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August

Joined: 09 Jan 2008
August's page
Posts: 134

30 Magic Points

Sun Feb 03, 2008 3:51 pm

I think you have way too many, you should get rid of like 6 of them.

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1334

35466 Magic Points

Mon Feb 04, 2008 11:07 am

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.

Dadummy

Joined: 15 Nov 2007
Dadummy's page
Posts: 606

57 Magic Points

Mon Feb 04, 2008 5:28 pm

the best card is the one thats paid off. lol

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1334

35466 Magic Points

Tue Feb 05, 2008 5:37 am

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.

working
Guest

Subject: How many credit cards should I have

Mon Mar 03, 2008 8:20 pm

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.

Ism

Joined: 13 Feb 2008
Ism's page
Posts: 43

2510 Magic Points

Mon Mar 03, 2008 9:20 pm

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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