Need advice for a long term plan

[Anonymous]

Hello, the more I learn, the more my plans seem to change. I think I need a concrete idea in my mind of what to do and when to do it in order to feel like I'm on a direct path instead of wandering. I've made some mistakes in my rebuild and don't want to continue making more.  Current cards, date issued and limits: Victoria's Secret- 11/16- $350 - I use this card quite a bit and really want to keep it in hopes that it grows, the perks are great for me, I PIF so no interest charge J. Crew - 11/16 $250-->$650 as of 3/17 - don't use it much, don't care if it goes NYC - 11/16 $400 - I like shopping there but am not super attached to the rewards of this card, they aren't great.  Buckle 11/16 $250- never used, don't care about it at all. Nordstrom - $500 - never used, was hoping for the Visa Williams Sonoma Visa -  2/17 (maybe 3/17)- $1000 - got it because the SCT showed Visa and I was excited for a non store card GICU - 3/17- $2800 - this is my local bank, I want to keep this card long term provided it grows eventually, no hurry for that though. DCU - 3/17- $4200- I plan to keep this one as well, I'm super happy with my limit, it allows me to actually use the card a little without killing utilization.  I am an authorized user on DH's Cap One, Amex BCE and Citi DC. One has a balance right now due to a 0 interest rate promo, the others are pif monthly. I'd like to stay on the Amex and Citi for the rewards, I do a lot of our shopping. Cap One I can get myself off of, it's going to be a SD card after the promotional period purchase is paid off next month. Car loan - DCU opened 3/17, only installment account on TU, only installment on any in the last several years. Ex and eq show a couple that will drop off this year. Current scores are 636 EX, 689 EQ and nothing for TU per credit check total.  I want in with NFCU, I have submitted the application via snail mail and plan to use the savings acct for now until the time is right to app for a card there. I also would love to have a travel rewards card (Venture?) eventually and maybe the Penfed Cash rewards card.  What would you all recommend as far as which cards to cancel and when, when I should app for which cards based on credit scores and age of my other accounts.  Thank you all so much for the advice. 

[CreditInspired]

If I'm calculating correctly, you opened 7 CCs and 1 auto loan in the last 5 months. Based on this assessment, IMHO, I think you should enter the garden immediately and not apply for anything else for at least 6-12 months. NFCU is definitely a great CU to get into.

[Anonymous]

Sorry for the formatting, I don't know how to fix it. You are correct. I am definitely in the garden, and have no plans to app for anything for 9-12 months. I'm looking for advice on when to close which cards and whether I should remove myself as an AU on the Cap One account.  I only joined NFCU now so that I'd be done with all the paperwork of joining and verification for when the right time comes if I decide to app for a card there. 

[Anonymous]

i'd close all of those storecards except the victoria secret which you actually use

[Aduke1122]

I agree with closing the store ccs besides the ones you really really benefit from using

[Anonymous]

Do I need to wait until they have been open any certain length of time? 

[Anonymous]

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@Anonymous wrote:
Do I need to wait until they have been open any certain length of time? 

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I 3rd the closing of the store cards. Get rid of them, especially if they are of no use! You don't need to wait any amount of time to close, you can do it whenever  

[Anonymous]

Thank you. I'll be calling Comenity on Monday. 

[medicgrrl]

+1 on closing the store cards except VS. I think the VS perks are worth keeping that card since you use it often. Does DCU only report to TU or has it just been slow to report with the other bureaus? If it's only going to report to 1 bureau, you may want to consider another installment loan that will report to all 3. As far as Cap 1, it's really up to you. Since you're in the garden for 9-12 months, it's not really relevant right now. I would just watch the utilization when you get closer to leaving the garden.

[Aduke1122]

Hey Op I forgot to mention that closing these accts won't hurt your AAOA , even closed ones are factored in for 10 years until the fall off your reports