11-30-2012 01:28 PM
They are my oldest accounts
credit one 600.00 limit 35.00 anf 2 years old
sears master card hsbc 400.00 limit
HSBC orchard bank 300.00 limit 35.00 anf
Discover more 5500 limit
BCU cash back card $1000.00 limit
walmart card 600.00 limit
paypal master card 1500.00 limit
chase freedom 500.00 limit
citi simplicity 1200.00 limit
homedepot 600.00 limit
do you guys think it will ding my fico?
If I closed the old accounts
thanks, any info
11-30-2012 01:57 PM
There's a thread in the stickies about closing credit cards - but I will post it below to be helpful.
I am not completely against annual fees - but if you aren't using the card the fee is attached to, why would you pay the fee? So do what is best for you financially on the cards with annual fees.
Otherwise, closing those three cards reduces your total credit limits by $1,300, compared to $12,200 total - so roughly 11% of your total limits. There may be a small downward movement in FICO scores, but nothing that can't be replaced over time and with a few CLIs.
11-30-2012 04:38 PM
few general rules for me. are you planning on a big purchase soon? are you on borderline credit score? few points from 720 or 640 etc cutt off points to credit tiers then don't close it if you have a big purchase lined up soon, if not close away, there's no point in keeping bad lines, personally I rather get rid of all bad cards, I'm almost tempted to keep my HSBC card once it transfer over to Capital one mainly because THEY REPORT ALL AUTHORIZED USERS. it would be nice to help friends and family, but then at the sametime I don't have much history to begin with and I could probably help them just as much with a much higher limit prime card reporting than that crapital one.
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