Should I close some of my accts?

[Anonymous]

I have the following accounts/limits open:

Orchard 800 

Juniper 800

Credit one 1450

Bloomingdales 2100

Capital one 750 

Nieman Marcus 2200

HSBC 3800

WAMU 3500

My Util is 15%

I just applied for Nvy Federal card hoping for at least 10k limit on one or more cards.

If I get the Navy card, should I close the accounts with less than 1000k limits?

SHould I keep the dept store cards open?

What is the best strategy to increase my score?

I keep reading having too many cards is not good. I am also reading closing accts can be a negative. If I am able to get the Navy cards I would dramatically increase my total available offsetting the Util issue with closing accts.

Any advice would be appreciated.

All the best

Message Edited by aodmorris on 02-16-2009 07:08 PM

[Anonymous]

Well first wait an see if you get approved for the Nvy Federal if you close any accounts close the ones that have a AF.

[cobaltnv]

Do any of the accounts have annual fees? If so those are the ones I would think about closing. The department store cards are helping your credit mix so I would keep them open. In fact I would keep open any card that has no annual fee. 

As far as increasing your score goes you will probably see a jump when you get your utilization below 9%. You will also likely see a jump by letting only one or two cards report a balance.

Before closing any credit cards please read the closing credit cards thread which may be found in the helpful threads post in my siggy.

Cheers 

[Anonymous]

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@cobaltnv wrote:

Do any of the accounts have annual fees? If so those are the ones I would think about closing. The department store cards are helping your credit mix so I would keep them open. In fact I would keep open any card that has no annual fee. 

As far as increasing your score goes you will probably see a jump when you get your utilization below 9%. You will also likely see a jump by letting only one or two cards report a balance.

Before closing any credit cards please read the closing credit cards thread which may be found in the helpful threads post in my siggy.

Cheers 

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I agree.

[bamagirl1]

I would only close those with annual fees that can't or won't be waived..just rotate cards out in your wallet every 3 months or so and just put a small balance on them or set up a donation or a recurring chrg on it like your cell phone, etc..

[Anonymous]

I had a $5300 secured card that went unsecured with BofA. They had a $30 a year fee. I told them remove the fee or remove the card. They removed the card. Too funny!

Going to close my account with them. It will take away from them the ability to loan out a bunch of money (Fractional reserve lending), which will make me laugh. 

[Anonymous]

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@Anonymous wrote:

I had a $5300 secured card that went unsecured with BofA. They had a $30 a year fee. I told them remove the fee or remove the card. They removed the card. Too funny!

Going to close my account with them. It will take away from them the ability to loan out a bunch of money (Fractional reserve lending), which will make me laugh. 

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lol i think u was a bit to forceful with them all u had to do is ask for a product change to a noun AF card many have done it here.

[Anonymous]

OK, thanks all.

I will keep the dept store cards.

I will wait for the Navy decision.

I will close the smaller accts with AFs.

I will reduce my util to below 9%.

Thanks for the advice!! 

[ars432s]

In the past month I've been able to wack Credit One, Contiental Finance, and Access. I can't tell you how good it felt to cut up those cards and move on to cards with no AFs.

[Anonymous]

I have been calling them and just got CLI of 4300 on Neiman Marcus, 700 on Orchard. 

Closing First Premiere now and Capital one in the next few days.

Juniper said no, the backdoor is not open until tomorrow. Will try back tommorow. 

I think my Util rate is below 10% now.

Hopefully in a few months I will see the difference. Been stuck at 680-700 for 9 months now. At leaste I know why, thanks to the boards here.

All the best