I need help!! I finally have the funds to close my sub prime cards due to a bonus at work!!! Im excited but not sure about the correct way of going about it. Here goes:
I have 2 First Premier Cards
Opened 2007----275.00 CL ( This one IS CLOSED AS OF LAST MONTH!)
Opened 2008----400.00 CL I AM CLOSING THIS ONE FOR SURE!!! They charge me a 6.00 Monthly Fee; 48.00 AF and 20.15 APR
Now its a toss up about these other ones that do carry a balance but the fees are crazy. Im going to PIF but should I close them to get a score boost?
Credit One 350.00 CL Opened 11/2010-74.00 AF
HSBC Orchard- 300.00 CL OPened 08/2010-75.00AF
BTW My oldest card is from 11/1999 Its my Express Fashion Card with a 2160.00 CL
I have two cap 1 cards (One Secured 500.00CL and one Unsecured 750.00 CL)
I also have a BOFA Power Rewards Secured Card 300.00 CL
My plan is to keep both Cap 1 and Bofa and continually increase the Security deposit once a month.
How should I handle the Sub Prime Cards? Close a 3 with one clean sweep or let some ride till teh AF is due?
