how many credit cards should you have? i have 9. the problem is they are all 2 years or newer.Half are 6 months or newer. they just total all together a CL of 8,000.00. SHould i dump the 5 new ones just before their 1 year old? to avoid the annual fee. There all shit cards, ranging from 18.99 to 23.99. I want to refinance my car loan. I have had it for 1 year and there is 4 years left. Im getting raped with a 17.9 rate and 450.00 a month. MY fico is 594. I had it to 643 6 months ago. BUt i got too stupid and excited i applied for 6 cards. plus a new collection.
I guess I don't understand. If you're trying to improve your credit, why do you have a new collection?
Closing credit cards will make the score go down. You could use debt negotiation to make the collection go away, pay all accounts to zero and wait about 7 weeks. The problem is that until you get up to about 630 to 660, you are going to have a hard time getting better financing. With a score of 594 you arenâ??t going to get better financing from a regular lender. The score damage from recent inquires will go away in 12 months from the last inquiry. Remember a lot of lenders have a minimum limit on how little you can refinance on a auto loan. I think it is $7,500. For now you may not be able to refinance. Perhaps in 8 months or so you can. Don't apply for anything that will generate another hard inquiry. Can you join a credit union? They generally give much better auto loan rates.
