Need guidance - Closing unused CC's and brick and mortar cards

[abitton]

I tried looking for this post so I don't double post, but if anyone has some insights, please advise.

I'm looking to clean up and manage all my cards I have - so I decided to close all cards I don't use. This includes: West Elm, Best Buy, Marshalls, Apple and Nordstrom.

Along with bigger cards such as Aeroplan, Chase Amazon Prime, an old BOA Cash Rewards card.

I was under the impression I can transfer my credit line to my other Chase cards (Freedom and CSR) so I can salvage those.

My question is I know it overall impacts my credit but I was wondering if I closed all of them at once if that impacts or should I gradually close them? Does it make a difference?

Any insight in much appreciate... thank you!

[Spoon]

Don't close your first card.


Leave open one card from each issuer and consolidate all the credit on to that card.

[ckmk47]

Don't close your first card.

Yes! The age of your credit is a factor of your credit score, so keep the oldest - no annual fee - card open.  Be sure to use it periodically, so the issuer doesn't close it for non-use.
(You can check the age of your cc accounts on your credit report.)

 

[CountValentine]

Yes! The age of your credit is a factor of your credit score, so keep the oldest - no annual fee - card open.  Be sure to use it periodically, so the issuer doesn't close it for non-use.
(You can check the age of your cc accounts on your credit report.)

 

Don't close your first card.


Leave open one card from each issuer and consolidate all the credit on to that card.

Don't closed cards count for at least 7 years and more like 10+ years for AAOA?

[HoKo]

Don't closed cards count for at least 7 years and more like 10+ years for AAOA?

That's consistent with my understanding

https://www.bankrate.com/personal-finance/credit/length-of-credit-history-credit-score/#:~:text=As%20long%20as%20a%20closed,a%20decade%20for%20positive%20accounts.

[ckmk47]

Don't closed cards count for at least 7 years and more like 10+ years for AAOA?

A card with no annual fee is easy to keep.  And your oldest card now in 10 years will make your credit 10 years older than it is without that card.

[abitton]

Got it so I'll keep my older cards open... but what about the random cards? I want to close those up... I feel like I have too many and I don't want anything lingering I don't use.

Will it hurt if I close many at the same time?

[ckmk47]

Got it so I'll keep my older cards open... but what about the random cards? I want to close those up... I feel like I have too many and I don't want anything lingering I don't use.

Will it hurt if I close many at the same time?

Losing credit line can lower your credit score temporarily. Keep as much as you can by moving any you can to cards of the same bank.  But don't sweat it.