Which Credit Card Should I Keep?
Author: Absinthe
Posted: Sat Apr 10, 2004 1:54 am
Post subject: Which card to keep?
Hey everyone,
Just wanted to say thanks first of all for all the great info I've received from reading the boards for the past couple weeks. I've got a question, though, and was hoping that someone could give me some insight...
Here goes...
I'm currently 21 years old and have good credit, as far as I know. I've paid off two cars, never ever made a late payment, and never missed a payment on any credit card, car loan, or anything else.
My current credit situation is that I have a Providian Visa with a $3750 limit at 18.9%, a Bank of America Visa with a $4500 limit at 16.9% (maybe lower, as they told me to call tomorrow to see if they could lower it) and an AmEx Blue card with a $2000 limit, currently at 0%. I've also got a couple department store cards which I'm getting rid of as soon as the balance is gone. (I'm not in debt more than I can handle, either...that's not the issue). My problem is that I've got more credit than I need and from what I understand, I should eliminate one of the major cards. I just got the AmEx, and I want to keep it, so that one's staying. I want to get rid of one of the Visa's. My Fico is 703 if that matters.
Now, beings that I'm 21, short credit history is something that I've seen once or twice. I've had the Providian card since I was 18, but it has a lower limit and a higher interest rate. The only reason I would want to keep it is because of the fact that I've had it for three years, which I think should help my credit. I've had the BoA Visa for just under a year, but it has the higher limit and lower interest rate.
And after all of that, my question is...Which card should I keep? The BoA Visa or the Providian Visa? Would it be helpful to my credit report to keep the Providian because I've had it longer, or does that not matter?
Thanks in advance...(Sorry for the length, I just want to keep my credit under control, as I want to buy a house within a few years!)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ira
Posted: Sat Apr 10, 2004 2:06 am
Post subject:
You're doing just fine. Don't change a thing.
Author: marlboro
Posted: Sat Apr 10, 2004 2:09 am
Post subject: Which Credit Card Should I Keep?
financially i would say to transfer the balances to the boa acct just to have 1 due date and only 1 late fee if you forget about it. but keep the other accounts open to keep you debt to credit ratio the same. credit is kinda funny from my understanding as they measure debt to credit ratios, but don't want you to have too much available credit out there either as you might become a big risk to relying on that available credit to service you in times of need that may make you get in over your head. correct me if i'm wrong though
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Sat Apr 10, 2004 10:18 am
Post subject: Which Credit Card Should I Keep?
If there are no annual fees associated with the cards you're thinking of closing, keep them. I agree with the other comments that you gain nothing by closing them--and actually your credit scores will go down if you do, because since you'll have less credit available to you the percentage of credit available that you're using will rise.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sat Apr 10, 2004 1:54 am
Post subject: Which card to keep?
Hey everyone,
Just wanted to say thanks first of all for all the great info I've received from reading the boards for the past couple weeks. I've got a question, though, and was hoping that someone could give me some insight...
Here goes...
I'm currently 21 years old and have good credit, as far as I know. I've paid off two cars, never ever made a late payment, and never missed a payment on any credit card, car loan, or anything else.
My current credit situation is that I have a Providian Visa with a $3750 limit at 18.9%, a Bank of America Visa with a $4500 limit at 16.9% (maybe lower, as they told me to call tomorrow to see if they could lower it) and an AmEx Blue card with a $2000 limit, currently at 0%. I've also got a couple department store cards which I'm getting rid of as soon as the balance is gone. (I'm not in debt more than I can handle, either...that's not the issue). My problem is that I've got more credit than I need and from what I understand, I should eliminate one of the major cards. I just got the AmEx, and I want to keep it, so that one's staying. I want to get rid of one of the Visa's. My Fico is 703 if that matters.
Now, beings that I'm 21, short credit history is something that I've seen once or twice. I've had the Providian card since I was 18, but it has a lower limit and a higher interest rate. The only reason I would want to keep it is because of the fact that I've had it for three years, which I think should help my credit. I've had the BoA Visa for just under a year, but it has the higher limit and lower interest rate.
And after all of that, my question is...Which card should I keep? The BoA Visa or the Providian Visa? Would it be helpful to my credit report to keep the Providian because I've had it longer, or does that not matter?
Thanks in advance...(Sorry for the length, I just want to keep my credit under control, as I want to buy a house within a few years!)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ira
Posted: Sat Apr 10, 2004 2:06 am
Post subject:
You're doing just fine. Don't change a thing.
Author: marlboro
Posted: Sat Apr 10, 2004 2:09 am
Post subject: Which Credit Card Should I Keep?
financially i would say to transfer the balances to the boa acct just to have 1 due date and only 1 late fee if you forget about it. but keep the other accounts open to keep you debt to credit ratio the same. credit is kinda funny from my understanding as they measure debt to credit ratios, but don't want you to have too much available credit out there either as you might become a big risk to relying on that available credit to service you in times of need that may make you get in over your head. correct me if i'm wrong though
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Sat Apr 10, 2004 10:18 am
Post subject: Which Credit Card Should I Keep?
If there are no annual fees associated with the cards you're thinking of closing, keep them. I agree with the other comments that you gain nothing by closing them--and actually your credit scores will go down if you do, because since you'll have less credit available to you the percentage of credit available that you're using will rise.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 8:27 PM
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