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to close or not to close....

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CS800
Super Contributor

Re: too close or not too close....

Great ! I noticed you have a home depot card. You like it?



Message 21 of 40
afbar1114
Valued Contributor

Re: too close or not too close....


@CS800 wrote:
Great ! I noticed you have a home depot card. You like it?

yea i like it started out at $500 CL asked for a CLI a month ago just to get some more UTL...i asked for $500 and they gave me $600 lol backed by citi

AMEX PRG; AMEX EveryDay $14,800; Freedom $6k; Sapphire $7k; IHG Select $5k; Discover $2,400; BofA Better Balance $9,100; Bank Americard $5,900; Citi DC $2,700; Citi Diamond $2,500; BestBuy $20,000; Amazon Prime $5k, United Club $15,000; Home Depot $20,000; Barclays $7,500

Total Credit Limits: $122,650
Message 22 of 40
afbar1114
Valued Contributor

Re: too close or not too close....

is it true that the low CL's of $300 and $350 are hurting me more then helping?

AMEX PRG; AMEX EveryDay $14,800; Freedom $6k; Sapphire $7k; IHG Select $5k; Discover $2,400; BofA Better Balance $9,100; Bank Americard $5,900; Citi DC $2,700; Citi Diamond $2,500; BestBuy $20,000; Amazon Prime $5k, United Club $15,000; Home Depot $20,000; Barclays $7,500

Total Credit Limits: $122,650
Message 23 of 40
tntexans72
Valued Contributor

Re: too close or not too close....


@afbar1114 wrote:

is it true that the low CL's of $300 and $350 are hurting me more then helping?


 

You are graded for your total CL and how much of that are being use. If the cards that you have, has a low limit and it's your oldest cards without AF than it's helping you with your AAoA.

Message 24 of 40
MarineVietVet
Moderator Emeritus

Re: too close or not too close....


@tntexans72 wrote:
 

You are graded for your total CL and how much of that are being use. If the cards that you have, has a low limit and it's your oldest cards without AF than it's helping you with your AAoA.



To clarify this a bit scoring doesn't look at or care what your CL's are. It only looks at how you manage the CL's you have.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 25 of 40
visorboy1974
Valued Contributor

Re: too close or not too close....

Close the FP and BBRZ.  Keep the CapOne  open for now, but as soon as some of your other lines grow, you can say sayonara to anything with an AF.  

FICO Scores Updated 07/15 EQ08 748 EX08 748 TU08 818
Message 26 of 40
afbar1114
Valued Contributor

Re: too close or not too close....


@visorboy1974 wrote:

Close the FP and BBRZ.  Keep the CapOne  open for now, but as soon as some of your other lines grow, you can say sayonara to anything with an AF.  


well my amex zync has a AF but i will always have an amex from this point.... 

AMEX PRG; AMEX EveryDay $14,800; Freedom $6k; Sapphire $7k; IHG Select $5k; Discover $2,400; BofA Better Balance $9,100; Bank Americard $5,900; Citi DC $2,700; Citi Diamond $2,500; BestBuy $20,000; Amazon Prime $5k, United Club $15,000; Home Depot $20,000; Barclays $7,500

Total Credit Limits: $122,650
Message 27 of 40
visorboy1974
Valued Contributor

Re: too close or not too close....


@afbar1114 wrote:

@visorboy1974 wrote:

Close the FP and BBRZ.  Keep the CapOne  open for now, but as soon as some of your other lines grow, you can say sayonara to anything with an AF.  


well my amex zync has a AF but i will always have an amex from this point.... 


Let me qualify what I said by saying "anything with an AF that doesn't benefit you"!  

 

Good luck!  

FICO Scores Updated 07/15 EQ08 748 EX08 748 TU08 818
Message 28 of 40
Open123
Super Contributor

Re: too close or not too close....

I would close all of them eventually, except for the oldest tradeline.  

 

However, I'd close them over a period of months.  For instance, one every 3 months, while you add more of the cards you plan on keeping.  I've always felt it was good to show creditors that I'm always willing to "close" a card for whatever reason.

 

I've found that in business--especially commerce--a reputation for walking away is essential for achieving good results.

Message 29 of 40
afbar1114
Valued Contributor

Re: too close or not too close....

well i am closing fp no matterwhat its my oldest card. but your saying close all my cards out? i plan on closing HD this year as well now no need for it too high APR.... as well as fp and bbrzmc and then cap1's when i get another prime card.


@Open123 wrote:

I would close all of them eventually, except for the oldest tradeline.  

 

However, I'd close them over a period of months.  For instance, one every 3 months, while you add more of the cards you plan on keeping.  I've always felt it was good to show creditors that I'm always willing to "close" a card for whatever reason.

 

I've found that in business--especially commerce--a reputation for walking away is essential for achieving good results.


 

AMEX PRG; AMEX EveryDay $14,800; Freedom $6k; Sapphire $7k; IHG Select $5k; Discover $2,400; BofA Better Balance $9,100; Bank Americard $5,900; Citi DC $2,700; Citi Diamond $2,500; BestBuy $20,000; Amazon Prime $5k, United Club $15,000; Home Depot $20,000; Barclays $7,500

Total Credit Limits: $122,650
Message 30 of 40
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