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New Contributor
mab6311
Posts: 56
Registered: ‎04-08-2012

Friend Closed of his CC thinking it would raise his score, he needs help!

Hey guys my friend who has a score of 786 not to bad at all, did something dumb. He close all of his credit cards that we was not using. I told his bad, because of the credit utilization rate will sky rocket. I suggested to him to open a credit card, amex (so he can also backdate that to his other amex) and to move forward. What do you think of this plan? He wants an 800, makes very very good money so no problem paying bills. Has a mortgage, etc. 

Established Contributor
ccnewcc
Posts: 560
Registered: ‎09-29-2012

Re: Friend Closed of his CC thinking it would raise his score, he needs help!

Sounds like an okay plan, If he needs a cc.  If he has no need for a cc, then no use in getting one.

 

 

But why the focus on his credit score?

 

 

He already has a nice score.  and he already has a mortgage.  

 

 

So why does he care if his score is a points higer or a few points lower?

Valued Contributor
trumpet-205
Posts: 2,177
Registered: ‎11-11-2010

Re: Friend Closed of his CC thinking it would raise his score, he needs help!

[ Edited ]

Utilization will only skyrocket if your friend let the balance report.

 

Honestly, you don't go from 786 to 800+ in a month, half a year, etc. It takes time to reach 800+. Whether or not your friend SD his card has very little impact. Positive payment history is way more important than that.

 

Do NOT force your friend into opening account he does not want.

In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
New Contributor
mab6311
Posts: 56
Registered: ‎04-08-2012

Re: Friend Closed of his CC thinking it would raise his score, he needs help!

All I can say is he just like that lol. He wants an 800 score, I told him your rates won't change. Well I was going to get him another credit card because right now he has an amex charge card and a citi credit card. We all know the amex isn't helping him with credit utilization and his citi card he kindof max's out each month. He pays it full but get very close to his limit. Should we open another card or raise his limit on the citi? I mean both of them will result in a hard pull but at least he have a backup card just in case citi want to credit crunch again and cut everyone limits. Open to all suggestions? 

New Contributor
mab6311
Posts: 56
Registered: ‎04-08-2012

Re: Friend Closed of his CC thinking it would raise his score, he needs help!

well i was going to have him get more credit plus also have him pay the cards before they report. 

New Contributor
mab6311
Posts: 56
Registered: ‎04-08-2012

Re: Friend Closed of his CC thinking it would raise his score, he needs help!

also what does SD his cards mean? 

Valued Contributor
trumpet-205
Posts: 2,177
Registered: ‎11-11-2010

Re: Friend Closed of his CC thinking it would raise his score, he needs help!


mab6311 wrote:

also what does SD his cards mean? 


Sock drawer. Meaning not using card.

 

In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Established Contributor
ccnewcc
Posts: 560
Registered: ‎09-29-2012

Re: Friend Closed of his CC thinking it would raise his score, he needs help!


mab6311 wrote:

All I can say is he just like that lol. He wants an 800 score, I told him your rates won't change. Well I was going to get him another credit card because right now he has an amex charge card and a citi credit card. We all know the amex isn't helping him with credit utilization and his citi card he kindof max's out each month. He pays it full but get very close to his limit. Should we open another card or raise his limit on the citi? I mean both of them will result in a hard pull but at least he have a backup card just in case citi want to credit crunch again and cut everyone limits. Open to all suggestions? 


I think I'd call Citi for a CLI.

 

 

I'd also wait for the ppl who have experience with Amex to chime in (as I have none), but is PC from charge to revolver possible?  And if he already has an Amex and applys for revolver, is it SP or HP?  

 

Either way, I still wouldn't advise him to get credit if he doesn't want/need credit.

 

 

As far as him just wanting an 800+ FICO, i guess there's no changing his personality.  But having a high or really high FICO doesn't translate into status or wealth. Its just a number that anyone can obtain -- rich or poor, fancy clothes or goodwill clothes.  Its just a number.

 

His bank account says more about him than his FICO :smileywink: 

New Contributor
mab6311
Posts: 56
Registered: ‎04-08-2012

Re: Friend Closed of his CC thinking it would raise his score, he needs help!


ccnewcc wrote:

mab6311 wrote:

All I can say is he just like that lol. He wants an 800 score, I told him your rates won't change. Well I was going to get him another credit card because right now he has an amex charge card and a citi credit card. We all know the amex isn't helping him with credit utilization and his citi card he kindof max's out each month. He pays it full but get very close to his limit. Should we open another card or raise his limit on the citi? I mean both of them will result in a hard pull but at least he have a backup card just in case citi want to credit crunch again and cut everyone limits. Open to all suggestions? 


I think I'd call Citi for a CLI.

 

 

I'd also wait for the ppl who have experience with Amex to chime in (as I have none), but is PC from charge to revolver possible?  And if he already has an Amex and applys for revolver, is it SP or HP?  

 

Either way, I still wouldn't advise him to get credit if he doesn't want/need credit.

 

 

As far as him just wanting an 800+ FICO, i guess there's no changing his personality.  But having a high or really high FICO doesn't translate into status or wealth. Its just a number that anyone can obtain -- rich or poor, fancy clothes or goodwill clothes.  Its just a number.

 

His bank account says more about him than his FICO :smileywink: 


lol i agree, i wish i had his bank account. I mean if he does a citi CLI that would be a hard pull, my main thing is not having him to tight onto just 2 cards when we have seen in the past that killed people scores when the banks decided to crash. 

Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011

Re: Friend Closed of his CC thinking it would raise his score, he needs help!

if he got rid of cards that he isn't using doesn't mean it'll hurt him and utility, since he makes very good money utility shouldn't be that much of an issue. regardless I personally think it's stupid to have too many cards, especially gets every store card known to man just to get their credit up... when all it's doing is making the potential for an oversight that much easier. Personally just get cards you KNOW you will or could use.

 

Personally I don't think I want more than 5-7 cards max and they all serve a purpose.

 

1.Amex BCP (groceries gas department store)

2.Chase Freedom and

3.Sapphire (restaurants hotel everything else and categories gas)

4.Navy Federal Platinum (oh dang back up card for balance transfers if I ever get in trouble , Convience check feature potentially made me 10's of thousands this year cause I was able to use it to ensure me to get a house that was on the market as CASH ONLY)

5.US Bank Cash+ Restaurants and billpay

 

I'm rather obsessed lol, but I believe those 5 will do most stingy people with a middle class income just fine. You won't need a gas card as 4.625% is easily obtained betweenfreedom and bcp

 

Now if you travel a lot you could get Starwood and Platinum by Amex

 


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758

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