Unused credit cards??

[Anonymous]

So basically they are better off sitting in my sock drawer?  The newest would be about 2 years old and some of them I have had close to 10 years.  Yes, no fees just very high interest 20% + up which is very hard for me to use when I have a Capitol One card at 4.5% & my highest B of A card is 15%.

[SpecFile]

Yes keep them.

Message Edited by SpecFile on 08-22-2007 12:59 PM

[Anonymous]

LOL, thank you!  Now how do I bring myself over the 710 mark then?  Any other ideas?  I have been paying down my credit cards & even transferring balances from the higher ones to the lower ones.  I owe about $5000 total = I have just under $24,000 on my auto loan.  If I pay CC's off will my score go up?

I also have $20,000 in CC that my BF uses for his business, he could not get his own he has BK-13.  But these are always paid off & used each month & never late.

[SpecFile]

From what I have learned here, the first thing you want to do is pay down those cards to within 1-9% util.  You will see a jump in your score once you are able to do that. 

Message Edited by SpecFile on 08-22-2007 03:31 PM

[ronq]

your score should go up as you pay down your debt on your other cards. Don't get rid of any of them until you debt is down. Your overall UTL is figured out by all of your revolving debt. Then if you want to close some do the newest ones first that way it won't effect the average age of your accounts as much.

Message Edited by ronq on 08-22-2007 03:02 PM

[Anonymous]

Got it!  Thanks everyone for the advice!