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
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.
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
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...