Hello,
I am mid-20s with a stable job, a lack of financial knowledge and about $4k in CC debt. Most was accumulated this summer when I had a stipend and was training for my current job. I also signed up for multiple credit cards without thinking about what the ramifications were (e.g., I accepted an offer for an amtrak one I have not used b/c I was offered additional points, got a Macys card (promptly paid off) because I had to buy many work-related clothes and got a significant discount, etc). I realize this was dumb and regrte doing it.
So here is my issue- I have 7 credit cards now, 5 of which have balances, totaling about 4k. 4 were opened this summer (with me not thinking, accepting a southwest credit card offer when I bought a plane ticket, etc). Now I feel like I should close some, but I do not want to hurt my credit score (credit karma said it is 671 but I know that is not necessarily accurate).
I have 18k in student loans. Low monthly rental, no auto loan or anything else. $46k net salary, although $300 a month deducted automatically for grad school expenses.
So- what should I do? Of course pay down the cards; I know that. But I want to know when and how I could close cards (the stupid amtrak one) without it hurting my score, or hurting it minimally. Ideally I'd also like to get a GOOD credit card- unfortunately most of mine are associated with stores/vendors.... (Visa: Gap, amazon, southwest, amtrak; i have the macy's card, and got a wells fargo one this summer as it is my bank).
Also, if anyone knows of a good credit card (with travel points, or one you like) that I'd be likely to get (either now or maybe in 6 months when I lose some debt), let me know
Thanks!
I am mid-20s with a stable job, a lack of financial knowledge and about $4k in CC debt. Most was accumulated this summer when I had a stipend and was training for my current job. I also signed up for multiple credit cards without thinking about what the ramifications were (e.g., I accepted an offer for an amtrak one I have not used b/c I was offered additional points, got a Macys card (promptly paid off) because I had to buy many work-related clothes and got a significant discount, etc). I realize this was dumb and regrte doing it.
So here is my issue- I have 7 credit cards now, 5 of which have balances, totaling about 4k. 4 were opened this summer (with me not thinking, accepting a southwest credit card offer when I bought a plane ticket, etc). Now I feel like I should close some, but I do not want to hurt my credit score (credit karma said it is 671 but I know that is not necessarily accurate).
I have 18k in student loans. Low monthly rental, no auto loan or anything else. $46k net salary, although $300 a month deducted automatically for grad school expenses.
So- what should I do? Of course pay down the cards; I know that. But I want to know when and how I could close cards (the stupid amtrak one) without it hurting my score, or hurting it minimally. Ideally I'd also like to get a GOOD credit card- unfortunately most of mine are associated with stores/vendors.... (Visa: Gap, amazon, southwest, amtrak; i have the macy's card, and got a wells fargo one this summer as it is my bank).
Also, if anyone knows of a good credit card (with travel points, or one you like) that I'd be likely to get (either now or maybe in 6 months when I lose some debt), let me know
Thanks!
Comment