topic Re: What to do with 1st Savings CC?? in Credit Cards

What to do with 1st Savings CC??

Anonymous — Sat, 25 Apr 2015 21:25:48 GMT

If I close this card, then I drip down to only 2 credit cards reporting open to Equifax. I want to close this card because if the annual fee that will hit this card May 8th.

I'm in the process of getting a USDA guaranteed mortgage so I don't want to app for a new credit card until my I close on the mortgage (I hope the CapOne Venture push is still going on). My mortgage banker has said that my credit will not be ran again, but I just don't want to chance anything.

Will dropping down to the 2 credit cards and my Walmart store card on my Equifax report that tank my score?

Re: What to do with 1st Savings CC??

chalupaman — Sat, 25 Apr 2015 21:40:49 GMT

@Anonymous wrote:
If I close this card, then I drip down to only 2 credit cards reporting open to Equifax. I want to close this card because if the annual fee that will hit this card May 8th.

I'm in the process of getting a USDA guaranteed mortgage so I don't want to app for a new credit card until my I close on the mortgage (I hope the CapOne Venture push is still going on). My mortgage banker has said that my credit will not be ran again, but I just don't want to chance anything.

Will dropping down to the 2 credit cards and my Walmart store card on my Equifax report that tank my score?

How long have you had the other two credit cards open?

Re: What to do with 1st Savings CC??

Anonymous — Sat, 25 Apr 2015 21:49:41 GMT

2011 and 2012...

Re: What to do with 1st Savings CC??

coldnmn — Sat, 25 Apr 2015 22:02:19 GMT

Closing a credit card shouldn't hurt as it remains a positive trade line up to ten years even closed. The only way in my opinion that it would hurt is increased utilization on your open cards. That could lower your credit score. Congrats on the mortgage!

Re: What to do with 1st Savings CC??

Anonymous — Sat, 25 Apr 2015 22:11:42 GMT

@Anonymous wrote:

Will dropping down to the 2 credit cards and my Walmart store card on my Equifax report that tank my score?

No it will not unless it pushes your utilization sky high.

Re: What to do with 1st Savings CC??

Anonymous — Sat, 25 Apr 2015 22:16:05 GMT

I have one of these to close also. It's over 4 yrs old but with the prime cards, I just don't want that many cc's. I would pay on my mtg a while & then close it. Paying on that & Venture will push your scores back up quickly. 3 to 6 months should start showing an increase.

Re: What to do with 1st Savings CC??

Imperfectfuture — Sun, 26 Apr 2015 06:28:14 GMT

Close the card. I had first national, closed once the 12th statement hit. You will be fine, I wasn't using the card anyway, and it doesn't sound like you're over utilized on your other cards. No need to pay another annual fee with a card you probably don't use anyway.