should I cancel accounts with low limits to open ones with higher limits?

[Anonymous]

I made a mistake when I first moved away from home and applied for every card i could. Now I have 3 store cards and 3 regular cards. My highest limit is only 1500.00 Im now getting offers in the mail for higher limit cards. Should I open them? or should I wait until my credit history is longer because according to equifax the only negative thing against me was that my length of credit history was too short. Also are there any credit cards that are way better than the others? Thanks in advance for your help.

[Anonymous]

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HBICKFORD wrote:

I made a mistake when I first moved away from home and applied for every card i could. Now I have 3 store cards and 3 regular cards. My highest limit is only 1500.00 Im now getting offers in the mail for higher limit cards. Should I open them? or should I wait until my credit history is longer because according to equifax the only negative thing against me was that my length of credit history was too short. Also are there any credit cards that are way better than the others? Thanks in advance for your help.

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Okay.  First pre approved doesnt really mean pre 'approved' It simply means they got your name from a database request.  Iwould wait 6 mos to a year from the opening of your last card to apply for anything new or you mayl get stuck with another low limit card.

Limits are not so important to start what is more important is your interest rate, the longer your history, the increases will come.  You may even be able to keep your current cards and the history that goes wih them by calling them up and letting them know you would like a limit decrease and someone is trying to better deal them.  The only way this isefective is if your history is pristine. 

Don't close the ones you have.  Simply let them gather dust. In the past a lot of companies have been know nto try and entice customers into using their products by offerin not just lower limits but all sorts of special stuff.

[Anonymous]

Message Edited by Noah_Bodie on 08-17-2007 08:38 PM

[Anonymous]

Message Edited by Noah_Bodie on 08-17-2007 08:38 PM

[Anonymous]

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HBICKFORD wrote:

I have 3 store cards and 3 regular cards.

...

My highest limit is only 1500.00

...

Im now getting offers in the mail ... Should I open them?

...

should I wait until my credit history is longer

...

Also are there any credit cards that are way better than the others?

Keep this in mind about pre-approved offers you get in the mail. The average family receives $350,000 worth of pre-approved offers in the mail EVERY YEAR! If you factor in that some of us Opt Out, it's even higher than that.

What are your CC limits, balances and APRs?

Do you believe you're in control of your credit cards, or vice versa? That's not intended as a snarky, snide question. It's intended to evoke some inward reflection.

If you're confident that you're the alpha dog, rather than your cards, definitely apply for better cards, but don't close what you have. Even if the CLs are low, the APRs are high, and terms suck, it's leverage. Use it. "Encourage" your existing CCCs to work with you.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=4120

Not all CCCs are created equal. AMEX tends to be very generous. I've also found WAMU and Barclays (formerly Juniper) to be quite good.

[Anonymous]

Noah,

I have a question for you, if you don't mind. Let me set it up with the following: I have just in the last week been approved for a US Airways Platinum Mastercard from Juniper/ Barclays ($1500 CL) and today I got approved for a NFCU nRewards Visa ($1000 CL).

I have three subprime cards, each with $400 CL.  2 of them have those pesky $6 per mo (ripoff) fees. Would it hurt my Fico score too much to close out the two with the fees since I did add 3 times the CL with the two cards above? They are two of my oldest TLs (both about 1 1/2 yrs old)? [I am in rebuilding mode, but it really irritates me to pay them for nothing]