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August
Joined: 09 Jan 2008
August's page
Posts: 143
25 Magic Points
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Sun Feb 03, 2008 3:51 pm
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| I think you have way too many, you should get rid of like 6 of them. |
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Laura
Joined: 21 Jun 2007
Laura's page
Posts: 1400
34749 Magic Points
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Mon Feb 04, 2008 11:07 am
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It can really boost your score if you have many cards but maintain it well. But for the time being manage the ones you have.
_________________
Regards,
Laura. |
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Dadummy
Joined: 15 Nov 2007
Dadummy's page
Posts: 636
20 Magic Points
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Mon Feb 04, 2008 5:28 pm
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| the best card is the one thats paid off. lol |
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Laura
Joined: 21 Jun 2007
Laura's page
Posts: 1400
34749 Magic Points
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Tue Feb 05, 2008 5:37 am
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Da,
It is of course very good if the card has been paid off but a card which is being used and maintained has more value.
Hi Ism,
If you want to close down any card by choice, close a new one which is not being used. The effect on your credit score will be lesser. Do not spoil your credit history by canceling old cards.
_________________
Regards,
Laura. |
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working
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Subject: How many credit cards should I have
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Mon Mar 03, 2008 8:20 pm
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| I have 8 credit cards, 2 of them I have had for 5 years and each is $300.00 and then I started getting offers with more money and that is how I ended up with these other cards. If I close the new cards, this would affect my credit score right? What should I do? I had debt problem and kept maxing the cards and now I am paying them off and I am working hard on that. What should I do, keep the cards or close some of the cards. I want to buy a house in the future. |
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Ism
Joined: 13 Feb 2008
Ism's page
Posts: 44
2506 Magic Points
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Mon Mar 03, 2008 9:20 pm
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From all I have learned in the past couple of weeks, ask yourself a couple questions first. Is your immediate goal raising your credit score? or are you looking 2 years out at buying a house? Credit cards are only good for your score if they are empty. If you can't make the payments and keep them empty, then close a couple and leave the highest limit ones open and work on keeping those balances low.
You have to be honest with yourself - if you have 8 cards available, are you going to be able to NOT use them? If you pay off and close a couple, your score will drop in the short term, but as the balances fall on the remaining ones, and hopefully the limits increase, your score will go up too. |
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