Credit Card Questions

[Anonymous]

Over the last 5 months I have increased my equifax fico score from 563 points to 661 by paying down credit card debt and other various things. I am trying to get my fico score as high as possible in the next six months so I can get a good intrest rate on a new car. Today I was just accepted for a $2500 credit card and $2200 over draft protection/constant credit from my bank (BB&T). I already have 4 other credit cards accounts and two open loans (almost paid off). I was thinking that mabye I should close out some of my other CC with high intrest rates and fees to help my credit score but im not sure if it will help or hurt. Here is a list of all my open CC accounts and limits.

First Premier Gold                           

Credit Limit  $325.00

First Premier Platinum
Credit Limit  $450.00

Tribute Gold 
Credit Limit = $450.00

Credit One Bank Platinum
Credit Limit = $350.00

+ the two new accounts mentioned earlier.

I only owe about $70 combined on all four CC. 

So should I close out a couple of the above CC to improve my score or would that just hurt it more. 

Any help or suggestions on what would help most will be greatley appreciated.

Thanks

[203bravo]

Maro99 -

Since you are looking to make the major auto purchase in the next 6 months, I would suggest that you stop the efforts to artificially alter your credit report and simply concentrate on paying off (down) any balances remaining.  Closing any credit cards has the potential to lower your available credit and may lower your score if you have any other outstanding debt.  Applying for new credit appears as if you are credit shopping and in this market could make a lender think that you are attempting to overextend yourself in the future.  Just let everything now age and get any balances down.  That's about the only choices you have with in a 6 month window.

You may want to look at the auto board - if you haven't already - to look for any discussion on what rates different people are getting with similar scores and what companies they are using.

Good Luck

[Anonymous]

I would check the Freq Requested Threads post and read the thread about closing CC.

How new are these CC accounts you are wanting to close?

[Anonymous]

Thanks Bravo I will check out the auto board.

One of the cards is almost two years old and the other three are at a year. I dont really care about the fees and rates on the other cards since the limits are so low it dosent really affect me much. Im just looking to do what ever would be best for my score. I was thinking that I might have to many and that it would look bad and/or hurt my score.

Thanks

Message Edited by Maro99 on 12-11-2008 06:44 AM