Credit card - closure

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Deal Subedar
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I have got all the top cards like amazon pay icici , axis flipkart , axis ace , pinnacle, regalia and many more. I have 10 +  credit cards. Since I got all the best cards I want to close the other cards which is not useful for me because I hardly use them . My query here is in which way should I close the cards so that it doesn’t affect my cibil score like should I hold a particular card for atleast a year before I close etc .      

14 Comments  |  
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Deal Cadet
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Why so serious?
On a serious note start with the one’s which are not used often. With every closure the credit score will take a hit, but nothing to be worried about. Wait for the experts to chip in.

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Deal Lieutenant
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billubakra wrote:

Why so serious?
On a serious note start with the one’s which are not used often. With every closure the credit score will take a hit, but nothing to be worried about. Wait for the experts to chip in.

Bilu bhai jo bole vohi sahi hai ab.
#TrendingBilu wink

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Deal Lieutenant
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billubakra wrote:

Why so serious?
On a serious note start with the one’s which are not used often. With every closure the credit score will take a hit, but nothing to be worried about. Wait for the experts to chip in.

But it doesn’t make sense to keep cards with amc charges that too with no special offers confused

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Deal Lieutenant
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Close 1 per month so that overall usage(across all cards) does not go up too much.
Or close 2-3 cards when u have very very less spends across all cards for 2-3 months period.
Why care for score when you already got all cards.
amazon pay icici , axis flipkart , axis ace , pinnacle, regalia ==> don’t close these good cards

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Deal Cadet
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closing old card actually increase 1 point in CIBIL

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Deal Cadet
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ZitOO wrote:

closing old card actually increase 1 point in CIBIL

No one should keep fist/old credit card it will increase CIBIL score. (Age of credit matters)

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Deal Cadet
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Dont worry much about CIBIL score..Close the cards you dont want
Closing accounts/change in utilization will take your CIBIL score down(20 points or so) for couple of months,

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Deal Subedar
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caks2006407 wrote:

Close 1 per month so that overall usage(across all cards) does not go up too much.
Or close 2-3 cards when u have very very less spends across all cards for 2-3 months period.
Why care for score when you already got all cards.
amazon pay icici , axis flipkart , axis ace , pinnacle, regalia ==> don’t close these good cards

Yeah was planning do the same

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Deal Cadet
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srinidhiraoj wrote:

No one should keep fist/old credit card it will increase CIBIL score. (Age of credit matters)

Bhai please insert a comma after No #Nooffence

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Deal Subedar
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Novizio wrote:

what’s benefit of pinnacle card ??

2.5 % cashback on all e commerce transactions
1.5 % cashback on wallets and online transactions
1 % cashback on offline pos transactions

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MrKool_JJ wrote:

But it doesn’t make sense to keep cards with amc charges that too with no special offers confused

That thing the op needs to check for himself.

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