Advice on Closing Credit Cards

Mar 162011
 

As of this morning, this is my list of active cards, balances and credit limits. Unless I bunked my spreadsheet, my total utilization is at 5.56% (That’s a negative balance on Credit One). I was thinking of closing the Credit One, First Savings, and possibly the Orchard Card since doing so will have minimal effect on my utilization, especially if I pay the balance on the Applied Card as well. My question is, aside from not having to worry about the annual fees, do I gain any other advantages for doing so? Are there any possible negative I’m not considering aside from the utilization and the eventual AAoA? As always, any advice and insight is appreciated.

 

Applied Card ….91…..1250

Merrick…………..158….1800

Orchard………….79…….900

Capital One……..0…….750

Credit One…….-47……600

First Savings ….99……550

Cap One………….0…..1000

 

My apologies if this should be in the Credit Card forum. Please move if appropriate.

Quick Question about paying charge off’s

Mar 162011
 

Hi Everyone, please help

 

When calling the OC to pay on or off a charge off what should be my verbiage to request a pif arrangement?  I know that I should accept or request a settlement. PFD are great however, if not the PFD the PIF is the next best thing.

 

If I request the PIF will that then remove the charge off status?  Also, if I make maybe 3 to 4 payments to pay off the balance would it be better as the utilization would then should a monthly increase in score?

 

Yes, the charge off has been reporting in my utitlzation per my fico but not other credit monitoring services.  The past due amount is 1266.00

How Much Will This Help My Score? (added to account)

Jan 122011
 

I was added today to my mother’s visa card which is a Bank of America credit card that has been opened for many years with a $25k limit and she always pays it off each month so it never has a balance at all or VERY VERY little. Right now my credit score is floating in the 665-670 range with my last myfico report showing 667. I have a $2500 credit card with a balance of $950 right now however it has only been open just over 2 years and the history was the big thing that was hurting my score as well as the utilization percentage. Will this be a big jump? Will it help me to secure credit or loans in the future? Please let me know if you think this will help as much as I am hoping.

Medical Collections-Should I try to pay?

Jun 212010
 

This is my first post so here goes.:smileytongue: I am planning to buy  a home in the near future and am working on my credit score. I had a bankruptcy in 2006 and have paid all bills since then on time but I haven’t opened many new accounts. I am currently at 580 with Equifax. I have some medical collections due to dispute with my insurance company, they didn’t pay and I couldn’t pay at the time. I only have 2 credit card accounts and the utilization is on the high side so I am paying those down. Should I try to pay the medical collections or leave them alone? I have heard that many lenders don’t really look at medical collections as long as other items show good payment history. I think I would be better off to put the money toward my cc balances but  I want to be sure I am on the right track. Thanks!

Utilization Factor in Credit Score

Feb 192010
 

Hi All! 

 

I have a question regarding utilization…

 

Is the utilization factor in a credit score only based on open, available credit and the amount used on those credit lines?

 

I am just wondering if my closed accounts that still have balances on them that were closed by the creditor and still in repayment, are factored into the score?

 

I guess it would make sense to put more effort into paying down the open credit lines to lower the utilization if my thinking is correct.  Any thoughts?

 

Thank you in advance!Â