Posts Tagged ‘credit score of 800’
Credit Score Of 800
July 10th, 2010
Question: Should I cancel one of my credit cards to improve my Credit Score?
Here's some background info on myself: I'm a sophomore college student with 2 cards. My first card I've had about two years. It has an $800 credit limit but, because my bank messed up my cash deposit, one of my payments bounced. The APR jumped to 29.99% (and they won't lower it), so I'm looking to cancel it.
My other card I got a year ago. Its got $1200 credit limit at 17% APR. I've never missed a payment with this card, but currently carry $1000 on it (because the other card's APR is too high).
I also received a new card this month with a $2500 limit and 0 APR (incl transfers) for 6 months, which I have yet to activate. I want to cancel my first card with the high APR and bad history and then split my current $1000 debt between my second card and the new card. This way, my debt-to-credit limit ratio is lower and I'll have less interest to pay. I can definitely pay off my debt within 2 months. Is this a good idea? How will it affect my Credit Score?
Answer: You are too smart for your own good. Between you and me, stop asking questions you obviously know the answer to.
Get Your 800+ Credit Score
Posted in 
Tags: 