topic Re: closing an account in General Credit Topics

closing an account

Anonymous — Thu, 04 Dec 2014 14:55:14 GMT

Should I close down an old cc with a 125 limit. I had horrible credit in the 400's now in 600's. Just gotta 5000 chase card. I now have 14 positive credit card accounts mostly store cards and high interest bad credit cards. As I get good limit cards should I close old cards down. Avg age less than one year on 14 accounts. Worst 3 cards I have are the oldest. My utilization 4 percent.

Re: closing an account

bdhu2001 — Thu, 04 Dec 2014 15:42:33 GMT

@Anonymous wrote:
Should I close down an old cc with a 125 limit. I had horrible credit in the 400's now in 600's. Just gotta 5000 chase card. I now have 14 positive credit card accounts mostly store cards and high interest bad credit cards. As I get good limit cards should I close old cards down. Avg age less than one year on 14 accounts. Worst 3 cards I have are the oldest. My utilization 4 percent.

If the age on your oldest cards, that you are considering closings in less than three years, then consider the following: Store cards and revolving credit like visa, mc, etc aren't weighed the same. Contact the cards for CLI and ask them to reduce your interest rate. If you have at least two cards, besides the case, that are VIsa, AmEX, Master card, then close the cards if they won't raise your CL & lower your interest rate.

If your oldest cards are 5 years or more, work with them to get CLI and lower your rate, but put them away if they won't meet your requests.

Re: closing an account

coldnmn — Thu, 04 Dec 2014 17:52:44 GMT

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

Re: closing an account

takeshi74 — Fri, 05 Dec 2014 21:25:31 GMT

@Anonymous wrote:
Should I close down an old cc with a 125 limit.

Your call to make. Not everyone uses the same approach in managing their credit. Some keep all cards possible. Some only keep all cards with no AF. Some close out cards that are no longer useful to them regardless. Use the info in the link provided by the prior post to help you in your decision making.