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Credit card help for a newbie

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tinom1234
New Contributor

Credit card help for a newbie

Hello!

 

Any help from you credit experts would be VERY appreciated!! Smiley Happy My goal is to increase my score and obtain a $3000CL so that I can later close the cards listed in #3.

 

A little background:

 

1.) Recently paid off almost all credit card debt (WAS at 35% utilization, now down to 1% - yay!).

 

2.) Credit scores as of last week are: EX 742, EQ 696, TU 706...cards are showing as paid. Noticing that EQ didn't increase by much, just 30 points. Maybe it was because I paid them all off at once?

 

3.) I have several open lines of credit, mostly store cards (see #5). Ideally I would like to close Credit One $850CL, Orchard Bank (now Cap 1) $800CL, and *possibly* both Cap 1 cards (Platinum MC and Visa Rewards), each with $750CL. I need to get a card with a $3K CL first so my scores don't take a hit...correct?

 

4.) I have a Ch 7 BK from 10/2005...so almost 8 years ago. The only other baddy I have is a PAID $46 collection (2/2009) that shouldn't even be on my report...gas company sent remaining balance straight to collections after we moved, and the collection agency didn't even give me 30 days to dispute the charge or pay it. Smiley Sad Have tried over and over to get it removed from credit report, no luck.

 

5.) In addition to the above CC's, I also have these open lines:

CareCredit $3500CL, Chase $3000CL, Sam's Club/GECRB $2000CL, Walmart/GECRB $2400, Children's Place $1600CL, Kohls $300CL, Old Navy/GECRB $800, Justice/Commenity Bank $500CL, Lowe's/GECRB $2400CL, Pier 1/Commenity Bank $700CL, Best Buy Mastercard $500CL. (Are all these store cards hurting my credit, even without a balance?)

 

 

 

Thanks for your help!

M

 

EX 758 | EQ 721 | TU 768
Goal: 760+ across the board by May 2015
Gold Delta SkyMiles AMEX $32.8K | Citi Thank You Preferred $7K | Discover It $8.2K | Chase $3K + a few store cards
Message 1 of 6
5 REPLIES 5
09Lexie
Moderator Emerita

Re: Credit card help for a newbie

Store cc's do not hurt your score if your util is low. Having a low util and having 1 cc report a bal less than 10% will increase your score.
Message 2 of 6
tinom1234
New Contributor

Re: Credit card help for a newbie

Thanks! I just put $208 on my Old Navy card (school clothes, got a 20% discount for using the card). That card only has an $800CL, though...I was planning on paying it off in full when I got the statement, but should I make a payment now to get it down to 10% of the CL instead?

EX 758 | EQ 721 | TU 768
Goal: 760+ across the board by May 2015
Gold Delta SkyMiles AMEX $32.8K | Citi Thank You Preferred $7K | Discover It $8.2K | Chase $3K + a few store cards
Message 3 of 6
tinom1234
New Contributor

Re: Credit card help for a newbie

Then there is the $8 monthly fee that reports every month on Credit One... Gah... Can't wait to get rid of it.

EX 758 | EQ 721 | TU 768
Goal: 760+ across the board by May 2015
Gold Delta SkyMiles AMEX $32.8K | Citi Thank You Preferred $7K | Discover It $8.2K | Chase $3K + a few store cards
Message 4 of 6
09Lexie
Moderator Emerita

Re: Credit card help for a newbie

If you are trying to get maximum scoring, yes- pay it down before statement cuts
Message 5 of 6
tinom1234
New Contributor

Re: Credit card help for a newbie

Thanks!! Will do!

EX 758 | EQ 721 | TU 768
Goal: 760+ across the board by May 2015
Gold Delta SkyMiles AMEX $32.8K | Citi Thank You Preferred $7K | Discover It $8.2K | Chase $3K + a few store cards
Message 6 of 6
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