I'm a member of a Credit Union that I really don't use anymore. I'd like to simplify my finances and close my checking and savings accounts with them, but my oldest credit card is a VISA card that is issued by the Credit Union. I don't use it, it issues no rewards. I have other cards that I pay in full each month, my only debt in the remaining mortgage which is a 2.5% loan that I refuse to pay off early:
Credit Union VISA - Opened in 2000, limit $29,500 - this one I'm considering closing
Chase Freedom VISA - Opened in 2012 - limit $22,500 - pay off monthly
Apple Card MC - Opened in 2019 - limit $24,500 - pay off monthly
Wells Fargo Microcenter Card - opened in 2020 - limit $3,600 - $0 balance
Wells Fargo Furniture Store Card - opened in 2019 - limit $12,000 - $0 balance
Wells Fargo Mortgage - $21,500 remaining
My wife has a few cards that are low credit limit, she is a homemaker/homeschool teacher.
My question would cancelling the Credit Union credit card be a major hit on my credit score? My score currently ranges 830-850.
If I opened another card I'd rather my wife open it to build her credit up, probably a Fidelity VISA.
Thanks for any advice.
Credit Union VISA - Opened in 2000, limit $29,500 - this one I'm considering closing
Chase Freedom VISA - Opened in 2012 - limit $22,500 - pay off monthly
Apple Card MC - Opened in 2019 - limit $24,500 - pay off monthly
Wells Fargo Microcenter Card - opened in 2020 - limit $3,600 - $0 balance
Wells Fargo Furniture Store Card - opened in 2019 - limit $12,000 - $0 balance
Wells Fargo Mortgage - $21,500 remaining
My wife has a few cards that are low credit limit, she is a homemaker/homeschool teacher.
My question would cancelling the Credit Union credit card be a major hit on my credit score? My score currently ranges 830-850.
If I opened another card I'd rather my wife open it to build her credit up, probably a Fidelity VISA.
Thanks for any advice.
Statistics: Posted by Morris89 — Fri Oct 11, 2024 3:05 pm — Replies 2 — Views 202