topic Re: Should i close these accounts in Credit Cards

Should i close these accounts

xchap — Fri, 11 Sep 2009 00:20:07 GMT

Direct Merchant CC for $1800. 24.99% should i cancel them? ask for lower apr and an CLI? 4 years old

Juniper CC $500. 27.74% """ ? " ? 3 years old

OrchardBank $1800. 18.90% """ ? "" ? 4 yrs old

they are all $ 0 balance

i have now addison 10k 5.24% 2k balance 1 month old

mcu 14k 9.15% 11k balance 1 month old

BOA 13k 15.99% 0 balance 1 years old

carecredit 13K 0 balance 5 years old

amex blue $2200 17.99% 0 balance 2 years old

union plus $2600 20.99% 0 balance 2 years old

chase(was circuit city card) 4k 17.99% 0 balance 3 years old

Message Edited by xchap on 09-04-2009 03:07 PM

Message Edited by xchap on 09-10-2009 05:20 PM

Re: Should i close these accounts

Anonymous — Fri, 04 Sep 2009 22:03:10 GMT

You failed to mention how old the higher CL and prime CCC's are.

If your builder cards are substantially older (by 2 years or more) than the other accounts, then I would suggest keeping 1 or 2 that had no AF. The rates really mean nothing unless you carry a balance. But you will want the extra 2 years age down the road. If you close, those TL's are gone in 10 years (or less sometimes) and that dings the AAoA and oldest account age factors.

Re: Should i close these accounts

smallfry — Sat, 05 Sep 2009 04:17:01 GMT

Keep all the cards and always PIF. You never know how long closed accounts stay on your reports.

Re: Should i close these accounts

Anonymous — Tue, 08 Sep 2009 22:38:58 GMT

Orchard -close

Direct Merchant - close

Barclay/ Juniper - close

I'm not a big proponent of closing cards; however, rebuilders need to be cut loose at sometime point in time. Perhaps cut then loose after 4 years... if not now.