09-06-2008 11:02 AM
7 cards? All relatively new? Pay them off and cancel them. 4 cards is plenty. What does anybody need 7 cards for? If they're new, your history will be so small that it won't make much difference. Your credit limits will grow over time with 4 credit cards that are paid in full monthly.
Heck, I just have 1 credit card. Personally 2-3 cards is the max I'd want to have to deal with. Simplicity is priceless.Don't do this. This is not sound advice.
I would respectfully disagree - what is good for FICO is not necessarily good for everyone's individual financial situations.
If someone feels they are unable to effectively manage X number of cards and want to cut down to Y, not doing so may cause far more harm than the few FICO points they lose due to util (and eventually age, 10 years down the road).
If you honestly don't have the willpower to restrain yourself from using available credit, removing your access to it entirely until you can overcome the issue is probably a wise option. Credit card debt can be very, very damaging - not just to your FICO score.
09-06-2008 11:14 AM
09-06-2008 04:40 PM
09-06-2008 08:17 PM - edited 09-06-2008 08:21 PM
09-07-2008 08:15 AM
Perhaps I should jump in here and explain why I advised closing some of them.
My wife is the perfect example of too many cards, too many bills. She has 5 credit cards (all due on different days), a vehicle loan, a monthly car insurance bill, and a cell phone bill.....She gets paid bi-weekly.
She is awful when it comes to paying things on time. So she's gotten late charges on the credit cards. At $39 per late fee, it's a hard one to swallow. They're quick to raise the APR when you do that too. With 5 credit cards, she's always forgetting her user name/password when she tries to pay them. And paying on the phone costs about $10 (which I think is a rip off)
Message Edited by Cheapskate on 09-06-2008 10:21 PM
09-07-2008 10:13 AM
09-07-2008 04:02 PM
Too late for that i was late two days....
gilbert22 wrote:Never, ever, ever, ever be late with Chase Bank. I went through some tough times with them when I was late once. G.L. >>>>Los Angeles, California
09-07-2008 04:22 PM
03-05-2009 06:43 PM
I dont really have a major update for you guys, i didnt realize how long ago i posted this alot has happend since then so here is my current situation, still bad i know, but i am getting there! It was alot worse!
Bank of the Carolinas-1000/980
I probably asked before, but what is the best way to get these balances down. i will be getting about 1200 in tax return, but i have to give my mom 500 of it! So i have about 700 to apply to those balances and plus my regular pay, which i could only pay about 200 from!
I was think paying 200 each on my cap 1 accounts, and paying off the chase card! My mom uses the Macys card so she's going to pay that!
Your help is appreciated!
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.