Hello Board,
I Filed Chapter 7 in 2011, it got discharged 11/16/2011. I started rebuilding by getting a secured loan from my CU for $1000 x 18 months. That is paid off, 12 months ago I received an unsecured visa $500, from the same CU with an annual fee. within the last 8 months I've applied & got approved for Comenity retail card $250, Barclay Apple Visa $700 (just got CLI on this to $1,450), Walmart Card $300, Gap store card $400 & Barclay Rewards mastercard $1,500 (this just a few weeks old). I also just started (in Sept) a new installment loan with my CU in the amount of $2,000 for 24 months. I have student loans that are reporting positively, no auto loan, no past mortgage or foreclosures, no late payments on any cards. The balance on all my cards are either ZERO or below 30%. So in total I have 6 cards (3 Major cards and 3 store cards) The 16th of November will be my 2 year post-BK anniversary, my goal is to purchase a single fam. house within the next 3 months (my current lease will be up in Feb, thus the 3 months).
I want to cancel the Credit Union Visa card with the annual fee but it is my oldest CC (12 months), is this a wise decision?
I want to cancel my Gap card because honestly, I was shopping, they told me to apply & I just wanted to see if I would get approved and I did, the balance on this is zero so I will cancel, but it has been open for just 2 months, how will this affect me and is this advisable?
Canceling these cards will leave me with 4 cards, 1 installment loan and my student loans. What advice can you give me to get to my goal (approved for a mortgage with favorable rates) within this time frame, or should I wait one more year?
Any advice is welcomed & much appreciated so thank you in advance!!!! Without the knowledge I gained from this forum I would not have any of the credit cards I have today.
