Too Many Credit Cards: Time to Close Them?
News from Credit Card Guide News:


Dear Credit Guide,
I used to have excellent credit. But in 2005, my credit score got down to 500 after my divorce. In 2006, I applied for two credit cards with $ 300 limits to rebuild credit. Then in 2008, I applied for another with a $ 500 limit. I’ve never been late, and my score went up! In 2010, I was approved for six more department store credit cards with higher credit lines. I spent under $ 200 each time I used the department store cards, and I always paid them off in a few months. Right now, all cards are paid off, and my total credit line available is $ 8,000.

My score is now 695. I would like to cancel and close the high-interest cards, including the original three from 2005/2006, which have annual fees. The department store cards don’t have annual fees, but do have high interest rates. I’m getting an actual credit card through my own bank now and an “airline mileage one” at 15 percent interest (compared…………… continues on Credit Card Guide News
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How to revive your credit score after-foreclosure
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By Kim McGrigg

Dear Credit Care,
I lost my house to foreclosure due to a drop in income. I have paid all my other bills, but my credit score is 645. What can I do to raise my score? And how long do I have to wait before I can buy a house again? I have no credit card debt or car loan and no other debts. — Silvia

Dear Silvia,
From your letter, it sounds as if you have paid all accounts with outstanding balances and your credit score has just not had time to recover from your foreclosure. Let’s go through some ways you might improve your score, and then we’ll discuss shopping for a mortgage.

Time and positive information is what you need to improve your credit score. Begin using old credit card accounts again for purchases that you have a plan in place to pay off each month. The new positive…………… continues on
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