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Author: mjw3786 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: Some house cleaning questions Date: 1/2/2013 4:57 PM
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Hey y'all, i'm back for a quick update and a little advice. For those not familiar:

last post [woohoo!]
http://boards.fool.com/to-that-debt-i-say-good-day-30250840....

So I am now *completely* debt free. Savings less car loan balance is seriously in the black. We're saving aggressively towards a wedding and down payment and the next month will include some shifting for retirement contributions on top of what we've already been sending.

Question is about these skeleton accounts. I want to close unnecessary accounts so I don't look scary to a potential lender for a mortgage in the next 12-24 months. No rush, but also no reason to have all of these when I only use one of them.

I ran my credit report this afternoon and I have EIGHT open CC accounts. Here is the breakdown:


Card Opened Limit APR
-------------------------------------
Discover 5/1997 16,500 10.24% *oldest so prob not closing this
BofA-MC 5/2002 10,400 9.9%
BofA-AMEX 7/2003 None 9.9% *this is my daily use card so not closing it
CU 9/2006 23,500 7.24%
Chase-Visa 10/2006 10,500 9.9%
BestBuy 5/2009 2,000 24.0%+
RoomsToGo 3/2010 4,500 24.0%+
Citi MC 7/2010 7,300 9.9%


I am thinking I will keep AmEx [usage/rewards], Discover [age], BofA MC [age], and CU [High Limit/emergencies]. I don't anticipate the need or "urge" to use credit for any purchases I don't have savings to immediately pay off. I have a good cushion in savings for now and plan to keep building on that. What am I missing here? Any suggestions are very much welcome.

Thanks and HAPPY NEW YEAR, Fools!
Mike
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