which card would you recommend me to close?
i currently have 3 cards.
1-macys store card : 2,000 credit limit [open in december-07]
2-bloomigndales store card: 400 credit limit [open in january-08]
3-century21 mastercard : 1500 credit limit
i guess i should keep #3 and get rid of one of the store cards? after i pay the balance on the mastercard, i’m thinking of opening a major credit card. not sure who to go with.
Don’t close any of them just yet, but just don’t use the store cards, because their interest is high. When did you open card #3? The longer you keep cards open, the longer your credit history becomes, and the longer your credit history is, the better your score is. If you absolutely, positively had to get rid of one card, I’d dump the Bloomie’s because their limit is low anyway.
BTW, the MasterCard IS a major credit card. I think the one who suggested the AMEX is right on the money suggesting that as your next credit card. But I’d wait to try and apply for one for six months, so you establish more of a history with the cards you have, and so the hit you take for closing Bloomie’s gets absorbed. The higher your credit score is, the more likely you will be to get the card you want with the terms you want.
February 21st, 2010 at 4:56 pm
the one with the highest interest, although i think the macys card
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February 21st, 2010 at 5:33 pm
American Express since then you will not be able to have a balance. it has to be paid right away
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February 21st, 2010 at 6:14 pm
Personally, I would drop all three (or at least the two store cards) and get an American Express. These are wonderful, for it’s virtually impossible to get in debt with them, since you have to pay the balance off every month.
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February 21st, 2010 at 6:39 pm
I would definitely close out the store cards. In fact, pay them all off and close them all, then get a Visa or MasterCard and pay it off in full at the end of each month. You’ll be surprised at how this helps your credit rating in a few years!
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February 21st, 2010 at 7:14 pm
I wouldn’t close any of them because it will negatively affect your credit score. I would pay them off and leave them open.
Cut the cards up if you have to, but don’t close.
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February 21st, 2010 at 7:54 pm
Don’t close any of them just yet, but just don’t use the store cards, because their interest is high. When did you open card #3? The longer you keep cards open, the longer your credit history becomes, and the longer your credit history is, the better your score is. If you absolutely, positively had to get rid of one card, I’d dump the Bloomie’s because their limit is low anyway.
BTW, the MasterCard IS a major credit card. I think the one who suggested the AMEX is right on the money suggesting that as your next credit card. But I’d wait to try and apply for one for six months, so you establish more of a history with the cards you have, and so the hit you take for closing Bloomie’s gets absorbed. The higher your credit score is, the more likely you will be to get the card you want with the terms you want.
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February 21st, 2010 at 8:42 pm
JOIN A CREDIT UNION IN YOUR AREA a credit union can give you more personalized advise. When thinking of closing credit cards. Rule #1 never close the oldest one. The older the credit you’ve established, the better. Also it depends on how many installment loans you have (car loans, student loans, personal loans, etc.) You have to have a good mix of types of credit.
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February 21st, 2010 at 9:19 pm
Close all three and learn to live without credit.
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