Rebuilding From BK7 .... Which Cards to Close ... Trying to Buy a House

[mja]

Ok everyone, as many have mentioned you've been great!  So I'm looking for some advice.

My DH & I filed CH7 which was DC 8/12.  I followed a modified version of SoulMaster's BK to 700 plan.  Now I'm 14 months post BK and wanting to buy a house next September.  DH qualifies for a VA loan (no money down, no PMI)   So here's where I'd like your advice.  I'm wondering if I should close some of the "starter" cards that I received when I started rebuilding.  This is what we have:

Me - starting scores (EQ 510 - now 670, TU 513 - now 658, EX 528(USAA) - now 681(My Fico)  

- CapOne Auto Loan Joint w/DH - opened 2 weeks post BK $30k loan at 12.59%, just refinanced through RateGenius at 3.49%

- Matrix Discover - opened 2 weeks post BK $300 CL, now $400 CL but now charging monthly maintenance (should I close?)

- 1st Premier MC - opened 6 weeks post BK $700 CL, you have to pay to get a CLI so I did not try (should I close?)

- Victoria's Secret - opened 3 months post BK $250 CL, only used once and PIF tried for CLI but denied because of no payment history with them

- Kohls' - opened 3 months post BK $300 CL now $500 CL (after 6 months)

- Apple FCU Secured Visa - opened 5 months post BK $350 CL, will not consider CLI until is been opened 1 year (4 months to go) (Should I close?)

- Amazon - opened 11 months post BK $400 CL, will not consider a CLI before 6 months but can graduate to Visa

- Barclay's Apple - opened 11 months post BK $1200 CL, CLI to $1690 after 3 months

- Kay's - opened last month $2000 CL

- NFCU GoRewards MC - opened last month $5000 CL 

DH - starting scores (EQ 523 - now 644, TU 515 now 679, EX 539(USAA), now 672(My Fico)

- CapOne Auto Loan Joint w/DW - opened 2 weeks post BK $30k loan at 12.59%, just refinanced through RateGenius at 3.49%!!!

- CapOne Secured MC - opened 1 month post BK $300CL, tried appn'g for other CapOne cards all denied (should I close?)

- 1st Premier MC - opened 6 weeks post BK $700 CL, you have to pay to get a CLI so I did not try (should I close?)

- Dress Barn - opened 3 months post BK $500 CL, auto CLI to $750 after 6th statement

- Walmart Store Card - opened 9 months post BK $700 CL, tried for CLI twice and denied

- Kay's - opened last month $3000 CL

- Barclay's Rewards - opened last month $1500 CL

- NFCU GoRewards MC - opened last month $1000 CL

So I understand we don't need all of these cards and I certainly don't want to pay any fees.  I will not be using most of them since we got NFCU & Barclay's.  Everything is PIF.  I am just concerned about closing accounts before you buy a house.  I don't want to make any "rookie" mistakes and I'm willing to pay the fees to keep the accounts open until I close if that will help.  I'd appreciate any advice.   

[Scupra]

Closing some of the accounts could result in a decrease of AAoA so be careful. Maybe calculate your AAoA and see how it would change if you closed the cards that are charging a fee. Good luck! Maybe somone else could chime in and try to help you a bit more.

[mja]

Thanks! Everything was closed after BK and due to clean up efforts my AAoA according to Credit Karma is 3 years & DH is 1 year.  So maybe I should leave them open.

[ScoreBooster]

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@Scupra wrote:

Closing some of the accounts could result in a decrease of AAoA so be careful. Maybe calculate your AAoA and see how it would change if you closed the cards that are charging a fee. Good luck! Maybe somone else could chime in and try to help you a bit more.

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All accounts on the credit-report (open and closed) contribute to the AAoA. The only immedite impact of closing these CC-accounts would be a potential credit utilization change.

[StartingOver10]

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@mja wrote:

Thanks! Everything was closed after BK and due to clean up efforts my AAoA according to Credit Karma is 3 years & DH is 1 year.  So maybe I should leave them open.

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Credit Karma uses a different formula to calculate AAoA.  FICO uses open and closed accounts, CK uses open accounts only.