Impact on credit card closure (less than a year old)

[gratian.m]

I have Axis Select card. It's less than 12 month old. Does closing the card affect my credit score?
I have existing cards of more than 5 year old.

 

[Gaara]

Closing your Axis Select card is unlikely to have a significant negative impact on your credit score, especially given the long history of your other cards.

 

[Gaara]

If you want to know your average credit age after removing axis select you can use this spread sheet.

 

[gratian.m]

Closing your Axis Select card is unlikely to have a significant negative impact on your credit score, especially given the long history of your other cards.

Thanks for the reply. I read somewhere that closing an credit card aged less than 12 months, impacts the score negatively. I hope it's not true. My credit score was 784. Recently, in the same month, I got pre approved 4 credit cards. BoB snap deal, BoB easy, ICICI Coral and IndusInd Legend credit cards as lifetime free. I took them all with no CIBIL hit. But my score reduced to 774 when these cards started appearing in my CIBIL credit report. Is this impact permanent?

 

[Gaara]

Is this impact permanent

Nope it's not permanent.

 

[Gaara]

4 credit cards.

Same Here from November to January I took 4 new cards.
and my score dropped by only 4 points from 785 to 781 now.
I observed 1 point dip every time a new card shows up on CIBIL but it recovers with timely repayments and good credit utilization ratio.
* My score was supposed to 782, cause HDFC agent I have 2 enquires for one application and 1 point down that day.

 

[Gaara]

I'm waiting for April 19, My oldest card will turn 5 years old. Have to see how it will impact my score

 

[Pollex]

Probably not. Age is relative