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apapz

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i need helpful hints.. went credit card happy and need help!
so im looking for any helpful hints... i got a little credit card happy, and its damaged my credit tremendously. i now have over 10 cc accounts, i've heard closing accounts never helps.. so im wondering the best way to go about rebuilding my credit from the damage i've done.

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While it's not usually a good idea to close accounts, it's also not a good idea to have a lot of cards that you got in a small window of time. Are there a lot of store cards? These often have the lowest limits and highest interest rates. Consider closing some of MOST RECENT and highest interest cards. Those will impact your score and wallet the least. Keep the oldest and lowest interest rates. Then focus on reducing the balances you carry until you're under 20% total. As you pay down debt the cards may increase your limit, which will make up for the loss from closing the other cards.

Oh, and please don't open any more credit cards unless there's a serious financial benefit (such as taking advantage of 0% on balance transfers while you're paying off). Pay cash when you can.

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Stop spending more than you make! Seriously.

  • Pay your bills on time.
  • Reduce your credit utilization to below 30%
  • Do not close accounts.
  • Do not apply for more credit.
  • Over time your score will increase dramtically.

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