basically, I want to close credit card #2, but I worry about the impact of closing such a long held credit line on my credit score. Any tips to try to forecast the impact?

www.creditkarma.com has a score simulator that I've used before. Unfortunately, it only has the option of closing your oldest card. That said, as long as the credit limits on the two cards are similar, the impacts of closing your second oldest card should be the same or less than the impact of closing your oldest card.

As mentioned above, you should be sure that the new card is already reflected in your credit score before you use the simulator, since opening a new card also impacts your account.

AJ
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thanks! this is a good point. I doubt the new card score has hit yet, as I opened it within the last two weeks.
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I doubt the new card score has hit yet, as I opened it within the last two weeks.

The impact from the credit inquiry, if any, has probably already hit your score - probably the day after you applied. But your new card's impact may not hit your credit history for up to 3 months after you opened it, depending on the issuer's reporting process.

AJ
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Any tips to try to forecast the impact?


Yeah: Don't bother.

If you've got a great score already, any hit will be small, and will be temporary anyway. Do what's good for you and don't worry about a few temporary points one way or another. I mean, it's not going to ruin your life to have a 790 score for a couple of months or whatever.

xtn
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