Okay, so I have a quiet a few credit cards... I don't know if they are negatively impacting my score or what... If I close some is it going to pull my score up or down? If so
here are my cards, open dates and CL's. All have a zero balance or less than $50... I would like to get rid of my sub-prime cards but I am nervous...
1. Ann Taylor Loft- 10/2008- $500 (i use it every so often but I do get a nice discount on clothes!) ( a couple lates on this one though.. :-( )
2. Macy- 05/2008- $500 no baddies
3. Target-02/2007-$200- No Baddies
4. HSBC- 02/2007- $320- 2 baddies from 2011, trying to get removed!
5. Cap 1- 06/2008- $2000- no baddies
6. Chase Freedom- 7/2008- $2900- no baddies
7. Apple Federal Credit Union- 8/2008- $500- 2 baddies (they refuse to remove)
8.Chase- 06/2008-$600- 1 baddies hopefully getting removed
9.Credit One Bank- 08/2007- $700- 3 baddies
10. Hooters- 06/2008- $500- 3 baddies
Thanks in advance for the help!!
Closing credit cards will never hurt your FICO score unless your revolving utilization increases as a result of losing the credit limits.
Another thing I would consider is the annual fees ~ I'm guessing that your Credit One and possibly Hooters cards have an AF. Do any others ?
FICO scoring likes to see around 3 open CC accounts at a minimum, with only one account reporting a small balance, under 9%.