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webhopper
Posts: 7,225
Registered: ‎09-16-2011
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Re: Wonder is i should close some tradelines????

I think you should keep them open another year before you start weeding them out. Or longer... that way you'll be creating a Aaoa buffer which will make your aaoa not drop as much when you open accounts in the future.

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Valued Contributor
dodgerslv
Posts: 1,841
Registered: ‎06-16-2012
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Re: Wonder is i should close some tradelines????


webhopper wrote:
I think you should keep them open another year before you start weeding them out. Or longer... that way you'll be creating a Aaoa buffer which will make your aaoa not drop as much when you open accounts in the future.

thanks everyone for the input!....I guess i will wait and see what Merrick Bank does. They sent me a letter in the past warning me about opening too many accounts already and that was back in October/November. Wonder if they will like me opening the new ones (even though AMEX will show opened more than a year ago). I guess i will wait and see...


Cards: (Citi- 82.7k) (Chase- 65k)) (US Bank- 18k) (Amex- 22.5k) (Barclays-40k) (BofA- 68k) (Cap1- 49.5K) (WF- 11k) (Penfed- 22.5k) (Discover- 8k) (Sync/GE- 15.7k) (NASA- 30k) (Diners- 15k)
Fico 08 scores (8/27/14) EX: 772 TU: 767 EQ: 778 (Utilization at 8% right now).





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Pilotdude
Posts: 955
Registered: ‎02-02-2013
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Re: Wonder is i should close some tradelines????

Lol Merrick warning anyone with an Amex is sorta comical.
I am going to give Credit One umm 1 chance to get with the program and raise my limit to a minimum of 2k, just as soon as the others report so credit one can see them.
I will insist on a SP only and if they don't want to do it, hasta lasagna to them.
I really don't care either way tbh but that's the only account I would close. The rest are okay with me.

NFCU #1 Fan!! NO MOAR APPS TIL 10/13 Minimum!!
TU -746, EX - 721, EQ -745
Cards:NFCU Flag Visa Sig $10000, CSP $8500, AMEX BCP $2000 Freedom $3500, Disc IT $5000, Cap 1 Green $2100, Credit 1 CLOSED! AU on Amex Green, Discover $2000, Cap One Plat $1000
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Pilotdude
Posts: 955
Registered: ‎02-02-2013
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Re: Wonder is i should close some tradelines????

Bah. I hit post too early.
As long as closing an account won't do more harm than good, I think fewer is better.

NFCU #1 Fan!! NO MOAR APPS TIL 10/13 Minimum!!
TU -746, EX - 721, EQ -745
Cards:NFCU Flag Visa Sig $10000, CSP $8500, AMEX BCP $2000 Freedom $3500, Disc IT $5000, Cap 1 Green $2100, Credit 1 CLOSED! AU on Amex Green, Discover $2000, Cap One Plat $1000
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dodgerslv
Posts: 1,841
Registered: ‎06-16-2012
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Re: Wonder is i should close some tradelines????


Pilotdude wrote:
Lol Merrick warning anyone with an Amex is sorta comical.
I am going to give Credit One umm 1 chance to get with the program and raise my limit to a minimum of 2k, just as soon as the others report so credit one can see them.
I will insist on a SP only and if they don't want to do it, hasta lasagna to them.
I really don't care either way tbh but that's the only account I would close. The rest are okay with me.

I know...thats why im think im gonna wait how Merrick Bank reacts to my recent spree...I really dont card if they close it cuz it was an 850 limit only so will not a ding in my utilization (always keep it under 15% amyways). Good luck with Credit One pilot.


Cards: (Citi- 82.7k) (Chase- 65k)) (US Bank- 18k) (Amex- 22.5k) (Barclays-40k) (BofA- 68k) (Cap1- 49.5K) (WF- 11k) (Penfed- 22.5k) (Discover- 8k) (Sync/GE- 15.7k) (NASA- 30k) (Diners- 15k)
Fico 08 scores (8/27/14) EX: 772 TU: 767 EQ: 778 (Utilization at 8% right now).





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Pilotdude
Posts: 955
Registered: ‎02-02-2013
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Re: Wonder is i should close some tradelines????


dodgerslv wrote:

Pilotdude wrote:
Lol Merrick warning anyone with an Amex is sorta comical.
I am going to give Credit One umm 1 chance to get with the program and raise my limit to a minimum of 2k, just as soon as the others report so credit one can see them.
I will insist on a SP only and if they don't want to do it, hasta lasagna to them.
I really don't care either way tbh but that's the only account I would close. The rest are okay with me.

