10-31-2009 08:40 PM
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.
10-31-2009 08:46 PM
10-31-2009 08:46 PM
10-31-2009 09:24 PM
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.
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.
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