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Hello My Fico ers,
Below is my current portfolio of cards I have been seeing recently when I apply for CLIs "too many open bankcard accounts" as being a denial reason. I am wondering of I should close any of these accounts if I hope to get better rewards cards.
A little backround. Ficos are 685-710 ish. Utilization is at 15%. I had a BK7 discharged in March of 2009. I took Chase, and BOA down in the BK Citi also took a loss on a Home Depot account. (Job loss and marriage problems)
I now have 7 years on the job, income of about $90,000. I have a good mortgage and auto history.
Here are my list of cards:
Wells Fargo Home Projects Visa - $8500 limit {0% on home improvements}
Towpath Credit Union Visa - $7000 limit {9.99% fixed rate $0 fee BT}
Chase Freedom Visa Platinum - $5500 limit {Everyone is familiar with this one I am sure} - J.ust replaced my Slate card with this and closed Slate
Capital One Quicksilver Signature Visa - $5000 limit
Barclaycard Ring Platinum Mastercard - $5000 limit {8% rate for purchases, BT, and Cash, no BT fees, $1 Cash advance fee}
GECRB Lowes - $5000 limit
Citi Best Buy MC - $4350 limit
Barclaycard Rewards Platinum Visa - $4000 limit {2% Gas, Grocieries, Utilities 1% elsewhere} - This is my main spend card.
BFG CU Visa - $3500 limit {8.99% rate on all categories, no BT fees}
Citi Sears - $3000 limit {I have been notified that this card will be upgraded to a Sears MC in May/June} - Have not used in over a year
Wells Fargo Platinum Rewards Visa - $2000 limit
GECRB Walmart - $1900 limit
GECRB Care Credit - $1900 limit - Have not used in over a year
GECRB Amazon - $1400 limit
GECRB Old Navy - $800
Webbank Fingerhut - $700 - Have not used in over two years
So there they are. Who stays, who goes and who should I be shooting for? My main spend is household and I do not do much air travel or hotel stays.
Why be in such a hurry here. The real reason for the decline(s) is not what you think it is or what they are telling you; its the BK & lower FICOs. Sit back and relax while letting all these age and your FICO rise. Ron1 has over 100 cards and he has less income than you do.. I would cancel out that fingerhut though and maybe the care credit I dont think they are useful cards. Good luck on your journey
Thank you, I am not in a hurry per say, just trying to formulate a long term strategy at this point. Prune the dead leaves and grow the trees that will bear fruit.
I would eventuallty like to have a card like AMEX BCP, USBank Cash+, or Citi AT&T Universial (I have a lot of AT&T spend) but I know I am a long way out from those goals.
The declines where for SP CLIs not for new apps.
Anyone else have any advice on these?