14 Credit Cards, What to do?

[Verde]

I have 12 credit card accounts with total limit of 15k and my credit is relatively new (about 1 year and a half of history in the oldest acc). Right now i am about 36% of usage. I understand that it is important to keep a low usage percentage (which means keeping all accs open) but in my case isn't it better for me to cancel a couple of accs so i don't look so risky to new lenders?(even if that means closing some good history since i never missed a payment in any of my accs) If not, should i keep only the high limit ones or different banks? ( so far i closed 2 because they had monthly fees, had 14 before) By the way, i am asking cause i am trying to raise my score to buy a house next year! Thanks!

[Anonymous]

With your high util, and yes 36% is high, if you start closing cards, your util is going to go up and your score is going to go down. For example, if you have a total available credit of 1,000 and you've currently got $250 of it used, you've got 25% util. If you close cards so that you've only got $400 avail credit but you still have that $250 used your util is now at 62%, a much worse number. If it's not causing you fees, you should keep all your cards open, at this point it's only going to help your util, which will help your score. If you're worried about using them and racking your credit up more, sock drawer the cards, only using them for a small amount every few months, PIF, and then put them back in the sock drawer.

[Anonymous]

Get those balances paid down-

Any cards with the same company? - combine these

Ask for CLI's -

One thing I did was called each company and updated my information (own house, income) then the next month ask for the CLI.

[Anonymous]

Verde - don't think your issue is the number of cards you have. At one time, I had 31 cards. The issue really is your utility...........

I wouild not close any cards - I closed several of mine only when I applied for a mortgage and my lawyer advised me to close some of them.  But, having 12 cards, with only a total of 15k suggests several of those cards are of the subprime variety. I'd dump any cc with a monthly fee or high interest rates or any other fees subprimes are notorious for.

[Verde]

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@Anonymous wrote:

Verde - don't think your issue is the number of cards you have. At one time, I had 31 cards. The issue really is your utility...........

I wouild not close any cards - I closed several of mine only when I applied for a mortgage and my lawyer advised me to close some of them. But, having 12 cards, with only a total of 15k suggests several of those cards are of the subprime variety. I'd dump any cc with a monthly fee or high interest rates or any other fees subprimes are notorious for.

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Cobra, that is exactly why i was wondering about closing a few accs, my friend works for citigroup and she advised me to trim it down cause of the risk factor.

[Verde]

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@Anonymous wrote:

Get those balances paid down-

Any cards with the same company? - combine these

Ask for CLI's -

One thing I did was called each company and updated my information (own house, income) then the next month ask for the CLI.

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I had no idea i could ask to combine cradit cards with the same company, thanks. (just wondering if cap1 will do that since they are so annoyed by any costumers request) Also, any idea of how the history on the accs would be merged?

[Anonymous]

Capone is very good about combining-

Call the backdoor number, ask for CLI's-

Then combine-

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@Verde wrote:

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@Anonymous wrote:

Get those balances paid down-

Any cards with the same company? - combine these

Ask for CLI's -

One thing I did was called each company and updated my information (own house, income) then the next month ask for the CLI.

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I had no idea i could ask to combine cradit cards with the same company, thanks. (just wondering if cap1 will do that since they are so annoyed by any costumers request) Also, any idea of how the history on the accs would be merged?

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[Anonymous]

With Capone-

I combined to the older account-

10 months later my CR's STILL show the account open- but it is not being updated. 

[Anonymous]

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Timothy wrote:

With Capone-

I combined to the older account-

10 months later my CR's STILL show the account open- but it is not being updated. 

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Samething with the account I combined, but mine is reporting to experian every month!