When to close credit card accounts?

brianexpert

I would say just keep them open for a little longer. If you go closing them all down at once. Questions are going to be asked and even if you haven't done anything wrong banks will second guess you. Why do you have 4 credit card accounts anyways? Sounds crazy to me! I have one and I watch it like a hawk everyday.

chanz4

brianexpert wrote: »

I would say just keep them open for a little longer. If you go closing them all down at once. Questions are going to be asked and even if you haven't done anything wrong banks will second guess you. Why do you have 4 credit card accounts anyways? Sounds crazy to me! I have one and I watch it like a hawk everyday.

Or paranoid?

chris-j

Close them.
Everything about how banks assess is speculation.
Only positive reason to retain would be if you have negative markers and holding them for a few more months would remove them.

TheGenerus1

brianexpert wrote: »

I would say just keep them open for a little longer. If you go closing them all down at once. Questions are going to be asked and even if you haven't done anything wrong banks will second guess you. Why do you have 4 credit card accounts anyways? Sounds crazy to me! I have one and I watch it like a hawk everyday.

Naively I thought that the more credit cards you had = more green ticks = faster to recover from bad history.

TheGenerus1

chris-j wrote: »

Close them.
Everything about how banks assess is speculation.
Only positive reason to retain would be if you have negative markers and holding them for a few more months would remove them.

I will close them all, but will now close them one at a time over the span of 6 months as people have now advised that lenders might see it in a negative light\change or circumstances if closed all in one go.