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Hey all. I've done wonders in building/fixing my credit over the past two years going from 500 to 700+. We are looking to refinance our home next summer so I wanted to make sure I'm doing everything I can do to keep my score, or even improve it.
So I have five credit cards (below). All have zero balance except one. I use the one for all of my day to day expenses just for the points. I TRY to pay that off too. The question is, would there be any point in closing any of the zero balance cards?
Capital One ($6,500)-$0 balance
American Express ($12,000)-$0 balance
Chase Southwest ($20,000)-usually have a balance but no more than $2,000
Barclays American Airlines ($6,000)-$0 balance
Citibank ($3,500)-$0 balance
No, keep all of your cards. The more cards w/ $0 balances boosts your scores as long as at least 1 is reporting a small balance.
Lookup on here AZEO and read up on it.
Agreed. I wouldn't close any. They are helping your history and will help your overal Util if you need to use one. 5 is not too many
i would use each one every 2 months for small amounts just to keep them open. And keep using the one you prefer for everything else.
Or just rotate them each month for a new card to use.
Most of the time though you can just do an Amazon Reload on each one once a year to keep them alive. Depends on how much effort you want to put into it.
@Anonymous, it looks like the scores in your signature are out of date.
You have a great stack of cards, and they present a very good look. Hang onto them.
Throughout the refinancing process, you'll want a small balance on one card with the rest reporting zero. The small balance should be at least $5 but not much more. Doing this will give you every available scoring point.