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Frequent Contributor
Posts: 433
Registered: ‎05-07-2008
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Credit Cards, keep open close a little of both?

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!!

Starting Score: 06/2010- EQ 464
01/2012-EQ 512
April Score: EQ 679 4/12TU- 677 EX- 699 (FAKO)
Current Score: 05/2012-EQ 691 4/12TU- 706 EX- 720(FAKO)
Goal Score: 700 by 05/2012- MADE IT!!!!


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Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
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Re: Credit Cards, keep open close a little of both?

 

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%.

 

 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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