Here is my situation: In October I was approved for my first Prime card, Chase 6K limit, 2.99 APR BT. With that being said here is what I have: Household (ACE Visa) opened 11/97 CL 700. Orchard Bank opened 12/99 CL 500 FCNB opened 2/98 CL 850 Household (Fedelity Mastercard) opened 8/98 cl 350 Providian opened 4/01 Gold Visa CL 750 I balance transfered Orchard Bank, and Household (Fedelity Mastercard). The Household (ACE VISA) is my oldest tradeline from 11/97. In all honesty I want to balance transfer all of them, and keep the oldest tradeline open. Does that make sense? So, I would be left with my new Chase Mastercard, and my oldest tradeline Household Visa (Ace Visa). Does anyone know how much of an impact this will have on my fico scores. I think I have too many mastercards and visas, but they are low limit cards. In a way, I am kind of afraid to close my accounts because I don't know that much about chase. I know they pull an inquiry for credit line increases. If they pull TU I am good to go. If they pull Experian I am dead in the water and I am afraid they might close my account on me. Creditexpert score is very low 600's. With that being said, remember I live in western pa. 90% of creditors pull Experian for me. So when they review my account for an increase they may pull Experian. My experian score is low so they might close my account on me or raise my interest through the roof. OR Should I pay all of the subprime cards off and put all of them in the sock drawer and not use them?Wait it out to see what chase will do? I know I am rambling but I could honestly use a little feedback from anyone willing to give it.
This is not really a FICO question. This is your potential problem: If you close out the smaller cards and put everything on Chase, then Chase decides to play games (i.e. they raise your rates to 23.99% based on a credit check), then you have no place to go. You will have difficulty getting another good card and will be stuck with a high interest rate. You must leave yourself an out. Get another prime card (maybe not today or tomorrow), but make that your goal. Maybe two. Then, and only then, should you get rid of the old cards. If Chase gives you a hard time then, you can move your money to another card. I went through this and had no where to move my money. You need to protect yourself. As far as FICO points go, I will let someone more knowledgeable answer that.
If you have an annual fee on your sub-prime cards that have been paid...leave them open til it's time to pay again...Absolutely leave the oldest trade-line open...at least two...I would wait til Chase (ages) and you've established a relationship with them before closing your other accounts...otherwise with a very new trade line and all others (older) closed will most definitely lower your FICO score. Again, establish a relationship with Chase and get another prime card in the next few months...you mentioned your experian report needs work but I just applied for SilverAA and they used equifax...with a score in the low 600's I think you may qualify...with very old derogs...anyway don't close all your other tradelines, I don't think that will help you and only work against you. Good Luck
