Valued Contributor
Posts: 1,603
Registered: ‎12-07-2008
Re: Should I close these cards.....struggling to understand utilization...PLEASE help???
[ Edited ]

Missy_Bell wrote:



I am getting the feeling I need to close the Credit One account. I have paying that fee which actually doubled since I got the card two years ago. It went from $59/yr to $99/year plus min. $1 int per mth so I have no problem saying bye bye. 


I have several other cards which I did not mention as I don't owe balances on them. I have about $5000 avail credit lines and only owe $1516 to Navy Fed. 


What about closing the secured NFCU account and applying that $500 to the balance owed on the larger account. Shoul I do that or not??


Closing a card will NOT affect your 'average age of accounts' because closed cards still count.  It will affect your utilization and could lower your score.  Regarding your question above, would you want to close your $500 secured account if you didn't have a balance on your your other Navy card?  Is the reason you want to close it specifically to pay on the other card?  If you didn't close it, would you be able to pay off that balance just as fast?


I had 2 secured cards and felt they helped me tremendously while building my credit.  I'm just trying to see where you stand right now so we can potentially give you better advice.  Congrats on your cards, by the way, and improving your overall credit world!

11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800

Starting Score: 648
Current Score: 736
Goal Score: 765

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