@Anonymous wrote:Ok. Here is what I have credit card wise:
First National, 10 yrs. old, 2500.00 credit limit
(2) First Premier, 7 yrs. old, 1000.00 credit limit
Sears, 4 yrs. old, 1000.00 credit limit
Capital One, 1 yr. old, 750.00 credit limit
My first three cards are obviously cards used to rebuild my credit and not very desireable except for First National being over 10 years old.
I would think Sears and Capital One are more "legitimate" cards but again have a very small credit limit.
My credit score is 693.
Should I get rid of a couple of these cards and try for a "legitimate" card or just leave well enough alone? Thanks for any help in advance.
If i were to get rid of 1 !!!! It would be the FIRST PREMIER because of the fees. I would also keep the other 3 open and wait till i got in the low 700's and app for a prime card
@Anonymous wrote:The First National and Premier cards have a 75.00 annual fee plus 6.00 a month charge. If I keep them all and then apply for a prime card would I not be putting myself into even a worse looking situation?
When you close a card and it's in good standing !!! it stays on your report for 10 years and still counts toward your AAoA
@Anonymous wrote:Is that a good thing? What is AAoA? Sorry but I am new to this.
average age of accounts
@guiness56 wrote:I wouldn't get rid of it. It is your second oldest plus your second highest CL. Your overall CL will be cut a lot. Does it have annual fees?
If you could get a prime card then maybe sock drawer it.
But he is paying $147.00 a year on the first 2 cards. Also these are sub-prime cards. He can't keep them forever!!! Just my 2 cents