Should I close any of these cards?

Anonymous · ‎03-19-2016

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Anonymous · ‎03-19-2016

It was from lowering your AAoA (Average Age of Accounts), closing it won't restore that since the account will stay on your reports for another 10 years. As for closing the other cards it won't increase your AAoA either. Before even considering closing any card they need to be paid off.

Anonymous · ‎03-19-2016

As for your scores, you are getting dinged for having an overall UTI of 64%, dinged for having over 50% of your cards reporting a balance (6 of 10), and dinged again for the high balances on each card that is reporting a balance. Get 2 more cards zeroed out and you'll get a bump, and reduce the UTI on the rest

Anonymous · ‎03-19-2016

Also, if you close any accounts and your are still carrying balances you UTI will go UP since your amount of available credit will be less.

Anonymous · ‎03-19-2016

@Anonymous wrote:
As for your scores, you are getting dinged for having an overall UTI of 64%, dinged for having over 50% of your cards reporting a balance (6 of 10), and dinged again for the high balances on each card that is reporting a balance. Get 2 more cards zeroed out and you'll get a bump, and reduce the UTI on the rest

+1

It's a fault most of us have BUT sweating over a 10pt fall is wasted energy. Get your UTI down and most accts reporting $0 balance and you will see a big difference. It's not your accts that are out of whack it's you UTI.

10pt ups and downs on a month to month basis are typical and depend on how good you are at catching every dollar and paying it off during your billing cycle.

gdale6 · ‎03-19-2016

moving to CC forum for better coverage on this

Anonymous · ‎03-19-2016

Your score will go DOWN if you close anything with your utilization that high! Do not close any of them for now.

All you need to do is pay off your balances. Start with those CapitalOne cards!

silkysean · ‎03-19-2016

@Anonymous wrote:
Hi everyone, just looking for some advice on what my next steps should be.

Total CCs: 10 at 64% util (CB 14k CL 21.5k)
Total school: 38k (6k SallieMae, 32k Great Lakes)

1) I opened a 1000 CL card in Jan 2016 and it dropped my score 10 points. Was that hit due to a hard inquiry, or due to it lowering my average account age?
2) That card is currently at zero bal, if I close the card will my score go back up?
3) Any opinions on which cards to tackle next would be much appreciated. I'm listing them newest to oldest:

Citi (Best Buy) - 0CB 1000CL - opened early2016 - will score go up if I close this?
Chase (Slate) - 0CB 500CL - opened late2014 - will score go up if I close this?
Chase (Amazon Rewards) - 0CB 1000CL - opened mid2014
Citi (ThankYou Preferred) - 1350CB 1500CL - opened mid2014 - 12.24%
BECU - 1750CB 2500CL - opened late2013 - 11.15%
Amazon Store Card - 0CB 2500CL - opened early2013
Capital One - 2200CB 2250CL - opened mid2011 - 20.05%
AMEX (Costco) - 4000CB 4200CL - opened early2009 - 14.00%
Capital One - 1900CB 2150CL - opened mid2008 - 18.15%
Discover (Open Road) - 2600CB 3000CL - opened mid2007 - 17.24%

As others have said get Utilization down and don't worry about up and down of monthly scores unless your ready for a major purchase.You have a nice lineup of cards that can grow with you.If it's me I wouldn't close any of these accounts let them age and pay them down

red259 · ‎03-19-2016

@Anonymous wrote:
Hi everyone, just looking for some advice on what my next steps should be.

Total CCs: 10 at 64% util (CB 14k CL 21.5k)
Total school: 38k (6k SallieMae, 32k Great Lakes)

1) I opened a 1000 CL card in Jan 2016 and it dropped my score 10 points. Was that hit due to a hard inquiry, or due to it lowering my average account age?
2) That card is currently at zero bal, if I close the card will my score go back up?
3) Any opinions on which cards to tackle next would be much appreciated. I'm listing them newest to oldest:

Citi (Best Buy) - 0CB 1000CL - opened early2016 - will score go up if I close this?
Chase (Slate) - 0CB 500CL - opened late2014 - will score go up if I close this?
Chase (Amazon Rewards) - 0CB 1000CL - opened mid2014
Citi (ThankYou Preferred) - 1350CB 1500CL - opened mid2014 - 12.24%
BECU - 1750CB 2500CL - opened late2013 - 11.15%
Amazon Store Card - 0CB 2500CL - opened early2013
Capital One - 2200CB 2250CL - opened mid2011 - 20.05%
AMEX (Costco) - 4000CB 4200CL - opened early2009 - 14.00%
Capital One - 1900CB 2150CL - opened mid2008 - 18.15%
Discover (Open Road) - 2600CB 3000CL - opened mid2007 - 17.24%

I wouldn't be closing any non-AF cards since you are showing balances and closing lines will just raise your util. That being said you have any cards with AFs that you don't use then you will want to try to PC to a non-AF version or close the card to save the money. Once you are all paid up you can go through and close cards you do not want to keep. If there are no-fees associated with them there is no harm keeping them open but that comes down to personal preference.

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019

Imperfectfuture · ‎03-19-2016

Um, does not anyone notice that the notation is CB, meaning cash back? That is not his utilization. Unless OP wishes to change that clarification.

Edit: just saw 64%, but does that include student loans.

In that case, play some stuff down. Get it under 10% (credit cards), before closing anything.

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