BTW, I disagree ... see above postleafs123 wrote: ↑Nov 7th, 2016 6:47 pmYou're the best. Thanksbewiseman wrote: ↑Nov 7th, 2016 5:06 pmBased on my own personal experience, closing any card that is younger than your oldest card, will actually help your score over the long run especially if the credit limit is lower and as a result you're maintaining a higher utilization ratio on that individual card by keeping it open and using it. Furthermore, closing a younger card will increase the average age of your credit profile when that account falls off your report 6 years later. Don't close your oldest account unless maintaining it requires you to pay an expensive annual membership fee.leafs123 wrote: ↑Nov 7th, 2016 4:58 pmI started churning heavily in around May. My question is, if I cancel 5ish cards in the next month or two, how will this affect my credit score? Keep in mind, I will keep my utilization down, under 10%, as I am not a big spender. Additionally, all those canceled will be after 6 months of having the cards.
( I just closed 4 younger accounts. My utilization has INCREASED, but my score has also INCREASED. )
If you keep churning and your average age stays low, in 6 years you will wish the 6-year old cards were still there to help your score
Of course, for the card you are actually churning you likely have no choice but to close it so you can re-open for another bonus... but if you do have a choice, keep free cards open forever