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its meee | I have 4 credit cards, which ones should i ditch ? |
Card #1 - Visa
Card#2- Mastercard (yearly fee of $60)
Card#3- Old Navy
Card#4- Victorias Secret
Additional Details
i've heard youre only supposed to have 2 |
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biwagirl20
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All of them.
Credit cards are the devils invention. |
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Ginger
|
Old Navy and Victoria's Secret have high interest rates and limited purchasing ability since they are store cardss.
Call the issuer of the Master Card and get that annual fee waived or product traded to another card!
What is the interest rate on the Visa?
Try to pay off your balance in full each month or keep your debt no more than 20% of your credit limit. |
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raisenet
 |
Well, store credit cards usually have high interest rates in excess of 20%. That being said, first cancel Old Navy and Victorias Secret. The logic is that anything you purchase there could be bought with your Visa card.
Next, you don't need to pay $60 fee for a credit card. That just gives them money for the privelege you already deserve. So, also cancel your Mastercard.
Now, you are left with your Visa. Hopefully your credit is good enough that you have a low interest rate.
Lets do some comparisons! Check out the current issue of Money magazine, it will list the best credit cards with the lowest rates.
Another VERY GOOD source is the website www.fool.com.
Don't let the name mislead you. This is an exemplary financial website, that also offers three outstanding credit cards tailored to the type of shopper that you are.
1. Low interest rate
2. dollar rewards etc...
A point to keep in mind is if you pay in full every month, than it doesn't matter what the interest rate is. Because there is no balance. |
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Julie
 |
I would probably cancel the Old Navy and the Victoria's Secret.
What are the APR's on the other two cards? Besides the yearly fees. And how old are the cards, you may want to keep them if they are your oldest cards.
Just remember your goal to reduce your credit card debt. And do not apply for any more. |
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SPIFIMAN1
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Who ever told you that you should only have 2 credit cards simply doe's not know what they are talking about.
At one time I had 14-credit cards and a score over 800.
What matters is how you pay your credit cards and how low you keep your balances not how many you have. |
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beauty s
 |
3 and 4 don't close them just don't use them... it will show u have a long history with them.. |
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John96
 |
I'd keep the Visa and ditch Mastercard, I personally wouldn't pay a yearly fee but if you need the spending power then keep it too. The best thing to do is keep the one(s) you have had the longest. Store cards are good to show you pay your bills but my opinion is that if you really don't use them often they are a waste.
I do not think having store cards really hurts your credit history but since they do not work anywhere else they are somewhat useless unless you use them regularly for points discounts etc. If your store cards are not the oldest cards you have then ditch them. IF you use the store cards regularly and you get something for using them you might want to keep one of them. |
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nightsong
|
I would ditch the mastercard, but there really isnt a limit as long as you are responsible with them. what creditors look for are a couple of things:
* if your cards are maxed, it is better not to let them come close to maxing out, even if you pay it each month
*how much you could charge to the max if you decided to, in other words if you have a credit line of say $10000 they will look at that if yo
u apply for a loan or mortgage as that you could have that much in debt, so sometimes less is more if you know what i mean
another thing to look at is that store cards usually have a higher interest rate than visa or mastercard so check that out too |
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RAE♥N.Y.
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Stay with the visa and victoria secret! |
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ticketoride04
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keep only the visa for emergency, there's no fee. interest can eat you up, so pay it off by the due date each month to avoid paying fees!
use your cash when you want to buy clothes |
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LovesToCook
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First, deffinitely get rid of the Mastercard which charges you a fee. Second, I think more importantly than how many cards you have is what is the credit limit on them?
If they all have high credit limits, it may be harder for you to get other types of loans, such as a house or signature loan. Depending on how much you shop at Old Navy and Victoria Secret, I'd say a $300-$500 credit limit is all you need for those. And as for the Visa, depending on your income and spending habits, $1,000 should be good.
I would suggest that if any of your cards have credit limits that seem to high, call and have them lowered. |
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