Reply
Regular Contributor
Posts: 190
Registered: ‎11-27-2011
0

Needing Advice

Currently I have 3 CC's, all Cap 1 . One is secured ($300CL) , 2 unsecured ( $300CL, previously Orchard Bank ) and Quiksilver Rewards ($500 CL). Recently applied for a CC thru my credit union and was approved for $500 CL. 4 cards is alot and was thinking of closing the secured card. Good or bad idea?


Starting Score:Equifax 543
Current Score:EQ665 TU 663 EXP625 updated 12/6/2014
Goal Score: 650


Take the myFICO Fitness Challenge
Epic Contributor
Posts: 24,407
Registered: ‎10-23-2007
0

Re: Needing Advice


doc101 wrote:

Currently I have 3 CC's, all Cap 1 . One is secured ($300CL) , 2 unsecured ( $300CL, previously Orchard Bank ) and Quiksilver Rewards ($500 CL). Recently applied for a CC thru my credit union and was approved for $500 CL. 4 cards is alot and was thinking of closing the secured card. Good or bad idea?


If your balances are low and you just want 3 cards moving forward to build better history and credit score then sure close the secured.

Fico Scores: EQ- 670., TU 705 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
83 Cards and Counting :smileytongue:
Valued Contributor
Posts: 1,794
Registered: ‎07-01-2010
0

Re: Needing Advice

You have a total CL of $1600.

 

If you close the card, your AAoA will not be affected, and your new CL will be $1300.

 

This means that your new utilization will be around 1.23 times (1600/1300) what it was before, for example going from 10% utilization to 12.3% utilization.

 

If your utilization is low, I'd say to go for it.

 

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.