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After spendng time rebuidling my credit (parent wrecked it), I finally have no collections or lates in my credit profile. Currently I have:
Citi Thank You Preferred (AU): $1000 limit, 1 late 1 year ago (husband's card)
Cap One Plat (AU): $1500
Cap QS (AU): $800
Cap One Secured: $200
Cap One QS: $300
Barclays Apple Rewards: $2000
Synchrony Gap: $300
Synchrony Toys R Us: $300
Synchrony Amazon Prime: $800
Student Loan: $4,000 balance
TU: 667 EX: 667 EQ: 659
All of these, excluding Citi, have been acquired in less than a year. Specifically, the Cap One cards (not AU, my own) were opened in Feb 2016, everything else came after. I was approved for the secured and QS at the same time, should I keep the secured or let it go?
I would eventually like to get cards with travel rewards, but am nursing these accounts for now. Is it worth keeping the secured on my profile?
Secured cards are used to either 1) build credit or 2) rebuild credit. Based on the number of cards you currently have, you aren't doing either.
My suggestion: Close the Capital One Secured card.
Additionally, you're an AU on a card with Lates (Citi Thank You Preferred). Unless you have a compelling reason to remain an AU on that card, I'd remove yourself as AU, then dispute with the CRAs as "Not my account".
Finally, I offer the same advice for your other AU cards, unless you have a compelling reason to keep them.
Thanks. I was initially added to have "something' in my credit profile. Will removing myself from th Citi card help raise my score?
Also, any idea how long i should wait before applying for a travel card?
Thanks for your help!
@Anonymous wrote:Will removing myself from th Citi card help raise my score?
Previously, you said "I finally have no collections or lates in my credit profile". Umm... even though the Citi is not your card, since you're an AU, it is part of your credit profile and appears on your credit report.
The Citi (AU) card has a Late payment and is therefore considered a Negative Account. Removing a negative account from your CR should increase your FICO score.
Once removed as AU, you still need to dispute the account with the CRAs before it disappears from your CR.
@Anonymous wrote:Also, any idea how long i should wait before applying for a travel card?
If your oldest card is from Feb, 2016, then all of your cards are still very new. I would garden (not apply for new credit) until your newest card is at least 6 months old (6 monthly statements are issued). That's the minimum amount of time I would wait. Ideally, I'd wait till your newest card is at least a year old. That's just my opinion, though.