vojm

I have a good credit score of 725, but lately I'm unable to open any new cards because I have "too many revolving accounts."

I was told that credit card companies are scared of people with too many cc accounts because of the possibility of them using the balance of all their cards at once and defaulting on them.

I'm not really sure which cards I can close either because supposedly, closing your cards affects your credit history and will lower your credit score.

What accounts should I close and not affect my credit score? Should I close accounts from 5 years ago that were extremely active back then, but I haven't touched for the past 3 years?

doopstr

Why are you trying to open new ones if you have have plenty already? IMO the most a normal middle class consumer should have is three, a Visa, a Mastercard, and optionally an Amex.

Keep the ones that are most beneficial to you, close the ones you don't use. If you haven't used them in 3 years I'm surprised the bank hasn't already closed them.

vojm

Reason why i'm applying for new ones is because I am taking advantage of the 0% apr some credit card company's are still offering as an introductory rate for the first 9-15 months. I bought my car and put the balance on credit cards and have not paid any interest for the past 3 years. I'm almost done paying it off, just need one more year.

Discover is real good about closing the accounts. Some are still leaving it open for unknown reason.

MR1

Older accounts show stability and length of credit history. I would guess newer, small balance or infrequently used accounts.

vojm

Thanks MR1

MR1

I was just trying to remember what I have read, hope I'm correct.

Your thread got me thinking about one of my cards that just had the rate raised for no good personal reason. I searched and found this site.


http://www.billshrink.com/#free-cc

Then I answered the questions and received a few recommendations. Thanks, I was approved for a new platinum card, zero interest for the first year the <9.0%. I'm glad you posted.

Mike