I have a card at 19% (blech!) that's almost maxed at $2500, one at 15% that's maxed at $1000. I now have a 0% card w/ a $5000 cl (no charges) and can get one w/$5,000 cl that will be 0% for a year and then 9% fixed. How can I optimize this re: my credit scores? I sort of wish I hadn't gotten the 5K 0% then 15% card. I don't supposed I can retract it, right? (Haven't activated it yet). I want to move my 19% balance to the 0% one. I guess I shouldn't close the card, though? My only strong credit point right now is that I have revolving, on time accts.
If you can get another card with 5k and 0% I would do it. That would give you 4 cards total? I don't think that is too many. I have about 12 open right now plus a revolving loc. I would open that acct and bt the 2500 to one, and 1k to the other. Don't close the ones you bt'd from though as they will help you ratios and length of accts.
For what it's worth, I've heard the optimum mix is 3 credit cards and 2 store cars. I doubt if having one more of either would really hurt that much as long as utilization remained low. Gib
All I can say is take a look at people like Ron or Herb at Credit Works. I don't know how many cards George has, but I suspect a lot more than 4 and Dem Pooches posted his lineup the other day - 10 or more accts. They aren't being hurt by the fact they have several cards. As long as the ratios are low, everything is current, I don't think it hurts.
Yep, I have 18 active accounts. Only 2 of them are at 0 balance right now, but I did read that 5 is a good number. Always keep your oldest account even if you do not use it. www.creditsense.com
That would be why I qualified it with "for what it's worth". I was just passing along what I have read from many so called "scoring experts". Gib
Oh! Thanks guys!! Okay. I feel better now. I'm going to apply for the lower rate one (9%) and transfer the other two. The 19% won't be closed, but it *will* be in my underwear drawer.
