Credit Cards

[AlexandreaFL]

Hello all, 

Mother needs help! Scenario: approx 6-7 retail cards 13%-23%, Amex card@19% & hubby has a Citi @10.99%.excellent credit.

Chase/Citi 0% offers allow balance transfers.

Q: DO they close some of the retail accounts? applying new mortgage?

Thank u!

[VEEnVEGAS]

I'm not sure I understand your question. But, if you're asking if you should  pay off some of your wife's higher interest cards with your lower interest cards?  Absolutely, but don't close the accounts.

[AlexandreaFL]

sorry! yes, the question is: With soo many retail cards (all high credit lines) is it too much? Close a few of the cards? what is the best strategy to maintain high credit score and or increase the score as the retail cards will be paid off w/0% apr card. Thanks!

[llecs]

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AlexandreaFL wrote:

sorry! yes, the question is: With soo many retail cards (all high credit lines) is it too much? Close a few of the cards? what is the best strategy to maintain high credit score and or increase the score as the retail cards will be paid off w/0% apr card. Thanks!

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If there's no fees (monthly, annual) then keep them open. There's no need to close them. In fact, closing them will increase utilization if they don't PIF monthly. If all of them are closed, the mix of credit takes a hit. And long-term 10 yrs from now, those closed accts will fall off their CRs and that could hurt their scores if they helped their avg. age.

Best strategy is to make sure 1/2 of their cards read $0 and the other half from $1 to 9% of the CL. And don't apply for any new credit. In time, their scores will increase.

[AlexandreaFL]

Thanks. Explain PIF? idk?

[llecs]

PIF = pay in full