Ok Everyone, here's the scoop on what I'm going to do with my credit, let me know what you think. I'm keeping the following accounts I have open. 1. ICCU Visa, $300 limit, 11.89% fixed rate, Opened 07/2000, 25 day grace 2. Capital One Visa, $950.00 limit, 12.9% Fixed Rate, Opened 08/2000, 25 day Grace 3. Capital One Visa, $1,000.00 limit, 12.9% Fixed Rate, Opened 09/2000, 25 day Grace All of these accounts have no annual or monthly fees, and my birthdate is the correct one for them. The following accounts are going to be closed once they are paid in full: 1. Chase Platinum Mastercard, $8500 limit, 2.99% till January 2002, 14.24% Fixed after, 25 day grace, Opened 07/2001 2. Bank of America Visa Gold Cash Rewards, $6,000 limit, Prime+ 8.99%, 25 day grace, Opened 06/2001 I am closing these accounts for 2 reasons: A. They both have my birthdate showing me 2 years older. I am 17; they think I'm 19, and that isn't good at all. B. I feel it's just too much available credit, and with my current income, there is no reason I would need to go out and charge that much up on a card. Tell me what you all think. Bank of America Visa Gold is getting cancelled this week sometime, and Chase will be cancelled soon after (likely next month when I pay it off).
I know, but I am not even of legal age to hold these accounts. The other 3 accounts are co-signed. I just would feel better to get them out of my hands. Once I turn 18, I could re-apply and hopefully get their cards again.
You may not be of legal age to hold the cards, but the fact is you do hold the cards. You'll be 18 in a year? Just throw them in the sock drawer and if and when you need them, they'll be there. I really believe it is a mistake to close them, not even taking into consideration what it may do your ratios. Ok, that's my 4 cents worth - 2 from above and 2 from here.
My question is, what if the creditors find out? I don't want to be taken to court or anything like that! That would be bad! Should I just do what you said and when I'm 18, call them up and tell them they've got my birthdate wrong and also dispute my DOB with the bureaus? I am just afraid of what will happen. I don't want to get into trouble for what happened.
You cant get introuble unless you misrepresented yourself on an application.. Otherwise it falls on the Creditor and the CRA.. Keep the cards.. If you dont use them youll never get introuble... With the way information is being reported to everyone by the CRA's you may be able to get into bars a few years earlier! LOL : ) Kev
Did you tell them you were 19? Also, you've already received the cards, so if they were to do anything against you, I imagine they could do it regardless of whether you close the accounts or not. The giving of incorrect info has already been done. Personally, I wouldn't close the accounts and I wouldn't say a thing about it. Why stir up trouble. Next year you may want to call the cra's and tell them they have your d.o.b. wrong, but leave the creditors out of it. As long as the payments have been made, you are fine. Just don't go looking for problems.
What is your phone number? I am calling your parents! Seriously, if you don't blabber about it, they will most likely never know. If you don't need that high of limits, pretend they don't exist. A high limit to balance ratio will help your scores. Don't sweat it.
Ok, good. I think I will just wait until I'm 18 and dispute with the bureaus. I won't say anything to Chase or BofA.
Nice sarcasm MikeB.... well done - I am in my id 40s and don't have those limits per card! Keep the cards - they won't arrest you - they'll increase your limits LOL! Dogman
So it sounds like I will be ok if I don't say anything to them. Also, sometimes if I call, they will ask for my dob. Should I continue giving them my "1982" DOB? If I did keep the Chase and BofA cards for a long time, would I be safer to just have my Birthdate fixed after I've had the account for like 10 years? I just don't want to be thrown into jail or something, and I would never get into the situation of not paying.
Don't close them. Just put them away. You may not use them for years, or who knows but since they are open just keep them. My 2 cents anyways. John
Ok, so if I keep all these accounts open, would that be too many open accounts? I would like to have 4 accounts open. I'll probably just put the 2 (chase, bofa) cards in a drawer. I also like Capital One, they have been very good to me. So, I'm kinda stuck in a rut. Just let me know what you think about the amount of credit I have available, and if I have too many cards. Thanks!
Matty, You don't have too much credit if you don't use it all. Keep the cards open and only use what you feel comfortable using. Don't stress the small stuff, like how many cards and how much credit. You should be worrying about girlfriends, college and your car right now. RELAX, you are growing up, just don't stress yourself into the grave before you are 25!
I think you should definitely keep the BofA & Chase cards. If you're worried about too many cards, combine your two Capital One cards. Remember, Capital One does NOT report limits. That hurts your balance to limit ratio. You need the other cards to keep your ratios in sync. Good luck, bud. You're doing great!!
Thanks for your help everyone. I am glad you all persuaded me to keep those 2 premium cards, because I'd really be cutting myself short if I closed them. Is there any way I can get Capital One to report my limits? Would I be able to send a copy of a statement to the CRA and have them put it on there that way? Also, about the underage thing, what would be a worst case scenario that the creditor could do to me?
Life in prison. Just kidding. I don't think they would do anything, although they could charge with fraud for lying on an application. For that reason, as I said before, I suggest you just keep quiet. When you turn 18 change it with the bureaus only.
Ok, will do. I'm 18 this coming June, so it isn't too far away. I hope they wouldn't do something like that, I would really feel bad to be charged with fraud. I doubt they would want to do that, because Chase has been making quite a bit of money off my interest.
