Should I cancel my Credit Card

Hey I work for a Bank and I am a loan officer so i deal with reading Peoples credit reports all the time. To be honest with you keep the cards that have the highest credit limits, and if you can take the ones that have the lowest credit limits and do a balance transfer to another card and cancel that one out. Obviously interest rates matter to most people so if the interest rates dont vary much then that would be an ideal situation. Now is it hurting you having that many open, NO, unless you are deliquent on your payments or have been deliquent in past years. Could if help you credit by have only a few, it could, but if your credit is already above the national average then i'd just keep them all open or do the balance transfer and get rid of maybe one or two with the smallest credit limits.

If you have any additional questions man feel free to PM me or whatever

Matt

 

Status Update..

Card 1 :$0 Balance $10,600 Available 14.9% Intrest
Card 2: $0 Balance $2,000 Available 3% APR (3/09) then 14%APR
Card 3: $2800 Balance $2200 Available 4% APR

I cancled all the bullshit stuff, like my Office Depot, Best Buy, and Old Navy Card.

I should have the Balance of Card 3 payed off either 1 Feb or 15 Feb....


So does anyone know how long it takes for your Credit score to adjust.. ?

 

I just keeped the number 3 for have a good credit

 

I set up an automatic charge for my cell phone to my CC. I just pay that off every month and it builds my credit. I found the best way to not use your credit card is to leave it out of you wallet.

 

I had/have one of those credits cards as well. I opted to call the company and report it lost and they sent me a new one. I never activated the card and shreaded both the old and the unavtivated new one. The credit is still on my record, but If anyone tried to used the number without the card, it will be denied because it was never activated. Been like this for years.