Closing CC with Continental Finance - Need Advice

[keyelove]

Hello All,

I've been rebuilding credit for the past year. I've purchased a home and got way....too many new cards ;-(

Long story short, I have a ton of store cards like HH Greg, The Room Place, Menards, Lowes etc.

As for majore cards, I have Captial One $300 CL, Continential Finance $600 CL & BOA secured $500 CL.

I've had Contiental & Target the longest, just about 6 years. All the others, 12 or so I go in the last 9 months or so after I closed on my house in September.

I'd really, really really like to ditch Contiental Finance. There is absolutely no benefit to having the card except I pay a stupid monthly maintenance fee every month and I use it to keep it reporting. Well they haven't even reported since May which is making matters even worse.

I've gotten utilization down to abou 39% and plan to cut that to 15% by next month. Do you think it will really hurt me to get rid of this stupdi Continental card. Will it be seen as a dormant card now and affect my FICO?

Any help would be appreciated.

[heyarrnold]

If you keep your utilization low, you really shouldn't see a big hit. The card will continue reporting for 10 years. If you are paying a useless fee, just close it and focus on building better relationships with your other lenders

OHHH: And no more applying to credit cards. At least not for now Self control. 

And one more thing: If you can add more funds to your BOA secured CC, that would help the imbalance of overall available credit.