UTL usage option???

[Sitori]

My first card was first premier back in July with a $300 CL. I tried to close it in november just bc I heard it looks bad on your CR. The rep told me it wouldnt be doing any harm since I had already paid the AF and there were no monthly fee's...so I kept it open and have not been using it, just to help my overall utilization. 

So here's what Im wondering...obviously 300 CL is nothing....and right now I think I have around 50% UTL since all the holiday shopping. If I close my FP, and open a Walmart store card (which usually gives out pretty high starting CL), would that be better for my overall UTL since I don't shop at Walmart that often? Im still tryiing to understand how the UTL thing works and how it affects scores. I'm assuming my scores have taken a hit due to that.

 I have no intention of even using that FP card so I planned on closing it anyway. UNLESS...I should keep it open solely for the "age of old accounts" issue. Mine are all very new. Im not sure if new creditors would even care that a FP is my oldest account since I've heard if they even see that in a CR it looks bad.....

any thoughts?

thanks!

[Revelate]

You're sitting about at a 700 FICO score once you get the holiday shopping paid, and have $3900 in aggregate limit not including the FP card.

Honestly I think you're shooting too low; I'd keep the FP card open for a bit longer (or you can close it now it really is irrelevant for you at your current credit strata) until you pay off the holiday spending.  Once that's done, I'd likely close it as it's true some lenders care, figure out what my end-game cards were, and then go apply for one of those once my balances were updated and my report was pretty if I were in your shoes.

There's no need to get a store card in your case for somewhere you don't shop; if you want the FICO tracking fine, and I suppose the GE CLI policy is worthwhile, but you can get any of the mainline Chase or Amex cards as well assuming your EX report isn't well out of whack with the other two.  

Edit: Oh wait a second, is July your first postive history date?  If you can I'd hang out till November in the garden and then go get the cards I wanted, year on the Discover tradeline will do you good from an underwriting perspective for Chase et al.  If you need something sooner, then Walmart or similar likely is a better choice than I stated earlier.

[Sitori]

Yes July was the start of my history. I will keep the FP open as long as it doesnt affect me. I am planning on applying for care credit in the next couple of months so I wasnt sure if the FP would look bad....and since that's also a GE, maybe I should just hold off on that instead of the walmart. In order to be approved for them I'm assuming all of my balances need to be paid way down, correct?

I was planning on gardening after the care credit and then maybe in November or December, like you said, apply for a Chase etc.

If my UTL  is around 50% do you know how that affects the scores? What the drop could be? I really need to order a report from here and check it out but I'm scared to look haha.