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@wasCB14 wrote:I'd keep them, so long as you can monitor them. With FICO scores barely over 500, you still have a long way to go in rebuilding and I see no point in throwing away the chance to get more good history, especially when it doesn't involve any more inquiries or new accounts. "If you don't use it, then close it" seems advice more suited to someone with FICOs 200 points higher.
While showing responsibility and regular payments is important with rebuilding, you don't need a lot of cards to do that. The original poster has at least 3 other cards they use which will show that responsible payment history. Closing the unused cards frees up space and prevents possible fraud. And since the accounts all stay on credit reports for 10 years, they'll continue to increase the average age of accounts for a long time.
@Meanmchine wrote:What the hell, go hit the luv button on em. Those that dont show you some lubbin close em.
Bingo!
I did the same as you when I started rebuilding, utilizing store cards to get going. It is a double-edged sword. They become your oldest, so the longer they are open the harder they are to close becaue they are old tradelines. Also, when too many random accounts are open it becomes hard to manager.
I would close the newest ones with the lowest limits. Leave your two (maybe three) oldest ones open for good. When I finally went through and closed down some of my accounts I actually got higher credit lines on my new approvals. Of course don't close them if it will shoot up your utilization but at $250 a card I don't think it'll matter much.
re: I'd keep them, so long as you can monitor them. With FICO scores barely over 500, you still have a long way to go in rebuilding and I see no point in throwing away the chance to get more good history, especially when it doesn't involve any more inquiries or new accounts. "If you don't use it, then close it" seems advice more suited to someone with FICOs 200 points higher.
+1 Agreed.