topic Too Much New Credit in Credit Cards

Too Much New Credit

laryn41 — Mon, 08 Feb 2010 16:14:35 GMT

If I have too much new credit on my report should i close the most recent accounts that have been opened?

Re: Too Much New Credit

DI — Mon, 08 Feb 2010 16:20:15 GMT

laryn41 wrote:
If I have too much new credit on my report should i close the most recent accounts that have been opened?

No! Stop applying for new accounts and let the one's you have mature.

Re: Too Much New Credit

laryn41 — Mon, 08 Feb 2010 16:22:30 GMT

The funny thing is i only have 2 inq. in the past 12 months.

Should I closes some ccounts. I feel I have too many with 0 balances.

Re: Too Much New Credit

DI — Mon, 08 Feb 2010 16:29:39 GMT

laryn41 wrote:
The funny thing is i only have 2 inq. in the past 12 months.
Should I closes some ccounts. I feel I have too many with 0 balances.

Don't initiate the closure of any of your accounts. One of those banks may close one of your accounts without your asking. I have 11 credit cards. As long as you pay in full each month, is doesn't matter how many cards you have.

Message Edited by DI on 02-08-2010 10:29 AM

Re: Too Much New Credit

laryn41 — Mon, 08 Feb 2010 16:33:06 GMT

Them being open doesnt have a negative effect on my credit? I do have a $4000 balance that I am paying off. But that is my highest Other than that i have nothing wrong with my report other than what was on there 7 years ago that was all mended. Went from a 525 to a 700 since.

Should I try to re-instate a closed macys account with a 2000 limit that was opened in 05? If they did would it report still opened in 05?

Thnaks

Re: Too Much New Credit

DI — Mon, 08 Feb 2010 16:37:25 GMT

laryn41 wrote:
Them being open doesnt have a negative effect on my credit? I do have a $4000 balance that I am paying off. But that is my highest Other than that i have nothing wrong with my report other than what was on there 7 years ago that was all mended. Went from a 525 to a 700 since.

Should I try to re-instate a closed macys account with a 2000 limit that was opened in 05? If they did would it report still opened in 05?
Thnaks

No negative effects if they're all in good standing. Unless you're applying for a mortgage, I wouldn't be concern. But you really do not want to apply for any new credit right now. Just continee to pay down what ever balances you have. And since you have a $4000 balance, you do not want to close any accounts. You will increase your debt to credit ratio if you start closing accounts.

Message Edited by DI on 02-08-2010 10:37 AM

Re: Too Much New Credit

txjohn — Mon, 08 Feb 2010 16:39:54 GMT

laryn41 wrote:
The funny thing is i only have 2 inq. in the past 12 months.
Should I closes some ccounts. I feel I have too many with 0 balances.

LOL. $0 balances is the goal. Don't feel that you have to carry balances in order to have credit. Use it judiciously and frugally.