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Which Credit Cards to Close ?? Advice

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Frequent Contributor

Re: Which Credit Cards to Close ?? Advice


@frio wrote:

I guess my next question is once I PIF and close out the those cc's what should I expect to happen to my Score ??

I dont want it to negatively impact the score



Thinking of paying off FP today


Starting Score: 589 / TU: 600
Current Score: 696 / TU: 696
Goal Score: 700 / TU: 700


Take the FICO Fitness Challenge
Message 21 of 28
Valued Contributor

Re: Which Credit Cards to Close ?? Advice


@frio wrote:

@frio wrote:

I guess my next question is once I PIF and close out the those cc's what should I expect to happen to my Score ??

I dont want it to negatively impact the score



Thinking of paying off FP today



Good!   Once you PIF on FP, your total util will go down from 37.54 % 

 

CC Issuer

Date Opened

CL

APR

AF (if any)

Balance

First Premier

02/ 2010

$450

9.9%

$48.00

$200.00

First Premier

11/ 2008

$350

20.15%

 $48.00

$120.00

Orchard

05 / 2010

$350

14.90%

 $79.00

$200.00

NFCU

04 / 2011

$6000

15.0%

 none

$2164.00

 

   ...  to 33.06%     and positive impact on your CR by having a balance on only 2 ccs out of 4 ccs.

 

CC Issuer

Date Opened

CL

APR

AF (if any)

Balance

First Premier

02/ 2010

$450

9.9%

$48.00

$0

First Premier

11/ 2008

$350

20.15%

 $48.00

$0

Orchard

05 / 2010

$350

14.90%

 $79.00

$200.00

NFCU

04 / 2011

$6000

15.0%

 none

$2164.00

 

 

  ... then it will be 30.27% after PIF on Orchard    and another positive impact (IMO) on your CR by having a balance on only 1 ccs out of 4 ccs.

 

CC Issuer

Date Opened

CL

APR

AF (if any)

Balance

First Premier

02/ 2010

$450

9.9%

$48.00

$0

First Premier

11/ 2008

$350

20.15%

 $48.00

$0

Orchard

05 / 2010

$350

14.90%

 $79.00

$0

NFCU

04 / 2011

$6000

15.0%

 none

$2164.00

 

 

   ... if you can bring NFCU down to 2k, total util will be 28.97%   and individual util will be 33.33%   

Keep bringing down the balance on your NFCU to bring your score up.   Your target balance on NFCU should be below $500.

 

CC Issuer

Date Opened

CL

APR

AF (if any)

Balance

First Premier

02/ 2010

$450

9.9%

$48.00

$0

First Premier

11/ 2008

$350

20.15%

 $48.00

$0

Orchard

05 / 2010

$350

14.90%

 $79.00

$0

NFCU

04 / 2011

$6000

15.0%

 none

$2000

 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It's very tough with small income ~ The Rewards are big little helper to me.
Message 22 of 28
Regular Contributor

Re: Which Credit Cards to Close ?? Advice

I can't imagine a score hit paying off and closing those cards.  Then again I've seen stranger things from credit scores.  


I can say though that the lower you get that NFCU card, the better in any case.

Credit Cards:
| Cabrillo Credit Union MasterCard @ $3,000 | Chevron Visa @ $2,000 | Amazon Store Card @ $1,800 | HSBC 2% Rewards MasterCard @ $950 (redeemed themselves)
Message 23 of 28
Frequent Contributor

Re: Which Credit Cards to Close ?? Advice

On the phone with Orchard Bank...1 year no late payments..payments always made 3-4 days prior to date due and still no CLI increase.  Going to pay it off and close the account !!!


Starting Score: 589 / TU: 600
Current Score: 696 / TU: 696
Goal Score: 700 / TU: 700


Take the FICO Fitness Challenge
Message 24 of 28
Regular Contributor

Re: Which Credit Cards to Close ?? Advice

Remember...PAY THE NFCU DOWN if you want to get your score up.  Closing those cards is only going to be a positive if you get NFCU paid down.

Credit Cards:
| Cabrillo Credit Union MasterCard @ $3,000 | Chevron Visa @ $2,000 | Amazon Store Card @ $1,800 | HSBC 2% Rewards MasterCard @ $950 (redeemed themselves)
Message 25 of 28
Frequent Contributor

Re: Which Credit Cards to Close ?? Advice

def. will bring that down asap.  Decided to not close out the accounts but paid 2 out 4 off Zero balance.  Its a start


Starting Score: 589 / TU: 600
Current Score: 696 / TU: 696
Goal Score: 700 / TU: 700


Take the FICO Fitness Challenge
Message 26 of 28
Regular Contributor

Re: Which Credit Cards to Close ?? Advice


@frio wrote:

def. will bring that down asap.  Decided to not close out the accounts but paid 2 out 4 off Zero balance.  Its a start


Yeah, but you're wasting money paying annual fees unnecessarily.  That's why the recommendation is to close them - don't pay fees you don't have to on cards you don't need.

 

I mean it's your choice, but I really don't recommend keeping those cards open.

Credit Cards:
| Cabrillo Credit Union MasterCard @ $3,000 | Chevron Visa @ $2,000 | Amazon Store Card @ $1,800 | HSBC 2% Rewards MasterCard @ $950 (redeemed themselves)
Message 27 of 28
Valued Contributor

Re: Which Credit Cards to Close ?? Advice


@frio wrote:

def. will bring that down asap.  Decided to not close out the accounts but paid 2 out 4 off Zero balance.  Its a start



Very Good!    Why?   Why you want to spend the $175/yr for those three ccs to just to keep it?   I don't get it ~  may be you have some extra money to waste on it ~ well, what can we say.  It's frios decision, not ours.

 

Try to bring down the balance on your NFCU to bring your score up.   Your target balance on NFCU should be below $500.

 

CC Issuer

Date Opened

CL

APR

AF (if any)

Balance

Status

First Premier

02/ 2010

$450

9.9%

$0

$0

CLOSE

First Premier

11/ 2008

$350

20.15%

 $0

$0

CLOSE

Orchard

05 / 2010

$350

14.90%

$0

$0

CLOSE

NFCU

04 / 2011

$6000

15.0%

 none

<$500

OPEN

 

 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It's very tough with small income ~ The Rewards are big little helper to me.
Message 28 of 28
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