My credit plan

[Anonymous]

I recently was approved for two new cards. I'm transfering to a four year college next year. So for the next three years I plan on staying away from credit apps or any other apps for that matter. I want to get a new car when i'm finished with College and I believe this will be the best way to recieve the lowest interest rates.

1. I'll list my info below and tell me what you think.

2. I'd like to know if I took a loan out for the first semester how would that affect my score.

3. I'm going to try and combine my two chase card so that I have less cards. I'd close my Cap1 but it's my oldest account.

11/1/2007 Capital One: $750 

5/1/2008 Chase Perfect $1500

2/1/2009 Best Buy Store Card $1600

3/1/2009 Chase Amazon $1700

6/1/2009 Bank of America Accelerated Rewards $1000

9/2009 Discover More $2000

9/2009 Citi Forward $4000

TU: 737

EQ: 701 

Thanks for any info

[MarineVietVet]

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@Anonymous wrote:

I recently was approved for two new cards. I'm transfering to a four year college next year. So for the next three years I plan on staying away from credit apps or any other apps for that matter. I want to get a new car when i'm finished with College and I believe this will be the best way to recieve the lowest interest rates.

1. I'll list my info below and tell me what you think.

2. I'd like to know if I took a loan out for the first semester how would that affect my score.

3. I'm going to try and combine my two chase card so that I have less cards. I'd close my Cap1 but it's my oldest account.

11/1/2007 Capital One: $750 

5/1/2008 Chase Perfect $1500

2/1/2009 Best Buy Store Card $1600

3/1/2009 Chase Amazon $1700

6/1/2009 Bank of America Accelerated Rewards $1000

9/2009 Discover More $2000

9/2009 Citi Forward $4000

TU: 737

EQ: 701 

Thanks for any info

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Are those amounts you list the credit limits? What are the balances on each account? If you have high utilization and with five cards issued in the last year you might have a problem getting a loan so soon. If none of these accounts have an annual fee I wouldn't close any of them. Just let them age. I have 7 cards myself and don't consider that too many. Although I don't want anymore right now.

(myfico)
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

CC interest free as of 8/09
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".

[Anonymous]

My balance are:

Chase Perfect: $400/1500

Chase Amazon: $200/1700

All my other cards dont have balances.

My overall usage is 9% because my Citi and Discover card haven't been added to my credit reports.

[creditwherecreditisdue]

Don't close any accounts of a prime nature (i.e. Chase) that don't carry AF's.

You are doing fine and should have no problem obtaining a SL and the SL will not hurt your scores. There could be a very minor drop at first and after that it will all be a plus. The only thing holding back your access to credit might be your income. That tends not to be a factor with SL's.

What is the source of your scores? Are any of them FICO's?

[Anonymous]

Yup my EQ and TU are Fico. I'm just looking into student loans because I hear that a loan is a good way to raise your score because it shows your ability to pay off a decent amount of money over time.

[creditwherecreditisdue]

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@Anonymous wrote:
Yup my EQ and TU are Fico. I'm just looking into student loans because I hear that a loan is a good way to raise your score because it shows your ability to pay off a decent amount of money over time.

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When I was in graduate school I took out a student loan from my then long time CU that I most definitely did not need. I probably had more disposable income during those two years than at any other time in my life. It was a good credit building experience and that loan was repaid long before the SL for my undergraduate years. I wish either of those two loans still reported to the CBR's. They were great!