Will closing 15 credit cards for a consolidation loan hurt my credit score?

[revanlax77]

Update: We got the call that we were approved, and they’re not asking us to close any credit cards. Plus, they’ll just deposit the check into our checking account, so we can pay off all that debt! We’re super happy! We sign the papers tomorrow!

So, my husband and I have credit scores in the mid to upper 700s. We have over $180,000 in available credit, but we owe about $12,000 across our cards. We decided to consolidate it with our credit union. The APRs on our credit cards are anywhere from 20% to 35%, even with good credit—we’ve never missed a payment and have nothing negative on our reports. The consolidation loan has a 9% APR, but they want us to close some of the accounts that are part of the debt consolidation. We’re worried our credit will take a HUGE hit from closing some accounts. Honestly, we have way too many credit cards—like 15. What should we do?

 

[BurntRecluse]

Think about moving your debt to a 0% card to pay it off easier.

If you choose another option, just remember: keep your oldest credit cards open.

 

[Breadzilla]

Your score will recover within 30 days. Your debt to income ratio will also improve.

 

[Manse4Asham]

If you have to close accounts do the newer ones

 

[kpbrshkfamsih]

Open up a new card and do a balance transfer 0% interest! Should be able to pay that off in a year, no problem.

 

[electricbrawl]

You don’t close it they just pay it off to consolidate it

 

[ripmatisantix]

Oh wow, I did the exact same thing and my credit score plummeted by 150 points it's just awful! I'm honestly terrified because I worked so incredibly hard to build up that good credit, and now it feels like it’s going to take forever to get it back. What’s even worse is, some of my cards are with the same bank and I didn’t even include them in the consolidation, but now they’ve gone ahead and frozen all my accounts! This whole situation is an absolute nightmare!

 

[FlushablePhantom]

Try upgrade my apr is 8%

 

[DaybreakRenewal]

I conducted a credit inquiry through Experian, which did not impact my credit score, to determine my eligible loan options. I am considering this approach for debt consolidation purposes.