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When do I close my sub-prime cc's?

Moderator Emeritus

Re: When do I close my sub-prime cc's?



Phouchg wrote:


cheddar wrote:

 
 
You will, however, see an immediate revolving utilization effect, since a the card's CL will be removed from utilization calculations as soon as the card is reported closed.
 



What if you close a card with a balance...is that taken out of the util calculation??
 
 


No, in that case it's not removed immediately.  It remains until the CL is reported as $0 or the balance is PIF.

 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Regular Contributor

Re: When do I close my sub-prime cc's?

bump
The hardest part is waiting!! I'm an instant gratification girl!!!
06/24/2008: TU 708, EQ 705, EX 712
06/09/2008: TU 699, EQ 688, EX 712
Regular Contributor

Re: When do I close my sub-prime cc's?

O.K., maybe I need to clarify.....I have 3 subprime CC's. I want 3-4 prime CC's to replace them with. If I were to close the 3 subprime cards right after I open the prime cards, will my scores plummet? If this is the case, how long should I wait before closimg them?
The hardest part is waiting!! I'm an instant gratification girl!!!
06/24/2008: TU 708, EQ 705, EX 712
06/09/2008: TU 699, EQ 688, EX 712
Moderator Emeritus

Re: When do I close my sub-prime cc's?

The only way your score would "plummet" is if your utilization increases.
 
Close them when you are ready -

ferferhess wrote:
O.K., maybe I need to clarify.....I have 3 subprime CC's. I want 3-4 prime CC's to replace them with. If I were to close the 3 subprime cards right after I open the prime cards, will my scores plummet? If this is the case, how long should I wait before closimg them?


Highlighted
Regular Contributor

Re: When do I close my sub-prime cc's?

Thanks Timothy!! I've gotten so confused with all of this reading I've been doing and now that my scores are at their best, I'm scared to take a misstep!
The hardest part is waiting!! I'm an instant gratification girl!!!
06/24/2008: TU 708, EQ 705, EX 712
06/09/2008: TU 699, EQ 688, EX 712