Closing a Card

[Danique]

I applied for and received a new First Premier card back in May of this year (I know, I know) but now I am thinking about closing it. Does anyone know how this would impact my score if I decide to close the account now?

[jackg]

Not with the minimal amount of background you supplied.

[Danique]

What other info is needed?

[jackg]

Your post says you want to close the account and your wondering what effect it will have on your FICO score, correct? The problem is that no one can give you an educated guess without know all the details in your report, understand? The fako scores you have posted in your sig are not useful for any purpose, I would suggest you invest $25 and get your TU and EQ reports and scores so you can measure progress. Your scores probably won't be effected very much if your AAofA"s is less than 2 years and oldest age of acct. is less than 5 years. Does that help you?

[Danique]

The only FAKO score is the EX score. The other two came directly from Myfico. My AAofA is more than 2yrs but the age of my oldest account is less than 5yrs.

[Anonymous]

It is utilization vs. fees. What do you have for other credit and balances?

[Danique]

Other Cards are:

Orchard     CL- $400, bal $237

Orchard     CL- $500, bal $440

CreditOne  CL- $300, bal $40

Fir Premier CL- $250, bal $200

Fir Premier CL- $300, bal $260

Walmart     CL- $500, bal $500 (just approved today)

Also have a car loan and owe $3,100 had some late payments but last one was Dec 2007. No collections, or judgements.

[Anonymous]

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Danique wrote:

Other Cards are:

Orchard     CL- $400, bal $237

Orchard     CL- $500, bal $440

CreditOne  CL- $300, bal $40

Fir Premier CL- $250, bal $200

Fir Premier CL- $300, bal $260

Walmart     CL- $500, bal $500 (just approved today)

Also have a car loan and owe $3,100 had some late payments but last one was Dec 2007. No collections, or judgements.

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Don't close out the FP account unless you are going to pay it off. Pay one of them off and then you can close it. Your UTIL = 75% is killing you.

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Walmart     CL- $500, bal $500 (just approved today)

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What is this all about? Max'ed out on day one?

You need to freeze your CC's in a block of ice in your refrigerator (a Tupperware container will work well for this purpose) until you pay down your balances.

[Danique]

Correction:

Orchard     CL- $400, AVAILABLE bal $237

Orchard     CL- $500, AVAILABLE bal $440

CreditOne  CL- $300, AVAILABLE bal $40

Fir Premier CL- $250, AVAILABLE bal $50

Fir Premier CL- $300, AVAILABLE bal $30

Walmart     CL- $500, AVAILABLE bal $500 (just approved today)

[Anonymous]

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@Danique wrote:

Correction:

Orchard     CL- $400, AVAILABLE bal $237

Orchard     CL- $500, AVAILABLE bal $440

CreditOne  CL- $300, AVAILABLE bal $40

Fir Premier CL- $250, AVAILABLE bal $50

Fir Premier CL- $300, AVAILABLE bal $30

Walmart     CL- $500, AVAILABLE bal $500 (just approved today)

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Better, UTIL = 43%, but still not too good. That new card today helped a lot. You can close out one of the FP cards if you want, but you have to make paying the closed out card in full priority one!