I have too many accounts, and wouldn't mind some assistance in deciding which to close. The two oldest accounts, about 17 months old: Discover CL: $3,000 no balance Credit Union Visa CL: $1,000 balance $900 The other cards were all obtained earlier this year: Discover Platinum CL: $6,000 no balance Citi Platinum (MC) CL: $9,000 no balance Juniper (MC) CL: $15,000; $400 balance AT& T Platinum (MC) CL: $5,000 no balance MBNA Platinum (V) CL: $5,000 no balance Fleet Smart Card (V) CL: $2,000; $1,800balance AM Ex Platinum Optima CL: $2,000 no balance AM Ex Blue CL: $4,000; $2,500 balance Also have a store Card with credit limit of $3,000 and no balance on the card. I'd like to close at least three accounts. I'm thinking Fleet Smart Card (V), MBNA Platinum because I've heard they're not the best companies. Maybe also AM Ex Optima because I don't need to credit cards with Am Ex. Would these decisions effect my credit rating negatively (currently my credit rating is pretty good) with no negatives or lates. What about my ratio?
I'd transfer the two larger balances to the Juniper card, because you're ratios on those two cards right now are pretty high. As for the cards, I would definitely close out the Fleet card. I haven't heard much good about them. Another option would be to call each and every company and bicker for lower apr's and higher credit lines. Some of them are bound to oblige, and the ones that dont could get ditched. Just an idea.
I'm not an expert, but doesn't closing some high limit cards impact your score by lowering your debt to limit ratio somehow? I really don't know the answer because I only have $625 in credit. Anyone else?
Yes keep your oldest open of course I would also pay down the credit union card 90% used is not good and also pay down Fleet. Juniper was offering a good BT so you may look into transferring them both. I would close Fleet and maybe one of your Amex cards, I am slo not a big fan of MBNA, but you may get nice treatment. Also what are your APR's on these cards and which ones are offering good BT deals. I don't agree to ask for higher limits as matty suggested, you seem to have more than enough already. As Erica mentioned yes closing some accounts and raising your debt rartios may lower your scores. But with your high limits if you BT them out right I don't see your score being effected that much at all.
Hi, I so wish I had your delima...LOL.... Here's what I think Discover kinda sucks, but It is your oldest history. I suggest you ask them if you they could combine your limits to the disocver platinum and allow you to keep your oldest open date; other wise give them the axe...Keep the citi instead because of the matching $9000 cl which mathes the 2 discover combined cl....plus citi has a better rep anyway Amex Blue and Juniper both have great BT offers...call and see which would be the best option....depending on the results BT the balances from both Fleet and your CU visa....to either your Blue or Juniper....(hopefully juniper cause your cl to balance ratio even with the BT would not pull down your credit scores) Without blinking close the following: MBNA FLEET The AMEX Optima and yes AT&T too Your CU visa i assume is also one of your oldest open dates too so remeber if you do axe discover you will still have this date to fall on......POSTIVE NOTE: CU visa's are great...the apr are for the most part lower...right know your limit sucks....but....that was when you had little to no credit when you got that approval....Keep this for a good working relationship....because typically CU really care about their consumers...and they often give better mortgage rates and car loan rates and incentives..... Well that's my thought ...so lets review this method leaves open: Juniper CU visa Amex Blue Citi bank and perhaps discover(only if they bend) did I leave any out oh yes the store card just adds to the mix typically any more than 4visa/mc is more than enough in the eyes of credit grantors PEACE & LOVE
It would be easier to comment on this if we knew the APRs on these accounts. I would call each creditor and try to haggle the APRs down and then see which ones come out best before finally deciding what to do. Ignoring APRs, I would be inclined to junk the credit union card because of its low limit, get rid of the Amex Optima unless they agree to combine it with the Blue, dump the Fleet card and possibly the AT & T card. The reason to keep MBNA is that they frequently offer teaser rates and they have the lowest cash advance APR of any of these accounts.
