I was marking my bag to put a magnectic snap in and I had
marked and cut my spot a little too close to the top. I wanted
it to come down about a 1/2" more. Is there any way that I can fix the 2 small slits?

Patch over them?

reinforce under the slits with fuseable you can almost get an invisible mend but a butterfly appliquied on or similar covers a multitude of sins

patching is the only way some quliters have tired to hide thier lil cuts ect with sewers thread fray stop. thnk supre glue on fabric it doesnt close the hole just keeps from fraying

Actually this is my bow tucks bag. I wasn't sure how far down from the top to put it and then when I realized I had it a little higher than what I wanted it was to late. So the slit is on the lining of my bag.

Fray Check the slits and place a applique over them? If you place another applique in a similar place on the other side, it will look like it was designed this way.

This is the lining of my bow tucks and at the top. I only want to move it down about another 1/2" . So maybe the applique
might be in the way.

Make a "label" for your bag, like the "Made with Love" tags you can get. Glue it on with fusible web. It should only be about 1/2" wide or less. It'll look like it belongs.

Great idea :D:D:D

Patch that spot and put 2 snaps in one to the left and right, should be large enough make 2 closures useable.
Good Luck