Should I close one of these? Or just put it away??

[newmomnewme]

I will be applying for a mortgage in about 12 months. My credit advisor told me to apply for a few credit cards because I only had Capital One Platinum the last time he checked my credit. Now,  these are the cards I have open: 

Limited- opened 12/2004- CL $100 (Only on EX and EQ)

Victorias Secret- opened 2/2004 

Express- opened 2/2006- CL $750 

Cap1 Platinum MC- opened 12/12- CL $750

Cap1 Journey Visa- opened 9/2013 CL $1000

Barclays MC- opened 10/2013 CL $200

Target- opened 10/2013- CL $200

As you can see, the ones in red text were opened within the last month or so.....Cap1 Platinum has a $250 balance, the rest are at zero and I plan to keep them there. Is there any reason that he asked me to open additional credit cards? Did I do TOO much?? Should I close the Barclays or Target??? 

[youngandcreditwrthy]

It's to make your score better for mortgage requirements.
Rather than close any of these accounts, try this:
Get CLIs on all of them via SP.
Don't close the new ones.
Check for clis on:
Limited, EXP, and Vickie's Secret.

Also, if you're willing to take a HP, recon that Barclay's MC credit line. Ask for $2500.
Call this # for Barclay's18664080464

[Anonymous]

Your apping in 12 months for a mortgage and he adviced you to open a few new account? I'd find a new advisor...

[unusuallyconfused]

I think the damage is already done.

My thinking is this: at this point you don't have a lot of credit in terms of raw cash value. You've got several cards with small limits. What possible difference would it make to close a few?

I think explaining to the mortgage person why you opened cards and then closed them so fast would be harder to do than explain why you have a few new accounts that you've been using responsibly. In other words, qualifying for a mortgage means other issues are at play and the key issue is income and stability. If you're opening new accounts and then closing them that doesn't show responsibility.

I vote for don't over think the situation and keep all your accounts open and USE THEM and pay them. Showing you can manage multiple credit accounts AND MAYBE QUALIFTY FOR HIGHER LIMITS down the road will prove your worthiness for more credit than closing accounts.

[maiden_girl]

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@Anonymous wrote:

Your apping in 12 months for a mortgage and he adviced you to open a few new account? I'd find a new advisor...

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I was about to say that as well. Usually a mortgage adviser wants you to stay clear of inquires in lieu of the mortgage...I would not app for anything else if you are applying for a mortgage. Try to get SP CLIs on the accounts you do have.

[newmomnewme]

Thanks for the quick responses everyone!!

He said he wanted me to have a few revolving lines open because the rest of my credit is installment loans...student loans, auto loan. 

I will be responsible, see if I can get CLI via SP.  No more inquiries for me. 

[takeshi74]

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@unusuallyconfused wrote:

I think the damage is already done.

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^ This.  Closing won't help at this point.  Look into SP CLI's as suggested above, keep your utilization in check and clean up whatever else needs work on your reports.

[youngandcreditwrthy]

Good idea :-)
The types of credit you have make up a certain percentage of your credit score, herego a mortgage banker, someone who likely has training and certification(s), recognizes this and thus that is likely why he/she encouraged the OP to open a few revolving lines.