Closing Credit cards
- 2091
- 18
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- Last Comment
Have 11 Active credit cards
Using hardly 1-2 or max 3 cards.
checking Score simulator on CIBIL, found closing credit card is actually improving one’s score. Do’nt know if it is showing right.
have 2 LTF cards with limit above 2 L.
and 3 500rs./annual fee cards with limit above 3L.
closing LTF credit cards good idea ??
Called for Closing of a LTF card,bank officer : "sir, LTF card he ye , close kyun karna " “Lifetime Free he, ise close mat kijiye”, “koi LTF card close nahi karta”
then I droped the idea 
going to apply a secured loan(home loan) in next 3-5 months, having so many unsecured loans(as credit card) may effect my loan application. Though have a credit depth of 9 years. which may help
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LTF cards:
ICICI Coral (X)
ICICI Amazon (X)
Axis MyZone (X)
Indus Bank Pinnacle (recently applied 
will give Joining Fee)
Annual Fees Card:
SBI BPCL (X)
SBI OLA
AXIS PRIVILEGE (fees 1500/annum): already applied for Closure. (X)
SBI FBB (X)
AXIS FLIPKART (X)
HDFC IMPRA
HDFC JUMBO CARD (not a typical CC, hope hdfc will mark it closed on CIBIL/Other Bureau once I cleared all outstading) (X)
(X) : marked for closure
yaa… so 10 cards only ..not 11.
Tried two times for AMEX cards, don’t know why they rejected my app, not disclosing the reason,may be location issue or may be the number of existing credit card issue.
same with SCB Ultimate gave a preapproved offer with 3L limit, then said sorry we unable to process your request currently.
But now decided to keep my card counts to just 1-2 only. showing too many different active loans on credit bureaus is not good . 
Keep old and ltf cards. Discard others
Keep the oldest cards and those which are LTF.
Rest close them.
Do not close your oldest card. rest you evalutae
ICICI Amazon (X)
AXIS FLIPKART (X)
Why are u planning to close these two also?
Will keep then 
. Popular cards though in current time .
What is your credit score ?
Before you decide anything… just call each bank & ask, if they are taking request for cancellation. I’m trying from the moment – Lockdown started. They are not taking any requests for cancellation, for mobile number updating etc etc. Only thing, they helped in blocking card. And, Reissuing card started just one month back. As they are working with small staff that too from home.
I can hear different kind of sounds when i was talking with them.
Close those cards first which have an annual fee as well as used rarely. Which cards you have btw, mentioning them will help in giving better suggestions.