Gone on a Credit Spree - but now I think I should close some accounts....thoughts?

[Anonymous]

Hello! my scores are: EXP 620, TU 678, EXP 640.  Today I opened a Delta AMEX Gold account with a $1000 CL.  Now that I have an AMEX account I think I should maybe close some accounts or consolidate?  Here is what I have:

Capital One MC - $5500 line - use it alot. Balance $4000

Capital One VS - $1500 line - use it alot. Balance $1000

Carrier Credit VS - $5200 line - I owe about 3300  don't use it much at all.

Exmark Synchrony - $8500 line I owe about 7000 don't use it much just trying to pay it off. 

Apple Barclay - $2000 line I owe about $600 I could pay it off this month and probably will.

Lowes - $1300 line - I owe about $200 and will pay it off this month.

Sams Club $1200 line - I owe about $300 and will pay it off this month.

Dell $1200 line - $0 balance

Brandsmart $1000 line - $0 balance

Paypal Smartconnect $400 line - $100 balance

Kohls $300 line - $150 balance

Eddie Bauer $250 line - $0 balance

Amex Delta $1000 line - $800 balance

I feel like I have too much credit?  I can probably allocate about $5000 to pay off debt this month.  What accounts should I pay and what should I close? Or should I keep all open?

Thanks guys!

Jeff

[AutoBot]

You have about $28K in available credit and are using about $17K right now, which puts you at about 60% utilization. I wouldn't say you have too much credit, but you may have too high of a used balance. Paying that down by $5K will put your utilization at about 40%. I would pay down that CAP1 MC.

[Anonymous]

You need to get your debt down, as it's hurting your score.  Right now closing any of the accounts with just increase your utilization and hurt you more.  I wouldn't close anything unless it's costing you money.  Buckle down and focus on paying off your debt and you would see a large gain in points on your FICO.  I try to only allow 3-6% to report of my total available credit across all my cards.

As for what card to pay down, focus on your highest APR and work from there.  5k down to 42% isn't going to show much if any gain by the way.  I'd think you would start to see gains below 30%.

[Anonymous]

10 of your 13 accounts are carrying a balance. You need to get less than 6 carrying a balance to avoid the ding from over 50% of your cards reporting a balance, and I'd include the Amex in the cards you zero out since it's at 80% uti. Then start on the card that has the highest APR or Uti.

[Anonymous]

You got approved for amex carrying all those balances? I thought they liked thin files and low balances? PLEASE do tell...when you got approved? Was it recently? Asking because I'd really like to add amex you my wallet one day

[Anonymous]

Guys - thanks for the advice! It sounds like I keep all the lines open and just pay them down.  On the question about the approval on AMEX - I applied for this card on 3/3/16 and was approved.  I applied because they sent me a marketing flier offering 50000 miles after I spend $1000. They only gave me a $1000 credit line so hopefully soon they will give me a higher line.  It is the Delta Gold Amex - might have different credit requirements.

Just so everyone knows I rack these balances up each month but then I pay most of them down significantly each month - I usually pay anywhere from $3500 to $5000 a month towards my credit card purchases.