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Established Contributor
pattycake
Posts: 760
Registered: ‎04-30-2007
0

Re: Closed 8 Credit Cards

Sounds like you have enough CL wiggle room to not have to worry about it. Subprime cards are great while you have bad credit and need to rebuild, but as long as you now are able to get the Amex and other great cards with high CLs, you'll be in good shape.

I'm guessing that ten years from now, you won't even need to worry about it!!!

Congrats! I will probably get rid of my Merrick Card in the very near future, although I'm sort of loyal because they gave me a card with fairly low fees when no one else would (they don't upgrade, but I just got approved for Hooters with a $5K CL).
pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749
Regular Contributor
berraco58
Posts: 184
Registered: ‎10-17-2007
0

Re: Closed 8 Credit Cards

Thanks Brammy and MidnightVoice.
 
See this is probably the only place where I am willing to ask a question and not even stop to think if I am making a total fool out of myself. :smileyhappy:
 
Wish work was more like that. :smileysad:
Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007
0

Re: Closed 8 Credit Cards



berraco58 wrote:
 
See this is probably the only place where I am willing to ask a question and not even stop to think if I am making a total fool out of myself. :smileyhappy:
 


That is because most of us have been there, done that, and asked the same question earlier  :smileyhappy:
 
We need "BTDT" MyFICO tee shirts!
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Regular Contributor
berraco58
Posts: 184
Registered: ‎10-17-2007
0

Re: Closed 8 Credit Cards

Unfortunately, I know I would wear that ... :smileysad:
 
I have become such a myFICO nerd. Better than other vices though.
 
These forums need the same smileys as Yahoo Messenger cause the little guy with his hand in the shape of an L on his forehead would be so appropriate right about now.
Frequent Contributor
phumanr
Posts: 344
Registered: ‎05-29-2007
0

Re: Closed 8 Credit Cards

Hello,
 
Closing the subprime cards may not hurt you as bad, or any at all because of your overall utililization. It appears that you have very little limits on the subprime cards so the credit to debt limit ratio may have very little effect...besides you were paying those attrocious fees!
 
I have several new lines and closed down 3 subprime cards, which were my oldest lines, but it did not effect my score.
 
Phumanr
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: Closed 8 Credit Cards


berraco58 wrote:
So this is new. Every time I've come across a thread where someone talks about the effects of closing a card and why its such a big no no, they give the impression that average age and length of credit history contribution from a CC stops when they become closed. Just like a closed account stops contributing to your util as far as CL is concerned.
I haven't read that the effect is felt not when the card is closed but when it is finally deleted. Until now that is.

Cheer up, I know this, I post this, and yet my automatic belief is still that the history is lost immediately. Can't tell you how many times I've had to go back and edit or re-insert a post because I forgot about the 10 year thing! :smileytongue:

BTW, if there are any negatives on the closed cards, THEY report for 7 years after they happened, and then the closed card keeps reporting as clean for the remainder of the 10 years. So if you had a late in Feb 02, and you closed the card in Oct 06, the late will show on your reports until Feb 09 (7 years from the time it happened), and the card itself will report until Oct 2016 (10 years from closing), with it showing clean from Feb 2009 until Oct 2016. Now that REALLY makes me cross-eyed!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: Closed 8 Credit Cards

Also, the next time you see a post by fused, you might click on his sig line link about closing cards.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
New Contributor
tbenz6876
Posts: 53
Registered: ‎08-07-2007
0

Re: Closed 8 Credit Cards

Well as for having any baddies with the cards. There were none. I paid the cards off every time I used them and for the last 6 months I did not even use them at all. As for the util I am at 45% because the CRA have not updated any of my balances. For example it shows AMEX with a 4050 balance when actually it has a 900 balance.
Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007
0

Re: Closed 8 Credit Cards



tbenz6876 wrote:
Well as for having any baddies with the cards. There were none. I paid the cards off every time I used them and for the last 6 months I did not even use them at all. As for the util I am at 45% because the CRA have not updated any of my balances. For example it shows AMEX with a 4050 balance when actually it has a 900 balance.


 
Have the same issue with my uti this month caue I slipped and let cards report that I never do.  The thing is, if these are monthly fees, and you are not planning on app'ing anything close em.  If they are AFs, on the other hand, close em when the fee is about to be asessed. Gives your uti time to reflect true balances


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