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Please Help. I'm an addict.

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brainysmurf
Contributor

Please Help. I'm an addict.

I'm currently in the rebuilding credit phase. So many lenders told me that not having revolving accounts was dragging down my credit score. So I got some. Now I have 3, all reccently opened. I think I should close one before they report... if this is possible.

 

 

Card 1 - Orchard Bank (HSBC)  $300 CL - 19% APR

Card 2 - Capital One Secured    $700 CL - 23% APR

Card 3 - NFCU Cash Rewards     $8k CL - Prime + 12.99% Capped @ 18ish B/C CU

 

Cards listed in order of first applied for. I love that I have an 8k card. I would really like this to be my primary as it actually has rewards.

My concern is that I heard CU Cards are viewed less favorably by FICO. Is this true?

I would love to cancel Orchard becauase of the measly CL but I did pay them $59 when I got the card.

I would love to cancel Capital One because I get $700 back in my pocket.

I'm keeping Navy Fed. That rocks. I feel like I've made it, in a sense.

 

I'm stopping all inquires now. I feel that I have enough available to show responsibility. I also recently bought a new car, because the dealer got me a great rate, so that's going to report as $19k in debt.

EX / EQ / TU FICO
Start: ? / 633 / 621 March 2011
Current: 751 / 760 / 750 (PSECU, SW, QM)
My Wallet: Fidelity Amex 5k, NFCU CashRewards 10k,
SD: Barclays Apple 1.2k, Amex Zync NPSL, HomeDepot 1.2k
Message 1 of 9
8 REPLIES 8
aftermath
Established Contributor

Re: Please Help. I'm an addict.

If you've already paid an AF, then leave it alone for a year and close it at the anniversary date so that you don't incur another AF.

American Express Blue Cash Everyday $6600
Barclays US Airways Premier World Mastercard $14500
Chase Sapphire Preferred $5000
Chase Freedom Visa $1000
Chase United Explorer $8500
Citi AAdvantage Platinum Select Visa Signature $7500
Citi ThankYou Premier World Mastercard $7500
Message 2 of 9
brainysmurf
Contributor

Re: Please Help. I'm an addict.

Ok. So I should leave all 3 open? I did pay Capital One $29. On the other hand they do have $700 of my money in a savings account.

EX / EQ / TU FICO
Start: ? / 633 / 621 March 2011
Current: 751 / 760 / 750 (PSECU, SW, QM)
My Wallet: Fidelity Amex 5k, NFCU CashRewards 10k,
SD: Barclays Apple 1.2k, Amex Zync NPSL, HomeDepot 1.2k
Message 3 of 9
vish1
Valued Contributor

Re: Please Help. I'm an addict.

Tell us more about your credit file. Like your scores, AAoA, baddies (if any).

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
Message 4 of 9
aftermath
Established Contributor

Re: Please Help. I'm an addict.

 


@halld84 wrote:

Ok. So I should leave all 3 open? I did pay Capital One $29. On the other hand they do have $700 of my money in a savings account.


 

 

Keep the Orchard and Capital One open for atleast a year.  You might as well since you've already paid the fees for them.

 

If you're not planning to apply for any new cards or loans anytime soon, you can offset the $700 you have on deposit with Capital One by utilizing the high limit you received on your NFCU.

 

A year goes by quick.  You wont miss it.

American Express Blue Cash Everyday $6600
Barclays US Airways Premier World Mastercard $14500
Chase Sapphire Preferred $5000
Chase Freedom Visa $1000
Chase United Explorer $8500
Citi AAdvantage Platinum Select Visa Signature $7500
Citi ThankYou Premier World Mastercard $7500
Message 5 of 9
brainysmurf
Contributor

Re: Please Help. I'm an addict.

I currently have a 625 EQ, which is really the one I'm trying to grow.

 

8 Accounts, 3 with derogatory marks.

 

3 in dispute process with results by April 7th:

2 are student loans with old lates, I asked that they just fix the lates since I signed up for the rehab program they offer.

1 is power bill from my parents using my social showing $293 past due, but no 30, 60, or 90 therefore no DoFD.

The above 3 are fairly old accounts, the student loans are from 2002. If they drop off fully it will hurt AAoA.

 

1 closed Citi revolving from 2003, was opened for a year with nothing ever charged and they closed it. =(

 

Auto $0 bal $5k high from 2003

Auto $0 bal $16k high from 2005

Auto $0 bal (soon) 19.5k high from late 2008

Personal installment $0 bal $2k high from 2010

 

So... I'll be adding Orchard, Capital One, NavyFCU, and a chase installment for $19k.

All in 2011. My current AAoA by myFICO is 6 years.

My last late 3 years 1 month.

EX / EQ / TU FICO
Start: ? / 633 / 621 March 2011
Current: 751 / 760 / 750 (PSECU, SW, QM)
My Wallet: Fidelity Amex 5k, NFCU CashRewards 10k,
SD: Barclays Apple 1.2k, Amex Zync NPSL, HomeDepot 1.2k
Message 6 of 9
700orbust
Frequent Contributor

Re: Please Help. I'm an addict.

What was your EQ when you got the NFCU card?
------------------------------------------------

What's in my wallet?

Apple, Amex BCP, Platinum, Gold, NFCU Flagship, Spark Biz.
Message 7 of 9
brainysmurf
Contributor

Re: Please Help. I'm an addict.

633. I think they're slightly partial to active duty.

EX / EQ / TU FICO
Start: ? / 633 / 621 March 2011
Current: 751 / 760 / 750 (PSECU, SW, QM)
My Wallet: Fidelity Amex 5k, NFCU CashRewards 10k,
SD: Barclays Apple 1.2k, Amex Zync NPSL, HomeDepot 1.2k
Message 8 of 9
brainysmurf
Contributor

Re: Please Help. I'm an addict.

Oh my... I'm terrible. I forgot that I was strongly considering app'ing for a STAR card. If I plan to start my home buying adventure in May of 2012 would this be a wise, or poor decision?

 

I've been on the CC roller coaster before when I was 18. I know how to decide whether or not I can afford something before swipping. At this time I do not intend to ever carry a balance.

EX / EQ / TU FICO
Start: ? / 633 / 621 March 2011
Current: 751 / 760 / 750 (PSECU, SW, QM)
My Wallet: Fidelity Amex 5k, NFCU CashRewards 10k,
SD: Barclays Apple 1.2k, Amex Zync NPSL, HomeDepot 1.2k
Message 9 of 9
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