Results of Recent App Spree

[OilFieldEngineer]

I am new to the forum and have found the information very helpful. Have had challenges with re-establishing credit after having negative fall off my report but have recently had a great deal of success with applying for new and cli on existing. I have plans of cancelling some of my rebuilder cards but am unsure if it will have a negative impact on my scores.  I already closed the credit one and plan on closing the merrick bank as soon as my payment posts. Maybe close the Capital Ones since they wont show any love? Right now before these new accounts are posted I am a 11% utilization of my available with most of the balances paid in full each month. Hoping someone can give me some guidance.

B of A  Cash Rewards  - CLI 2000 from 800

Chase Mileage Plus Explorer - New 9600

Discover More - New 1500

Citi Diamond - New 2600

Nationwide Bank - New 7500

AMEX Blue Sky Rewards - waiting on exec review (denied online app)

Cap One (2 cards) - No increase 750 x 2 

Cap One (orchard) -  CLI 800 from 600

Cap One (Best Buy MC) - CLI 800 from 500

GEMB (Dillards) - CLI 1900 from 400

GEMB (JCP) - 1500

Merrick Bank - 950

Credit One - 450 - Closed today 

EQ - 630    EX - 647   TU - 733 all scores from the CRA websites

[jordanmedical]

Congrats! (Especially on closing the CreditOne)

[webhopper]

Congrats... your increase on dullards gives me hope that my amazon store card will grow one day.

[OilFieldEngineer]

I called the backdoor number and told them I wanted an increase on my credit line asked for only 1200 trying to be conservative but they offered up 1900.

[aussiesareforever]

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@OilFieldEngineer wrote:

I am new to the forum and have found the information very helpful. Have had challenges with re-establishing credit after having negative fall off my report but have recently had a great deal of success with applying for new and cli on existing. I have plans of cancelling some of my rebuilder cards but am unsure if it will have a negative impact on my scores.  I already closed the credit one and plan on closing the merrick bank as soon as my payment posts. Maybe close the Capital Ones since they wont show any love? Right now before these new accounts are posted I am a 11% utilization of my available with most of the balances paid in full each month. Hoping someone can give me some guidance.

B of A  Cash Rewards  - CLI 2000 from 800

Chase Mileage Plus Explorer - New 9600

Discover More - New 1500

Citi Diamond - New 2600

Nationwide Bank - New 7500

AMEX Blue Sky Rewards - waiting on exec review (denied online app)

Cap One (2 cards) - No increase 750 x 2 

Cap One (orchard) -  CLI 800 from 600

Cap One (Best Buy MC) - CLI 800 from 500

GEMB (Dillards) - CLI 1900 from 400

GEMB (JCP) - 1500

Merrick Bank - 950

Credit One - 450 - Closed today 

EQ - 630    EX - 647   TU - 733 all scores from the CRA websites

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Congratulations on your recent approval and your credit journey.

1. Just making sure you know that the scores you posted are FAKO scores. Your actual credit score may be higher or lower than what you have. You can obtain your true FICO score (TU and EQ) from this website. The EX FICO is a little more elusive. If you don't plan on applying for anything big (Auto, house loan) then you may not really care what your scores are. However if you are like me and curiosity gets the best of you, then certainly buy your true scores.

2. Personally I will get rid of the low limit cards that would not grow with you. You did not include an annual fee for your cards but I assume the Capital One cards probably have an annual fee. The only reason I will consider keeping ONE Capital One card open is the zero foreign transaction fee. Important if you travel. However you can find out if your other cards have foreign transaction fees.  Definitely get rid of the low limit cards WITH an annual fee. Based on what you stated, I don't think closing the accounts will hurt your utilization. Just keep PIF every month. In addition, the closed accounts will stay on your report for 10 years and add to your AAoA. I would definitely recommend keeping the 1st five cards and the AMEX if you get approved.

3. I would not apply for any more cards if I were you. I think you have more than plenty right now. I was able to rebuild my credit with just three. Follow the basic rules. Pay your bills on time. Probaby the most important one. A single late payment is a huge nightmare. Pay your bills early or at least on time. Every single time. Do not apply for credit unless you need it. Keep your utilization low. You will be amazed by how quickly your credit score (and confidence) increases.

4. Do you have any installmental loans (auto loan, furniture loan, CU loan). If you don't, I will consider one of those just for diversity to bump up your score. Obviously yoou are not going to buy a house or a car unless you need it but your local bank or CU can give you a loan. Just put the money in a savings account and pay off the loan monthly.

Welcome to the forums and good luck!

[OilFieldEngineer]

I have been good with installment loans never had issues just got myself into problems in college and had to pay everything off. Didnt have any credit cards after that until 3 years ago. The orchard and one of the cap ones are my oldest everything else is around 1 year to brand new. I havent had a late payment or gone over 30% util. in the last 2 years. The inquiries on the other hand are out of control and after I get the final decision on the amex no more apps for anything until its time to get the mortgage.

Trying to position myself for a mortgage in the next 6-9 months, maybe 12 months to let some of the inquiries drop off my report.

[aussiesareforever]

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@OilFieldEngineer wrote:

I have been good with installment loans never had issues just got myself into problems in college and had to pay everything off. Didnt have any credit cards after that until 3 years ago. The orchard and one of the cap ones are my oldest everything else is around 1 year to brand new. I havent had a late payment or gone over 30% util. in the last 2 years. The inquiries on the other hand are out of control and after I get the final decision on the amex no more apps for anything until its time to get the mortgage.

Trying to position myself for a mortgage in the next 6-9 months, maybe 12 months to let some of the inquiries drop off my report.

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Great. If you are looking to apply for a mortgage, definitely do not apply for any other loans. Having a current installment loan helps boost your score but I will just recommend waiting and getting a mortgage instead.

Inquiries stay on your report for 2 years but they stop counting towards your score after 1 year. I believe that most mortgage lenders will only look at inquiries made within the last 12 months of your application. I think if you stay on course, you will be fine.

Finally, you can close your oldest accounts if you want, they'll still contribute towards your score for another 10 years. Just keep trucking on. You'll be fine. Two years ago, I knew nothing about credit. I had just had a BK discharged and still didn't understand the whole credit business. Now I have fairly decent scores and can get a pretty good interest rate on a house when I'm ready to buy. If I can turn my credit life around, anybody else can.