Regular Contributor
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
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

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Established Contributor
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
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?
Posts: 15,075
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.



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
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