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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
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!
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!