CleanUp81 Posted May 13, 2005 Report Share Posted May 13, 2005 Hey guys,I received a pre-approved offer from BoA in the mail and went ahead an applied for the card online. I was approved for a $5k CL and the APR is lower than my chase. So I am excited to finally have 2 prime cards. I do have one question, since starting my credit repair journey I have some cards I got just to boost up my score, they are sub-prime and have lower CL's (except for Cap1 who doesnt report the CL). All together I have 5 credit card accounts. I dont use the lower CL ones at all anymore. One of the cards has my oldest history so I am not too crazy about canceling, but my Cap1 is about 7-8 months old. Do you think I should cancel it because I have that many CC accounts on my report, or do you think it's doesnt really matter? I also have a Providian thats about the same 7 months and havent received a CLI, is it worth calling and threatening to cancel for a CLI? Just wanted some pointers. Thanks guys! Link to comment Share on other sites More sharing options...
Revco Posted May 15, 2005 Report Share Posted May 15, 2005 There are several differing opinions on this, but I fall into the "keep only what you need" category. Definately don't cancel your longest-term account...that's helping your score significantly. As far as the others...I don't think the Cap1 at 7-8 months is making a huge difference to your score and is worthless if it doesn't report the CL...the others, I'd drop like rocks unless they're substantially able to offset your usage percentage.To answer one of your questions, I believe statistics show the "average" person has between 6-8 accounts. This would include mortgages and car loans. Link to comment Share on other sites More sharing options...
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