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Hello Everyone,
I started rebuilding 4 1/2 years ago, and like a lot of people who are just getting back on their feet, I started apping for anything and accepted any card that a bank would throw at me. The end result: a bunch of low-limit bank cards and a gnawing feeling that I was in some sort of a grab-all -the -credit-u-can rat race that was leading me nowhere productive. After a few years of this, and a lot of denials and unnecessary dings to my credit report - I decided to take a different approach to credit building: I started to downsize. YES, contrary to what is popular here - I chose to close accounts, instead of sock dragging them - I have decided not to app for prime cards, instead, I am hoping to get to the point where the prime lenders come after me. I still have a ways to go - 2003 BK - 2010 Midland Judgment - and NYS just got me for a tax judgment earlier this year. Nevertheless, I treat the accounts that i have very well, and I believe that it is with these accounts that I can really rebuild my credit.
I still come to these forums for education and encouragement, but I also find that coming here is sometimes a bit risky for me; I get here and see all the threads about approvals, and it gets me applying for cards that I know I cannot get, even worse, cards that I do not need. So, I thought I thought I would start a thread for those of us who are minimalist - we have 3 or fewer bank cards that serve us well. Share your story - why do you have so few bank cards? How has this served you thus far?
Discover Moore $3500 Started with $1500 in 9/12
Barclay US Airways $4700 Started $1000 1 or 2/12
Closed last year - 2 x Cap 1, 2x HSBC, Target, Chevron (have not seen a Chevron station in years) - over the years I have had at least 3 HSBC Discover cards - closed them but had them transfer the credit line to the one card that I kept.
I love not having to try to figure out what card to use for this benefit or that benefit - and it cut down on trying to remember who I need to pay each month. For the purpose of this thread, let's stick to only major bank cards. Thanks
@Changingmantra wrote:Hello Everyone,
I started rebuilding 4 1/2 years ago, and like a lot of people who are just getting back on their feet, I started apping for anything and accepted any card that a bank would throw at me. The end result: a bunch of low-limit bank cards and a gnawing feeling that I was in some sort of a grab-all -the -credit-u-can rat race that was leading me nowhere productive. After a few years of this, and a lot of denials and unnecessary dings to my credit report - I decided to take a different approach to credit building: I started to downsize. YES, contrary to what is popular here - I chose to close accounts, instead of sock dragging them - I have decided not to app for prime cards, instead, I am hoping to get to the point where the prime lenders come after me. I still have a ways to go - 2003 BK - 2010 Midland Judgment - and NYS just got me for a tax judgment earlier this year. Nevertheless, I treat the accounts that i have very well, and I believe that it is with these accounts that I can really rebuild my credit.
I still come to these forums for education and encouragement, but I also find that coming here is sometimes a bit risky for me; I get here and see all the threads about approvals, and it gets me applying for cards that I know I cannot get, even worse, cards that I do not need. So, I thought I thought I would start a thread for those of us who are minimalist - we have 3 or fewer bank cards that serve us well. Share your story - why do you have so few bank cards? How has this served you thus far?
Discover Moore $3500 Started with $1500 in 9/12
Barclay US Airways $4700 Started $1000 1 or 2/12
Closed last year - 2 x Cap 1, 2x HSBC, Target, Chevron (have not seen a Chevron station in years) - over the years I have had at least 3 HSBC Discover cards - closed them but had them transfer the credit line to the one card that I kept.
I love not having to try to figure out what card to use for this benefit or that benefit - and it cut down on trying to remember who I need to pay each month. For the purpose of this thread, let's stick to only major bank cards. Thanks
Congrats on seeing where your faults were and making changes. You have 2 nice prime cards and you can let them grow nicely while aging those INQ's.
I have 6 Bank cards that I rotate to my benefit by statement closing dates. Makes it alot easier to get all usage and be able to PIF. I have no plans of closing any as I will keep these for a very long while.
Well if it works for you its fine. To me I see 3 major derogs and only two good cards, And the last major baddie is still fairly new. 2010. I hated getting told that my file was thin, I fixed that. The fact that your other cards are still reporting for the next 10 years so they will have other TL's to distract them.
Would recommend joining Tinu's most excellent garden party instead of a seperate thread on the subject. It is the refuge of sanity for folks like us on this forum which tends to be overly focused on new shiny bits of plastic .