Better to close the accounts or keep low debt/potential debt ratio?
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Posted by Seadragon
(206.155.214.22) on July 19, 2003 at 23:00:00:
Hello everyone, This is my first time here. I've heard a lot of conflicting advice from different sources, so I thought I'd see if anyone here has any suggestions. 29 year old male living in Tennessee Total credit card debt: $6,635
distribution: card 1: Credit line: 38,500(!), $0 on card
card 2: Credit line: 10,000 revolving: $6,635 on card
card 3: Credit line: 16,000: debt ~$200 card 4: credit line: $6,500, $0 on card card 1:
This is my first card, which I got when I was $18. It has a high credit limit, and I've never been late on payments with it. I don't need it, and was going to close it, but it's a card I've had for over a decade in good standing, so I wonder if I should keep it. card 2: Balance transfer card. 0% until 01/05. I will be able to pay this card off any not pay any interest on the balance at all. (I've worked out a payment schedule.) card 3: (this is my puchase card which I usually pay off every month, or have at most $100 at the end of a cycle.) card 4: I've kept this one in case one of the other cards screws me over with a changing rate; sort of an "emergency transfer card", as it usually has halfway decent rates (6.9% or lower.) I've never had to use it in this fashion. So, this gives me: $6,635 total debt, and 71,000 total available credit. What should I do? Should I close all but the purchase and the transfer card? Should I call to have the credit line lowered on all of the cards? Or, should I just leave well enough alone? Thanks for any advice!
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