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Credit Cards

coffee
New Visitor

Credit Cards

I have 5 credit cards open with a total of about $11,000 on them.  I am going to pay them off.  They have credit lines of the following: $500, $500, $3,000, $3,000, $4,000.  I was wondering if I should close any of them or just leave them open.  My goal is to better my FICO score and i am not sure what to do.  Thanks,

Message 1 of 7
6 REPLIES 6
cobaltnv
Established Contributor

Re: Credit Cards

Coffee,

   Welcome to the forums. As your stated goal is to increase your FICO score I would not close any of the cards. If any of them have AF that may change the answer.  How old are the cards? What are the credit limits? I would suggest reading the credit scoring 101 thread it is loaded with information.

Cheers! 

TU 810: EQ 813: EX 814 (9/16/09--Loan officer pull)

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Message 2 of 7
coffee
New Visitor

Re: Credit Cards

Hi,

  I have stated the credit limits above.  What is AF?

Message 3 of 7
oracles
Valued Contributor

Re: Credit Cards

Message 4 of 7
FretlessMayhem
Senior Contributor

Re: Credit Cards


@coffee wrote:

What is AF?


 

AF = Annual Fee. 

 

 



Closing Credit Cards the Right Way
Here we go again...
Message 5 of 7
cobaltnv
Established Contributor

Re: Credit Cards

So the 500, 500, 3000, 3000, 4000 are the credit limits and the balances? That is all 5 cards are maxed out? You will see quite a jump in FICO score if you drop that utilization down (below 9% is the number most often bantered around here).

 

TU 810: EQ 813: EX 814 (9/16/09--Loan officer pull)

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Message 6 of 7
haulingthescoreup
Moderator Emerita

Re: Credit Cards


coffee wrote:

I have 5 credit cards open with a total of about $11,000 on them.  I am going to pay them off.  They have credit lines of the following: $500, $500, $3,000, $3,000, $4,000.  I was wondering if I should close any of them or just leave them open.  My goal is to better my FICO score and i am not sure what to do.  Thanks,


Hi, coffee, welcome to the forums.

Please read the following two references. You will be able to use the answers you receive more effectively if you have some basics under your belt.

Credit Scoring 101, or at any rate, the first main post by Tuscani.

Understanding Your FICO Score (pdf)

It worth printing both of these (again, just the first post on Credit Scoring 101) and keeping them handy.

And no, don't close them until you understand why not. There are reasons to close cards, but you need to know what you're doing first. Check out fused's Closing Credit Cards in my siggy.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 7 of 7
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