I recently came into enough money to pay off all my credit cards,which i intend to do.My question is which one's should i close? Sears=2900 limit 10 years old Providian=2100 limit 2 years old Orchard=300 limit 1 year old Capital 1=1000 limit 5 months old Capital 1=1000 limit 4 months old Capital 1 K Mart=600 limit 2 months old DMB secured=500 limit 1 month old All these cards are very near the limit
Nuke the dmb, and orchard. Wait 2 months, combine the two capital one's into one. Get rid of the KMART card Get a citibank AAdvantage or something.
Orchard, multiple Cap 1's and DMB all show excessive use of revolving credit lines, and reduce your score. I'd close Orchard and DMB, and combine the 2 older Cap 1's (you can do that next month when the second oldest is 6 months old). Get rid of the K-mart, its limit is small and the tradeline is new) Unless you do that, you'll probably be denied the next time you apply, for these reasons: - Too many revolving credit lines. - Too many accounts opened recently. - (if you keep accounts maxed out Ratio of balance to credit limit. Saar
This is my opinion. Keep the larger lines only, that is Providian and Capital Ones. If you can combine the Cap 1 accounts do so, but that is not really necessary. I have 4 Chase accounts and multiple Amex accounts. I agree with the other posters, you will probably get turned down if you apply for new cards, but it seems you want to reduce your credit, not increase it. http://www.creditsense.com
I would close all the accounts except for Sears and Providian. I would then seek to open one major credit card account with a non sub prime provider. netKat http://creditexpert.tripod.com/home.htm
Why couldn't you just pay the balances owed down and just start montioring your charging habits? What is the reason fo closing the acc't you have? Sears and Providian are your oldest,keep those.The acc't that you've only had 1,2,4,and five months,keep those,they're too young too close.You haven't established these acc't yet.I don't think it would hurt nor help to close those acc'ts.I would sit tight for now and build some history with these cards first. As far as getting more credit,no one person can actually determine if you will be granted it or not. We have seen and experienced that here on this board. It appears with the length of tie that you've had these acc't, that you started to establihing or re-establishing you credit history just recently. Pay cards up and sit for another 6 months beforedoing anything.
Sam I'm curious here. Cap One will actually combine the balances of 2 or more cards into one card? If so, does the credit limit also change to match the combined credit limits of the cards involved. I ask because this is a move most companies won't make because they lose the annual fee on the additional accounts. JP
I would keep the Sears, and Providian because of their length of history. I would dump DMB, Orchard and the Kmart card. You may want to combine the Cap 1's if you can. I am sure if you pay these offs and manage them good, soon better offers will come But I most certainly would get rid of Orhard,DMB and Kmart. Mom
PAY ALL OF THEM! Pay them all off, then when you have ZERO balances on everything, in a couple of months, go for an Amex Green Card with no pre-set limit. Throw the others in the drawer. If you ever need to "float" the balance due on Amex - you can cash advance from the ZERO balance cards. Get rid of those dog interet rates, and give yourself 7.1 in a liquid money market account each month. I am doing exactly what you are thinking. CYA Dogman
