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Closing accounts to get better ones - Is this right for me?

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Yes this basically a double post... Sorry... After reading more I thought it belonged here instead... Mods feel free to delete the other one if its out of place... Thanks...

Hopefully someone around here can lead me in the right direction.

I've got two years of on time payments behind me on ALL accounts... No new collections on my credit for at least 4-5 years... I've been carrying high balances on my credit cards though so that is why I assume that my scores still won't break into the 600's and the one time they did it was only one and it hit a whopping 608!!! Last time I checked I'm still hovering around 570-580 on all scores...

So here is the situation... I have 7 Credit cards in my name... One with a $2300 limit (this is also the one I've had the longest its providian, now WAMU and they've actually treated me okay) 3 regular capital one cards w/$500, $600 and $800 limits (the $800 card has a $700 balance right now) 1 Clear card $900 limit (paid off this is a card through my employer that they pay directly from my check) and then two from Household Bank one $800 and one $1100 limit... One of them has $700 balance right now...

I also have a fairly new (Nov.) truck loan from Road loans. I've only made 4 payments on it so far (all on time of course and I always pay more than the amount due). We have an FHA Mortgage that we've been in for 11 months again, always paid more than the amount due and on time.

Wife has 3 cards 1 capital one one orchard bank (both paid off) and a clear card (same employer) also paid off... She's also on the truck and the mortgage...

Now I've paid off about $16-18K in debit since Feb... I don't expect scores to jump overnight... But I'd like to get rid of some of these credit cards because I've read that having several cards with low limits can hurt you as well...

Basically I'm curious what I should do next... I want to keep at least 2 credit cards, one for each of us for an emergency, but I'd also like to get my scores up so I can refi my truck (house already is locked in at 6.375% so I'm okay with that for now... Also hoping to get some better credit cards in my wallet with better options and a higher limit... Not so I can utilize them, but more to help my scores and to have for real emergencies...

So, any recomendations???



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Call Cap 1 and ask them to combine your cards. Even though the smallest limit card is probably the oldest, Cap1's behavior is to only permit CLIs on non-subprime cards. Therefore, I'd combine the cards into the highest-limit card (unless the highest-limit card had the highest fees). Basically, combine the three cards into the card that will get you the best rate and fee structure, because that's the one that's most likely to get you further.

For HSBC, I'd say the same thing, because they'll also cap your growth depending on where that card started.

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