Closing a Card

[Danique]

I was thinking of breaking up the balance between my two orchard bank ccs and cloding out the youngest FP card. I just don't want to eat up so much of my available balance.

[Anonymous]

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Danique wrote:
I was thinking of breaking up the balance between my two orchard bank ccs and cloding out the youngest FP card. I just don't want to eat up so much of my available balance.

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If you shuffle the debt around, but keep the total of balances the same then close a card your UTIL will get worse. Your UTIL is already so high that an further increase will not be good for FICO. If you are not going to keep your UTIL at the same level or better, don't close that card.

[Anonymous]

Quit using your credit cards.

You have enough of  a rebuilder portfolio.

if your First Premier are charging you monthly fees and the orchards are not, dump the FPs ASAP.

Look at the money you already invested in the cards as cost of doing business to reestablish.

You have $550 in Cls costing you $264 a year?

no one needs credit that bad.

[Anonymous]

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@Anonymous wrote:

Quit using your credit cards.

You have enough of  a rebuilder portfolio.

if your First Premier are charging you monthly fees and the orchards are not, dump the FPs ASAP.

Look at the money you already invested in the cards as cost of doing business to reestablish.

You have $550 in Cls costing you $264 a year?

no one needs credit that bad.

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+1

[Danique]

CWCID -

The plan is to continue paying down my debt. I made over $350 to my credit cards last month and am trying to do the same this month. I just want to begin to get rid of the rebuilder cards, cards that are costing more money to have. The Orchard card with $64 balance will be paid off this week. Then its on to the FP cards and Credit One. Or do u suggest I wait until the Walmart card with its $500 limit starts reporting. Im figuring I should get a score boost since with that card and the two $100 CLI I received on Orchard.

[Anonymous]

It's OK to close a card when the time is right. Just don't close a card of yours until you get your UTIL % under 35% without including the CL of the card you will be closing (assume the balance on it will be PIF at time of closure). Your UTIL % is too high - do not do anything to make it go up. You may be paying the fees for a card, but if it is helping you it may be worth it!