Reply
Regular Contributor
amp0804
Posts: 112
Registered: ‎08-21-2009

Keep all cards open?

Ive been thinking, is it necessary to have 9 current cards all open?

 

Chase opened 3/2006 - PIF every month/sometimes more than 1 time a month  $1000 limit ($200 balance)

 

Capital One opened 11/2007 - rarely use, $500 limit

 

Orchard Bank opened 01/2007 - $79  annual fee, $400 limit, ( thinking of closing this card i find it useless)

 

JCPenny  opened 09/2007 - rarely use ( they cut my limit to my balance back in 08 to $150)

 

Macys opened 10/2005 - $400 limit

 

Best Buy Store Card opened 03/2008 - $1,100 limit

 

Exxon Mobil opened 11/2007 - $700 limit

 

Radio Shack opened 03/2008 - $500 limit

 

Lord and Taylor opened 08/2009 -  $550 limit ( Current balance $270 - PIF before statement cuts next week)

 

I have Score watch so I only get EQ, current score is 707 but expecting it to raise 10-15 points since I paid 4 cards to $0 balance and have 3-4 inquiries coming off between now and New Year.

 

Really just looking for some insight too, I would like to have a card with a larger CL. Also had a Amex I opened 08/2005 when I turned 18 for college with a $1,000 limit they recently closed it in August when I paid in full.

Frequent Contributor
crosbyk1
Posts: 485
Registered: ‎02-17-2008

Re: Keep all cards open?

I think you should close the orchard card because of the small CL and the big AF. Just my opinion.

Starting Score: 744
Current Score: 744
Goal Score: 800


Take the FICO Fitness Challenge
Established Contributor
pattycake
Posts: 760
Registered: ‎04-30-2007

Re: Keep all cards open?

I would only close the Orchard, since it has an annual fee. They are not known for waiving the fee, so I closed mine as well last year.

pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749
Regular Contributor
amp0804
Posts: 112
Registered: ‎08-21-2009

Re: Keep all cards open?

I got them to waive the annual fee once and cut it in half last year this screw them. Im closing it soon. The rest I should leave be in the drawer?
Moderator Emeritus
MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009

Re: Keep all cards open?

I agree about closing the Orchard card. Keep the others active to avoid closure for inactivity. Let them all age.

 

Optimal credit utilization for FICO scoring purposes seems to be:

Total revolving utilization > 0 and < 9%, the lower the better, and
Reporting a balance on less than half of your revolving TL's, and
Reporting a balance on half or less of all TL's.

 

 

(myfico)
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

 

CC interest free as of 8/09
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+