I’m new to this forum and I wish I knew this information years ago. I have a few questions:
I am about to close on a mortgage at the end of the month and I would like to have a AMEX or other credit card with a limit of at least $3k. Here are my stats:
BK 7/04 w/ a foreclosure and included 2 Prov (WAMU), 3 HSBC, 3 Cap1
1-2 late pays – when bk filed, in process of getting some removed successfully
Now I have the following:
Cap1 0 bal 500 CL, 0 bal 500 CL, 465 bal 1250 CL - would like to get rid of 2
Orchard 770 bal 2000 CL
Credit One 0 bal 600 CL – want to get rid of
JCPenney 0 bal 650 CL
CircuitCity/Chase 384 bal 1000 CL
EX 656, EQ 665, TU 682
Will my scores go down when I close? Should I apply for Amex right after I close? Will closing Credit1 and Cap1 hurt my scores? I will also be paying off all the balances on my accounts when I close.
Any advice you could give will be greatly appreciated. If I can get one card with a decent limit, I would gladly get rid of all the other cards.