topic Re: Credit cards in General Credit Topics

Credit cards

Anonymous — Sun, 26 Aug 2007 03:31:30 GMT

I have a visa that has a $2000 credit limit that i've had for 8 months. I have another visa that i've had almost 3 years with only $550 credit limit. I've been looking for a card with a higher limit. I got approved for a mastercard with $1000 limit. Do I cancel the $550 credit limit visa, or keep it? I mean, will it hurt to keep it and just not use it? Or am i better off canceling it?

Re: Credit cards

Anonymous — Sun, 26 Aug 2007 04:55:58 GMT

jolllysworld wrote:
I have a visa that has a $2000 credit limit that i've had for 8 months. I have another visa that i've had almost 3 years with only $550 credit limit. I've been looking for a card with a higher limit. I got approved for a mastercard with $1000 limit. Do I cancel the $550 credit limit visa, or keep it? I mean, will it hurt to keep it and just not use it? Or am i better off canceling it?

never close a CC account. closed CC do not count toward CC UTIL. CC accounts weigh heavy toward scores. Also history is important.....how old is good credit....a good open CC will stay on CR forever (very good) all good closed accounts fall off CR in 10 years.

Re: Credit cards

Anonymous — Sun, 26 Aug 2007 04:59:48 GMT

It is better for your score right now to keep it. It probably has fees so it is your choice. I personally think 3-4 cards will help your score and history more. I'd use it for very small purchases to keep the UTL low, but keep the card active.

Re: Credit cards

Anonymous — Sun, 26 Aug 2007 05:02:27 GMT

Even better to try and get them to raise the limit on the card with out an inquiry. That will benefit you in so many ways if the credit line is increased.

Re: Credit cards

fused — Sun, 26 Aug 2007 05:16:57 GMT

jolllysworld wrote:

I have a visa that has a $2000 credit limit that i've had for 8 months. I have another visa that i've had almost 3 years with only $550 credit limit. I've been looking for a card with a higher limit. I got approved for a mastercard with $1000 limit. Do I cancel the $550 credit limit visa, or keep it? I mean, will it hurt to keep it and just not use it? Or am i better off canceling it?

Do you know all three of your FICO scores?

Re: Credit cards

Anonymous — Sun, 26 Aug 2007 12:58:19 GMT

I only know my FICO score from equifax, it's a 603.

Re: Credit cards

Anonymous — Sun, 26 Aug 2007 13:00:09 GMT

none of my cards have fee's, except the interest rate fee's, but i dont carry a balance on any of them.

Re: Credit cards

Anonymous — Sun, 26 Aug 2007 22:56:50 GMT

use you cards for small amounts & PIF so that it shows active

Re: Credit cards

fused — Mon, 27 Aug 2007 03:00:58 GMT

jolllysworld wrote:

I only know my FICO score from equifax, it's a 603.

You must have some baddies on your reports. Post them if you want us to help raise your scores. I wouldn't apply for any CC and expect much with your score.