Credit score impact of closing my oldest major CC?

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Replied by mjmcmahon67 on topic Re: Credit score impact of closing my oldest major CC?

Hey no problem ! I was only trying to say about paying off and closing them. In case the do shut down operations. Because if they do close your account and it has a balance on it. It will show on your report as if the account is maxed out with no available credit. Which will hurt your score for sure.


did a balance transfer on the accounts so no balance.
8 years 1 month ago #1

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Replied by kdb030609 on topic Re: Credit score impact of closing my oldest major CC?

thanks for the input kdb...unfortunately, HSBC's woes come second. I'm primarily concerned about the impact to my credit score if I close one or both of the HSBC accounts. Anyone have input or advice about that?

Thx!

M


Hey no problem ! I was only trying to say about paying off and closing them. In case the do shut down operations. Because if they do close your account and it has a balance on it. It will show on your report as if the account is maxed out with no available credit. Which will hurt your score for sure.
8 years 1 month ago #2

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Replied by mjmcmahon67 on topic Re: Credit score impact of closing my oldest major CC?

thanks for the input kdb...unfortunately, HSBC's woes come second. I'm primarily concerned about the impact to my credit score if I close one or both of the HSBC accounts. Anyone have input or advice about that?

Thx!

M
8 years 1 month ago #3

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Replied by kdb030609 on topic Re: Credit score impact of closing my oldest major CC?

Hi all -

So I finally stepped up into the big leagues and was approved last week for a Discover More card. This is my 4th major CC. The other three are a Visa with my bank, and two cards from HSBC: a Reward Zone Mastercard and a Discover. I'm considering closing one or both of the HSBC cards for a few reasons:

1.) Credit limits - HSBC has been extremely stingy despite the fact that my credit score has risen from ~610 to over 730 in the last 4 years.
2.) Interest rate - HSBC's RZ Mastercard has a 24.74% APR...the Discover isn't much better at 19.99, although that's the same rate my new Discover gave me...:scared:
3.) Annual fee - while I believe the HSBC Discover has no annual fee, the RZ MC is $59.

The biggest thing is that I don't want to damage my score (especially since I JUST crossed the threshold to 730!) by closing my oldest and second oldest CC. I have a few other credit lines that are older, but I'm unsure what impact, if any, I'll see.

Thanks in advance for any advice!

Be sure to keep yourself abreast of what is currently going on with HSBC. If they don't sell they're US credit card portfolio to somebody else. they've already stated they will shut it down. Which it is better to have it say closed by consumer on your Credit Bureau than closed by lender. So far the only one interested in buying they're card portfolio is Capital One. I know a lot of people on FG have used Cap One. To help them either build or rebuild they're credit. So they can reach their credit goals. However I'm not a big fan . I'm not sure their any better than HSBC .
Good Luck !
8 years 1 month ago #4

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Hi all -

So I finally stepped up into the big leagues and was approved last week for a Discover More card. This is my 4th major CC. The other three are a Visa with my bank, and two cards from HSBC: a Reward Zone Mastercard and a Discover. I'm considering closing one or both of the HSBC cards for a few reasons:

1.) Credit limits - HSBC has been extremely stingy despite the fact that my credit score has risen from ~610 to over 730 in the last 4 years.
2.) Interest rate - HSBC's RZ Mastercard has a 24.74% APR...the Discover isn't much better at 19.99, although that's the same rate my new Discover gave me...:scared:
3.) Annual fee - while I believe the HSBC Discover has no annual fee, the RZ MC is $59.

The biggest thing is that I don't want to damage my score (especially since I JUST crossed the threshold to 730!) by closing my oldest and second oldest CC. I have a few other credit lines that are older, but I'm unsure what impact, if any, I'll see.

Thanks in advance for any advice!

M
8 years 1 month ago #5

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