How much will closing a $15k limit Credit Card affect me?

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Capn Stabby

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There's just so much differing info out there regarding credit and credit cards and I'm not sure what to believe, so here's hoping there will be some sort of consensus:

Here's my situation:
1) My Main Card = Citi Card with $9800 limit
2) My secondary card = Amazon Visa card with $2500 limit
3) My useless third card = Bank of America - $15k limit

I almost never use the BoA card because the rewards just aren't worth it. $15k was its starting limit, I didn't request to increase it that high.

Now, I want to grab a better third card so I can more effectively rotate my credit. (I was thinking an AMEX or Chase Freedom, for those who are interested) so I want to cancel the third card.

I've read that closing it will hit your credit hard because part of your score depends on your current spending to total credit limit ratio, but I'm really not sure what to believe.

Any ideas?
 
I dont know a lot about credit, but I dont think its necessary for you to close existing accounts before opening new ones. Just open the new ones. Let the old ones rot.
 
Closing it will affect you. For one, your available credit will diminish. Also, if it's an old account (meaning you've had for say, 10 years) your 10 credit history will disappear once you close the account. But if it's a fairly new account (less than 4 years old) it should only affect your available credit. I'm not sure how many points it will knock off your FICO score but you can always rebuild it.
 
I wouldn't close it. Just keep the account open, don't use the card for anything, and open a new account that you like better. Having 4 accounts open isn't going to hurt you...unless you max them all out.

Also, keeping it open and un-used will likely get them to toss some pretty nice special offers at you after you go a while without using it.

Bottom line, it won't hurt you to keep it open with a $0 balance while it may make a small short term dent in your score depending on your other credit balances and the length of your credit history.
 
It all depends. If you have had this card for a while I wouldnt close it. People look at length of your credit as well as how well you keep it paid off. If you dont have much time invested in it, never use it, dont plan on using it then cancel it. As long as you dont make a habit with that it will not make a difference on your credit report.
 
I've probably had the card for a year or so. I've barely used it nor do I plan on using it. But it seems like it would make the most sense just to leave it be. It's kinda weird, I know, but it's kind of counter-intuitive for me just to leave a credit card account open and unused for a long time.
 
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