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    Question Credit Rating/Credit Cards

    I have about 5 or 6 credit cards with a total credit limit way higher than I need. I am considering getting rid of about 4 of them and getting one more better one. Does anyone know how this effects my credit rating? Is it better to keep as high of a total credit limit as possible, even if you don't spend nearly close to your limit? Does it look bad to keep getting new cards and dumping old ones? Any insight is appreciated.
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    I can´t help sorry. In the same subject, do you know if there is some kind of prepaid credit card for international use?

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    Switching won't matter, my brother is a financial advisor and he used to switche his balance all the time to cards that have lower introductory rates. I think he did that like every 6 months or year.
    If sense were common, everyone would have it.

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    Quote Originally Posted by Vieope
    I can´t help sorry. In the same subject, do you know if there is some kind of prepaid credit card for international use?
    Yes, it is called the Five Finger Discount Platinum Express. It isn't good for long, so spend fast.
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    Actually yes, this could negatively effect your credit score. The score is determined by many things some of which are unknown, but frequency of hits and credit availability to debt ratio is a huge factor. Lowering your available credit could lower your score.

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    Quote Originally Posted by Dale Mabry
    Switching won't matter, my brother is a financial advisor and he used to switche his balance all the time to cards that have lower introductory rates. I think he did that like every 6 months or year.
    Thanks DM. I keep getting card offers with great introductory offers. The one I am going to apply for has 0% APR on purchases and balance transfers with no transfer fees for 15 months. That should hold me over until the next card comes along. I just don't know if I should dump the cards that I don't even use.
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    Quote Originally Posted by largepkg
    Actually yes, this could negatively effect your credit score. The score is determined by many things some of which are unknown, but frequency of hits and credit availability to debt ratio is a huge factor. Lowering your available credit could lower your score.
    But keeping this high credit limit could hurt my chances of getting a new card with much better terms, right? They could deny me because I already have a stack of credit cards--even though I don't use most of them at all.
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    Quote Originally Posted by largepkg
    Lowering your available credit could lower your score.
    Are you sure? I thought it was the other way around.
    Rules? You mean we have RULES for that???

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    Quote Originally Posted by PirateFromHell
    I have about 5 or 6 credit cards with a total credit limit way higher than I need. I am considering getting rid of about 4 of them and getting one more better one. Does anyone know how this effects my credit rating? Is it better to keep as high of a total credit limit as possible, even if you don't spend nearly close to your limit? Does it look bad to keep getting new cards and dumping old ones? Any insight is appreciated.
    having too much credit can definetly have a negative effect on your credit score. what you want to do is keep 2 of the cards that you have had the longest and keep the balance on them to 25% of the limit or less. when you have a lot of credit cards it lowers your score because you have the "potential" to get yourself in a lot of debt. a lot of activity on credit cards can also have a negative effect on your credit score....
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    Like I said the formula used is unknown. The fact you have to much available credit could certainly hurt you given it's a substantial amount. There's a formula they use to determine this as well. I believe it's based on income to available credit.

    There will be an initial shock to your score if you reduce your available credit. However, in the long run it may be a positive. If you're not going to be making any large purchases in the next year or so this would not matter to you and will more than likely be beneficial.

    Reducing your debt if any will have the most impact on your score. If you're just flipping balances and adding more available credit this will hurt you.

    Yes, the more credit available to you the less likely a company will extend more.

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    Quote Originally Posted by LAM
    having too much credit can definetly have a negative effect on your credit score. what you want to do is keep 2 of the cards that you have had the longest and keep the balance on them to 25% of the limit or less. when you have a lot of credit cards it lowers your score because you have the "potential" to get yourself in a lot of debt. a lot of activity on credit cards can also have a negative effect on your credit score....

    Well said!

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    Quote Originally Posted by largepkg
    Well said!
    I'm an ex- mortgage broker (soon to be again) and a loan officer...I used to spend 35% of my time fixing peoples credit to qualify them for loans...fixing your credit score is easier than a lot of people think, but just like getting rid of a hangover it takes time...lol
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    Great, that answers my questions then. Since I just got this offer, I suppose it was made based on my current credit score. I will get the new card, then dump the cards I don't use. Then I will be set for the next 15 months (assuming I don't get denied). Unfortunately, the cards I don't use are the oldest. I can't imagine why these companies issue me so much credit. I am a full-time student taking out maximum financial aid loans with no income. I never default on payments and always pay in full before interest occurs, though--thanks to my school loans.
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    Quote Originally Posted by PirateFromHell
    Great, that answers my questions then. Since I just got this offer, I suppose it was made based on my current credit score. I will get the new card, then dump the cards I don't use. Then I will be set for the next 15 months (assuming I don't get denied). Unfortunately, the cards I don't use are the oldest. I can't imagine why these companies issue me so much credit. I am a full-time student taking out maximum financial aid loans with no income. I never default on payments and always pay in full before interest occurs, though--thanks to my school loans.
    for future reference...making payments actually increases your credit score vs paying off the balance in full. credit card company's don't make any money off those who pay no interest..
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    Quote Originally Posted by LAM
    for future reference...making payments actually increases your credit score vs paying off the balance in full. credit card company's don't make any money off those who pay no interest..

    I have to disagree with you on this LAM. I will agree that for the young people establishing credit that a solid history of payments will increase the score.

    For those of us that have many established loans ie. mortgage, and auto there is no benefit in keeping a balance on your cards even a low one. Your payment history is well established by these reoccurring lines.

    Also, the credit companies profit margin has no effect on your score. If they make nothing on you via interest this still has no ill effect.

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