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Putting my 11 cards to rest until March-UPDATE- I cannot do this.

Senior Contributor

Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.

Debit card transactions can lead to trouble...

 

PayPal backed by a debit card is suicidal!

Valued Member

Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.

I used Pay Pal to by a purse on EBay recently, I used my CC and had to put my checking account info on there in order to get the account. I logged into my checking account on NYE and noticed 4 different transactions ... I immediately called them and had it investigated --someone wired money into an account ..foreign --the exchange was in Euros...

 

I will never link anything else to my checking acoount --way too risky....

 

just thought this would help someone else out ...sorry if too off topic

Message Edited by tralyn05 on 01-02-2010 01:03 AM
Regular Contributor

Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.

IF I had 11 credit cards, I give most of them a rest forever!

 

I'd pick a few of my oldest fav's and scrap the rest.

 

Less, is more!!!

 

 

-800 or Bust...!
Super Contributor

Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.


-RED wrote:

IF I had 11 credit cards, I give most of them a rest forever!

 

I'd pick a few of my oldest fav's and scrap the rest.

 

Less, is more!!!

 

 


I need the 11 cards in case some (HSBC and SEARS) decides to close them for lack of use.  Plus, my credit card use among the majority of all my cards will take a break starting in July, as I prepare to relocate without having any bills.  

 

But you're right, less is more!! More credit more problems.  

Senior Contributor

Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.


-RED wrote:

IF I had 11 credit cards, I give most of them a rest forever!

 

I'd pick a few of my oldest fav's and scrap the rest.

 

Less, is more!!!


Bad idea. When it comes to credit less is less!

 

Do not close accounts that do not have AF's!

Senior Contributor

Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.

Sounds like someone got way more credit card approvals than was necessary. Way it is these days you use 'em or you will lose 'em. Use the ones you want to keep and have a hope of growing in the future. The rest is up to you. Not telling you to close a bunch at once but given enough time you can reach well over 800 with a minimum number of accounts reporting. I have 5 cards currently active and to tell you the truth it is probably 2 more than I really need.
Moderator Emeritus

Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.


smallfry wrote: 
you can reach well over 800 with a minimum number of accounts reporting. I have 5 cards currently active and to tell you the truth it is probably 2 more than I really need.

+1.  It is easier to reach 800 with a small number of cards than with a large number of cards.  Remember FICO dings you for too many accounts!

DH was over 800 with one card (and a baby one at that).

Just puttin' syrup on something, don't make it pancakes.
Senior Contributor

Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.


beamMEup wrote:

Remember FICO dings you for too many accounts!


Not really. Not in any meaningfully significant way.


beamMEup wrote:

DH was over 800 with one card (and a baby one at that).


A high score with a thin credit file (called a "Fragile A" ) is significantly discounted by credit decision makers when they encounter one.

Super Contributor

Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.


beamMEup wrote:

smallfry wrote: 
you can reach well over 800 with a minimum number of accounts reporting. I have 5 cards currently active and to tell you the truth it is probably 2 more than I really need.

+1.  It is easier to reach 800 with a small number of cards than with a large number of cards.  Remember FICO dings you for too many accounts!

DH was over 800 with one card (and a baby one at that).


I had 38 total accounts reporting at the time I checked my TU FICO score.  It was 771.  I sure would like to know how many is too many. 

Message Edited by DI on 01-02-2010 10:54 AM
Senior Contributor

Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.


beamMEup wrote:


smallfry wrote: 
you can reach well over 800 with a minimum number of accounts reporting. I have 5 cards currently active and to tell you the truth it is probably 2 more than I really need.


+1.  It is easier to reach 800 with a small number of cards than with a large number of cards.  Remember FICO dings you for too many accounts!

DH was over 800 with one card (and a baby one at that).


this reportedly impacts score somewhere around 30+ accts and causes a rather minor ding at that.

but yes, if you only have practical use for and want to manage only one, that is enough for fico high achievement.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover