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Need help, which way to go?

Established Member

Need help, which way to go?

I’m new to this forum and I wish I knew this information years ago.  I have a few questions:

I am about to close on a mortgage at the end of the month and I would like to have a AMEX or other credit card with a limit of at least $3k.  Here are my stats:

BK 7/04 w/ a foreclosure and included 2 Prov (WAMU), 3 HSBC, 3 Cap1
1-2 late pays – when bk filed, in process of getting some removed successfully

Now I have the following:

Cap1 0 bal 500 CL, 0 bal 500 CL, 465 bal 1250 CL  - would like to get rid of 2
Orchard  770 bal 2000 CL
Credit One 0 bal 600 CL – want to get rid of
JCPenney 0 bal 650 CL
CircuitCity/Chase  384 bal 1000 CL
EX 656, EQ 665, TU 682

Will my scores go down when I close?  Should I apply for Amex right after I close?  Will closing Credit1 and Cap1 hurt my scores?  I will also be paying off all the balances on my accounts when I close.

Any advice you could give will be greatly appreciated.  If I can get one card with a decent limit, I would gladly get rid of all the other cards.

10/11/07 EQ 671
10/1/07 EX 656, EQ 665, TU 682
5/15/07 EX 631, EQ 623, TU 562

I'm on my way to 700!
2 REPLIES
Regular Contributor

Re: Need help, which way to go?

Please DO NOT DO ANYTHING until after you go to closing on your home.  After closing, then you can consider combining your CapitalOne accounts into one card and possibly closing another account if the fees are too high.  Then you can try and obtain credit line increases on your other credit accounts.  As your FICO score increases you will be able to obtain better credit cards, but this process will take time, so please be patient.  Good luck!
Highlighted
Established Member

Re: Need help, which way to go?

Thank you.  I DEFINITELY didn't plan on doing anything until after I closed.   I just wasn't sure if I should attempt to obtain an Amex now or later.  From your comment, I see later is a better option.
10/11/07 EQ 671
10/1/07 EX 656, EQ 665, TU 682
5/15/07 EX 631, EQ 623, TU 562

I'm on my way to 700!