I have so much to talk about that I wish one of you were a financial adviser who could spend an hour or two going through this stuff with me. So if you have any thoughts at all, let me know!
Facts: I technically have four open lines of credit.
No, this does not make me happy.
Of the four, two haven’t been used in at least 6 years.
One of them (the most recently opened) was used once and is being closed ASAP (tried tonight, but they were closed after 9pm).
That leaves 1 active credit card that is neither old, nor affordable.
Question 1: I’ve heard from multiple sources that you should keep your oldest line of credit open so it shows longevity in your credit report. Do you know if this is true?
My parents opened a card for me in 1994 (I was 11) and I plan on keeping it open even though I don’t have the card or ever use it. Do you think this is wise?
Question 2: is about another card I started in 2000. It’s also not being used. Should I close it out even though it’s dormant and I’ve had it for 7 years already? What do you think? I don’t need it or anything; I just don’t know what it would do to my credit score. Any ideas?
Question 3: How does one transfer the balance from credit company A’s card to company B’s card? Is it possible? Wouldn’t I owe company A money? My brain must be tired…
My active card has a standing balance while I try to pay it off ASAP. I wasn’t able to do it this month as I wanted. Should I switch now to a lower interest card? I’m kind of…lost about it all. I am eager to be in control of this situation from top to bottom.