General Credit Topics

[rudy]

 When reading Experian credit report. They are stating I have to many lines of credit. So to increase my credit score I have decided to reducr my lines of credit by 1 credit card to see what happens. I asked AMEX to transfer the credit line from one card to another and closed the previous card. Both cards had 1 yr history. Smart move or not?

[PenguinGeek]

I probably would have done the same.

Out of curiosity, how many lines of credit do you have for them to say "too many?"

[haulingthescoreup]

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rudy wrote:

When reading Experian credit report. They are stating I have to many lines of credit. So to increase my credit score I have decided to reducr my lines of credit by 1 credit card to see what happens. I asked AMEX to transfer the credit line from one card to another and closed the previous card. Both cards had 1 yr history. Smart move or not?

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Rudy, is this something off of your FICO Experian report, or off of a report directly from EX or one of the credit monitoring bureaus? Be very careful about the advice on non-FICO reports! It can actually damage your FICO score.

Since you combined two Amex cards and kept the total CL, that might not have hurt anything. Also, they were both newish cards.

[rudy]

Answering both question I have about 13 active accounts. Some with a balance and others without a balance. I got my information from experian and a myfico report. Experian is a real pain ( the lowest score 656).

However, something elese good happened when closing the blue account. I asked for a cli. They said it would take 7 to 10 days for results. But, I got it. viewed the account and they have already added the increase 

So this makes my utilization with them look alot better. The blue had zero balance, and about 1200.00 with delta. Things are starting to look alittle better on utili side as I pay-off everything. Thanks All.

I do not write many question or contribute to often. But reading and learning is done quite often. I help when I can

Message Edited by rudy on 11-10-2007 09:43 AM

[VLGaffEsq]

I say this was a smart move Rudy, especially since you were able to transfer your closed card's limit to another Amex card, thereby keeping your available credit the same, but reducing a trade line, per the Equifax recommendation.  Rest assured you did well.

[smallfry]

So EX thought 13 active accounts was a lot for you huh? I only have 7 including a store card and a car loan with 5 credit cards but I know people who have many more than that. I wouldn't look for too much of a point boost from that alone. Of course the improvement in utilization will help but some of these report comments are questionable at best.