Discussion in 'Credit Talk' started by Momof3, Jan 1, 2001.

  1. Momof3

    Momof3 Well-Known Member

    I had my Helig Meyers tradeline which began in 3/98 and I paid this off and closed in 4/00. And also my ARia will hit the 2 year mark in 6/01. Now I have held onto my Associates(hate this card) no balance and it will hit 2 yr mark in 7/01. Now should I still hold on to this or let it go now?? I guess it is better to have several cards hit the 2 yr mark or would it be okay to dump it now?? I realize that several years do the trick but this is what I have to work with at the moment.

  2. Angela

    Angela Guest

    I think to close it is best.

    Mom of 3,

    I have been repeatedly told that having too many open accounts is bad news. 5 or 6 is supposed to be about right. I find it strange that some of the people here have 18 or 20 accounts. Maybe I am wrong but a limited number of high credit limit accounts helps more than 20 low limit accounts.

    You might want to ask Kristie about this when she is back from vacation.
  3. Doug

    Doug Well-Known Member

    RE: I think to close it is bes

    AGE has a lot to do with each indiviuals file. For example 20 low limit cards with years of good payment history would destroy even 5 or 6 credit lines of say 15,000 a piece. As Mom3 said it helps to have something to work with.
  4. creditwork

    creditwork Well-Known Member

    RE: I think to close it is bes

    Don't find it strange. It takes work, patience and discipline. It also takes credit management skills, but it is not hard to do. I saw no less than 5 individuals say they had between 20 and 30 accounts. I am not sure all of these are bank cards, but when I say I have 18, I mean 18 bank cards, that does not count dept. stores and other type of credit.

    Exercise your credit to make it grow.
  5. Doug

    Doug Well-Known Member

    RE: I think to close it is bes

    17 Bank Cards out of 22 accounts.

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