cancelling a bunch of credit cards

Avatar for 2locachicas
iVillage Member
Registered: 05-14-2003
cancelling a bunch of credit cards
2
Sat, 11-22-2008 - 11:29am

we have TONS of credit cards that have been empty for years. Probably around 150k in revolving credit. They aren't used but the limits keep getting raised. We need to close them because we want to buy a house next summer and it is way too much credit for our income.


Do I just close a bunch of them at once and let my FICO rebound or is there a better way? I need it to rebound by next June but our income is SO SO much lower than it used to be it is just a negative when banks look at it. We just want to keep 3 of them for personal use....


Thanks!


iVillage Member
Registered: 11-17-2007
Sat, 11-22-2008 - 7:24pm

About a year ago One afternoon we cancelled a bunch of old cards

iVillage Member
Registered: 10-02-2008
Sun, 11-23-2008 - 4:14pm

I agree with the previous poster... May be a better idea than closing all of them.


http://ficoforums.myfico.com/fico/?category.id=ficoscoring_othercreditissues


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