too many cards?? help!

I had 29 all prime lenders cards no store cards score was 794 went to 27 cards score 794 I think lowering balances on exsisting cards would help you more than chopping credit lines and destroying history unless it's capital one then kill it no matter it's not helping anyway.....

 

Your number of accounts shouldn't be hurting you, you just need to let the accounts age, but the way your balances are allocated is definitely hurting you.

If you pay each balance down so that what reports is just under 50% of the limit, you should get a nice FICO score bump. Each of our scores went up in the neighborhood of 20 points when we did that. (Not 20 per tradeline, 20 when the LAST one goes below 50%)

DemPooches

 

Re: Re: too many cards?? help!

I don't know about that. All of the OP's cards were opened this year and some already carry balances above 50% utilization. On the other hand only 3 of my cards were opened this year and none of my 5 cards are over-utilized by even 10%. Yet look at my scores! I am still upset that I have a 643 with no derogs or late pays.

Unfair!

 

Dem Pooches,


Your point is well taken. You seem to have that issue figured out, and your personal experience is invaluable.

However, in this case, it would be difficult to follow your advice, for the simple reason that overall utilization is close to 50%.

 

Actually, if the advice is simply to pay down some cards, then Dem Pooches is absolutely right.

But that may not be easy. Let me reformulate it this way: to pay down some cards below 50% and then not charge them back up again may require alternative sources of credit, especially bank cards.

 

Try to increase the HIGHER limit cards BEFORE you DUMP anything...

"IF" you DUMP anything start at the BOTTOM!!!

A $200 CREDIT LIMIT IS A JOKE

 

Re: Re: too many cards?? help!

Precisely. What the OP is able to do is entirely dependent upon the resources available. If there is discretionary income available there should be a score bump by getting all balances below 50%. If a choice has to be made, paying each card down to below 50% will most likely be far more valuable (score wise) than paying one off and then going on to the next.

This certainly has to be balanced out with the APRs of the accounts involved. Continuing to carry a balance on a higher rate card may or may not work to one's advantage. If in so doing, one gets a score bump and is then able to get line increases as George mentioned or a new account with a promo BT offer, then it might be a situation where paying down highest rate first wouldn't be the most cost effective in the long run.

When it comes to FICO scoring, one can never be positive that the model one fits within is the same model another will fit within. So far, with our reports and with those of every friend and family member we have helped with credit issues, that "below 50% per line utilization" has been a "magic number" resulting in a bump of in the neighborhood of 20 points. Can't guarantee it though so as always YMMV.

DemPooches

 

I detest Cap 1. But in this particular case, since these are the OP's oldest tradelines, I would not close them under any circumstances. I personally wouldn't use them either. I'd just sock drawer them and let them continue to help the average age of accounts.

DemPooches

 

Keep the top five on the list, then decide on the rest. I'd dump the Target card as it isn't contributing much to utilization (and probably not much to age either), not to mention you're probably never going to see a high limit from it unless their business model changes drastically.

 

Re: Re: too many cards?? help!

once you use them you lose all benes from them, as we all know they report only high usage no cl.... for now it would be better to keep in the long run better to close ......