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10-08-2010 08:42 AM
I currently am trying to get rid of some accounts. I currently have 4 Credit Cards with low CL and want to have 2 cards with a decently high CL. What would be the best way to go with this?
Capital One: 750CL (400 Balance)
Orchard Bank: 750CL (0 Balance)
BB Rewards MC: 450CL (0 Balance)
Paypal BC: 1200CL (400 Balance)
As you can see I am pretty good with keeping my usuage in check, I just don't want to have to juggle so many cards around. The only reason I have any balance on the two cards is because I made some recently large purchases about 2 weeks ago. Now my credit scores aren't the best thanks to being a stupid teen but I am recovering, I have no CO or late payments in the last 5 years, I have been approved for a home mortgage recently and I have a car loan from 2008.
TU762, EX673, EQ725
(Score from Truecredit)
10-08-2010 08:50 AM
Because your utilization is currently high, you won't want to lose any of your CL's right now.
Your Cap One is over 50%, so your first step might be to pay that down.
Your Paypal is at 33%, so you might choose to pay that one down next.
Once your utility is down - you should have zero balance on all cards but one. You may choose to report a balance on one - if so that should be 9% at the very highest, and can be as little as $1.
Then you'll have low utilization and be ready to close cards if you're feeling you'd like a smaller number of cards.
One of the first things you might consider is losing cards that have an AF, if they don't serve you well in some other way.
If you were approved for a mortgage recently, they'll be able to give you your FICO scores.
The truecredit scores are not FICO's - you'll want to be sure you're looking at FICO's when determining the best cards to consider app'ing for.
Hope that's a helpful start!
10-08-2010 09:13 AM
Did not know that about TrueCredit. Is there a service that monitors changes to all 3?
TrueCredit s fine to use to monitor changes to your report, just don't rely on the scores you are getting from them... every so often come pull a report from here at myfico to get your true credit score that the lenders use.
10-08-2010 09:51 AM
Been trying to sign up but the site keeps signing me out during the scorewatch purchase and when I put my social it tells me to log in... just goes in a loop. As you see it even made me create a new ID when I tried to return to the forum.