Hello,
All I am new here I just found myfico and I wish I would haev found this 4 weeks ago when I canceled 2 cc's, with balances all thought it was paid off 2 weeks ago.
We are in the midst of cleaning up/rebuilding our credit.
We recently had high usage due to me being out of work. And now have paid them all down to less then 40% of our credit.
We are trying to figure out if we should close or just snip away the cards that we don't plan on using anymore.
We have alot of cards my husband having a Capitalone, Orchard,Target, and just cancelled the bestbuy and merrick bank because of the outragious interest that they wouldn't lower.
My self having a Capital one, Macy's,Target,Walmart, Credit One and Orchard and just canceled the Imagine card because of the redicolous monthly service charge but it helped me establish some credit to get the cards I have today.
The Walmart and the Target cards are the 2 I really don't want anymore. But was planning on keeping my husbands 3 cards. Orchard convinced me to keep my card open by waving my annual fee. And said that if I keep my credit in good standing for another 3-6 months they will review and lower my apr which jumped from 12-24% when I lost my job.
I think I have too many cards and it may be hurting me more then helping me.
Should we cancel or keep those 3 open, and just snip them to not be able to use them or should I keep them use them on a small purchase and pif each month?
what should we do?
The Target and the Walmart have 0 balances. I only use the Walmart card only for gas and PIF each month
