Canceling credit cards

[fused]

 IMHO, the more available credit the better. I agree with what Noah said about emergencies and other incidentals happening, and when there's little cash on hand CCs do the trick. But this doesn't apply with many of the store cards, I hate them. I can use anyone of my other CCs with lower APRs and higher CLIs. If we are talking store CCs, no biggie close some. Just do it the right way. For more info look for the link in my sig line.

[Anonymous]

If it is reporting a CL it will use the CL.

Most Charge cards (Must PIF every month) don't report CL.

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@Anonymous wrote:

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@Anonymous wrote:
It depends on how the Charge card is being reported-
It SHOULD report as OTHER-

If it is reporting in revolving- it will use the balance and High Balance in the utilization calculation.

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High balance or credit limit is used in the utilization?

There is current balance, high balance and credit limit. Those are the three numbers I see. All of the credit cards I have list my actual credit limit. They also list my current balance and they also list what the highest balance ever was. In each instance my current balance is less than what the high balance shows. (Been paying them down and not using them)

One other thing. If an account is open, but the last time it was reported on was say March 2003. How long does it stay on your credit report. Forever as long as it is open or 10 years from the date of last report from the creditor?

Message Edited by coreyndsm on 10-25-2007 07:58 PM

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[Anonymous]

coreyndsm wrote:

my Experian fico score was 725.

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Also, a question regarding utilization. Does utilization take into account charge accounts or is it just based on credit cards?

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Firstly and most importantly, with a 725 FICO, presuming that's a median score, you aren't hurting at all. If you applied for a home loan or refi, you'd get the best interest rate possible. Having a 750 or even an 850 ain't gonna help you get a lower rate. Same is likely true of car loans. Might be a few pinheaded CCCs who wouldn't issue to you or give you their best rate without a higher score, but if they are that pinheaded then perhaps their other policy aren't all that consumer friendly.

Don't fret over closed accounts. Whether you have 20 or 120 closed accounts, so long as they are positive and not adverse, yer good.

One of the things I really like about NC, National City, is they categorize TLs into revolving, installment and "other" so you know with certainty that something like an AMEX Green is correctly reporting and is NOT impacting util.

These days Cap 1 is reporting limits, so Citibank are the only cards (that I know of) you have to worry about who don't report limits--on some of their cards.