Credit Cards

[laryn41]

If I have too much new credit on my report should i close the most recent accounts that  have been opened?

[DI]

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laryn41 wrote:
If I have too much new credit on my report should i close the most recent accounts that  have been opened?

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No! Stop applying for new accounts and let the one's you have mature.  

[laryn41]

The funny thing is i only have 2 inq. in the past 12 months.

Should I closes some ccounts. I feel I have too many with 0 balances.

[DI]

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laryn41 wrote:

The funny thing is i only have 2 inq. in the past 12 months.

Should I closes some ccounts. I feel I have too many with 0 balances.

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Don't initiate the closure of any of your accounts.  One of those banks may close one of your accounts without your asking. I have 11 credit cards.  As long as you pay in full each month, is doesn't matter how many cards you have. 

Message Edited by DI on 02-08-2010 10:29 AM

[laryn41]

Them being open doesnt have a negative effect on my credit? I do have a $4000 balance that  I am paying off. But that is my highest Other than that i have nothing wrong with my report other than what was on there 7 years ago that was all mended. Went from a 525 to a 700 since.

Should I try to re-instate a closed macys account with a 2000 limit that was opened in 05?  If they did would it report still opened in 05?

Thnaks

[DI]

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laryn41 wrote:

Them being open doesnt have a negative effect on my credit? I do have a $4000 balance that  I am paying off. But that is my highest Other than that i have nothing wrong with my report other than what was on there 7 years ago that was all mended. Went from a 525 to a 700 since.

Should I try to re-instate a closed macys account with a 2000 limit that was opened in 05?  If they did would it report still opened in 05?

Thnaks

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No negative effects if they're all in good standing.  Unless you're applying for a mortgage, I wouldn't be concern.  But you really do not want to apply for any new credit right now.  Just continee to pay down what ever balances you have.  And since you have a  $4000 balance, you do not want to close any accounts.  You will increase your debt to credit ratio if you start closing accounts. 

Message Edited by DI on 02-08-2010 10:37 AM

[txjohn]

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laryn41 wrote:

The funny thing is i only have 2 inq. in the past 12 months.

Should I closes some ccounts. I feel I have too many with 0 balances.

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LOL.  $0 balances is the goal.  Don't feel that you have to carry balances in order to have credit.  Use it judiciously and frugally.