Hey, should I dump low limit cards now?

[Anonymous]

I was waiting for you to weigh in, Hauling -

my oldest account is open, Macy's 20yrs 5mos.  My AAoA prior to recent apps was 5.5yrs.

CapOne is my oldest builder card (those since my 2005 submarine scores).  Although my BoA only about 3-4 months less aged and is $10k.

Actually, HSBC/orchard shows it is only 1.5yrs old....I didn't remember doing anything that recent.  I guess I was testing waters or something...anyway tested on the wrong card and hadn't come here to bask in the wisdom of the forum wise ones

My real thoughts here are:  FICO might not care, but LO might.

[haulingthescoreup]

Oh well, shoot then, close them. Your oldest account won't be affected, and I doubt the AAoA will fluctuate much ten years from now. (I'd keep the Chase, as you mentioned. $3500 is perfectly respectable.)

And you know I have to make a FAKO speech when I can!

[Anonymous]

Regarding the Vantage score FAKO, txjohn indicated the report said:

"1.The available credit on your open revolving credit accounts is too low:

Having credit available to you is a sign that you are able to manage your finances

responsibly. Lenders usually like to see that consumers have a large amount of credit

available to them."

I wrote about this is another post about having $0 balances on everything.  I, too received a similar warning, and called Experian on it.

The available credit they refer to doesn't mean as in utilization.  They mean it as "you don't have enough credit".  I have no clue how they figure this, or what their threshhold is, but however they do it, it's BS.  I've got plenty of credit, more than I'll ever use, including high-limit and no-limit cards, so I don't particularly care what a FAKO report says about it. 

I'm just sorry I wasted my $5.95 for that FAKO score.  (I could've ALMOST bought a pack of cigarettes for that, hehe...see Smorgasboard).  

[Anonymous]

So, technically speaking, Uborrow -

EX help put 30 minutes back onto your life expectancy by killing that pack of cigs! 

[Anonymous]

In fact, I got stressed (short temper with idiots) and smoked twice as much that day as I normally do!  Not a good thing to do when you're trying to quit altogether...

Carry on... 

[Anonymous]

[Anonymous]

I still say why not combine your old Cap One onto your new Cap One...that gives you the additional $1000 on your new card and closes your old card at the same time.  Definitly close the HSBC.