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Frequent Contributor
creditwatcher2012
Posts: 456
Registered: ‎06-27-2012
0

Does having alot of credit cards help your credit profile

 

So below are my credit cards, and I got a pre qualified letter for first premier 700cl and I applied and was approved.      In your opinion should I of applied for that card or not... btw it has alot of fees

 

 

 

 

 

Credit Cards

Chase Freedom 4k/4k

Chase BP 1700/1650

barclay apple fiancing 1k/950

Merrick Bank 1k/1k

Capital One No Hassle Rewards 500/500

Capital One Platinum 500/500

Credit One Bank 300/200

Target Red Card 200/0

Orchard Bank 400/400

Installment Loan 5k/ 205.00 a month 

 

Valued Contributor
Rhaeny
Posts: 1,507
Registered: ‎07-24-2011
0

Re: Does having alot of credit cards help your credit profile


creditwatcher2012 wrote:

 

So below are my credit cards, and I got a pre qualified letter for first premier 700cl and I applied and was approved.      In your opinion should I of applied for that card or not... btw it has alot of fees

 

 

 

 

 

Credit Cards

Chase Freedom 4k/4k

Chase BP 1700/1650

barclay apple fiancing 1k/950

Merrick Bank 1k/1k

Capital One No Hassle Rewards 500/500

Capital One Platinum 500/500

Credit One Bank 300/200

Target Red Card 200/0

Orchard Bank 400/400

Installment Loan 5k/ 205.00 a month 

 


No, no you shouldn't have applied with First Premier.  They are a sub-prime bottom feeder and with you already having a prime cards likey your Chase, there is no need for you to take a step backwards.  When you read about all of the fees, why would you want something like that?  I would see if I could cancel the app and the card.  But it may be already reporting and if that's the case I don't know what to tell you to do.  That card is much worse than the Credit One card.  


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
Frequent Contributor
Mellon
Posts: 339
Registered: ‎08-31-2007
0

Re: Does having alot of credit cards help your credit profile

your concern should be getting you utlization down...that will help your credit profile more... FP was a mistake IMO

| NFCU Cashrewards $14,000 | NFCU Platinum $12,000 | NFCU Navchk $10,000 | Amex BCE $3,000 | Amex HHonors $1,700 | Chase Freedom $3,300 | Chase Sapphire Preferred $5,000 | BOA 3-2-1 $5,000 | Barclays Apple $4,450 | CapOne Quicksilver $1,000 | OCCU Beaver $5,000 | CITI Diamond Preferred $2,500| Citi TYP $5,000 | GTE FCU $3,000 | | Discover IT $3,500 | Walmart Discover $8,000 | NCSECU $750 | NASA FCU $2,000| Chase Slate $4,000 | Barclays Reward MC $1,500| Best Buy $3,000 | Wells Fargo $3,000 | Chase Amazon $3,000
Valued Contributor
chasmith
Posts: 1,062
Registered: ‎05-26-2010
0

Re: Does having alot of credit cards help your credit profile

I agree, FP was a mistake.  You seem to be maxed out on your cards, you need to stop opening more and focus on gettying the balances down. First get each card below 80%, then try to get below 30% utilization by paying down the highest interest cards first.  The ultimate goal to maximize your score is total utilization below 10% with more than half your cards at zero balance ( and no card > 10%).  .

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
Valued Contributor
Rhaeny
Posts: 1,507
Registered: ‎07-24-2011
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Re: Does having alot of credit cards help your credit profile


Mellon wrote:

your concern should be getting you utlization down...that will help your credit profile more... FP was a mistake IMO


Ummmm Ditto +1

 

I just quickly glanced at the amounts and thought they were showing original and current CL's, didn't realize those were balances. Duhhh it must be too early in the morning and good catch...LOL!

 

OP, yes if you are using 100% of your available credit on anyone credit card, let alone 9 out of 10 credit cards as in your case, then your scores are tanked and that is why you probably got that solicitation from FP for a new credit card.  I mean you have a balance of $4K on your Chase Freedom and your credit limit is $4K!!  That is a huge red flag to creditors both current and potential.  I wouldn't apply for anything else until your utilization is down to less than 10% on your Chase Freedom card.  

 

In laymans terms, pay off ALL of your credit cards and when you get your Chase Freedom down to a $399 balance, which is less than 10%, your scores will have skyrocketed from where they are now.  But with your balances where they are at, the only offers you will get are from the bottom feeders like FP.  Like I said, you are already have prime cards so your concentration should go towards paying off your debt and by doing so you will improve your credit and open yourself up to better credit cards and higher limits.


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
Frequent Contributor
Sweets8E
Posts: 262
Registered: ‎03-07-2009
0

Re: Does having alot of credit cards help your credit profile


Rhaeny wrote:

Mellon wrote:

your concern should be getting you utlization down...that will help your credit profile more... FP was a mistake IMO


Ummmm Ditto +1

 

I just quickly glanced at the amounts and thought they were showing original and current CL's, didn't realize those were balances. Duhhh it must be too early in the morning and good catch...LOL!

 

OP, yes if you are using 100% of your available credit on anyone credit card, let alone 9 out of 10 credit cards as in your case, then your scores are tanked and that is why you probably got that solicitation from FP for a new credit card.  I mean you have a balance of $4K on your Chase Freedom and your credit limit is $4K!!  That is a huge red flag to creditors both current and potential.  I wouldn't apply for anything else until your utilization is down to less than 10% on your Chase Freedom card.  

 

In laymans terms, pay off ALL of your credit cards and when you get your Chase Freedom down to a $399 balance, which is less than 10%, your scores will have skyrocketed from where they are now.  But with your balances where they are at, the only offers you will get are from the bottom feeders like FP.  Like I said, you are already have prime cards so your concentration should go towards paying off your debt and by doing so you will improve your credit and open yourself up to better credit cards and higher limits.


