Dealing with "Too Many Retail Department Stores Cards

[RaiseMyScoreASAP]

I began 2013 with no credit cards in my name but am an authorized user on two major credit cards. I was advised to open up trade lines. I opened up several accounts with major department stores because I thought they would be easier to get than Visa or MC. In my zeal to add tradelines I ended up adding seven revolving store accounts, one gas card and one Visa.

So I know have open trade lines to establish a good payment history in my own name. But do I have too many retail accounts? I think I really do, but now that they are open what can I do? It seems the credit mix is off and will be way off even if I obtain more and better types of credit. If I close any of these accounts even with positive history, I undertand that they will be on there for up to 10 years.

REAL QUESTION:

Should/can I get any of these retail card companies just to delete the entire account from my credit report and close the account? I don't want to have "closed at request of consumer" especially the month after I opened. However, I think I may have done damage to my longterm potential by having so many of these retail accounts. I am do grateful that the stores would even give me credit. Now I wondering if I made a big mistalke.

If anyone can help out there, please answer! Most appreciated!

[chwebb1]

I would definitely not have them delete the account from your CR. As long as you pay them as agreed, I think you'll be fine. For your sake though (not now), I would say get some more major credit cards, such as a MC, Discover, or AMEX. You should definitely garden for the foreseeable future.

[09Lexie]

Closed by the consumer does not look bad at all on your cr.  The issue us the harm  of having multiple cc's closed at once -may not look good upon manual review.  

To better answer your question, what are the store cards and when were they opened?

[RaiseMyScoreASAP]

Two of the retailing accounts are with stores that also have Visa/MC versions of their cards. One is with Brooks Brothers issued by GERCB and the other is Marathon Gas issued by Comenity. The Brooks Brothers customer service told me that after six months of payments, the account would be reviewed and any upgrades would appear on my acccount. So apparently that one could graduate into a major credit card and I would still have access to Brooks Brothers discounts, sales specials etc. I am not sure if the Marathon Gas would graduate or not.

So if these cards were turned into major credit cards with the same issuer does that mean I have to close the retail card? And will that hurt or look bad? Brooks Brothers is one I would keep open forever. 

[RaiseMyScoreASAP]

All of these were opened in November 2013:

GERCB

Belk

Brooks Brothers

Comentiy Bank

Marathon

Eddie Bauer

J. Crew

Capital One

Kohl's 

DSNB

Macy's

Bloomingdale's

Barclays Bank of Delaware

Visa (Apple)

[chwebb1]

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@RaiseMyScoreASAP wrote:

Two of the retailing accounts are with stores that also have Visa/MC versions of their cards. One is with Brooks Brothers issued by GERCB and the other is Marathon Gas issued by Comenity. The Brooks Brothers customer service told me that after six months of payments, the account would be reviewed and any upgrades would appear on my acccount. So apparently that one could graduate into a major credit card and I would still have access to Brooks Brothers discounts, sales specials etc. I am not sure if the Marathon Gas would graduate or not.

So if these cards were turned into major credit cards with the same issuer does that mean I have to close the retail card? And will that hurt or look bad? Brooks Brothers is one I would keep open forever. 

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Generally upgrading to a V/MC doesn't mean that the old account is closed and then reopened. You should be fine with that.

[chwebb1]

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@RaiseMyScoreASAP wrote:

All of these were opened in November 2013:

GERCB

Belk

Brooks Brothers

Comentiy Bank

Marathon

Eddie Bauer

J. Crew

Capital One

Kohl's 

DSNB

Macy's

Bloomingdale's

Barclays Bank of Delaware

Visa (Apple)

---

That's a lot of cards for one month. You might hear from Barclays.

[RaiseMyScoreASAP]

I went way overboard I think. Having no or too few accounts bringing me down. Then I thought well if I establish tradelines now they will age rather than spacing them out. Was thinking about the average age of accounts for the long haul.

The Barclays was the one that shocked me even getting approved and was so for $2,000. That's nothing compared to a lot people on here, but when you have NO credit cards, it is a big sum. It was one of those Apple white cards and I will be buying a computer and paying it off immediately. I don't care about the "zero" % financing deal for 18 months. If Barclays does call I would close any of the accounts to keep that one since I can use that anywhere. I am showing smal activity on all of the accounts but paying BEFORE the statement date in most cases as soon as it will let me online. But that looks bad too because my Kohl's report said: $30 due $72 high credit :$2 last payment, but the account was paid. I made multiple payments during the month. I would prefer now to pay the total off before the reporting date.

In 2007, I thought I could buy a car when my old one broke down. I knew I had credit problems but thought I could be approved for a car. I couldn't. And the worst thing about it (other than not getting a car I needed) was the humilitation of being rejected. And to add insult and more damage to injury, the car dealer lied to me (yes, I'm shocked) and ran at 10 hard inquiries, thus lowering my score even more humiliating me in person with a car salesman. I felt exposed: oh wow I don't have average credit, I have HORRIBLE credit, I am the lowest of the low, and now this man knows too and he's made it even worse for me.   

[drkaje]

Definitely got carried away. At this point, may as well keep them to build history.

[FinStar]

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@RaiseMyScoreASAP wrote:

I went way overboard I think. Having no or too few accounts bringing me down. Then I thought well if I establish tradelines now they will age rather than spacing them out. Was thinking about the average age of accounts for the long haul.

The Barclays was the one that shocked me even getting approved and was so for $2,000. That's nothing compared to a lot people on here, but when you have NO credit cards, it is a big sum. It was one of those Apple white cards and I will be buying a computer and paying it off immediately. I don't care about the "zero" % financing deal for 18 months. If Barclays does call I would close any of the accounts to keep that one since I can use that anywhere. I am showing smal activity on all of the accounts but paying BEFORE the statement date in most cases as soon as it will let me online. But that looks bad too because my Kohl's report said: $30 due $72 high credit :$2 last payment, but the account was paid. I made multiple payments during the month. I would prefer now to pay the total off before the reporting date.

In 2007, I thought I could buy a car when my old one broke down. I knew I had credit problems but thought I could be approved for a car. I couldn't. And the worst thing about it (other than not getting a car I needed) was the humilitation of being rejected. And to add insult and more damage to injury, the car dealer lied to me (yes, I'm shocked) and ran at 10 hard inquiries, thus lowering my score even more humiliating me in person with a car salesman. I felt exposed: oh wow I don't have average credit, I have HORRIBLE credit, I am the lowest of the low, and now this man knows too and he's made it even worse for me.   

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Well, you have to start somewhere and what's done is done - don't feel horrible.  I mean, yes it sounds like you went on an bit of an app "fiesta" but at the end of the day, you were approved.  So, don't close them at all, let them age so you can establish the required history and improve your scores.  Just formulate a good plan to use/rotate the appropriate cards, and PIF as if they were your debit cards.

Then, over a period of time(12+ months), if there are cards that you have not used you can evaluate if they need to be closed but this will be more of your personal choice.  IMO, if you use them occassionally to keep them active, it's not going to hurt anything - just build history.  You will eventually qualify for other major bank cards which could essentially replace those you won't use anymore.  Best of luck either way and nicely done!