FICO score question

[Anonymous]

Hello, I am new to the board so sorry if this question has already been answered.  I am a myFICO subscriber and I get my FICO score emailed to me whenever it changes.  I received  email stating that my score has increased by 47 points.  My credit score is in the mid 600's now.  I have a Aspire credit card with a 22% apr, I got it when my credit was bad, I have had it for over 2 years.  My question is should I close this account now that my credit is better than it was 2 years ago.  The limit is $750 and I only use it to pay my home security system which is $25/month.  I have 2 other credit cards, one with a 9% apr and the other has a 11% apr.

Thanks.  Rosenphilly

[Anonymous]

Does the card have an annual fee?  If not just pay it off and stick it in a drawer.  If it does, close it next anniversay. If it has a monthly fee, close it immediately

[Anonymous]

Wow, congrats on the 47 point increase!!!!  I only got 3--need 33 more to get a mortgage!

[MM1234]

Call them and see if there is an Annual Fee and if there is you can tell them if the can switch you to a new type of card in their system. Sometimes they will do that over the phone and without pulling your Credit Report. Also you can simply ask to have the APR reduced. Sometimes they can lower it. But some places wont budge. Good going on the High Jump in score!!

[TheNewWorldMan]

If there is an annual fee over $29 or so, I would threaten the card company with a balance transfer to your new, no annual fee card (whether that card exists or not). No one with a FICO over 630 or so should be paying a significant annual fee. Once your FICO hits 675 or so, I would refuse to pay any annual fee, period.

As far as percentage rate, if you're using your credit cards properly (that is, as a strategic tool to increase FICO, not for credit) the interest rate is irrelevant, as your balance stays between $15-40 or so, and never gets high enough for interest to matter (on a $40 balance you'd pay 73 cents a month at 22%--chump change).