need some credit card advice!

[llcoolrobb]

well i just got approved for 2 new cards,discoverit ($1500CL) and chase freedom ($1500CL)

i have 5 open credit card accounts with cap1,of which 4 have annual fees.

i called cap1 and tried to upgrade or convert all or any of the cards to no annual fee acounts with no luck on any of the cards!

i want to transfer the balance on the highest annual fee cap1 card around $400,the annual fee is $60 it was an orchard bank card before cap1 took over and my oldest open credit card account. i don't really want to close it but they charge so much in fees,if i do transfer the balance to discoverit card and close this cap1 card will this lower my fico since this card is my oldest open credit card account?

i also want to transfer a balace ($700) from another cap1 card ($39AF) to chase freedom card and close this cap1 account.

this card is not that old of an account so i hope this will not hurt my fico much.

anyone have any advice or input about what i should do?

thanks in advance!

[Ghoshida]

---

@llcoolrobb wrote:

well i just got approved for 2 new cards,discoverit ($1500CL) and chase freedom ($1500CL)

i have 5 open credit card accounts with cap1,of which 4 have annual fees.

i called cap1 and tried to upgrade or convert all or any of the cards to no annual fee acounts with no luck on any of the cards!

i want to transfer the balance on the highest annual fee cap1 card around $400,the annual fee is $60 it was an orchard bank card before cap1 took over and my oldest open credit card account. i don't really want to close it but they charge so much in fees,if i do transfer the balance to discoverit card and close this cap1 card will this lower my fico since this card is my oldest open credit card account?

i also want to transfer a balace ($700) from another cap1 card ($39AF) to chase freedom card and close this cap1 account.

this card is not that old of an account so i hope this will not hurt my fico much.

anyone have any advice or input about what i should do?

thanks in advance!

---

Closing any (or all) of your card accounts won't have an impact on your average age of accounts.

How big are the credit limits on those cap one cards? Based on how much balance you have on them, your utilization will go up. 

[llcoolrobb]

the 2 cap1 cards i was thinking of tranfering the balances and then closing the accounts,have credit limits of $450 and $750.

the 3 cap1 cards i will keep have credit limits of $2,500,$750,and $750.

[Ghoshida]

---

@llcoolrobb wrote:

the 2 cap1 cards i was thinking of tranfering the balances and then closing the accounts,have credit limits of $450 and $750.

the 3 cap1 cards i will keep have credit limits of $2,500,$750,and $750.

---

If possible, pay off both of them and close them.

If not, at least try to pay off the $450 one, and transfer the $750 one equally to the new cards (that way, the utilization on both cards will stay under 30%). You can close both cards. It seems like you're maxxing out most cards; that's not a good sign to lenders.

Personal opinion: Try not to add new debt until you can pay these balances off.