No. of Recommendations: 2
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
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement