Question

[Anonymous]

I currently have 5 ccs now. all of them have very low limits.

i have a:

Captial One MC - $500
Victorias Secret - $250
Cortrust Bank - $250
1st Preimer Bank - $250
and recently opened Best Buy Program Rewards Card - $300

the cortrust and 1st preimier have annual fees and the monthly fee charges.
capital one just has an annual fee and bb has neither.

i was thinking about closing cortrust and 1st premier since i hate the monthly fees and they wont budge on limit increases. i have had cortrust for about 1.5yrs and 1st premier for about a yr.

should i leave them open or close them?

[Anonymous]

More info please.

Balances on cards, your goals, FICO scores, general history, etc...

[Anonymous]

Close the Cotrust and the First Premiere.   Way too expensive and of no use to you.  

[Anonymous]

scores are 627 EX, 621 EQ, 621 TU

on the Capital One i owe 151

VS i owe 80

Best Buy i havent used yet

Cortrust i owe 70

and 1st Premier i owe nothing.

i would like to be at least 700 by december, i had a 20pt drop across the board from applying at a lot of places last month. so im working my way back up.

[Anonymous]

@ wolf, i did close the 1st premiere two days ago and paid the balance off.

i was told to at least keep the cortrust since ive had it for 2yrs until my other 3 cards mature in age.

[haulingthescoreup]

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@Anonymous wrote:

@ wolf, i did close the 1st premiere two days ago and paid the balance off.

i was told to at least keep the cortrust since ive had it for 2yrs until my other 3 cards mature in age.

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You may not realize this, but closed accounts stay on your reports for 10 years after closing. EQ has a nasty way of losing them a little early, but even they will keep reporting it for a decent while.

This always hurts the brains of those new to credit. Read fused's Closing Credit Cards to help understand how this works.

[Anonymous]

First premiere has awful terms.

How much are you paying in fees for cotrust card?

[Anonymous]

cortrust is $6 a month, $72 a yr.

[Anonymous]

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@Anonymous wrote:

cortrust is $6 a month, $72 a yr.

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  That is a huge fee for $250 limit and no perks.   If they only charge by the month, keeping it to 2 years might be worth it (barely).  

  Do they charge you a fee for a CLI, like First Premiere does?  If not, you could request a CLI at the 2 year mark and only keep it if they give you a substantial increase. 

  This card is not a keeper, so plan on getting rid of it, when most advantageous.