Too many open accounts

Discussion in 'Credit Talk' started by Shantel, Jul 5, 2001.

  1. Shantel

    Shantel Well-Known Member

    Too many open accounts was one of my reason codes on Privista (reason #3). This is a list of open accounts that they have:

    Providian MC, 1379 bal, opened 9/00
    Discover, 3129 bal, opened 5/01
    Ashley Stewart, 33 bal (actually zero, hasn't been updated), opened 2/01
    Hudsons, 0 bal, opened 5/95
    Target, 0 bal, opened 5/95
    Sears, 2k bal, opened 9/00
    Circuit city, 713 bal (actually zero, hasn't been updated), opened 4/01

    I also have 2 installments:
    Americredit, 8k bal, opened 11/98
    Sallie Mae, 16k bal, opened 5/95

    Having said all that, I'm wondering which cards I should close. I've already decided I'll close Ashley Stewart...I haven't had it long enough to it to impact my score in a positive way.

    I want to keep my Hudsons/Target because of the age.

    Any suggestions as to what cards I can close from the first set, that will make EQ stop "squawking"?

  2. Saar

    Saar Banned

    That's 7 revolving tradelines. People whose credit is otherwise perfect can afford it. People fighting for their score - can't :)

    I'd close at least 2 of the last 5 on your list.

  3. Shantel

    Shantel Well-Known Member

    With the exception of one collection I'm fighting, my CR is clean. My salary can afford this, that's not really the issue.

    My question is, will closing accounts opened in the last 4-6 months negatively affect my score?
  4. jfpruitt

    jfpruitt Well-Known Member

    This is a question I'd like to know also, I'm getting ready to consolidate my debt to a low interest loan and wondering which I should keep open and which I should close. I have several of each like you. I want to improve my score!!! ( I have my spending under control, so keeping open accounts won't be a problem) Any advice would be appreciated greatly!!!
  5. nursie

    nursie Well-Known Member

    If it were me, I'd keep the MC & Discover, and the 2 older store cards and ditch the rest (except maybe Sears. Nice card & already a year old).
    Have you tried the free trial offer at experian's site? They have a similator that's pretty neat. It might help you decide.
  6. Shantel

    Shantel Well-Known Member

    That's what I was thinking too Nursie. Especially since I'm about to consolidate my Sears card. That will be a zero balance.

    I just got Ashley Stewart because I got 10% off....I used it once.
  7. brad

    brad Well-Known Member

    Shantel,I would suggest you give more attenion to paying down your Pro.MC,Disc. and Sears cards.
  8. Shantel

    Shantel Well-Known Member

    Brad...thanks for the suggestion but since I didn't ask what cards I should pay down, it wasn't necessary. I asked for advise as to which cards I should close...simply put.

    I didn't feel the need to go into my strategy to pay down my debt or whatever I plan on doing with it. Maybe I'm paying them off each month - maybe I'm trying to establish a payment history....maybe maybe maybe.
  9. curiouser

    curiouser Well-Known Member


    I'd ditch the Ashley Stewart and Circuit City. The Target and Hudson's are 6+ years and losing those would shorten your average length of credit history.

    Also closing them will change your credit ratios a bit so you may see an initial small decline in your FICO. I closed two accounts that I never used -- Spiegel and Mervyn's -- and had a 3 point dip in my FICO. But the next month my ratios were back to what they were before I closed those accounts and the three points came back.

    When you close the accounts just make sure you cross all the "t's." "Account closed by consumer." Also, make sure you get a letter from the company stating that the account was close at your request with a 0 balance. But you know the drill.
  10. curiouser

    curiouser Well-Known Member

    Oops, didn't respond to one of your questions. In my experience, closing new accounts doesn't negatively impact your credit rating in and of itself. The ding you may initially see is usually due to changing the debt-to-credit ratio.
  11. Dani

    Dani Well-Known Member

    Hi Shantel,

    Just my two cents. I would definitely keep Sears and Hudson (being they are the two oldest tradelines). Also, I would keep Providian and Discover (who knows when you may need them). Last but not least, I would probably keep Sears because they carry everyday items and sometimes have some pretty good deals - No finance charges for six months, etc.

  12. Shantel

    Shantel Well-Known Member

    I'm glad to know that I'm on the same page with people who's opinions I value.

    Circuit City and A.S. are of today.

    I also have an Associates that's like 14 years old (my first CC) that I will never get rid of...LOL...they probably wish I'd go away though! ;-)

    Thanks ladies and guys rock!
  13. brad

    brad Well-Known Member

    Shantel,sorry if my posting got your panties in a bunch.Chill out sister.
  14. Shantel

    Shantel Well-Known Member

    My uh, panties are not in a bunch. I said thanks for the suggestion but I felt it inappropriate since that's not what I asked and since you didn't know anything else as to what I was doing.

    At any rate, whatever. I'm not in the least bit upset.
  15. Saar

    Saar Banned

    What are the account terms? Thanks.

  16. Shantel

    Shantel Well-Known Member

    Heck this point, I have no idea. It's actually closed right now (in the process of being reopened). I know I had a grace and no annual fee. My APR is 19.8 at this time.
  17. brad

    brad Well-Known Member

    Shantel, you are very gracious, and I hope you continue to rise until you are met at the pearly gates. God Bless.

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