Reply
New Contributor
Posts: 104
Registered: ‎07-16-2013
0

Advice for a Gardener

Wasn't sure if I should post this in the gardening thread, but it does not relate only to gardening, so I posted here.

In June of this year, I had 0 credit cards, 1 auto loan, student loans ( def )
Decided I needed credit cards, so started applying.
Ended up with 10 cc and 1 *hidden* and who knows how many inquiries (was denied for 2 cards)
I know I overdid it and got carried away, so I am closing some cards. I understand it is advised against, but I would rather take the hit now because I will be gardening until at least October of 2015. Not even going to ask for soft cli -- cli will have to be auto.
I have closed 4 cards.
Now I am left with 3 *prime* and 3 GE store cards -- along with the hidden tl.
Seriously thinking of closing 1 or 2 of the GE cards ( do not want to let go of Walmart )
Also am AU (or secondary I think) on a furniture card that is closed (by primary) but still has balance... Credit limit still shows as old limit though.

Think my report is a mess -- asked for cli from Walmart and declined, which kind of woke me up.
Should I close the other 2 GE ( Amazon & Lowe's ) and the hidden trade line?
I am nervous about cld or aa due to so many inquiries/accounts at once... Dumb move.

Plan to purchase reports next month after the dust settles...

Thanks for any input/advice.


Last app: 10/4/14
In the garden until Winter of 2016
Community Leader
Senior Contributor
Posts: 27,327
Registered: ‎02-07-2013
0

Re: Advice for a Gardener

[ Edited ]

Bluebonnet wrote:
Wasn't sure if I should post this in the gardening thread, but it does not relate only to gardening, so I posted here.

In June of this year, I had 0 credit cards, 1 auto loan, student loans ( def )
Decided I needed credit cards, so started applying.
Ended up with 10 cc and 1 *hidden* and who knows how many inquiries (was denied for 2 cards)
I know I overdid it and got carried away, so I am closing some cards. I understand it is advised against, but I would rather take the hit now because I will be gardening until at least October of 2015. Not even going to ask for soft cli -- cli will have to be auto.
I have closed 4 cards.
Now I am left with 3 *prime* and 3 GE store cards -- along with the hidden tl.
Seriously thinking of closing 1 or 2 of the GE cards ( do not want to let go of Walmart )
Also am AU (or secondary I think) on a furniture card that is closed (by primary) but still has balance... Credit limit still shows as old limit though.

Think my report is a mess -- asked for cli from Walmart and declined, which kind of woke me up.
Should I close the other 2 GE ( Amazon & Lowe's ) and the hidden trade line?
I am nervous about cld or aa due to so many inquiries/accounts at once... Dumb move.

Plan to purchase reports next month after the dust settles...

Thanks for any input/advice.

The gardeners rush to help a fellow gardener  Smiley Happy

Looking it all over and since your in the garden already I say you're just fine as long as you don't apply for any new cards /TL's.

So keep everything open but only if you use the TL's if not close what you don't use.

However I see one problem and if I read it correctly it will drag your scores down and will keep them down as long as it remains as is.

The closed account with a balance is a NO NO and you should have yourself removed as AU ASAP

Other than that time spent in the garden heals all.

+ Chase ink =




New Contributor
Posts: 104
Registered: ‎07-16-2013
0

Re: Advice for a Gardener

Thank you myjourney for your response. Smiley Happy
I think I am actually the secondary on that account, but I will look into it. Once that account is paid off, will it become positive (closed with a 0 balance) ?


Last app: 10/4/14
In the garden until Winter of 2016
Community Leader
Senior Contributor
Posts: 27,327
Registered: ‎02-07-2013
0

Re: Advice for a Gardener


Bluebonnet wrote:
Thank you myjourney for your response. Smiley Happy
I think I am actually the secondary on that account, but I will look into it. Once that account is paid off, will it become positive (closed with a 0 balance) ?

Depends on why was it closed and who closed?

If it was closed for lates etc etc by lender (bad)

+ Chase ink =




Moderator
Posts: 8,555
Registered: ‎01-15-2009
0

Re: Advice for a Gardener

You need to stop closing your cards unless you have no balances on any of the cards.. Why apply in the first place if you aren't going to keep them?
New Contributor
Posts: 104
Registered: ‎07-16-2013
0

Re: Advice for a Gardener

myjourney: the card was closed by the primary and no lates. I'm really not sure why it was closed - kind of surprised me. Said we should have left it open til paid, then closed.. Tried to reopen and GE said not possible once closed - didn't push the issue.

KennyS: I'm going to give you the benefit of the doubt and assume you weren't trying to be rude.
Please read my whole post and you will find why I apped and opened the cards. I acknowledged it wasn't the smartest idea. All the cards that I (not referring to the AU account, which I had no control over) had a 0 balance.
Thanks.


Last app: 10/4/14
In the garden until Winter of 2016
Moderator
Posts: 8,555
Registered: ‎01-15-2009
0

Re: Advice for a Gardener



Kenny: I'm going to give you the benefit of the doubt and assume you weren't trying to be rude.
Please read my whole post and you will find why I apped and opened the cards. I acknowledged it wasn't the smartest idea. All the cards that I (not referring to the AU account, which I had no control over) had a 0 balance.
Thanks.

No, definitely not trying to be rude, I promise. I still necessarily don't understand why you closed the accounts? Did you think it would make your profile/score look better? (I'm trying to understand.) I guess I just look at it as the damage is already done let it age and the accounts aren't a bad thing.

Community Leader
Senior Contributor
Posts: 27,327
Registered: ‎02-07-2013
0

Re: Advice for a Gardener


Bluebonnet wrote:
myjourney: the card was closed by the primary and no lates. I'm really not sure why it was closed - kind of surprised me. Said we should have left it open til paid, then closed.. Tried to reopen and GE said not possible once closed - didn't push the issue.

KennyS: I'm going to give you the benefit of the doubt and assume you weren't trying to be rude.
Please read my whole post and you will find why I apped and opened the cards. I acknowledged it wasn't the smartest idea. All the cards that I (not referring to the AU account, which I had no control over) had a 0 balance.
Thanks.

In that case once paid the ding in scoring will go bye bye 

Weird

+ Chase ink =




New Contributor
Posts: 104
Registered: ‎07-16-2013
0

Re: Advice for a Gardener

KennyS: I was right to give the benefit of the doubt then. Smiley Happy
I closed them because I really shouldn't have opened them in the first place. I got caught up and carried away with apping - my mistake and wasn't a smart move. I tried for a cli with one of my cards and it was declined, so kind of woke me up and had me reevaluate my credit status. Closed the cards I shouldn't have opened in the first place. I really still think the 6 are kind of a lot, but will leave them open. Apologize if I came off in a negative way.

Myjourney: the other user is my mother. LOL. Might make sense now?


Last app: 10/4/14
In the garden until Winter of 2016
Established Contributor
Posts: 766
Registered: ‎08-30-2013
0

Re: Advice for a Gardener

I understand perfectly what Kenny is saying and he was not being rude. If you already took the HP and were approved, let the accts. stay open and age b/c at this point closing them solves absolutely nothing. The new accts. would have bought your score down a little but just temporarily, then as the accts. aged the score would have rebounded. I know b/c I opened 8 new accts. over 30 days and faced the very thin possiblity of AA or a CLD, but it never happerned. Probably b/c most of them were store cards except for 2, and the limits I was given weren't that stellar either. But I don't plan to close ANYTHING b/c EACH ONE of them serves a useful purpose right now.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.