topic Re: to close cc or not ? in Credit Cards

to close cc or not ?

gtjohn — Thu, 28 Feb 2008 21:12:58 GMT

hello all this is my first post so bear with me,

wells fargo cl=7200 bal= 7000

hsbc union plus cl=1500 bal=800

bofa cl=6000 bal=5000

i just got a credit line increase for bofa to 20,000 and transfered the balences from wells fargo, and union card to the the bofa card ? is should i go ahead and close the union plus card the card is farily new. thnx

Re: to close cc or not ?

Red1Blue — Thu, 28 Feb 2008 21:14:40 GMT

wow. congrats. that is a very good cli. May I ask what are your fico scores?

Re: to close cc or not ?

gtjohn — Thu, 28 Feb 2008 22:41:47 GMT

wooo hoooo eq went up 53 points

as of 24 feb 2008 scores as follows

tu=646

eq=630

ex=648

eq is now 683 as of 28 feb 2008 all from a cli of 14,000

Re: to close cc or not ?

gtjohn — Thu, 28 Feb 2008 22:44:10 GMT

also overall util went from 91% down to 43% because of cli

Re: to close cc or not ?

Anonymous — Thu, 28 Feb 2008 22:57:27 GMT

gtjohn wrote:
hello all this is my first post so bear with me,

hsbc union plus

Glad to see someone else has this card! LOL

Congrats on the points and the nice CLI!

Re: to close cc or not ?

gtjohn — Thu, 28 Feb 2008 23:08:53 GMT

thank you

do u think my score will drop when when the balence transfers hit the bofa card

also denied for amex clear is that weird or what?

Re: to close cc or not ?

Anonymous — Thu, 28 Feb 2008 23:13:13 GMT

I wouldn't close the other tweo. Who knows when you might need a back up

Re: to close cc or not ?

gtjohn — Thu, 28 Feb 2008 23:20:51 GMT

i just want to close the hsbc union plus card cl=1500

Re: to close cc or not ?

Anonymous — Thu, 28 Feb 2008 23:24:34 GMT

gtjohn wrote:

i just want to close the hsbc union plus card cl=1500

Never hurts to have a back up or two, if there is no AF on the union, I would let it smell socks.

Re: to close cc or not ?

Anonymous — Thu, 28 Feb 2008 23:25:49 GMT

Brammy wrote:

gtjohn wrote:
i just want to close the hsbc union plus card cl=1500

Never hurts to have a back up or two, if there is no AF on the union, I would let it smell socks.

Yup, and I've just proven it's possible to get a decent TL from them. Well, in my realm 6k is decent at least!

Re: to close cc or not ?

gtjohn — Fri, 29 Feb 2008 00:00:12 GMT

hey ya'll thanks for the advice, will my scores tank when my bt's hit the bofa card

thanx

Re: to close cc or not ?

gtjohn — Fri, 29 Feb 2008 00:01:42 GMT

oh by the way now af on union card, also should i request a cli on my wells fargo to drop my overall util

thanx

Re: to close cc or not ?

gtjohn — Fri, 29 Feb 2008 00:24:47 GMT

If i get cli from wells fargo and it is more than the 1500 cl union card i want to close, my overall util %should be even lower as long as it is more than 1500 right, thus resulting in points goin up.

does this sound right to ya'll

thanx

Re: to close cc or not ?

haulingthescoreup — Fri, 29 Feb 2008 00:35:08 GMT

@gtjohn wrote:

oh by the way now af on union card, also should i request a cli on my wells fargo to drop my overall util

thanx

If I'm reading this right, there's no AF on the union card, right? $1500 is a lot of available credit to blow off for no particular reason. I'd stick it in the sock drawer, and maybe put a tank of gas on it once a month or so. Pay it off as soon as it posts so you don't have to worry about keeping track of it.

It's one thing to boot one of the stink-o $300 CL cards, but I don't think that I'd write off $1500 so quickly. If you ever had a problem where you paid another card before the statement date, but it didn't get credited quickly enough and so it posted a balance, having that unused $1500 available credit would help cushion any blow to your overall util.

Re: to close cc or not ?

gtjohn — Fri, 29 Feb 2008 00:56:48 GMT

True however if i get a cli on wells fargo up to about 10,000 that will keep my overall util% down right

wells fargo 7,200cl 0 bal

union card 1,500cl 0 bal

bofa 20,000cl 10,000 bal

thanx ya'll

Re: to close cc or not ?

haulingthescoreup — Fri, 29 Feb 2008 01:21:36 GMT

@gtjohn wrote:

True however if i get a cli on wells fargo up to about 10,000 that will keep my overall util% down right

wells fargo 7,200cl 0 bal
union card 1,500cl 0 bal
bofa 20,000cl 10,000 bal

thanx ya'll

That's true, but I think that there's a lot to be said for having three cards, each from different issuers. You just never know what stunt the CCC's might pull.

Here's one possibility: hang on the the HSBC card until you're ready to go for the next good card. Once you've got it (with a nice CL!), then go ahead and close it, if you're still just bound and determined to do so.

Re: to close cc or not ?

gtjohn — Fri, 29 Feb 2008 01:29:46 GMT

Hey there haulin maybe i am confused here however but it makes sense to me if i increase the cl for wells fargo my util will remain the same, also isn't it better to have 2 cc's vs 3 cc's.

super thanx 4 ur help

Re: to close cc or not ?

gtjohn — Fri, 29 Feb 2008 01:31:49 GMT

Oh and another thing that is frightning is that i think i am becoming a ficoholic

lol

Re: to close cc or not ?

gtjohn — Fri, 29 Feb 2008 01:33:35 GMT

since 8-31-07 my scores have bumped approx 70 pts, this forum rocks you folks are awsome

woo hoo

Re: to close cc or not ?

haulingthescoreup — Fri, 29 Feb 2008 02:05:18 GMT

Woo-hoo! No, there's no penalty at all in having 3 cards instead of two. In fact, you might get spanked a little for only having two.

I don't go ape on cards like a bunch of others here, but certainly having only 3 cards makes you a very conservative consumer in this day and age. The typical number is more like 5 or 6.

Don't know if you read the snarky little comments about FICO High Achievers on your FICO score reports (on the second screens), but here's a collection of them, and you can see that even the most stick-in-the-mud high achievers have more than two accounts:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=12673