Credit Card Center Advertiser Disclosure†
02-05-2009 12:18 PM
I'm a graduate student who shouldn't have listened to her mother when she was younger. She convinced me to open all these store credit cards and now I have way too many. I want to know if I should close these accounts, and how much it'll affect my score. I feel uncomfortable with so many floating around, especially since I don't use them. I have zero credit card debt and have never paid any bills late.
I have 5 active credit cards. 4 are store cards that I haven't used since the first time I got them. One credit card I use and will keep. I have 2 inactive credit cards, also from stores. My oldest account is from 2003, and it's a store credit card that's still active. My credit card that I actually use is from 2005, so it would become my oldest account if I were to inactivate the other one. What should I do? I've never looked at my credit report before today, so this is all new to me. Any input would be helpful.
02-05-2009 12:20 PM
I would keep at least 3 cards open and make sure to keep them active by using them at least 1 every 3 months.
The 2 that are currently inactive is probably safe to close those and you probably won't really loose points because you have no debt and does not sound like you will loose to much age.
02-05-2009 12:22 PM - edited 02-05-2009 12:38 PM
Just to clarify- the 2 "inactive" credit cards that I alluded to earlier are actually closed accounts. I didn't realize there was a distinction. I closed those myself a year ago.
Also, with regards to the link mentioned below, I have no balance on any of my credit cards so even if I close a couple cards and my total limit goes down, my UTIL percentage (if I'm understanding this correctly) will stay at 0%
02-05-2009 12:27 PM
Friendly, Supportive & Respectful
"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli
02-05-2009 03:11 PM
I guess on this board the use of the statement "5 active accounts" in combination with "way too many" will cause some scratching of heads . OK, I know this is a subjective matter .
Personally, I find the number "5" for credit accounts ideal, if you don't have anything else (mortgage, car loan). This gives you the opportunity to use 2 of them and still report less than 5 tradelines as used. If you have a car loan, you can still use one card with the same result.
I wouldn't close anything that doesn't cost any fees in your situation.
02-05-2009 05:38 PM
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.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
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.