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Need some advice here...

Regular Contributor

Re: Need some advice here...

It's ok to have six credit cards; it is actually all those unquires that hurt you, especially if you are going to try for a refinance or mortgage in the near future.  I only say keep the CapitalOne Visa because you want to always keep the credit card you have had for the longest time (that establishes how long you have had credit - a key component to your FICO score!)  It really doesn't matter regarding the number of credit cards you have, unless you are paying annual fees on them (which is why I suggest killing the HSBC card since it probably has an annual fee of $39 to $89, just to have the credit card, and no one should pay annual fees for credit card if you don't have to).  If you end up cancelling any of your credit cards, keep in mind it may lower your FICO score if their is a significant drop in your overall available credit (which is why, in about 6 months, you should try and get credit line increases on all your other cards).  Good luck to ya...
Message 11 of 14
Frequent Contributor

Re: Need some advice here...



VLGaffEsq wrote:
It's ok to have six credit cards; it is actually all those unquires that hurt you, especially if you are going to try for a refinance or mortgage in the near future. I only say keep the CapitalOne Visa because you want to always keep the credit card you have had for the longest time (that establishes how long you have had credit - a key component to your FICO score!) It really doesn't matter regarding the number of credit cards you have, unless you are paying annual fees on them (which is why I suggest killing the HSBC card since it probably has an annual fee of $39 to $89, just to have the credit card, and no one should pay annual fees for credit card if you don't have to). If you end up cancelling any of your credit cards, keep in mind it may lower your FICO score if their is a significant drop in your overall available credit (which is why, in about 6 months, you should try and get credit line increases on all your other cards). Good luck to ya...



The only one I'm paying an annual fee on is my US Bank Visa card. I think it's about $40 bucks. I don't know if I can get that taken off my plan in the next year or what... I guess I'll have to call and ask them next July. Smiley Happy

I'll take everyone's advice and just keep all my cards for now. HSBC is actually one of my best cards. 0% for a year, 12% after that, and no annual fee. I just hate their customer service skills. Amex is the worst though. I just got my card and they're already assholes to me. My total balance for that card is 27 bucks. What crawled up their stink hole and died? lol
Message 12 of 14
Frequent Contributor

Re: Need some advice here...

good job, try to re- open the cap 1 card, it has the longest history, and keep the discovery. what was your scores when you apply for discover....
Message 13 of 14
Frequent Contributor

Re: Need some advice here...



future wrote:
good job, try to re- open the cap 1 card, it has the longest history, and keep the discovery. what was your scores when you apply for discover....



well they checked experian, the one w/ the lowest score... 645... and why should I keep discover? i dont even know why i got that card. :-x
Message 14 of 14