Hi everyone, I'm Sovi -- new here, but have been reading lots on the boards...what a great resource!
I've a question: I just went on a bit of an app spree after I got my cc balances down to nearly zero and my scores up to the low -mid 700's... I was approved for a $7000 CL with Citi and a $4800 CL with AMEX. I've one other card at 5000 CL, and another at $4000 and $3000 respectively. All my others are low limits ($1500 or less).
I have about 35 credit card accounts listed, of which I used about 3. Many of these accounts are low CL's, but with no fee.
According to some of the myFico explanations, I have so many accounts it's hurting my score...but according to people like Suze Orman and others...they say never close old accounts....
If I *do* want to close some, which is the best way to do it? A whole bunch all at once (would be easier....) and take the hit all at one time, or.... spread it out?
Based on what I'm reading here, I probably sould stop my app spree, but it was emotionally nice to get the higher credit limits.
By the way, my only balance is $300 on one card (0% interest for the next 3 mo) and $1700 on a Best Buy card that will be paid off before the 0% interest expires next year.
Thanks in advance!
>>>Get Credit when you don't need it, so you have it when you do.