Rebuilt, Closing Subprimes, and Just Landed Penfed!

[creditreformer]

Recap- took the long and s-l-o-w route to rebuilding/have been rebuilding since 2008. By 'rebuilding,' I mean: "was young and dumb w/ccs, lived using cash only for many years, and have been slowly acquiring ccs since 2008 rather than applying for all the ccs all the time." I did the s-l-o-w route b/c I wanted to get my finances in order- and I've done that- healthy emergency fund, retirement, savings, etc. Also, ALL CCS ARE PAID OFF! FICOS (at least EQ and EX) are now in the 700s.

Current CC portfolio (limits, not balances lol)-

NFCU Cash (green)- 12k

NFCU Navchek/CLOC- 15k

Cap 1 QS- 3.7k

Chase AZ- 2.5k

Care Credit- 2.5k

USAA Secured- 1.5k (won't graduate, but can't get an unsecured)

Paypal Smart Credit (being upgraded to MC)- 1.3k

Merrick/Hooters- 1.1k (Thinking of closing- $36 AF)

BA 99/500- 500 (Thinking of closing- $29 AF; won't unsecure)

WF Secured- 500 (will likely be adding more $ to this soon as it will unsecure in October- or should lol)

And several 'nothing to write home about' CCs- the 'usual' Synchrony (WM, AZ, Lowes, etc.). None of those have AFs, so I'm keeping them and hoping Synchrony shows me some CLI love someday

Recent (5/14) added CCs-

Amex BCP- 8k

Discover IT- 6.5k

Baddies- 

Unpaid tax lien (few $1000; on report since 2010). WILL be paying this off asap.

Inquiries-

EX- 3 (includes the discover and amex ones from 5/14)

EQ- 2 (will drop to 1 in june 2016)

TU- 6 (all drop in september 2016)

Q. Is there any reason to NOT close the BA 99/500 and Merrick? Anything else I should close?

Future plans-

go back to garden as the 'other ccs I'd like' (Penfed, Citibank, Chase) won't take me currently most likely b/c of tax lien.

would like another NFCU cc, but am hoping they'll send me an offer like they did for the first cc

buy house in 1-3 years. however, this will be mostly or all in cash (cash is already in bank). also have another house that's paid off and will be turned into a rental property at this point.

So if you were me, given all the givens, what would you do re closing the CCs? What would be your NEXT 'credit plans?'

[Pway]

Your profile has grown tremendously.  I would get rid of those secured cards at once, free up that money you have locked down in those secured cards.  Any card that has an annual fee that was part of your rebuild I would kick to the curb (CLOSE).  

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@creditreformer wrote:

Recap- took the long and s-l-o-w route to rebuilding/have been rebuilding since 2008. By 'rebuilding,' I mean: "was young and dumb w/ccs, lived using cash only for many years, and have been slowly acquiring ccs since 2008 rather than applying for all the ccs all the time." I did the s-l-o-w route b/c I wanted to get my finances in order- and I've done that- healthy emergency fund, retirement, savings, etc. Also, ALL CCS ARE PAID OFF! FICOS (at least EQ and EX) are now in the 700s.

Current CC portfolio (limits, not balances lol)-

NFCU Cash (green)- 12k

NFCU Navchek/CLOC- 15k

Cap 1 QS- 3.7k

Chase AZ- 2.5k

Care Credit- 2.5k

USAA Secured- 1.5k (won't graduate, but can't get an unsecured)

Paypal Smart Credit (being upgraded to MC)- 1.3k

Merrick/Hooters- 1.1k (Thinking of closing- $36 AF)

BA 99/500- 500 (Thinking of closing- $29 AF; won't unsecure)

WF Secured- 500 (will likely be adding more $ to this soon as it will unsecure in October- or should lol)

And several 'nothing to write home about' CCs- the 'usual' Synchrony (WM, AZ, Lowes, etc.). None of those have AFs, so I'm keeping them and hoping Synchrony shows me some CLI love someday

Recent (5/14) added CCs-

Amex BCP- 8k

Discover IT- 6.5k

Baddies- 

Unpaid tax lien (few $1000; on report since 2010). WILL be paying this off asap.

