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kc | Too many credit cards. Should I close some? |
I am trying to raise my credit score by cleaning up my credit reports and paying off my credit cards. I will have them all paid off by March of 2008!
I think I have too many cards though! I know that closing accounts can negatively affect your credit ratio, but what about having too many credit cards? Some of these have very low limits and have not been open for very long:
Credit Card $2700 limit Since 6/99 Paid Off
Credit Card $300 limit Since 8/03 Paid Off
Dept Store $600 limit Since 12/04 Still Owe
Home Store $1200 limit Since 3/05 Still Owe
Credit Card $300 limit Since 1/05 Paid Off
Credit Card $500 limit Since 3/05 Paid Off
Comp. Store $3000 limit Since 5/05 Still Owe
Should I cancel any of these accounts? Should I request credit line increases? Or should I just keep them all and have them all paid off? Thanks for the advice! |
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great_and_mighty_adam_levine
|
There is (usually) no reason to cancel a credit card unless it charges an annual fee.
There are valid reasons to close accounts however:
1) If they charge an annual fee.
2) If you want a higher credit limit on your lowest-interest card, and they won't give it to you because you have too much available credit.
3) If you just want to clean up your accounts because they are starting to confuse you.
I noticed that you still owe primarily on department store cards - all your credit cards are paid off. If you are getting 0% introductory interest, let it ride and invest in CDs so you have the money when the bills come due.
If those cards are charging big interest, talk to your open credit card accounts. See if you can talk them into a low rate and a free balance transfer. Save some money.
-->Adam |
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meandnadine
 |
i agree with Adam.
Don't cancel them unless they have a high annual fee. Even then, you need to keep some open. |
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Vince M
 |
Your last paragraph contained the best solution. Don't close the accounts. Just pay off the high interest ones and cut them up. That way, your credit limits remain high, but your debt is reduces. Your credit score factors in your debt to income ratio, AND your credit worth, meaning, how much you can borrow if you need to.
Cutting up the cards eliminates the temptation to use them and drive up your debt. Keeping and using only a couple of lower interest cards also means that it is easier to manage your debt, ESPECIALLY if, when you pay your monthly bills, that you pay more than the minimum monthly amount. |
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mummy heffalump
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I try to keep just a few credit cards. I keep the ones that earn me cash back or some other rewards that I can use. I also keep the credit cards to stores that will save me extra percentages if used (and use them during sales). Definitely see if you can increase the credit line. Most will especially if you mention that it's too bad if they won't since you'll have to cancel that account. If you have 2 of something, like 2 Visas, definitely cancel one. And if you are the type to use a credit card just cause you have one, cancel what you do not need.
If you do need to cancel a card please consider that it may have a negative impact on the credit score. That's because "length of credit history" and "debt-to-available-credit ratio" are two of the leading five factors used to calculate credit scores.
Way to go on paying off your other cards and continued success in raising your credit score! |
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Gary H
 |
Leave the paid off ones open, unless you're paying some outrageous yearly fee. Every month, those cards add to your good credit record, even if you're not using them. |
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Txgirl23
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No I suggest you keep them open because closing them will do you more bad than good. Keep them open and spend wisely. Pay off what you still owe and you can start over again by making a purchase and paying right on the spot if the place allows that. I have a clothing store credit card in the mall and they allow payments to be made in the store. You can charge for what you want with the credit card and pay it off right then and there. Make sure you pay off credit cards before making any purchases because spending too much or half of your credit limit looks bad. |
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Melissa V
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cosing an account with no balance will NOT affect your credit score... closing them with a balance will... to clean up your credit, pay them off in full, and then close the account... the more cards you have the worse it will be. try to keep no more than 3. |
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josiehayes92
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ALWAYS have one credit card and stick to that one. If you want another, be sure your not in debt or anything before you open up another. But deff pay off the ones you need to, and close those, or close the ones thats already paid off. Having so many credit cards will kill you. [not literally] |
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JB
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Cancel some of them, if for no other reason than to remove the chance you might use them.
Getting out of debt and staying out of debt is more important than a credit score. As a matter of fact, if you don't have debt you don't care about your credit score.
Don't worship at the alter of fico. |
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Precious Gem
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Close out all of your cards and get a debit card instead. There is no interest and you can't over extend your credit. Pay off all of your cards and
never open another one. They can ruin your credit
more than help it. If there is any way you can consolidate all of your cards that you still owe on
you might want to consider that as well. |
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