I have 2 First Premier Credit cards ( $0/$325 and $295/$475 ). Since opening these two, I've also opened two Orchard Bank ($0/$300 and $265/$500) and a Capital One ($1200/$1500). My next step is to completely pay off the other First Premier credit card. Afterward, because of the high interest and monthly fees and annual fees, I'd love to close both of them, but I'm afraid of the consequences to my credit score. I'm rebuilding my credit and wanting to buy a home later this year, and wondered about waiting until after then to close them. Any suggestions or advice? It has taken me a year to raise my score by 100 and I really don't want to sabotage it at this point.
You seem to owe about $1700 on limits of $3100. You can't afford to close those cards until your utilization without the $700 they provide will be less than 30%, IMHO. If you pay off the second and close them your debt is reduced to $1400 on a limit of $2400.