@audia4 wrote:
@myjourney wrote:
@audia4 wrote:
@myjourney wrote:
@audia4 wrote:So I guess it's time for me to garden. Looking for advice and for how long.
My oldest cc at this point is that darn Orchard now turned Cap 1 and only $300. I really have no use for it other than the AAoA, which isn't long...April 2012. I'm assuming I should sock drawer it right? Do I use this card every so often so that they don't close it for inactivity? How often should I use it? SD and use ever so often. How often is every so often? I don't want them to close it on me for non-use. I already haven't used it for a couple of months due to them changing companies and after getting my Discover card. Every 4 months should do. I really hope they send my card soon then because the last time I used it was May (I just checked).
I obtained my Walmart Discover for the simple fact that it gives the the TU score monthly. Limit is now $1800. Started at $800 in April 2013, THEY increased it another $1000 last month. I'm told to ask for an increase every 4 months or so and I believe I read it's a SP when you hit the luv button online. Is this correct? So, I'll be sitting on it until my 4 months is up and then I'll hit the luv button to see if it does anything for me. I assume I should use this a little here and there to make them want to give me an increase in 4 months right? Otherwise, I really don't have much use for them either. I have used it a lot since getting it, PIF, but I think their cash-back is ridiculous. Out of the 4 months I have used it, I have a cash back of $3.00+ Like what is that going to do for me? Thanks for the info.
So then a few days ago I applied and was approved for the Blue Sky Amex for $10k. I have to admit, this will be my #1 card and I plan on using it FOR EVERYTHING to build points to use on vacation and PIF monthly. Congarts Thanks.
I was also approved the same day for $4500 for a Chase Freedom. I'm now wondering what the heck will I do with this card? I will get $100 once I spend $500 in the first 3 months....easily done. It gives the 5% cash back on certain things each quarter, this quarter looks like it's gas stations...so I will solely use it for all of our gas purchases just for that reason. The other things this quarter is Amusement parks and Kohls (which isn't something I'll be using it for). So do I just use it for the gas only and otherwise just let it sit in my wallet? Congarts Use it for gas and the shopping catorgory is next so you may find some more uses. I will definitely be using it for all of my gas purchases. I really don't do much "shopping" and I'm getting this card a little too late for school shopping. DARN because I did go to Kohls.
I guess it's time to garden for me right? Oh yes it is ...Lol I know my credit score is going to take a hit since I have 2 new inquiries/cards. I'm hoping since my utilization amount will go up, it won't hurt "too bad" or will recover nicely in a few months. So how long do I garden for? 6 months at least Do I wait until the inquiries fall off? Let the INQ's age at least 6 months to lessen the sting 6 months. Sigh. Is that how long it will take to recover from the hits? OH yes it takes that long for thin files maybe 3-4 months for thicker files What is considered a thin vs a thick file? A thick file has years and years of history and a lot of accounts whereas a thin file doesn't have either of those.
Or creditors don't usually take them in to consideration if they are older?
Prior to these 2 new cards I had 1 inquiry on my TU (from Wal-Dis) and that is it. Anyone know WHO Chase & Amex pulls from? EX I don't want to have to run another CR in order to find out.
Thanks in advance for your help/comments/suggestions. So is it possible to find a card with someone that only pulls TU instead? GE and Barclay card pull TU Is Barclay a good card to have? Are there different "types" of Barclay cards?
Thanks for your replies.
@longtimelurker wrote:Difference on opinion on Cap One card. Even though it is your oldest card, closing has no immediate impact on Average Age of Accounts, as closed accounts also are used in the calculation, and they stay on your report for about 10 years. Your credit situation then will probably be different. While closing DOES impact utilization, with a small CL the impact is small, and this potential negative is outweighed by the $59 AF.
Some might suggest that you contact the Capital One executive offfice, and ask them to waive the fee and/or increase the credit limit. I wouldn't bother, you have some good cards now, just let that one go. I am never a fan of doing small periodic payments on sub-par cards that you don't really want just to keep them open.
But this is an area where the forum divides.....
Hmm, I guess I had that all wrong then. I thought I had read that you should never close your oldest card. But, I see your point with the utilization being the factor instead. It definitely isn't really making "that" much of a difference.
So the closed cc's will stay on your credit report for 10 years? I thought it was 7 years. It's funny that I have a JCPenney still reporting on my credit, that I opened in 1985 and it was closed back in 2000, but on my credit report it says closed 2012 for some reason now (it use to say 2002). 
I have no idea what the deal is with that card, but it's still on my report. So does this mean I still have 27.5 years of credit history in my favor? 
