05-05-2013 03:55 PM
My current credit score is 759.
I currently have 2 credit cards and have been working on bringing them to a zero balance.
One has an available credit line of $12,000 with a balance of $9,200.
The other has an available credit line of $6,000 with a balance of $3,600.
I have a goal and working on getting both to zero. It'll be there.
I'm hoping to cancel and discard the credit card with the crerdit line of $12,000 and just keep the one.
There's so much conflicting information out there. Is it better to have credit cards with a balance
to prove I can mange money responsibly? Should I keep 2 credit cards instead of 1? While I'm working on
paying these off, will it help to decrease my credit line from $12,000 to $10,000?
05-05-2013 04:34 PM
Paying down those CC is going to help your utilization. The lower the balances, the better. Both of those cards are nearing the maxed out for FICO. I think it is 70% when they are maxed out but I could be wrong.
No, the last thing you want to do is decrease your CL with those high balances. That would wreak havoc on your utilization.
I would keep both of them. Let one report a 0 balance the other at 9% or below. This is typically done when rebuilding to garner the highest FICO score in the shortest time.
FICO likes to see you use your credit but wisely. And don't let both cards report a 0 balance.
Your score is good so you can play around with the % and see what works best for you.