Cancel unwanted Credit cards

[Googlie]

I have 5-6 credits that I opened over past 2-3 years that I m not using 

can I cancel them all at once ? 
 

Heard credit score will reduce if we cancel credit card. how Much time will it take for my credit score to be up again after I all of cancel them? 
 

suggestions please 

[aakalibabayya]

credit score calculation lo most important factor is credit usage ... credit usage calculate chesinappudu the more credit limit you have the lower the usage is and better for credit score ... so nuvvu close chedam anukuntunna credit cards credit limit is ekkuva ayite then your crdit usage will go high and have negative effect on your credit score... okkavela aa cards limit ekkuva lekapothe then the effect might not be as much 

 

so aa cards ni close cheyakunda save them ...idle  ga unna it wont affect you unless there is an annual fee for any of these 

[bluebadger]

it will reduce but u can build it eventually too 5-6 is too many

[Hungry_Dino]

10 minutes ago, Googlie said:

I have 5-6 credits that I opened over past 2-3 years that I m not using 

can I cancel them all at once ? 
 

Heard credit score will reduce if we cancel credit card. how Much time will it take for my credit score to be up again after I all of cancel them? 
 

suggestions please 

5-6 endhuku open cheskunav google uncle

[jambalhaatraja]

simple anwer.. keep all credit cards inside some where..

keep 1000 USD cash at home. if you need something take a limit like 100-200 , buy and come

you will be more financially responsible

[Battu123]

27 minutes ago, Hungry_Dino said:

5-6 endhuku open cheskunav google uncle

Adi googlie ra 

[Googlie]

1 hour ago, aakalibabayya said:

credit score calculation lo most important factor is credit usage ... credit usage calculate chesinappudu the more credit limit you have the lower the usage is and better for credit score ... so nuvvu close chedam anukuntunna credit cards credit limit is ekkuva ayite then your crdit usage will go high and have negative effect on your credit score... okkavela aa cards limit ekkuva lekapothe then the effect might not be as much 

 

so aa cards ni close cheyakunda save them ...idle  ga unna it wont affect you unless there is an annual fee for any of these 

No annual fee 

Just ca

ut if I loose them and don’t monitor the expenses made on them or other admin fees etc 

 

 

[Googlie]

1 hour ago, Hungry_Dino said:

5-6 endhuku open cheskunav google uncle

I opened them for sign up bonus points Like cash back 

[bluebadger]

8 hours ago, Googlie said:

I opened them for sign up bonus points Like cash back 

[subramanyam_for_sale]

close all cards at once or in a gap of 2 months each, score won't be impacted by a lot, but don't do it unless you have no plans to request a new credit card in the next year or so.

[subramanyam_for_sale]

21 hours ago, bluebadger said:

it will reduce but u can build it eventually too 5-6 is too many

people churn unto 80 cards, and some folks have made 100K just with credit cards and cash back, alongside the bonus on checking and other accounts

[Covid]

22 hours ago, Googlie said:

I have 5-6 credits that I opened over past 2-3 years that I m not using 

can I cancel them all at once ? 
 

Heard credit score will reduce if we cancel credit card. how Much time will it take for my credit score to be up again after I all of cancel them? 
 

suggestions please 

Cancel cheyyodu, credit score debba thintundi

[bluebadger]

21 minutes ago, subramanyam_for_sale said:

people churn unto 80 cards, and some folks have made 100K just with credit cards and cash back, alongside the bonus on checking and other accounts

tagilinchukotam easy vodilinchukotam not that easy for many folks - btwn 80 ante dandaal saami 

[Pavanonline]

22 hours ago, Googlie said:

I have 5-6 credits that I opened over past 2-3 years that I m not using 

can I cancel them all at once ? 
 

Heard credit score will reduce if we cancel credit card. how Much time will it take for my credit score to be up again after I all of cancel them? 
 

suggestions please 

Why do you want to cancel them, other than there are too many in wallet? If you have annual fee then ask them to downgrade to no fee card. There is no need to cancel credit cards even if you have 50 of them.

[kran]

Credit cards cancel chesthe main ga two ways lo credit score meedha effect untundhi.

Assuming you have 5 credit cards, each having $10,000 credit limit, opened 2 yrs ago, and monthly usage is around $1000

1. Credit usage: Before cancelling 1 card, credit usage % is 1000/50000*100 = 2%

   After cancelling 1 card, credit usage % is 1000/40000*100 = 2.5%

   After cancelling 2 cards, credit usage % is 3.33%

   After cancelling 3 cards, credit usage % is 5%

   After cancelling 4 cards, credit usage % is 10%

   So, cancel 1 or 2 cards instead of all at once. And if you can pay the balance before the statement date, credit usage % will be very minimal. For example, if your statement date is Sep 30th, and payment due date is Oct 20th, pay around $900 on Sep 28th. Then your balance would be only $100 on the statement date. So, credit usage will be calculated as 100/50000*100 = 0.2% (10 times less than when paying after Sep 30th)

2.  Avg age of credit cards and bank accounts:

It is better to close the cards that were opened recently to increase the avg age of accounts.

Example: Lets say the age of credit cards is 5, 4, 3, 2, 1. Avg is (5+4+3+2+1)/5 = 15/5 = 3 yrs

If you cancel the latest (1 yr old) card, avg age would be (5+4+3+2)/4 = 3.5 yrs

Instead, if you cancel the first (5 yr old) credit card, average would be (4+3+2+1)/4 = 2.5 yrs

So, the avg age depends on which credit card you are cancelling.