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Credit Score affect on cancellation of cards
I am just an year old in the United States and have been following OMAAT from Day 1 and it really helped me in getting my first as well as subsequent credit cards.
please find below my list of credit cards that I have along with opening date and credit line .
 Delta AMEX – JULY 2016 – 5000
 Capital One Quick Silver One – DEC 2016 – 300
 Discover IT – DEC 2016 – 500
 Hilton Honors AMEX – JAN 2017 – 2800
 SPG AMEX – JAN 2017 – 5000
 Hilton Honors Surpass AMEX – APR 2017 – 2000
 Digital Credit Union VISA – MAY 2017 – 5000 (just been approved while applying for an auto loan)
As you see, my cards are mostly AMEX and the Capital One and Discover IT were the ones I could get approved for in DEC last year but with very less Credit Line.
My current credit score is 672 and I am hoping to get to past 700 by this year end. I am hoping my auto loan would help me in that and I am also using Plastiq for paying my monthly rent for my apartment.
I am planning to cancel ,  and  cards from the List above,
Do you think it will affect my credit score as they are one of the oldest card I have ?
Also does opening a banking account with Chase would help me get CSP card or it doesnt matter as long as I have a 720+ credit score ?
Well, you havent had any of these cards for more than a year so I’d keep holding on to them for now. If the Capital One and Discover cards dont have an annual fee, it makes sense to keep it.
Credit scores dont usually change instantly and by canceling cards does somewhat negatively impact your score.
For Chase, having their bank account wouldnt specifically help you be approved. Also, having a high score helps but there isn’t a specific cutoff. Chase is basically denying applicants for their UR rewards cards if you have applied for more than 5 cards (from any issuer) in the last 24 months. In your case, you’ve surpassed 5/24 which means you would be denied the CSP. You would have to wait until Jan 2019 before you can apply for Chase cards that earn UR points. You also wouldnt be able to apply for other cards until then or the 24 month clock “resets”
It’s important to understand the underlying factors that go into your credit score. When you cancel a card you reduce your average age of credit and your available credit which will pull down your credit score. As David says, there is no reason to cancel no fee cards. I think the CapOne has an AF of $39. I’d call to get that waived or even consider paying it for a couple of years.. AmEx usually will not waive annual fees. I might consider downgrading the account to the no-fee HH card although you’ll lose out on getting the bonus in the future. For your next few applications I would strongly recommend looking at no fee cards like the AmEx Everyday, Chase Freedom/Freedom Unlimited, Citi Preferred that you can hold long term without paying annual fees while also accruing points that will be valuable for transfer down the line.