topic Re: Closing a Card in Credit Cards

Closing a Card

Danique — Fri, 11 Sep 2009 18:38:27 GMT

I applied for and received a new First Premier card back in May of this year (I know, I know) but now I am thinking about closing it. Does anyone know how this would impact my score if I decide to close the account now?

Re: Closing a Card

jackg — Fri, 11 Sep 2009 18:55:48 GMT

Not with the minimal amount of background you supplied.

Re: Closing a Card

Danique — Fri, 11 Sep 2009 19:01:02 GMT

What other info is needed?

Re: Closing a Card

jackg — Fri, 11 Sep 2009 19:56:31 GMT

Your post says you want to close the account and your wondering what effect it will have on your FICO score, correct? The problem is that no one can give you an educated guess without know all the details in your report, understand? The fako scores you have posted in your sig are not useful for any purpose, I would suggest you invest $25 and get your TU and EQ reports and scores so you can measure progress. Your scores probably won't be effected very much if your AAofA"s is less than 2 years and oldest age of acct. is less than 5 years. Does that help you?

Re: Closing a Card

Danique — Fri, 11 Sep 2009 20:17:00 GMT

The only FAKO score is the EX score. The other two came directly from Myfico. My AAofA is more than 2yrs but the age of my oldest account is less than 5yrs.

Re: Closing a Card

Anonymous — Sat, 12 Sep 2009 01:55:09 GMT

It is utilization vs. fees. What do you have for other credit and balances?

Re: Closing a Card

Danique — Sat, 12 Sep 2009 04:48:42 GMT

Other Cards are:

Orchard CL- $400, bal $237

Orchard CL- $500, bal $440

CreditOne CL- $300, bal $40

Fir Premier CL- $250, bal $200

Fir Premier CL- $300, bal $260

Walmart CL- $500, bal $500 (just approved today)

Also have a car loan and owe $3,100 had some late payments but last one was Dec 2007. No collections, or judgements.

Re: Closing a Card

Anonymous — Sat, 12 Sep 2009 05:06:15 GMT

Danique wrote:
Other Cards are:

Orchard     CL- $400, bal $237
Orchard     CL- $500, bal $440
CreditOne  CL- $300, bal $40
Fir Premier CL- $250, bal $200
Fir Premier CL- $300, bal $260
Walmart     CL- $500, bal $500 (just approved today)

Also have a car loan and owe $3,100 had some late payments but last one was Dec 2007. No collections, or judgements.

Don't close out the FP account unless you are going to pay it off. Pay one of them off and then you can close it. Your UTIL = 75% is killing you.

Walmart CL- $500, bal $500 (just approved today)

What is this all about? Max'ed out on day one?

You need to freeze your CC's in a block of ice in your refrigerator (a Tupperware container will work well for this purpose) until you pay down your balances.

Re: Closing a Card

Danique — Sat, 12 Sep 2009 05:13:42 GMT

Correction:

Orchard CL- $400, AVAILABLE bal $237

Orchard CL- $500, AVAILABLE bal $440

CreditOne CL- $300, AVAILABLE bal $40

Fir Premier CL- $250, AVAILABLE bal $50

Fir Premier CL- $300, AVAILABLE bal $30

Walmart CL- $500, AVAILABLE bal $500 (just approved today)

Re: Closing a Card

Anonymous — Sat, 12 Sep 2009 05:26:00 GMT

@Danique wrote:
Correction:

Orchard     CL- $400, AVAILABLE bal $237
Orchard     CL- $500, AVAILABLE bal $440
CreditOne  CL- $300, AVAILABLE bal $40
Fir Premier CL- $250, AVAILABLE bal $50
Fir Premier CL- $300, AVAILABLE bal $30
Walmart     CL- $500, AVAILABLE bal $500 (just approved today)

Better, UTIL = 43%, but still not too good. That new card today helped a lot. You can close out one of the FP cards if you want, but you have to make paying the closed out card in full priority one!

Re: Closing a Card

Danique — Sat, 12 Sep 2009 19:17:23 GMT

I was thinking of breaking up the balance between my two orchard bank ccs and cloding out the youngest FP card. I just don't want to eat up so much of my available balance.

Re: Closing a Card

Anonymous — Sat, 12 Sep 2009 19:29:59 GMT

Danique wrote:
I was thinking of breaking up the balance between my two orchard bank ccs and cloding out the youngest FP card. I just don't want to eat up so much of my available balance.

If you shuffle the debt around, but keep the total of balances the same then close a card your UTIL will get worse. Your UTIL is already so high that an further increase will not be good for FICO. If you are not going to keep your UTIL at the same level or better, don't close that card.

Re: Closing a Card

Anonymous — Sat, 12 Sep 2009 20:06:15 GMT

Quit using your credit cards.

You have enough of a rebuilder portfolio.

if your First Premier are charging you monthly fees and the orchards are not, dump the FPs ASAP.

Look at the money you already invested in the cards as cost of doing business to reestablish.

You have $550 in Cls costing you $264 a year?

no one needs credit that bad.

Re: Closing a Card

Anonymous — Sat, 12 Sep 2009 20:09:07 GMT

@Anonymous wrote:
Quit using your credit cards.

You have enough of a rebuilder portfolio.

if your First Premier are charging you monthly fees and the orchards are not, dump the FPs ASAP.

Look at the money you already invested in the cards as cost of doing business to reestablish.

You have $550 in Cls costing you $264 a year?

no one needs credit that bad.

Re: Closing a Card

Danique — Mon, 14 Sep 2009 18:07:13 GMT

CWCID -

The plan is to continue paying down my debt. I made over $350 to my credit cards last month and am trying to do the same this month. I just want to begin to get rid of the rebuilder cards, cards that are costing more money to have. The Orchard card with $64 balance will be paid off this week. Then its on to the FP cards and Credit One. Or do u suggest I wait until the Walmart card with its $500 limit starts reporting. Im figuring I should get a score boost since with that card and the two $100 CLI I received on Orchard.

Re: Closing a Card

Anonymous — Mon, 14 Sep 2009 18:13:24 GMT

It's OK to close a card when the time is right. Just don't close a card of yours until you get your UTIL % under 35% without including the CL of the card you will be closing (assume the balance on it will be PIF at time of closure). Your UTIL % is too high - do not do anything to make it go up. You may be paying the fees for a card, but if it is helping you it may be worth it!