09-15-2009 06:07 PM
It may be time to do some credit cleanup. I'm really wondering if I should close any accounts or keep them all open for the history.
Here's the personal credit mix:
Amex Green Card - PIF each month - opened 8/2008
BOA/Amex Accelerated Rewards - opened 9/2008
BOA World Visa - opened 4/2006
Juniper - opened 2/2007
Cap One - opened 8/2005
Cap One - opened 5/2008
CIT Dell - opened 8/2007
Household - opened 1/2005
HSBC - opened 6/2003
HSBC - opened 5/2006
Lexus Visa - opened 11/2008
The best card here is my BOA/Amex Accelerated Rewards card. It has a $10,000+ limit with an APR of 6.24% while Household is 29.40!!! Can you believe that? What crooks, legalized loansharks! The problem is, I have history dating back to 2004.
09-15-2009 07:28 PM
09-15-2009 07:32 PM
09-15-2009 07:36 PM
I thought I had too many cards, but I'm about to catch up with you. Keep them all open. Use one card for each month in the year. Give your best card a bonus and use it twice per year.
Recipe for closure these days. Use it or lose it.
09-15-2009 07:50 PM
Yup, it is difficult keeping up lol. I actually didn't even count my CITI Professional card. Although it's for business use, they STILL report in on my personal.
I like your plan of rotation.
Cap One & HSBC...Is this even possible?
09-15-2009 09:11 PM
Not knowing what your utilization is makes it tough to give an opinion. You may need every penny of these credit lines to show low utilization. If you don't...then I would consider cutting down.
Do any of your cards have annual fees? If so, for me, they would be the first to go.
I would then consider gradually closing any rebuilder cards that have very low limits. People are getting denied for credit and for credit line increases based on already having "enough" open credit. You may want to eliminate rebuilder low-limit cards in order to grow the credit lines on the cards you like.
I say that I would close smaller cards gradually because we are in an era of credit difficulties that make credit tougher to get. That said, I look at my reports at the number of small-limit cards we used to have that are now closed. It comes time to move on from those, but you are the only one who will know when the time is right.
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.