Discover Card

[Myhearts]

SylTab

I have all of my dh's cc's that I listed.  I am an authorized user on those except for Chase.  I also have:

Ikea 500/ zero balance

Cap 1 500/ 399 balance?

Cap 1 500/ 425 balance?

Amex Green 1200/ 169 balance

Kay Jewelers 1300/ 0 balance

Peach Direct 1800/ 0 balance

Discover 5000/ 0 balance

 as well as the Applied Card Bank and First Premier.  I have an auto loan that shows on TU/ EX but not on EQ. So, I don't show any installment loans on my EQ report.

Hearts

[Myhearts]

Julia

I didn't know there were fees associated with closing cc's?

Hearts

[JuliaTN]

Sorry, that wasn't clear - I meant you need to weigh what you are paying in annual/monthly fees to make sure that the credit score benefit is worth what you are paying to keep it open.

[fused]

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Myhearts wrote:

Thanks you all.  I am definitely going to BT Applied Card and First Premier.  Will there be a drop in my scores for paying them off and closing them?

Hearts

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When closing cards, the most important factor to consider is it's effect on your util. What are the balances on these cards:

Amex

Sears

Chase

Any other cards? CLs and balances?

[Myhearts]

Fused,

Sears is $179.00    cl 2600.00

Amex  is $2K            cl 4000.00

Chase is $1500       cl 3800.00

discover  $0             cl $5000.00

Also see above post with list of cc's / balances/ cl's.

hearts

Message Edited by Myhearts on 03-24-2008 08:05 PM

[fused]

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Myhearts wrote:

Fused,

Sears is $179.00    cl 2600.00

Amex  is $2K            cl 4000.00

Chase is $1500       cl 3800.00

discover  $0             cl $5000.00

Also see above post with list of cc's / balances/ cl's.

hearts

Message Edited by Myhearts on 03-24-2008 08:05 PM

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Are you folks planning on apping for anything in the next year...house, car, etc.? If not, you could kick FP and Allied to the curb, but expect a small hit to his scores though. In the future keep util down, don't have have more than half of his open accounts reporting any balance and focus on CLIs without hard inqs. This will be more difficult with Chase and Sears, less so with Amex and Discover.

[Myhearts]

Hey Fused,

No we are not planning on doing any new apps at this time.  We just refi'd the car, and are actually going through FHA for refi on mtg.  After this, that is it. Just paying everybody back.  Don't need anymore credit, cool for now. 

Looking to get a car, but that won't be til the end of the year. 

DH is not on First Premier or Applied Card so his scores won't be affected and I can stand the hit because of being AU on his cards, I can rebuild my own scores.

Do you think the score drop will be substantial?

Hearts