+1

 

When I first started my rebuilding journey, all I could get was a First Premier card and a Fingerhut account. The fees were atrocious from what I read in the paperwork and on this forum, but it was all that I could get. That's why when I charged anything on FP, I made sure I had the money in the bank right then and there to pay it back to that card immediately, and ultimately shut that card down before the AF came around. Please do not apply for anything else. You have prime cards and your foot is already in the door. Pay down what you have, and watch your scores grow. After that, start looking to get CLI's. Bigger limits beget bigger limits, and when you have those coupled with a good credit score, good payment history, you'll have better options.

 

 


Starting Score: 686 TU / 683 EQ 01/17/2013
Current Score: 703 TU / 691 EQ 10/04/2013 / 688 EX 11/12/2013
Goal Score: 700 across all three


Take the FICO Fitness Challenge
Regular Contributor
aplast
Posts: 150
Registered: ‎06-20-2012
0

Re: Does having alot of credit cards help your credit profile


Rhaeny wrote:

Mellon wrote:

your concern should be getting you utlization down...that will help your credit profile more... FP was a mistake IMO


Ummmm Ditto +1

 

I just quickly glanced at the amounts and thought they were showing original and current CL's, didn't realize those were balances. Duhhh it must be too early in the morning and good catch...LOL!

 

OP, yes if you are using 100% of your available credit on anyone credit card, let alone 9 out of 10 credit cards as in your case, then your scores are tanked and that is why you probably got that solicitation from FP for a new credit card.  I mean you have a balance of $4K on your Chase Freedom and your credit limit is $4K!!  That is a huge red flag to creditors both current and potential.  I wouldn't apply for anything else until your utilization is down to less than 10% on your Chase Freedom card.  

 

In laymans terms, pay off ALL of your credit cards and when you get your Chase Freedom down to a $399 balance, which is less than 10%, your scores will have skyrocketed from where they are now.  But with your balances where they are at, the only offers you will get are from the bottom feeders like FP.  Like I said, you are already have prime cards so your concentration should go towards paying off your debt and by doing so you will improve your credit and open yourself up to better credit cards and higher limits.


+1. Very Nicely put.

I got a preapproval offer from FP for 1500... It went straight to the shredder. Get those balances paid down and then go for CLI's. I would call and close FP if I were in your shoes.

American Express Green - NPSL, Sams Club Discover - 4000, Paypal Smart Connect - 4000, Capital One - 3500, Barclaycard Visa - 2500, Walmart - 1500, Discover IT - 1000, Ashley Furniture Home Store - 1000, Care Credit - 1000.
Frequent Contributor
shols44
Posts: 397
Registered: ‎11-03-2012
0

Re: Does having alot of credit cards help your credit profile


creditwatcher2012 wrote:

 

So below are my credit cards, and I got a pre qualified letter for first premier 700cl and I applied and was approved.      In your opinion should I of applied for that card or not... btw it has alot of fees

 

 

 

 

 

Credit Cards

Chase Freedom 4k/4k

Chase BP 1700/1650

barclay apple fiancing 1k/950

Merrick Bank 1k/1k

Capital One No Hassle Rewards 500/500

Capital One Platinum 500/500

Credit One Bank 300/200

Target Red Card 200/0

Orchard Bank 400/400

Installment Loan 5k/ 205.00 a month 

 


+1 to all above. getting FP is a horrible mistake you should run from immediately. But this is not your biggest problem. Your util is unacceptable, and you are ripe for AA IMO. I don't see how an AR doesn't trigger some bad juju for you if you don't fix this ASAP. 

 

Perhaps you can explain. 


Starting Score: 501
Current Score: 706 EQ,TU 689,EX 686
Goal Score: 720

Established Contributor
swpopham
Posts: 550
Registered: ‎06-02-2012
0

Re: Does having alot of credit cards help your credit profile

You need to stop while you can, before somebody has to clear a spot at the rebuilding forum for you.
"As long as the music is playing, you've got to get up and dance," he said. "We're still dancing."---Prince CEO Citi Bank

"Money isn't the most important thing in life, but it's reasonably close to oxygen on the "gotta have it" scale". ~Zig Ziglar
Valued Contributor
Rhaeny
Posts: 1,507
Registered: ‎07-24-2011
0

Re: Does having alot of credit cards help your credit profile


swpopham wrote:
You need to stop while you can, before somebody has to clear a spot at the rebuilding forum for you.

Swpopham, I have to wholeheartedly agree with you.  This is sad but true.  +1000

 

OP, someone else has already elaborated further on my comment about your utilization being a red flag to your current creditors.  The poster mentioned AA which is adverse action.  Adverse action could be where they just close your account WITH a balance.  If you think you're having problems now just wait if that happens.  Another scenario could be where they balance chase you.  That is when as you pay your balance down they lower your credit limit to the current balance so that you never have any available credit.  Again, if you think you're having problems now just wait.  Minimum payments are also a red flag so its not enough to just pay that.  You need to make much more than minimum payments.  These are just a few of the actions, or AA,  that they can take but there is much more.

 

I agree also that you need to HURRY and get your debts under control.  Tax time is here and if you are getting a refund then you should apply that all to your debt.  And whatever you do, DO NOT CHARGE anything on that FP card.  At this point you are going to have to keep it.  Just put it in your drawer, pay all of the fees that assess you and when the year is up, close that card.  Put a reminder in your cell phone or something to cancel it.

 

You've been given a boat load of advice that is surely not what you want to hear.  You came here looking at how to get more credit.  Well you have to be responsible with your current credit and that you are not demostrating.  But we are all advising you to do is exactly what will get you to your goal....more credit.  The ball is in your court now.


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

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