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)
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
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.