Credit Card Bill debate

[Zalius]

I would be in full bat shit crazy mode if I was in your spot. I get depressed when my checking account is below 1k. Then I look at my savings and calm down.

Since we are on the subject of money and shit, do a lot of people on here save for retirement? I know I invest the max 5k a year into my RothIRA, don't have a match at my employer, and then I throw easily 25%+ of my income into savings for either investing/saving up to pay my next car off in cash/down payment on a house.

The people on TLC with flip this house are fun to watch but when joe schmoe comes in and tries it usually goes to shit.

to be just got my check today, so im worth a positive amount now. but honestly, i took the time to work out what im doing, and actually know how much im paying and when it will be paid off. its why i have a good credit score. i've never not known how much i owed, how much i will be paying, or how to change how much i owe. I could stop paying for 5 months if i needed to and they wouldnt say anything because i'm so far ahead of min requirements. I've handled myself well, and i dont buy anything unless i have the money for it and can pay for it on the spot out of checking. The 122 is leftover from interest. As of right now, for as much stuff as i have going on, id say im doing fine.

and i have a roth ira with 4500 starting from hs graduation present. and no, i'm not spoiled, i've worked since i was 16, and thats probably 8x bigger than any other present ive ever gotten

[_chuchu]

Many good suggestions itt.

As I recall, credit cards have a small impact on your credit history. Student loans and car payments are medium impact. Home (and similar) is the largest that will be taken into account when determining your credit score.

Basically also what Norellicus said about CC balances, try to keep them as low as possible because that is also taken into account. Having spoken with a CC services rep at Bank of America when I opened my first, they informed me that using the CC and paying it off (obviously) helps keep you in good standing and helps build your rating.

Yeah, Archi is right about it being a good idea to keep the oldest line open if you're going to close the other unwanted lines. You'll take a small hit to your score, though. Check with the companies to make sure it is closed properly so that you don't get black marks. You should see "closed by request of cardholder" on your report and not "closed by debtor."

[Khamsin]

Well, I guess the question really is, do I need to close the unused once? Is it better to have 6 open revolving accounts, or 2?

[_chuchu]

Well, I guess the question really is, do I need to close the unused once? Is it better to have 6 open revolving accounts, or 2?

imo, I would close the unused (revolving credit) ones and stick with the 2.

[_chuchu]

of course, just make sure they are closed properly, and check for associated fees