SkydiveNFlorida 0 #26 December 17, 2004 Quoteclose the credit card that has the $1500 balance, and pay it off. Then, put the rest towards the other credit card. If you keep putting stuff on the open credit card, you're not being responsible with it, and it's hurting your credit rating by being almost maxed out. Having a loan can raise your credit rating, provided you pay on time, every month, so pay off the credit cards first. For school, you can get additional loans through companies like nellie mae, and bank of america has an education maximizer loan that's made to cover stuff that regular student loans don't, like living expenses. I don't think I should close the card. I have another card with a low 1500$ limit that is unused (in fact, I actually don't have the physical card, I have information on who it is with, tho). But, I think it is good to have credit 'just incase'. Thanks for all of the advice. I may be asking your help on school loans soon enough, so thanks for letting me know about the BOA loan. And, Ron, I think your idea of physically freezing the card is a good one. I may do that. Thanks! -A Quote Share this post Link to post Share on other sites
Nightingale 0 #27 December 18, 2004 even if you don't close the card, pay it down significantly. It's hurting your credit rating by being close to maxed out, which can affect your interest rates on school loans other than stafford loans. Quote Share this post Link to post Share on other sites
SkydiveNFlorida 0 #28 December 18, 2004 Quoteeven if you don't close the card, pay it down significantly. It's hurting your credit rating by being close to maxed out, which can affect your interest rates on school loans other than stafford loans. Yeah, I already knew that, tho:( Unfortunately, i'm sure the other card that I owe on that is closed probably looks worse, right? I think optimal is having around 1/2 of the line used, right? -A Quote Share this post Link to post Share on other sites
PhillyKev 0 #29 December 18, 2004 QuoteI think optimal is having around 1/2 of the line used, right? It's optimal to not carry a balance at all. But even having a credit card with a high limit with nothing on it will hurt your credit rating because you could max it out instantaneosly and get in financial trouble. So you're a higher credit risk. Quote Share this post Link to post Share on other sites
flyangel2 2 #30 December 18, 2004 Okay Angela, then it time to go back to what I told you to do It looks like there is just too many options. If you do what I said to do, your only option is colorMay your trails be crooked, winding, lonesome, dangerous, leading to the most amazing view. May your mountains rise into and above the clouds. - Edward Abbey Quote Share this post Link to post Share on other sites
SkydiveNFlorida 0 #31 December 18, 2004 QuoteOkay Angela, then it time to go back to what I told you to do It looks like there is just too many options. If you do what I said to do, your only option is color Let me tell you, Mar, your option is sounding very nice right about now -A Quote Share this post Link to post Share on other sites
