Established Contributor
Posts: 911
Registered: ‎12-25-2010
Re: 9 accounts in my credit report

my-own-fico wrote:

If you usually pay your cards in full by the due date, you might as well pay them  by the statement date and get the benefit of a low reported balance. If you take a ten mile walk with someone, it's an option staying next to him rather than two steps behind, as your speed is the same anyway.

If you have a really old card and it has an annual fee, it can be less expensive in the bigger picture to keep it open, in the form of lower interest rates on future loans. On the other hand of course, American consumers are allergic to high upfront prices. We live in a culture of financing.

This topic is highly entertaining. People have advice in all directions about how many cards are best. I personally don't care. You can have a high score with just one card or with forty cards. I have four individual cards, one joint and three AU. Haven't changed a thing for two years. Smiley Very Happy

+1 Your friend almost had it right. What he meant to tell you was to pay off  your balances before the statement reports to the credit bureaus. Look at the statement from each of your credit cards, in the summary they will list the statement date along with your balance, APR, etc.. If you were carrying a score over 700 before you started all this craziness, then I would avoid keeping balances on your credit cards at all if you don't have to. Unless your planning on buying a new home or something, continue to pay your auto loans and keep that extra money in an interest earning account for emergencies..

Starting Score: TU 686 EX 641 EQ 690
Current Score: TU 779 EX 767 EQ 740
Goal Score: 800 Club

BCE $12.5K, 5/3 Sig $10K, Wally Discover 10K, Cash+ $9K Sam's Discover 10K, Freedom $6K, Zales $5.5K, More $5K, Cap one $5K, Barclay 2.5K, Household Plat $1.5K, Household Gold $1.5K, Credit One $1K, First Premier Plat $.675K First Premier Gold $.65K