too many cards

[Anonymous]

I need help! I been working on my credit for about 3 years. My oldest account is with rewards 660 that charges a monthly main. fee of

$8.00. It was opened in 3/2005. I also have one with applied card bank which charges $10.95 a month. Since then I've opened several accounts such as macys, bloomingdales, chase, cap1, pottery barn, etc no late payments on any accounts. my credit scores are

exp: 703 tran:654 eq:669. Bank of america was opened in july2007 with an intial cl of 1000. They increased me to 15,000 last week so i could pay off my other cards which i have. My question is it better top carry a balance on these cards or close them, especially the two oldest cards, the require to still pay the monthly fee even with o balance.

[Anonymous]

A good valid question, manda. I too have an Applied Card Bank card. I pay max.int. rate, monthly fee, annual fee, etc. It's by far my most expensive cc. And unfortunately it's my oldest. It was my very first card. 7 years of history. But I'm replacing it with 2 bank cards, with no monthly fee, or annual fee. I'm closing the A.C.Bank one at the end of this month. just waiting for the balance transfer into a new WaMu card to happen.

You have pretty decent scores. Congratulations Your hard work has paid off.

The best advice I can pass on from what I've learned here: by all means, close the cards that cost you money.

What are your most expensive cards, their limits and how long have you had them? You do not want to loose the utilization and the aging, unless it's costing you money. Hope that helps


10/01/07
TU: 676
EXP: 665
EQ: 633

[Anonymous]

For score it is better to keep all long term. But because of the fees I'd cancel them. For credit gains I'd cancel them as well showing you do not want or need subprime.

Canceled cards stay on CR adding to average age for 10 years. If the cl is small there is little loss when you have a $15k card shinning bright. Congrats your in the big time now.

You have 7 cards total, plenty. I would drop up to 3 cards under $2,500 with fees. If their free keep them.

[haulingthescoreup]

Since your credit history is pretty short, by the time those cards go poof in 10 years, there shouldn't be much impact at all. The killer is when someone has a card opened in 1987 fall off, and the next credit opened wasn't until 2006 or something. Not much point hanging on to starter cards with fees, unless you're feeling nostalgic!

Nice job cleaning up your card profile mix!

[smallfry]

What is the history 15%? Best to close those small limit cards I think. I don't think it will hurt long if at all.