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Member
Posts: 9
Registered: ‎01-08-2013
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Seeking Advice

My credit cards:

 

Macys - 1500 (balance of $0 since I did a BT  and always paid it in full every month) Have this card for about 2yrs.

BoA MC - 500 ( mainly use to put gas, always paid in full every month) have this card 2yrs, started as a $99 down with a credit of 500. Last year they removed the "secured" statsu but they will not increase my credit limit, they say apply for a different card.

NFCU  visa - 15000 ( just got this card in december) I BT'd my macys acct for like $1k.  no other charges.

Mortgage since 1999 -  about 500 a month, always paid on time.

checking and savings with NFCU and Citibank

No car payment

 

My  EQ was at 667 when they approved the NFCU CC.

 

Question:

Should I close the BoA MC and apply for a different one since they will not raise my CL and my credit seems established? would it hurt my credit score? close and do nothing? or don't touch it for now?

Should I wait 6 months before applying for anything else since I just got the NF CC?

Keep/Close the Macys card?

 

 I was told that one should have at least 3 credit cards open in good standing to build credit and closing a CC would hurt the rating.

Whatever I had on my credit report that was negative has been settled.

 

My Goal:

 

Buy a 2nd property hopefully this year and get an Amex gold/platinum or CSP

 

 Any advice is appreciated.

 

 

Community Leader
Valued Contributor
Posts: 1,408
Registered: ‎07-12-2011
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Re: Seeking Advice


Kyle_J wrote:

 

Keep/Close the Macys card?

 

 I was told that one should have at least 3 credit cards open in good standing to build credit and closing a CC would hurt the rating.

Whatever I had on my credit report that was negative has been settled.

 

My Goal:

 

Buy a 2nd property hopefully this year and get an Amex gold/platinum or CSP

 

 Any advice is appreciated.

 

 


Hey Kyle_J!  Welcome to the forums!

Looks like you are on a path to great FICO scores.  Do you mind sharing your baddies on your reports so that we can recommend some good cards.  I think your credit profile could use a couple more good trade lines.  Thanks!


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, TotalRewards 20.5K, QuickSilver 20K

Valued Contributor
Posts: 1,987
Registered: ‎06-25-2012
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Re: Seeking Advice

Have you tried to pc your bofa card?
Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / Merrill+ Visa siggy (5000) / BofA Amex (6000) / Bofa cash rewards (5000) / BofA Privileges Cash Rewards (5000) / Citi Forward (4400) / Citi DP (2000) / Chase Freedom (4000) / Chase CSP (5000) / Chase Hyatt (5000) / Discover IT (1700) / FNBO AMEX (3600) / NFCU cashRewards Visa signature (15000) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / Nordstrom (500) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (1631) / PayPal Smart connect (2200) / BestBuy store card (2000)
Member
Posts: 9
Registered: ‎01-08-2013
0

Re: Seeking Advice

I had a hsbc card  CL,  850 -  was settled for like $350

First premier  CL 300 - was settled for $100

VW car lease owed 2000 - was settled for 800

 

These were debts from like 2009 and have all been settled as of last year.

 

 I'm not looking to have every CC available, My plan is to just keep the NFCU CC and add amex and chase. I think 3,4 cards max is all I want

 

Would it be ok to cancel the small cards I have and apply for the bigger ones? keep making payments on time as I have been and apply in 3, 4 6 months?

Community Leader
Valued Contributor
Posts: 1,408
Registered: ‎07-12-2011
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Re: Seeking Advice


Kyle_J wrote:

I had a hsbc card  CL,  850 -  was settled for like $350

First premier  CL 300 - was settled for $100

VW car lease owed 2000 - was settled for 800

 

These were debts from like 2009 and have all been settled as of last year.

 

 I'm not looking to have every CC available, My plan is to just keep the NFCU CC and add amex and chase. I think 3,4 cards max is all I want

 

Would it be ok to cancel the small cards I have and apply for the bigger ones? keep making payments on time as I have been and apply in 3, 4 6 months?


I think you have an excellent chance at both Amex and Chase if you could get the "Settled for less" accounts off your report.  I don't recommend apping anything till you try getting these off.  Have you GW'd the companies you settled with?  If not- do so first before apping anything else.  You've already got a great card with NFCU to start with and if you could get a some of these baddies off your reports, your next cards will be high limit prime.  When where you planning on apping the new property?


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, TotalRewards 20.5K, QuickSilver 20K

Community Leader
Valued Contributor
Posts: 1,408
Registered: ‎07-12-2011
0

Re: Seeking Advice

Kyle_J

sorry forgot- I wouldn't close anything just yet.  If you have no AF, just SD them till you get a few new TLs.  It's not hurting you to have these open as long as it's not costing you anything. JMA 


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, TotalRewards 20.5K, QuickSilver 20K

Member
Posts: 9
Registered: ‎01-08-2013
0

Re: Seeking Advice

Planning on buying property by end of 2013

 

Also,  Is there a legal way to remove a "settled debt"  from your credit report?

And, all creditors see that as a negative when apping or can it go either way?

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