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CC Question

A

akiraxtc

Senior member
If you have several fairly high credit limit cards but you seldom use them, will it bring your credit score down?

I used to carry balance on some of them but all of them are paid off a few months back and all i owe is a hundred or two (for food, cashbacks 🙂) on a card which gets paid off every month. The rest of the card are unused - 1 card which used for emergency only never even carry a balance since the day i got it. Just asking, because i heard someone saying keeping 0 balance on your cards are not exactly good. Should i ask for higher limit on few select cards and close the rest?
 
do NOT close the card that you have had the longest. Longer credit history is better for your credit scores - you will hurt your score if you close your long held cards. Just keep the limits the same as they are as your credit limit to debt ratio affects your credit scores as well if you have the discipline not to charge up your accounts again.
 
Even if you don't use them that much?

So far i've got 1 visa, 3 amex - bus, blue, optima, 1 discover, and 1 Master.

Optima is lower limit emergency card which i used to get for the amex pricematch thingie.

1 visa that i get last year just because darn sams club did not take amex or master. Now hardly ever used it since there is not incentive and my sams club suddenly accepts debit/discover.

Blue, one of my first cards... was heavily used but haven't seen a balance on it since last year.

Bus rebate card, regularly used.

Discover card which i got 2 yrs ago, used initially for phone bills but never used it anymore since last year, switched it to bus card due to discounts.

Mastercard, which is my very first CC i got, used to have balance from transfers - 0 balance since 6 months ago and never used it since - no incentives.



Yeah, that's quite a few cards, which is why i'm thinking of getting rid a few of them if it adversely affects my credit.

 
Originally posted by: akiraxtc
Even if you don't use them that much?
Click to expand...

No do not close them. Leave them open. Its ok to have a few cards. Put 2 in your wallet and leave the rest at home.

1) Go get copies your credit reports from Trans Union, Equifax and Experian.
2) Get your credit score too, if you do not have it already.
 
Originally posted by: akiraxtc
Even if you don't use them that much?

So far i've got 1 visa, 3 amex - bus, blue, optima, 1 discover, and 1 Master.

Optima is lower limit emergency card which i used to get for the amex pricematch thingie.

1 visa that i get last year just because darn sams club did not take amex or master. Now hardly ever used it since there is not incentive and my sams club suddenly accepts debit/discover.

Blue, one of my first cards... was heavily used but haven't seen a balance on it since last year.

Bus rebate card, regularly used.

Discover card which i got 2 yrs ago, used initially for phone bills but never used it anymore since last year, switched it to bus card due to discounts.

Mastercard, which is my very first CC i got, used to have balance from transfers - 0 balance since 6 months ago and never used it since - no incentives.



Yeah, that's quite a few cards, which is why i'm thinking of getting rid a few of them if it adversely affects my credit.
Click to expand...

ok, I would figure out if you have cards from the same bank i.e. Citibank. They allow you to transfer credit limits from one card to another. Do that with the oldest card and then consider closing some of the newer accounts. I am not sure about AMEX so you may want to call them and ask if you can consolidate your credit limit into one card. I would only do this because that is a lot of cards to keep track of i.e. lost or stolen.
Anyway, your credit score is important but it won't really affect you too much at all so I wouldn't be too concerned about closing the new accounts unless you are shopping for a loan within the next 6 months or so. Other then that - it wouldn't be a bad idea. It just depends on what you want to do in the near future.
 
Originally posted by: chowderhead
Originally posted by: akiraxtc
Even if you don't use them that much?

So far i've got 1 visa, 3 amex - bus, blue, optima, 1 discover, and 1 Master.

Optima is lower limit emergency card which i used to get for the amex pricematch thingie.

1 visa that i get last year just because darn sams club did not take amex or master. Now hardly ever used it since there is not incentive and my sams club suddenly accepts debit/discover.

Blue, one of my first cards... was heavily used but haven't seen a balance on it since last year.

Bus rebate card, regularly used.

Discover card which i got 2 yrs ago, used initially for phone bills but never used it anymore since last year, switched it to bus card due to discounts.

Mastercard, which is my very first CC i got, used to have balance from transfers - 0 balance since 6 months ago and never used it since - no incentives.



Yeah, that's quite a few cards, which is why i'm thinking of getting rid a few of them if it adversely affects my credit.
Click to expand...

ok, I would figure out if you have cards from the same bank i.e. Citibank. They allow you to transfer credit limits from one card to another. Do that with the oldest card and then consider closing some of the newer accounts. I am not sure about AMEX so you may want to call them and ask if you can consolidate your credit limit into one card. I would only do this because that is a lot of cards to keep track of i.e. lost or stolen.
Anyway, your credit score is important but it won't really affect you too much at all so I wouldn't be too concerned about closing the new accounts unless you are shopping for a loan within the next 6 months or so. Other then that - it wouldn't be a bad idea. It just depends on what you want to do in the near future.
Click to expand...

I am actually thinking of getting a home/condo so yeah i'm worried about it too. But last time my credit is checked is when i bought my car and back then (jan '05) my credit score is somewhere in the 720s.
 
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