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Mike W | Close Accounts? |
Hi, I have the following accounts:
Mastercard- $0 balance/ limit $700 opened 8/1/05
Cap 1 Visa- $0 balance/ $500 Limit opened 11/1/06
Dell Acct- $0 balance/ $2000 Limit opened 10/1/06
Sears Card- $0 balance/ $350 Limit opened 9/1/06
then... i have a bank of america visa opened last month with a 4000 limit. Nothing on it, opened it as I read if you have more of a limit, and less balance, it highers your score. I also heard having cards with small balances hurt ya. What cards/accounts should i close out of the ones listed above to better my score?
SERIOUS ANSWERS ONLY! |
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Brandolyn
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You should keep the oldest accounts open. The length of how long you've had those accounts is a major factor. Personally, I would get rid of the store accounts since you have the credit cards already. |
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BIGTEX_2
 |
dont close any of them cause you will lose credit (lowering your score) just pay them off, put more money on the one with the higher interest |
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drewxjacobs
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I would close all but the bank cards for a couple of reasons. The department store cards have much higher interest rates. Go with a bank card to make these purchases and find one that rewards you with cash back or points or airline miles. Then pay them off as quickly as you can to avoid or minimize your finance charges. |
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pd6491
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Myself, I'd keep all of them but bury the Cap 1, Dell and Sears and never use them. It really doesn't do much if any good to cancel a cc. This is straight from Tips from my FICO.com.
Note that closing an account doesn't make it go away.
A closed account will still show up on your credit report, and may be considered by the score.
Always pay on or before the due date and more than the minimum if possible. |
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Chris B
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You must calculate and only go by the limits on your cards. Right now, including your new BOA card you have a total amount of $7550.00 worth of credit available to you. Depending on your income, how long you've had the cards, (which is evident in your description), how high your balances were and over what period of time you paid them back are the issues. What they look at, as far as scoring goes, is very simple. If you went out tomorrow morning and ran your cards to the limit, would you have the means to pay them back over a short or long amount of time. What builds your credit is the timely way in which you pay your bills and not being over-extended. It's nice that your balances are zero, but that's not the criteria they look at necessarily. If you can afford to pay back your credit limit with no problem then you're fine the way you are. Dell means absolutely nothing in the grand scheme of things. If you don't use the account they will close it and you'll have to re-apply for a line of credit the next time you use their finance services. It looks as though you're fine right now but show them some pay-back ability. Use the cards and pay them back faithfully. Your limits will increase as you do this because the lender sees you are reputable. |
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Robin B
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It is ok to have open cards with $0 balances, but the more you have open, the more new creditors, banks, car loans, mortgages will look at is though you have the OPTION to go on a spending spree & potentially not pay off your debts & then declare banko. Keep the olders MC open because youi want to show longevity & the one that you just openend. I usually suggest having a MC or Visa, a gas card & 1 department store (youi never know what you need)! Keep all balances to 50% of limite or less. and if youi want to build youir score, creditors are going to want to see that you can manage your cards wisely, so buy something once in a while & pay it off with the 1st statement & then once in a while take a few months to pay off a balance. THis shows that youi can spend & pay wisely.
WHen the market is down, some creditors will also close cards for you if youi always keep a $0 balance because they are not making any $ off you because you never owe any intrest. |
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Hydrox
 |
I know that too many open accounts with zero balance can go against you because you have too much available credit.
If a loan officer is looking at your credit report - they consider what condition you would be in if you maxed them all out.
I have been turned down before because I had too much available credit. If I were you, obviously with zero balances, you don't really need these cards. Close them. Maybe keep one. Look at which have annual fees and the interest rates they charge. If you only have one, and for some reason need more credit that the limit, you can always call them and I'm sure they would raise your limit, being you've had most of the cards forever and have a zero balance. |
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dlb_blair
 |
I would close the Cap 1 Visa and the Sears Card definately. Maybe the Dell Acct if you are afraid you would have the urge to use it or if it charges you a fee to keep it open.
The MasterCard should stay open because it is your oldest credit card; you want your credit report to show that you have long-standing credit.
It is a hard balancing act between having enough credit limit open that you don't look like you need credit, but not having so much that creditors worry you could get yourself into trouble.
It can hurt your credit score to constantly be opening and closing accounts though, so you should seriously consider asking for a credit limit increase or an APR reduction for your Bank of America card or MasterCard before you open any new credit card account from now on. |
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Okay Hero
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You should close them one at a time. Like one every 3 months.
And since you are so rich you should help me pay for college! |
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