01-28-2014 09:38 PM
I joined these boards about a year ago and since then my scores have gone from the 500,s to the upper 600,s, thanks to all the great info and advice I found here.
Started out with around 8 collection accounts and 4 charge offs. Only have 2 charge offs from First Premier remaining that will fall off 3/2015.
My FiCO scores are now EQ 699 TU 694 and EX 654
I have since acquired a few prime cards. Last month, I closed my 2 oldest cards both New Millenium Bank secured cards that were opened in 2005 as well as a Matrix Discover that was about to turn 1 year.
This is is my current list of open cards and open dates and CL
Chase United Explorer 2k limit opened 1/2014
Barclays Apple - $1700 opened 11/2013
Discover It- $1500 opened 10/2013
B of A 123 Rewards -$1500 opened 11/2012.....this was secured, graduated and increased limit to $1500
US Bank Platinum - $3000 opened 7/2013
Wells Fargo Home Projects Visa - $9200 opened 6/2013
Best Buy MC - $1500 opened 4/2013
Lowes - $8500 opened 3/2013
Macys - $5000 opened 2/2013
Amazon - $1700 opened 3/2013
Chevron - $700 opened 3/2013
AE Store Card -$550 opened 4/2013
Care Credit - $1800 opened 6/2013
Continental Finance MC -$775 opened 2/2007
Paypal Smart Connect - $300 opened 9/2013
Applied Bank Secured - $5000 opened 10/2012
Bill Me. Later - $2200 opened 10/2013
Im plannimg to close close the Continental card, never use it and it has a monthly maintenance fee as well as the Applied secured card. Is it bad to close so many cards at one time since I just closed 3 cards last month? I know that it won't affect my AAoA but can closing many cards together spook other lenders?
I have no use for the AE card, although it has no AF......should I just leave it open until GE closes it?
I feel like I made a mistake opening the Apple card. It was nice for purchasing an ipad with no interest but now that I've paid it off I won't be using this card at all. From what I have read its difficult to PC this card.
I am/will primairily be using the B of A, Discover and Chase cards for my monthly spending and hopefully those 3 cards will grow over they next few months as I now have to make weekly payments in order to continue using them each month. My monthly spending is around $6k and total limit on those 3 is only $5k. These 3 are my only cards that earn rewards.
I was hoping to be able to PC my US Bank Platinum to a Cash+, I called yesterday and they told me I am not yet elegible for a PC. I'll try again in a few months.
One thought I had about closing cards I don't use/need......when a underwriter is manually reviewing your report does it look better if you atleast have some open tradlines that are older than 2 years. Once I close the Continental card and Applied.....my oldest open tradline will be the B of A card. Does this matter at all? My AAoA is 3 years and oldest account is 9 years but as you can see most of my cards were opened over they last year and a half.
I plan to stay in the garden now until September when I hope to get an Amex or two for backdating (I have a member since date of 2009 from AU and corp card)
01-28-2014 09:55 PM
I would close those 2 or 3.
i think your plan is solid and don't worry about not showing them open for manual review... BofA will move you up just for your high use
01-29-2014 06:00 AM - edited 01-29-2014 06:04 AM
The immediate impact from closures is to utilization. AAoA isn't affected until the account(s) fall off after 10 years. Number of accounts closed doesn't factor into your scoring. What a creditor is looking for varies so I personally don't see the point in obsessing over what a creditor might or might not be concerned about. I'd suggest focus in the usual factors that go into scoring your credit.
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