12-29-2008 10:13 PM
I had a few baddies in the past, took out a signature loan and payed them all of in Feb 2008. Then I opened two credit cards to get myself on my way, a Continental Finance and an Orchard bank card. The as you know are riddent with fees, well the orchard card not so much. The original CLs were 300, each. Now I have 475CL on Continental Finance and 400 on Orchard bank. Since then I have gotten other cards (within the last 3-5 months)
HSBC BB card: 600 CL
CapOne card : 500CL
WalMart GEMB: 400CL (new, this month)
Juniper card 400CL (new this month)
CapOne #2: Got offer in mail, accepted today, approved, dont know limit, only got it to consolidate into one card in near future to have a higher CL.
Now I was wondering that since Continental Finance I had since even before I paid my baddies, roughly for about a year and a half now, and the orchard bank for about a year, what would the credit report, FICO, result be if I was to close the card, it has had a $16 running balalnce, monthly fees, that I pay every month. I know my utilization would go up, but I got three new cards that would almost triple the credit amount. I was just wanting to know if the fact that its the oldest car on my account, if closing it would hurt. Should i just give it another year so my other accounts grow a little?
Thanks in advance for the help.
PS. I'm a newbie here, but this forum ROCKS. I learned more in the last 4 days than i did in 2 years, wish I found you guys sooner
12-29-2008 10:30 PM
Have you read Fused's thread on closing credit cards? That might help you with your decision.
If I were you, I'd knock out that Cont Finance Card. It sounds like you're well on your way to bigger and better cards. Is it worth 16 bucks a month for you to have the extra cushion for utility? If you need the cushion, that' fine, but I hate paying fees for cards that don't give anything back.
Welcome to the fora, we're glad you're here!
12-30-2008 07:43 AM