I have way too many store cards and need to cut back. Also, too many installment loans approved with furniture stores, etc. I have about 35 open credit lines, including mortgages, car loans, credit cards, etc. All of the furniture store stuff is paid off and is within the last couple years and all of it is Household. I know that looks bad. Even though the approval is for a specific purchase, they keep the account open, and they always approve more than I need. I plan on just closing these out, doing both now. The store cards are harder. I have a thirty year old Sears card which I don't use (hate Sears), but it is a large CL and helps my ratios. I plan to keep it. Burdines is harder. It is 18 years old, and shows it has not been used in nine years. I no longer live near a Burdines and thought they went out of business. CL is only $600. Any reason not to close this one out? Really does not help my ratios at all. The other questions are Best Buy, Compusa, and Circuit City. All are within the last few years, have decent CL's ($2,000 - $$6,000), but I never use them unless they have the 0% financing deal, and I don't buy that much stuff. Am I better off closing them out, or keeping them open? If I need something in these stores, it only takes a few minutes to get the credit approval. They do help with my ratios. Ratios are an issue with me. With my major crfedit cards, mastercards and Visas, I am over 95% utililized. When you throw in the store cards, I am at 75% utilization.
Sounds like Burdine's might come off your rpts next year anyway but it's probably helping your AVERAGE age of accts now. And I think that you're right to keep the 30 year old Sears card.
that leads to the question- how many tradelines should we have. retails cards? credit cards? I have 4 credit cards and 3 retail cards now. I am not sure if I have too much or not enough. What do you guys and girls think is the best amount to have. cc- $5000 (4400 balance from bt) cc- $750 subprime (650 balance) cc- $400 (380 balance from bt) cc- $300 subprime (290 balance) best buy- $1500 (new never used) carter lumber- $1500 (new never used_ target store- $300 (new used 1 time paid in full)
What I was referring to was that if the DOLA is now 9 yrs ago, the acct could come off next year. Question-Do closed accts factor into FICO for average length of credit history?
I have read 5 cc and 3 store cards. You should always keep your oldest card. I am a firm believer in kkeping all cards that do not cost you an annual fee. You just don't know when a credit card can come handy. I started my business with it and run it with credti cards. Store cards are not as important, just my opinion. www.creditsense.com
Ok... on your credit report it mentions how long that you have established credit. If he were to close his Sears account, in ten years would he he lose years off of his credit? jrk
