Tubpbs wrote:If your express purpose right now is rebuilding your credit then I personally would not close any of those cards. The more on time monthly payments you have the better off you are for now. The more accounts in good standing you have, the better. Every month that each of your accounts age, the better.
This is just my position. Even if there is an annual fee on a card, it's probably worth it. People give so much grief to issuers about having annual fees on secured cards. I don't understand why. Maybe the bank shouldn't do it and doesn't need to do it to make money on the profile or product, but improving your credit is worth way more than $39 a year. It's crazy. Just a car loan at 2.99% vs 10.99% for almost any new car is going to save you more than the average person's lifetime in annual fees.
You need to do what is best for yourself obviously, but if rebuilding is your goal and these are you only accounts, I see no benefit in closing any of them any time soon.
What other info can you give us about your credit profile?
On my credit i have 4 perfect paid auto loans which are closed now and an open BMW lease which is also paid perfect,
and 4 perfect paid cards that i finally recieved in February this year. and student loan which is paid good.
I went years without having credit cards oobviously because i couldnt get them.
right now :
Experian - 608
Equifax - 581
TransUnion - 629
i have 7 older accounts credit card & medical accounts that went into collections with 2 judgements in those from a while ago that i couldn't afford to pay. but they keep getting renewed somehow on credit. they are coming up on the 7 year mark so the creditors are doing everything they can to makr them stay on.
I was refereed to CRE credit restoration, and they got 2 of those derog accounts knocked off my transunion already in a month, so we got that going.
Current cards are
So i have 4 credit cards & a fingerhut account as of now.
1.BankAmericard Platinum Plus Visa - (Secured) $300 limit
2. Capital One Platinum - $500 Limit
3.Discover it - $200 Limit (secured)
4. Nordstrom store card - $300 limit
5. Fingerhut account- $500 account limit
i do have high balances right now, but in 2 months i will have them paid down to under 25% of their limits.
I eventually want to narrow down to a real Discover IT, Nordstrom or apple store card, and a BOA visa since i bank & invest with them or something else with good cash rewards(I see alot of people here have chase freedom). I dont need miles, since i dont fly so lol