@glamchick wrote:OMG ahahahahaahha Love #2
I also meant to mention i had a few 30 day lates on the FPB from 2012, will that information dissapear?
My oldest card is 2004 so that wont affect my history close them?
Unfortunately not, it will stay on your reports until 2019 (stays on for 7 years).
@glamchick wrote:I was just approved for 7 new cards with nice CL's
I have two FPB cards and I would like to cancel them or just 1. Im going to do a blanace transfer to one of my new cards.
I've read the cancelling credit cards thread and I know I can take a hit of a few points.
I just want to know am I making the right decision?
These are my cards with history:
FPB opened 2004 750 limit
FBP opened 2008 700 limit
Chase opened 2008 800 limit
Target openeed 2013 200 limit
Util 3%
Fico Scores TU 735, EQ 680, EX 684
Number of Accounts : 12 (8 new ones opened this month)
Inquiries 19, 10 are getting ready to fall off
CLOSE THEM (yes I'm yelling...haha) You just got approved for 7 cards so I doubt you'll be applying for more credit here in the near future. If you take the small point hit for closing accounts you'll more than make up for it with your new accounts once it becomes time to apply for more credit. Since you have better cards no sense in paying for these two blood sucking accounts that aren't doing you any good. Plus the second card you opened up 4 years later has a smaller limit?? That's bass ackwards!
In all seriousness though, close them and move on. Less for you to try to juggle especially with all of your new accounts. Unfortunately the lates will stay for up to 7 years after the late was made. So they should fall off sometime in 19'.
Personal:
@glamchick wrote:I was just approved for 7 new cards with nice CL's
I have two FPB cards and I would like to cancel them or just 1. Im going to do a blanace transfer to one of my new cards.
I've read the cancelling credit cards thread and I know I can take a hit of a few points.
I just want to know am I making the right decision?
These are my cards with history:
FPB opened 2004 750 limit
FBP opened 2008 700 limit
Chase opened 2008 800 limit
Target openeed 2013 200 limit
Util 3%
Fico Scores TU 735, EQ 680, EX 684
Number of Accounts : 12 (8 new ones opened this month)
Inquiries 19, 10 are getting ready to fall off
If they have bad terms, such as, e.g., annual fee + bad interest rates, I would call up, tell them you're going to cancel. They may make a "retention" offer. If they offer to drop annual fee and reduce interest rates in order to keep you, then hear them out. If their proposal is good, keep the accounts open; if it's not good, go ahead with cancellation.
10 years from now you will take a 'ding' for losing your oldest account, and lowering your average age of accounts, but since you're going to have a bunch of old accounts by then, it's not going to be a big deal.
