closing cards

[dayosef]

it is best to leave one personal and one business card open at all times or is it enough just to leave one personal card open ?
thank you

[Twin]

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[DP7]

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Haha

[CountValentine]

Most of the time it is best to just leave them open and use them as leverage when you apply again.

[dirah]

Most of the time it is best to just leave them open and use them as leverage when you apply again.

How do you know he is talking about Chase cards?

[Twin]

How do you know he is talking about Chase cards?

Spoon feed: its not just chase that has recon. Generally I do one per bank so I can transfer credit line over to that one cc so it won't effect your credit. 

[dirah]

Spoon feed: its not just chase that has recon. Generally I do one per bank so I can transfer credit line over to that one cc so it won't effect your credit. 

IME Chase is the only issue where other cards can/need to be used as leverage.

[CountValentine]

How do you know he is talking about Chase cards?

It does not matter if it is Chase, Citi, BOA, Amex and many others.

[dayosef]

Most of the time it is best to just leave them open and use them as leverage when you apply again.

what about if I want to apply for the chase cards that I have ? that's why I want to know if I can just leave the personal card open and close the business...

[ckmk47]

I have a similar, though perhaps non-standard question.

Is it ok to close cards and lose the credit line? or in the case of some of my AMEX cards - I have no limit.

I have so far always been approved without moving over credit.  So I have quite a few credit cards.  More than I need or really want.   (I'm not Dan  )   Also, if I don't close cards, I can't churn them.

[Shmulyg]

I have a similar, though perhaps non-standard question.

Is it ok to close cards and lose the credit line? or in the case of some of my AMEX cards - I have no limit.

Depends on your utilization ratio.

[DP7]

I have 2 Chase biz cards (INK bold & UE).  Not planning on applying for any new ones too soon.

Does it make a difference in terms of future leverage whether I transfer the full CL to my INK bold and close the UE vs. downgrading my UE to an INK classic(assuming this can be done) and having 2 cards open still?

[ckmk47]

Depends on your utilization ratio.

With Chase my utilization is about 10%, my husband's only 3%.
With AMEX it's harder to figure out, because most of our cards have 'no preset spending limit'.  But on my credit report they seem to take my highest spending on that card and use it as the spending limit for utilization calculations.  (Should I go sky high with each card once to raise that number?)  On the ones I just opened, my husband is using 50% of one and $5000 out of 'no preset spending limit' for this billing cycle. 

[Shmulyg]

With Chase my utilization is about 10%, my husband's only 3%.
With AMEX it's harder to figure out, because most of our cards have 'no preset spending limit'.  But on my credit report they seem to take my highest spending on that card and use it as the spending limit for utilization calculations.  (Should I go sky high with each card once to raise that number?)  On the ones I just opened, my husband is using 50% of one and $5000 out of 'no preset spending limit' for this billing cycle.

Why don't you pay your bills before the balance closes?

[ckmk47]

Why don't you pay your bills before the balance closes?

With 10% and 2% utilization, I don't think I need to.  It's only the new amex cards that I ran up to the threshold.  I'll be sure to clear them before they're due.

Back to the original question.  Does it hurt my credit score to just close cards and lose the credit line.  If so, how much?

[Shmulyg]

With 10% and 2% utilization, I don't think I need to.  It's only the new amex cards that I ran up to the threshold.  I'll be sure to clear them before they're due.

Back to the original question.  Does it hurt my credit score to just close cards and lose the credit line.  If so, how much?

I was referring to those new Amex cards.
Unless your changing your utilization ratio (you should stay below 10% and never go above 30%), then no, it doesn't hurt your credit score to close cards.

[CountValentine]

Back to the original question.  Does it hurt my credit score to just close cards and lose the credit line.  If so, how much?

It all depends on each persons credit history. I have accounts closed all the time and my score is still high.

[ckmk47]

Thanks!  I needed that!

[DP7]

I have 2 Chase biz cards (INK bold & UE).  Not planning on applying for any new ones too soon.

Does it make a difference in terms of future leverage whether I transfer the full CL to my INK bold and close the UE vs. downgrading my UE to an INK classic(assuming this can be done) and having 2 cards open still?

BUMP

[ckmk47]

BUMP

The way I understand it, it's the total amount of credit that counts.  So moving all the credit to one card would keep the same amount of credit.