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Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011
0

Advice Needed on CC stupid move

Hello all y'all. 

 

It's been a long while since I posted.  My credit scores are going up and up, I think what is holding me down the most is a 50/50 split between low AAoA and utilization, overall is about 21%. 

 

Got suckered into applying for Fred Meyer Jewelry card on a whim purchase, which I returned 2 hours later.

 

Now I have 8K work of credit at a bank I've never heard of from Canada.  I will NEVER use this.

 

Do I keep it to help overall utilization, or call and close it and beg them not to report?  Today is the first business day so I bet I could get a good shot trying for thi, but I have to move.

 

 

TIA

 

Thanks thanks

 

Booner

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Valued Contributor
Rhaeny
Posts: 1,507
Registered: ‎07-24-2011
0

Re: Advice Needed on CC stupid move

I'd keep it for utilization purposes.  You took the hit for an HP already so just leave it alone.  


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Established Contributor
pakman92
Posts: 650
Registered: ‎03-01-2012
0

Re: Advice Needed on CC stupid move


Booner72 wrote:

Hello all y'all. 

 

It's been a long while since I posted.  My credit scores are going up and up, I think what is holding me down the most is a 50/50 split between low AAoA and utilization, overall is about 21%. 

 

Got suckered into applying for Fred Meyer Jewelry card on a whim purchase, which I returned 2 hours later.

 

Now I have 8K work of credit at a bank I've never heard of from Canada.  I will NEVER use this.

 

Do I keep it to help overall utilization, or call and close it and beg them not to report?  Today is the first business day so I bet I could get a good shot trying for thi, but I have to move.

 

 

TIA

 

Thanks thanks

 

Booner


How much will this help your util?  If it will lower it significantly say below 10%.  I'd keep it.  What is your AAoA and how much will this effect it?  Need specifics...


My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)
Valued Contributor
Rhaeny
Posts: 1,507
Registered: ‎07-24-2011
0

Re: Advice Needed on CC stupid move

And its too late to worry about the AAoA because whether its open or closed it affects your history.

 

Oh and I just thought, maybe if you could get it closed quickly it might stop them from reporting, but you should err on the side that you went through with the app  so more than likely it will report.


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011
0

Re: Advice Needed on CC stupid move

My AAoA is probably just over 2 years. I was hoping to stop them from reporting, obviously, and HP's don't hurt scores like people think so I'm not worried about that part of it.

Thanks for your advice.....If anyone else wants to chime in!
STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Established Contributor
pakman92
Posts: 650
Registered: ‎03-01-2012
0

Re: Advice Needed on CC stupid move


Booner72 wrote:
My AAoA is probably just over 2 years. I was hoping to stop them from reporting, obviously, and HP's don't hurt scores like people think so I'm not worried about that part of it.

Thanks for your advice.....If anyone else wants to chime in!

Conventional wisdom is that AAoA effect kick in on two year increments.  ie.. 2, 4, 6,8, and a big one at 10.  To that end it may not matter to you.  

 

Inquiry is something you cannont get rid of and you are right, it's not a huge deal, but, a presence of a new account will ding you also.  10% of FICO score is inquiry + new accounts.  something to consider.  Altough I'm not sure that there is anything you can do here.  I would just let it be.


My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)
Valued Contributor
boomhower
Posts: 1,863
Registered: ‎09-20-2011
0

Re: Advice Needed on CC stupid move

Chances of you getting them not to report are very slim.  I'd keep it and let it help your UTL.  $8k is a pretty solid CL.  Who knows, you may buy something down the road.

Blogger
HiLine
Posts: 3,176
Registered: ‎10-19-2012
0

Re: Advice Needed on CC stupid move

Do nothing about the card and bring down the util IMO.

Moderator Emeritus
tinuviel
Posts: 4,875
Registered: ‎11-02-2010
0

Re: Advice Needed on CC stupid move


HiLine wrote:

Do nothing about the card and bring down the util IMO.


+1. I have a card with Kay Jeweler's that I rarely use. I put a watch battery on it last year. But the $5100 CL acts as util padding, it costs me nothing to have the card, so I've kept it. Since you've already taken the HP and the TL is almost certain to report, I'd recommend keeping it open and enjoy letting it help your util.


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Senior Contributor
BungalowMo
Posts: 4,243
Registered: ‎05-01-2008
0

Re: Advice Needed on CC stupid move


tinuviel wrote:

HiLine wrote:

Do nothing about the card and bring down the util IMO.


+1. I have a card with Kay Jeweler's that I rarely use. I put a watch battery on it last year. But the $5100 CL acts as util padding, it costs me nothing to have the card, so I've kept it. Since you've already taken the HP and the TL is almost certain to report, I'd recommend keeping it open and enjoy letting it help your util.


++1  I have a Zales card with a $5500 limit & nothing on it since Dec of 2011.  I keep it open to assist Util.

Costs you nothing financially to have it...keep it.  In my entire rebuilding history, the only card I closed was my Credit One since it had a fee.



Starting Score: 07/2011 TU 732 - EQ 717 - EX 702
Current Score: 06/2014 TU 739 - EQ '08 709 - EX 721
Goal Score: 850

Bury me in the garden...last app 06.18.14


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