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Just paid off ALL of my CC's


demoncasterouter
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No, you should not. You can close the newer ones if you want, but keep the oldest ones open. You can use them once in a while for small purchases to keep them active and reporting. I learned the hard way that living on a cash-only basis doesn't help your credit, but hurts it. Go figure!

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LNY, you are so correct in your response here. I knew for years that I had derogs and thought that paying cash was the best way to go. Now that the derogs are finally coming off, I lost all my history. But the price to pay for not using credit properly in the past. Rebuilding is not easy.

demoncasterouter: First off, good job on paying off all the cards. As LNY said, do not close your oldest CC. That gives you the most history. Newer and smaller CL are ok to close. If you have Crap1 and its NOT the oldest, I would close that one because its not helping you at all since they do not report limits. Its beneficial to keep the cards that report limits.

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Absolutely!! I just got approved for a Discover at $8000 today, and a Providian for $7000 last month. As soon as those accounts are reporting for 6 months and are factoring into my FICO, I am closing my Capital One card. I do not like the way they do business. I'll take the history hit (it will be 4 years old) just to be rid of that filthy, evil company. I don't even use my credit cards enough to need Capital One anymore. They can kiss my ever-lovin a$$.

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Yeah, I haven't had any trouble out of Crap1. I've had the most trouble w/ Bank of America (lying, and saying that my payment this month won't increase, saying that I won't get hit w/ a finance charge within the next week and I did, etc.). I also had trouble w/ First Premier. They just charged me out the a$$ like BOA, that's why I was sooo glad to get rid of both of those......

Thanks for the info!

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