Reply
Contributor
xchap
Posts: 82
Registered: ‎01-23-2008
0

Should i close these accounts

[ Edited ]

Direct Merchant CC for $1800.  24.99% should i cancel them? ask for lower apr and an CLI? 4 years old

Juniper CC   $500. 27.74%                     """                           ?    "                                    ? 3 years old

OrchardBank  $1800. 18.90%                """                          ?     ""                                  ? 4 yrs old

 they are all $ 0 balance

 

i have now   addison 10k  5.24%              2k  balance        1 month old

                   mcu  14k 9.15%                   11k  balance       1 month old

                   BOA  13k  15.99%                0 balance            1 years old

                   carecredit  13K                      0 balance           5 years old

                   amex blue  $2200  17.99%     0 balance            2 years old

                   union plus  $2600  20.99%     0 balance            2 years old

                  chase(was circuit city card)  4k  17.99%    0 balance    3 years old

Message Edited by xchap on 09-04-2009 03:07 PM
Message Edited by xchap on 09-10-2009 05:20 PM

Starting Score: 760
Current Score: 760
Goal Score: 800


Take the FICO Fitness Challenge
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Should i close these accounts

You failed to mention how old the higher CL and prime CCC's are.

 

If your builder cards are substantially older (by 2 years or more) than the other accounts, then I would suggest keeping 1 or 2 that had no AF.  The rates really mean nothing unless you carry a balance.  But you will want the extra 2 years age down the road.  If you close, those TL's are gone in 10 years (or less sometimes) and that dings the AAoA and oldest account age factors.

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: Should i close these accounts

Keep all the cards and always PIF. You never know how long closed accounts stay on your reports. 
Established Contributor
FaircreditguyFL
Posts: 665
Registered: ‎03-31-2007
0

Re: Should i close these accounts

Orchard -close

Direct Merchant - close

Barclay/ Juniper - close

 

I'm not a big proponent of closing cards; however, rebuilders need to be cut loose at sometime point in time.  Perhaps cut then loose after 4 years... if not now.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+