First I wanted to say how awesome this place is. Last year I read and read and was able to clean up a lot of my negatives. Unfortunaly I still have a few that are keeping my score pretty low. Anyway, my husband and I are trying to get a 2nd mortgage to consolidate our credit card debt. We talked to 2 places and they both told us that we have to many open accounts and that we need to close some. I wanted to make sure that is the wisest thing to do. We do have a lot of open accounts with balances on them. so my question is, would it be better to keep them open but pay off a few or do we really need to close them to bring our scores up? I'm also concerned about too many hard inquiries, my husband would like me to talk to another company about a 2nd but I'm afraid that if I talk to too many companies that I'll lower my scores from too many hard inquiries. Any advice or ideas or suggestions would be VERY helpful! Thanks, Crissy
There really is no right or wrong answer, it's a guessing game....... If you close cards you don't use w/ 0 balances it "could" be good........or it "could" hurt depending when the tradeline was opened.......or by helping or hurting your "overall" utilization..... I have the same issues, many department store cards I occassionally use w/ promotions that I was considering closing....but the promotional benefits out way the score impact if any....I guess really the question is what is too many?
1*They do this to further their own interest because they don't care that it trashes your credit and tanks your scores, Personally I refuse to trash my credit or scores just to appease someone. 2*This is only 1 inquire no matter how many lenders you check *************** GET THE BASICS HERE. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243 *****************
1*We talked to 2 places and they both told us that we have to many open accounts and that we need to close some crissy =============== 1*That's What my lender told me 15 years ago when they gave me my HE loan so I closed some of them. Did it hurt my credit or scores? I don't know because it was before I caught on to how the credit reporting farce and the scoring shell game worked. Would I do it again? H**l no!
Thanks for your reply's!! I'm so tired of credit reports and worrying about what there saying about me. It's all BULL anyway! I'm sure I'm just preaching to the choir! Thanks so much Crissy