Inquiries-

EX- 3 (includes the discover and amex ones from 5/14)

EQ- 2 (will drop to 1 in june 2016)

TU- 6 (all drop in september 2016)

Q. Is there any reason to NOT close the BA 99/500 and Merrick? Anything else I should close?

Future plans-

go back to garden as the 'other ccs I'd like' (Penfed, Citibank, Chase) won't take me currently most likely b/c of tax lien.

would like another NFCU cc, but am hoping they'll send me an offer like they did for the first cc

buy house in 1-3 years. however, this will be mostly or all in cash (cash is already in bank). also have another house that's paid off and will be turned into a rental property at this point.

So if you were me, given all the givens, what would you do re closing the CCs? What would be your NEXT 'credit plans?'

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[driftless]

Closing rebuilding and low limit cards is a natural part of the rebuilding process. It feels good when you do it!

[Anonymous]

This is a good problem to have.  I closed my Credit One card this year due to the high annual fee.  They keep sending me emails to re-open lol.  If feels good to be wanted.

I would definatley keep the BOA Card.  Mine graduated after 10 months and I now have a healthy limit on it and it will only continue to grow!

[Anonymous]

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@creditreformer wrote:

Recap- took the long and s-l-o-w route to rebuilding/have been rebuilding since 2008. By 'rebuilding,' I mean: "was young and dumb w/ccs, lived using cash only for many years, and have been slowly acquiring ccs since 2008 rather than applying for all the ccs all the time." I did the s-l-o-w route b/c I wanted to get my finances in order- and I've done that- healthy emergency fund, retirement, savings, etc. Also, ALL CCS ARE PAID OFF! FICOS (at least EQ and EX) are now in the 700s.

Current CC portfolio (limits, not balances lol)-

NFCU Cash (green)- 12k

NFCU Navchek/CLOC- 15k

Cap 1 QS- 3.7k

Chase AZ- 2.5k

Care Credit- 2.5k

USAA Secured- 1.5k (won't graduate, but can't get an unsecured)

Paypal Smart Credit (being upgraded to MC)- 1.3k

Merrick/Hooters- 1.1k (Thinking of closing- $36 AF)

BA 99/500- 500 (Thinking of closing- $29 AF; won't unsecure)

WF Secured- 500 (will likely be adding more $ to this soon as it will unsecure in October- or should lol)

And several 'nothing to write home about' CCs- the 'usual' Synchrony (WM, AZ, Lowes, etc.). None of those have AFs, so I'm keeping them and hoping Synchrony shows me some CLI love someday

Recent (5/14) added CCs-

Amex BCP- 8k

Discover IT- 6.5k

Baddies- 

Unpaid tax lien (few $1000; on report since 2010). WILL be paying this off asap.

Inquiries-

EX- 3 (includes the discover and amex ones from 5/14)

EQ- 2 (will drop to 1 in june 2016)

TU- 6 (all drop in september 2016)

Q. Is there any reason to NOT close the BA 99/500 and Merrick? Anything else I should close?

Future plans-

go back to garden as the 'other ccs I'd like' (Penfed, Citibank, Chase) won't take me currently most likely b/c of tax lien.

would like another NFCU cc, but am hoping they'll send me an offer like they did for the first cc

buy house in 1-3 years. however, this will be mostly or all in cash (cash is already in bank). also have another house that's paid off and will be turned into a rental property at this point.

So if you were me, given all the givens, what would you do re closing the CCs? What would be your NEXT 'credit plans?'

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I would close any card that you haven't used in six months. BTW, it will take 7 years for the lien to drop off. When it does, your score will go from around 720 to around 800, assuming no other baddies. 

[creditreformer]

update- was wanting 1 more cc to 'cushion' the blow from losing Merrick, BA (8 years of secured means they're NOT unsecuring it lol).

Penfed Platinum Visa Signature

Congratulations, your application has been approved.

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Purchase and Cash Advance APR: 16.24% Credit Limit: $32,000

[Anonymous]

Adding money to your WF secured resets the clock according to the UW who asked if I was sure if I wanted to add funds (which I then declined).

[creditreformer]

wasn't aware of that- thanks for the heads up. guess i'll just wait w/WF and see if they unsecure me in Oct. (the 1 year mark). if not, i'll close it. i've got more than enough available credit now to not need them.

[Anonymous]

Mine unsecured last October but didn't get a letter until November so give it an extra month to see if you get the letter.

[SouthJamaica]

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@Pway wrote:

Your profile has grown tremendously.  I would get rid of those secured cards at once, free up that money you have locked down in those secured cards.  Any card that has an annual fee that was part of your rebuild I would kick to the curb (CLOSE).  

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Agreed