Thanks a lot, guys. Your advice simply stopped me from doing sth. silly.

Just to be sure, even though the accounts I had planned to close carry only a small fraction of my total credit line, it still makes little sense to close them. Correct me if I'm wrong, pls.

Fri Mar 28 2008, 14:25

Like the others say, keep them open.

Fri Mar 28 2008, 13:54

keep them open
especially if there is little or no balance on them
for example
you have 1500 debt on 15 cards (for example 2000 limit per card)
it is better than having 1500 debt on 1 card (for example 2000 limit on this card)

anways

good luck

Fri Mar 28 2008, 10:44

If the bank asks you to close your credit card, you should question their sanity.

If those accounts are aged, they are golden. You close them, and your score might as well drop:

- because of loss of available credit ( one of the scoring factors is utilization, which should increase if you close accoutns because of loss of total available credit),
- because of eventual loss of good tradelines.

W/ your 800 score, they should be delighted to do business with you. If they are concerned that you have too much available credit, explain to them how FICO scoring works, and the reason of the 800 scores are good, aged tradlines (translation: bank does not know what they are talking about, i.e., it should be none of their business).

Fri Mar 28 2008, 09:57

I agree with Sally. Keep them open unless the bank asks you to close some. Which they probably won't do with a good credit score. You may also want to talk to a financial advisor or go tohttp:// www.myfico.com there is great info there on what effects your credit

Fri Mar 28 2008, 04:39

Do not close the accounts. The capacity for credit is one of the aspects of your 800 score. If you close the accounts your score will drop.

Sally W.Hamby Sr Loan officer Sunshine Mortgage, Atlanta,Ga

Fri Mar 28 2008, 04:17