03-19-2009 06:49 AM - edited 03-19-2009 06:52 AM
I currently have 5 Chase cards, 2 of which are victims of the recent WAMU merger. (RIP free PFICO scores )
One of the ex-WAMU cards was opened in 1/07 and has a CL of $3k. The other 4 were opened throughout 2008 and have a combined CL of $6k. All cards hold a $0 balance.
Since I'm gearing up to apply for a mortgage in the next 6 months, would it be helpful to my score if I combined them all to the 2007 card?
Is it true that closing accounts will put a ding? Or will this help me since I will no longer have a lot of newer accounts?
I am under the impression that holding one card with a $9k limit would look much better than a bunch of $1-2k ones. I also have a Discover at $2k, a CapOne at $2k, and two Citi cards at $1300 and $2800, all with $0 balances as well.
Thanks for your time. You guys rock!
03-19-2009 07:04 AM
03-19-2009 07:07 AM
03-19-2009 02:33 PM
That's what I thought, but yesterday I pulled my score from Triple Advantage and it was saying that one of the things hurting me was that my credit lines are small, meaning that lenders don't trust me with large amounts.
That's a factor based on THEIR scoring model, don't let them play mind games with you. As far as FICO you are fine and you shouldn't really mess with it, it will hurt you more to close them now than it would ever help you. So as long as you don't have balances on them, your ratio is what matters and you are fine. The new account dings should be wearing off anyway, so don't add the ding of closing them. Good luck to you.
03-19-2009 04:22 PM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO