what should i do?

Discussion in 'Credit Talk' started by peeper, Dec 10, 2000.

  1. peeper

    peeper Guest

    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
  2. sam

    sam Well-Known Member

    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.
  3. Saar

    Saar Banned

    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.

  4. creditwork

    creditwork Well-Known Member

    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.

  5. netKat

    netKat Guest

    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.

  6. river

    river Well-Known Member

    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.
  7. JP

    JP Guest


    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.

  8. Momof3

    Momof3 Well-Known Member

    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.

  9. dogman

    dogman Well-Known Member


    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
  10. peeper

    peeper Guest


    Thank you all for your comments.I will take all your suggestions under consideration!

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