I thought about contacting the office once I get the card to see if they would give me an increase and waive the fee and if they didn't, I would tell them to close it since I have the other cards now. But, I would feel like I just lost the $59 AF I paid back a few months ago and it's hard to come to terms with that at the moment. Would this mean that they would do a HP on me if I requested this?
@audia4 wrote:
@longtimelurker wrote:Difference on opinion on Cap One card. Even though it is your oldest card, closing has no immediate impact on Average Age of Accounts, as closed accounts also are used in the calculation, and they stay on your report for about 10 years. Your credit situation then will probably be different. While closing DOES impact utilization, with a small CL the impact is small, and this potential negative is outweighed by the $59 AF.
Some might suggest that you contact the Capital One executive offfice, and ask them to waive the fee and/or increase the credit limit. I wouldn't bother, you have some good cards now, just let that one go. I am never a fan of doing small periodic payments on sub-par cards that you don't really want just to keep them open.
But this is an area where the forum divides.....
Hmm, I guess I had that all wrong then. I thought I had read that you should never close your oldest card. But, I see your point with the utilization being the factor instead. It definitely isn't really making "that" much of a difference.
So the closed cc's will stay on your credit report for 10 years? I thought it was 7 years. It's funny that I have a JCPenney still reporting on my credit, that I opened in 1985 and it was closed back in 2000, but on my credit report it says closed 2012 for some reason now (it use to say 2002).
I thought about contacting the office once I get the card to see if they would give me an increase and waive the fee and if they didn't, I would tell them to close it since I have the other cards now. But, I would feel like I just lost the $59 AF I paid back a few months ago and it's hard to come to terms with that at the moment. Would this mean that they would do a HP on me if I requested this?
Yes, you see advice against closing the oldest card, but usually without the timescale. If everything stays the same then yes, there is a dip about ten years from now when a card, by then 10 years older, drops off. But if you have a lot of credit lines, and presumably in ten years things have changed, the impact is likely to be minimal. Add backdated Amex cards every now and then, and no issue at all!
10 years is approximate. The lender has to stop reporting to the CRA, and the guideline is 10 years. Sometimes it is a little sooner, if hte lender purges a lot of old accounts, and in some cases it takes a lot longer. But yes, if you have a card opened in 1985 still on your account, your credit report should show that your oldest account is 27+ years old. And if the 2012 closing holds, it will be there for several more years. Is the Capital One card older?
Closed accts may stay up tom10 yrs on your cr. if you have already paid your fee, you might as well call and have them credit your fee.
@longtimelurker wrote:Yes, you see advice against closing the oldest card, but usually without the timescale. If everything stays the same then yes, there is a dip about ten years from now when a card, by then 10 years older, drops off. But if you have a lot of credit lines, and presumably in ten years things have changed, the impact is likely to be minimal. Add backdated Amex cards every now and then, and no issue at all!
10 years is approximate. The lender has to stop reporting to the CRA, and the guideline is 10 years. Sometimes it is a little sooner, if hte lender purges a lot of old accounts, and in some cases it takes a lot longer. But yes, if you have a card opened in 1985 still on your account, your credit report should show that your oldest account is 27+ years old. And if the 2012 closing holds, it will be there for several more years. Is the Capital One card older?
I totally get it now and it all makes sense. I can completely understand why everyone is saying that now (well sorta, since people are suggesting never closing the oldest, but yet they "should" be in the same boat with better credit within the next 10 years). Thanks so much for making this clearer to me.
I am completley kicking myself for never having an Amex card back when I was in my 20's and being able to back date it. Grrrr. I had every cc option out there from every department store that offered a card, to home improvement place cards, to visa/mastercard/discover...sigh. The only thing I never had was an Amex. That would have been so sweet to back date my card now to back then.
Pssh, this Cap One (well Orchard) is only a little over a year old. I just got it last April.
@09Lexie wrote:
Closed accts may stay up tom10 yrs on your cr. if you have already paid your fee, you might as well call and have them credit your fee.
Have them credit my AF of $59 that I just paid a few months ago? Do they do things like that?
@myjourney wrote:Forgot to add Barclay is a good bank with an assortment of cards
I'm kinda upset that they don't have a card for NCL (Norweign Cruise Line, which is who we "normally" cruise with). They have a Carnival one and a Royal Caribbean one. I wonder why they don't have NCL? 
Yes. Then after you've gotten the benefit of the credit, close it if you want.
@audia4 wrote:
@myjourney wrote:Forgot to add Barclay is a good bank with an assortment of cards
I'm kinda upset that they don't have a card for NCL (Norweign Cruise Line, which is who we "normally" cruise with). They have a Carnival one and a Royal Caribbean one. I wonder why they don't have NCL?
That's a FIA backed card