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Help with cancelling cards and protecting credit score

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iApple123
New Member

Help with cancelling cards and protecting credit score

Hello everyone,
 
This is my first post so please have a little patience with me.  I am 24 years old and looking to get rid of some credit card debt that I have.  I am not sure how I am suppose to start off but I have a total of 5 credit cards, actually 4 because I called to cancel the card today.  It only had a credit limit of $750 with a $0 balance.  The other cards I have  are a CITI Platinum card I've had since 2002.  The line of credit is $6300 with a $0 balance.  The next card I have is a Credit Union Visa (2003) card with a Credit Limit of $5000 and a balance of $967.  2 more cards to go.  I have a Bank of America American Express (2006) card with a credit limit of $6000 and a balance of 5300.  The last card I have is a Bank of America Visa Card (2007) with a credit limit of $4000 and a balance of $2050.  I think that I have too many open lines of credit and that it could potentially harm me in the future when I want to maybe apply for a mortgage, etc.  I want to end of with a total of 2 or 3 cards and pay them off.  What would be recommended in order to not hurt my credit score and to cancel the cards.  My Transunion score is 737, Experian is 691, and Equifax is 723.  I was thinking about applying for the CLEAR American Express Card that has no fees and take advantage of the 0% interest for 12 months and no charges on balance transfers to get my card balances down.  Please give me any advice you may have regarding my situation.  The only other debt I have is a car payment.  The balance on that is 3K and I will be done with my 5 years next August.
 
 
 
Here is my interest rates I currently pay on my cards.
 
Citi Platinum - 11% (it varies)
Credit Union Visa - 10.99% fixed
Bank of America American Express - 0% until October 07, then will be 7.9% fixed
Bank of America Visa - 0% until Janruary 08, then will be 13.99%
 
 
Thank you all in advance and sorry for my rambling!
 
 
Message 1 of 8
7 REPLIES 7
SpecFile
Valued Contributor

Re: Help with cancelling cards and protecting credit score

Message 2 of 8
Anonymous
Not applicable

Re: Help with cancelling cards and protecting credit score

My one piece of advice would be to NOT close any accounts unless they are costing you money, i.e. monthly maintenance fees, annual fees, etc. I would love to have the cards with the APRs that you have and some day I will, but in the meantime, I will keep dreaming and working on my scores. Others more knowledgeable than me will be along and share with you their wisdom. Wait and weigh all of the evidence before making any hasty decisions. Good luck with whatever you decide. 
Message 3 of 8
doood71
Regular Contributor

Re: Help with cancelling cards and protecting credit score

Wow those are some pretty good cards, I agree with sleigh, don't cancel your cards unless they're costing you money! From what I have read on here I believe that will actually hurt your score.
2/15/2011 TU: 773 ~ EQ: 780
8/15/2011 TU: 766 ~ EQ: 783 ~ EX: 753 (psecu)
Message 4 of 8
Anonymous
Not applicable

Re: Help with cancelling cards and protecting credit score

The only reason you want to cancel a CC is if the fees are excessive and the CCC refuses to lower them to a reasonable level given your FICO score.
Message 5 of 8
VLGaffEsq
Regular Contributor

Re: Help with cancelling cards and protecting credit score

You should listen to everyone here...there is NO NEED to cancel any of your credit cards (unless they charge outrageous fees).  Keep them all and pay down your ddebt to lower your "utilization," and then watch your FICO score go higher.  Having 5 credit cards is just fine right now!
Message 6 of 8
iApple123
New Member

Re: Help with cancelling cards and protecting credit score

Thank you all for giving me such great advice. Keep them coming Smiley Happy.
Message 7 of 8
phumanr
Frequent Contributor

Re: Help with cancelling cards and protecting credit score

iApple,

I agree with everyone...do not close down those cards! If you can get an Amex with a 0% for Balance Transfer, then that is the way to go. Once you start paying down the balance, then your scores will go up.
 
Phumanr
Message 8 of 8
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