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Established Member
Luis135
Posts: 28
Registered: ‎11-22-2012
0

Re: I think I might have too many credit cards...


scottwagnon wrote:

DONT TOSS capital one journey; that was BAD advice. DO TOSS credit one. and toss walmart and home depot because those are bad companies to do business with. keep the closed walmart card for the free fico score.


How exaclty are the bad companies to do business with? 

Valued Contributor
scottwagnon
Posts: 1,350
Registered: ‎02-07-2010
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Re: I think I might have too many credit cards...

other than closing credit one, you need to keep your lines open. closing them will not help you. that is for the mortgage lender to decide at the time of credit pull. the lender will let you know if you have too many cards, that is not an issue. he/she may approve you after you close your accounts. no lender will flat out deny you just because you have too many accounts.

 

however, holding on to high risk credit (credit one) is an issue for some lenders and will help determine what kind of person you are in a bad way. if you hold onto high risk credit when you already have prime and subprime credit, this will suggest to the lender that you are not as capable as others in making disciplined choices. its like holding up a sign that says, i am a high risk borrower, you should be concerned about me, and i don't believe i have what it takes to borrow money sensibily.

 

i know this isn't you, so close that card, and your credit will look better to any lender.

 

Capital One is a highly profitable, conservative lender. Any lender understands the value of this and will look positively at any capital one credit line that has been handled responsibly. so unless your capital one is secured or has an annual fee (cap one journey does not), it is no value to you to close your capital one journey card.

 

like i said also close walmart but keep the card for the free fico score.

EX BankCard 8 FICO 820 (250-900) 04/08/14
TU FICO 806 (350-850) 04/10/14
EX VT 3.0 805 (300-850) TU VT 2.0 891 (501-990)
Credit.com score 798 (300 - 850) TU transrisk 772
card line up here: http://ficoforums.myfico.com/t5/Credit-Cards/How-Many-Credit-Cards-Do-YOU-have/m-p/1034512#M290859
Established Member
Luis135
Posts: 28
Registered: ‎11-22-2012
0

Re: I think I might have too many credit cards...


scottwagnon wrote:

other than closing credit one, you need to keep your lines open. closing them will not help you. that is for the mortgage lender to decide at the time of credit pull. the lender will let you know if you have too many cards, that is not an issue. he/she may approve you after you close your accounts. no lender will flat out deny you just because you have too many accounts.

 

however, holding on to high risk credit (credit one) is an issue for some lenders and will help determine what kind of person you are in a bad way. if you hold onto high risk credit when you already have prime and subprime credit, this will suggest to the lender that you are not as capable as others in making disciplined choices. its like holding up a sign that says, i am a high risk borrower, you should be concerned about me, and i don't believe i have what it takes to borrow money sensibily.

 

i know this isn't you, so close that card, and your credit will look better to any lender.

 

Capital One is a highly profitable, conservative lender. Any lender understands the value of this and will look positively at any capital one credit line that has been handled responsibly. so unless your capital one is secured or has an annual fee (cap one journey does not), it is no value to you to close your capital one journey card.

 

like i said also close walmart but keep the card for the free fico score.


Sounds good!

 

Thanks for the advice

Valued Contributor
dodfire
Posts: 1,453
Registered: ‎04-14-2012
0

Re: I think I might have too many credit cards...

Other lenders are going to look at limits of your cards ONLY on a manual review. 

I would suggest closing the store cards that you are not going to use on a consistent basis.

Concentrate on CLI request with your prime cards.

 

I would keep walmart open for sure!!!! Do your research here and see how fast that card grows the credit limit. 

 

As you are closing cards you are losing your UTL so you want other cards that you can increase the limit on.

*8/10/13
New Member
DucatiStreetfighter1098
Posts: 1
Registered: ‎04-21-2008
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Re: I think I might have too many credit cards...

Walmart & The Home Depot are bad companies to do business with?

That sounds rather sanctimonious.

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Moderator
09Lexie
Posts: 26,345
Registered: ‎09-13-2012
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Re: I think I might have too many credit cards...

Applying for 12 cards in one month and wanting to close them less than 6 mos later seems a bit much. Have you used all the cards? Did they ever report a balance?
Established Member
Luis135
Posts: 28
Registered: ‎11-22-2012
0

Re: I think I might have too many credit cards...


09Lexie wrote:
Applying for 12 cards in one month and wanting to close them less than 6 mos later seems a bit much. Have you used all the cards? Did they ever report a balance?

Yeah I used them all around the Holidays, did some shopping with them. They all did report balances.

Moderator
09Lexie
Posts: 26,345
Registered: ‎09-13-2012
0

Re: I think I might have too many credit cards...

Under the MC/Visas IMO - I would close credit one. It has served its purpose. Store cards- again IMO, most of them are GE and the CLI are all SP's - I don't see a reason to close a TL that will give you a CLI's every 4 mos (usually) without costing you a Hp.

Your AAOA has already taken a significant hit just by the sheer number of new cc's opened in 7 mos. I would do nothing, garden those cards and let the inq's age. Chances of you getting new CLI's will be based on util and payment history.
Established Member
Luis135
Posts: 28
Registered: ‎11-22-2012
0

Re: I think I might have too many credit cards...


09Lexie wrote:
Under the MC/Visas IMO - I would close credit one. It has served its purpose. Store cards- again IMO, most of them are GE and the CLI are all SP's - I don't see a reason to close a TL that will give you a CLI's every 4 mos (usually) without costing you a Hp.

Your AAOA has already taken a significant hit just by the sheer number of new cc's opened in 7 mos. I would do nothing, garden those cards and let the inq's age. Chances of you getting new CLI's will be based on util and payment history.

What are some things I should be doing to have higher chances of CLI's? How long should I wait, I hear its 6 months after you open the account, no? 

Moderator
09Lexie
Posts: 26,345
Registered: ‎09-13-2012
0

Re: I think I might have too many credit cards...

It's different for lenders - some like usage, some could careless. But the most important thing is to keep your util down and pay on time.

Credit is a marathon not a race. It takes time to build and establish credit. Unfortunately, you added a lot of cards in a short period of time and you can't get that time back (AAOA) without time or being added onto someone's account as an AU with a long and positive credit history. Even if you close those accounts, that damage is already done. It will be ok as long as you manage them correctly and do not apply for anymore credit or have HP's done for awhile.

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