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Closing accounts

The last post in this topic was posted 5460 days ago. 

 

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I am going to be purchasing a home in May of 07 and I currently have 3 cc's that will make there 1 year mark in March, Rewards 660 w/ a $8.00 monthly fee, Total w/ a $10.00 fee and 1st Premiere w/ a $1.00 month fee..I also have a Target opened in 12/05, Marathon opened in 1/06, CJ 10/05, Orchard 10/05, and Cap 1 Auto Ln 10/05 oh and 2 student loans that were opened in 10/98 do you think closing those 3 monthly fee accounts will have a great drop in my score or if by May of 07 it will be back up?

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I am going to be purchasing a home in May of 07 and I currently have 3 cc's that will make there 1 year mark in March, Rewards 660 w/ a $8.00 monthly fee, Total w/ a $10.00 fee and 1st Premiere w/ a $1.00 month fee..I also have a Target opened in 12/05, Marathon opened in 1/06, CJ 10/05, Orchard 10/05, and Cap 1 Auto Ln 10/05 oh and 2 student loans that were opened in 10/98 do you think closing those 3 monthly fee accounts will have a great drop in my score or if by May of 07 it will be back up?

 

Since 35% of your FICO Score is made up of your credit history -- the three credit cards - do not close them down just pay them off and leave them in a drawer if you need them for an emergency.

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March 07 is more than 12 months away. I'd close them. NO sense in paying the monthly fees if you have better cards. Your scores will rebound.

 

DITTO

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yes, they should rebound.

 

but will it be enough?

 

my motto is to never close.... once open the damage is done.

 

now.... if the fee cards are not the oldest accounts.... then i might agree to close them.

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The last post in this topic was posted 5460 days ago. 

 

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