Too much credit?

Discussion in 'Credit Talk' started by jpartdq, Oct 30, 2003.

  1. jpartdq

    jpartdq Well-Known Member

    I need some advice... I've spent the last year cleaning up my credit (420 Fico now up to low 700's) and I now have all the credit and credit cards I want. I need to know if I have too much credit, and if I should close some of these cards, or if I should just leave it be. Here's what I have:

    Capital One - Opened in 1999. 300 limit, they won't raise my limit. I haven't used this card in almost one year. Completely sock drawer. High APR (I can't remember exactly, I think it's 19% since it was my first CC). No rewards/benefits/etc.

    Chase Classic - Opened in 2001. They just upped my limit to 2000 bucks, I was somewhat pleased. The APR on this card is 18%. No benefits/rewards/etc

    Corvette Mastercard - Opened in February 2003. 3500 limit. 12.79 variable APR. No benefits/rewards/etc.

    GM Card - Opened February 2003. 4000 limit, 13.49 APR. 5% earnings towards new GM vehicle.

    Bank of America Platinum - Opened March 2003. 5800 limit. 10.99 APR. No benefits.

    Best Buy Card - bought a computer at 0APR for 24 months - will not be using unless more specials like that come up. The APR is outragous, over 20%

    NEWLY OPENED - Amex Blue Cash - 5000 limit. (Not sure on the APR yet, just got approved the other day)

    I really wanted an Amex blue, and now that I have it, I'm thinking I should close the Chase and Capital One... but they are my oldest tradelines so I'm leary in doing that. My credit goals are met at this time. The only thing I want to do (and this will be in the next 2 years) is buy a house. I will not be seeking future credit.

    I really like the benefits/rewards features, of my cards. I also want less cards, but with bigger limits... I don't like these small cards with high APRs and smaller limits.

    I suppose if I don't go for new credit, then the ding I'll take closing my old accounts won't really effect me over time.....so... any thoughts?

    If you made it through this post, I am amazed! Thanks in advance,
    JPARTDQ
     
  2. GEORGE

    GEORGE Well-Known Member

    $20,600 IS KINDA' LOW

    If your happy with it FINE
     
  3. DanS

    DanS Well-Known Member

    If the cap1 card costs a yearly fee, maybe close that. Otherwise, I wouldn't get too worked up over it. If you're really set on closing anything out, close the lowest limit to boost your average. Sounds like most of your accounts are recent, so length is not much of an issue.
     
  4. PawMix

    PawMix Well-Known Member

    George,

    Once you cross 100K, everything is kinda low...

    PawMix
     
  5. lakpr

    lakpr Well-Known Member

    LOL ...

    I go by the guideline: have available credit at least equal to one year's salary / income.

    Upto 1.5 years worth of income = green zone
    beyond that = yellow zone
    more than 3 times yearly income = red zone

    This is my personal yardstick; your mileage may vary
     
  6. GEORGE

    GEORGE Well-Known Member

    Re: Re: Too much credit?

    I WAS AT MY HIGH---$300,000+ WITH H/H INCOME UNDER $50,000

    THEN F.I.C.O. REARED IT'S UGLY HEAD...
     

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