Thank you MyFico Community:) Advice needed!

[Anonymous]

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@HeavenOhio wrote:

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@Dalmus wrote:
Your AAoA is already shot, and any cards you close now will continue reporting and aging for up to 10 years, so there's no real harm in closing out any unwanted store cards, provided you don't carry high limits on your remaining cards.  If at some time in the future an underwriter asks you about the store cards you closed after 2 months, just say you opened it for a discount at the time of purchase, then later realized you wouldn't use it enough to keep it.

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I assume you mean "provided you don't carry high balances."

AAoA is likely a little bit ill for now, but if MsBree2's accounts aren't all that old to begin with, it won't make much difference as time passes.

I'd close some cards, but there's no big rush. Give it some thought.

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Thank you Where in OHIO are you? We are 30 min south of CLE

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Thank you both for such quick responses! How do people with so many cards know/decide what ones to use? I do have all my cards tucked away (i've only been using my QS and paying off each month). I was just thinking about future app's for homes, cars, etc. will having so many score cards un-used look bad to them? 

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Exactly the opposite, in fact.  Having way more credit than you would ever use (and actually not using it) shows that you can avoid the temptation to spend money you don't have.  FICO is a measure of risk, and demonstrated responsibility = less risk

As to your first question, in my case it's a pure value calculation.  I use my Amazon card for Amazon, as well as anything else I can buy a gift card on Amazon for because it's my highest reward percentage (5%).  Everything else I put on my PenFed card (2%), and I use the rest either for balance transfers if/when necessary, or utilization padding. (i.e. sitting there unused making me look 'responsible')

 

Thanks, Tyger. I am going to close 3 ( i still have PLENTY) lol . I wish I could close the subprime ones, but they really are the ones who helped me and are my oldest (14 years). I'll just never use them again, ever. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Thank you both for such quick responses! How do people with so many cards know/decide what ones to use? I do have all my cards tucked away (i've only been using my QS and paying off each month). I was just thinking about future app's for homes, cars, etc. will having so many score cards un-used look bad to them? 

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I use the card that'll give me the most back. I only have two at the moment but for the Disco just use it for the 5% (10% in your first year!) categories. Make sure you get any signup bonuses with Amex though.

Sounds like you have almost 20 store cards if I added it up correctly... I would start thinning the herd (for your own sanity as well) but remember they'll stay on your CR for 10 years. The concern IMO is less with the nuumber of accounts but more the total CL to income ratio. While the util padding is nice it'd be much cleaner to cut up some that you very rarely use (just be sure to retain your oldest tradeline).

Most importantly, garden! You have a lot of inqs now.

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Thank you! 10%!! I didn't even read terms , I was so excited. I plan to get my 60,000 miles! OMG! I am going to thin for my sanity (thanks for understanding!)

I'm gardening away. I honestly have every card now that I really wanted. So i'm good watching my score grow and my inquiries die

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Just to clarify, 10% means 5% and then cashback match at the end of your first year. Make sure this was in the offer you signed up with.

Hooray for gardening!