I know...thats why im think im gonna wait how Merrick Bank reacts to my recent spree...I really dont card if they close it cuz it was an 850 limit only so will not a ding in my utilization (always keep it under 15% amyways). Good luck with Credit One pilot.


Thanks.  I am telling them, not asking them.  lol Its my way or the highway as far as I am concerned.  :smileyhappy:


NFCU #1 Fan!! NO MOAR APPS TIL 10/13 Minimum!!
TU -746, EX - 721, EQ -745
Cards:NFCU Flag Visa Sig $10000, CSP $8500, AMEX BCP $2000 Freedom $3500, Disc IT $5000, Cap 1 Green $2100, Credit 1 CLOSED! AU on Amex Green, Discover $2000, Cap One Plat $1000
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dodgerslv
Posts: 1,841
Registered: ‎06-16-2012
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Re: Wonder is i should close some tradelines????


Pilotdude wrote:

dodgerslv wrote:

Pilotdude wrote:
Lol Merrick warning anyone with an Amex is sorta comical.
I am going to give Credit One umm 1 chance to get with the program and raise my limit to a minimum of 2k, just as soon as the others report so credit one can see them.
I will insist on a SP only and if they don't want to do it, hasta lasagna to them.
I really don't care either way tbh but that's the only account I would close. The rest are okay with me.

I know...thats why im think im gonna wait how Merrick Bank reacts to my recent spree...I really dont card if they close it cuz it was an 850 limit only so will not a ding in my utilization (always keep it under 15% amyways). Good luck with Credit One pilot.


Thanks.  I am telling them, not asking them.  lol Its my way or the highway as far as I am concerned.  :smileyhappy:


sounds good to me Pilot!


Cards: (Citi- 82.7k) (Chase- 65k)) (US Bank- 18k) (Amex- 22.5k) (Barclays-40k) (BofA- 68k) (Cap1- 49.5K) (WF- 11k) (Penfed- 22.5k) (Discover- 8k) (Sync/GE- 15.7k) (NASA- 30k) (Diners- 15k)
Fico 08 scores (8/27/14) EX: 772 TU: 767 EQ: 778 (Utilization at 8% right now).





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HiLine
Posts: 3,166
Registered: ‎10-19-2012
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Re: Wonder is i should close some tradelines????

There are benefits to having many cards. You can refer to this thread for the discussion: http://ficoforums.myfico.com/t5/Credit-Cards/Why-so-many-cards/td-p/1977923

Super Contributor
enharu
Posts: 7,132
Registered: ‎02-27-2013
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Re: Wonder is i should close some tradelines????

cancel out any cards that charge annual or monthly fees.

 

for secured cards past 1 year mark, try to get them unsecured, and even if they don't do it, close them out. Wells Fargo will most likely make you re-app for their unsecured, but you can get them to backdate it and remove the inquiry. There's no need for you to have any secured cards. For secured cards under 1 year, its up to you whether you want to give them a chance. 

 

As for the other cards that might be "useless" to you, don't close them out. Just leave them open, but don't use it. They'll close itself out due to inactivity. You get to milk a few more months / years of account age out of them for whatever's worth.

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Valued Contributor
dodgerslv
Posts: 1,841
Registered: ‎06-16-2012
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Re: Wonder is i should close some tradelines????

[ Edited ]

enharu wrote:

cancel out any cards that charge annual or monthly fees.

 

for secured cards past 1 year mark, try to get them unsecured, and even if they don't do it, close them out. Wells Fargo will most likely make you re-app for their unsecured, but you can get them to backdate it and remove the inquiry. There's no need for you to have any secured cards. For secured cards under 1 year, its up to you whether you want to give them a chance. 

 

As for the other cards that might be "useless" to you, don't close them out. Just leave them open, but don't use it. They'll close itself out due to inactivity. You get to milk a few more months / years of account age out of them for whatever's worth.


thanks for the input enharu...I am confident BofA will unsecure my card the first week of May (im actually going to call them up after statement closes April 21 and ask for early graduation). Also will ask to remove the annual fee.You are right about WF seldom graduating. That statement closes April 9 so will call them up then and see if i will be eligible this month. I will follow your advice and ask them about backdating and removing inquiry, i like the card cuz its my highest limit but if i apply for the unsecured i feel i will not get anything close to that. Good some good unsecured cards now and i feel i have enough credit.


Cards: (Citi- 82.7k) (Chase- 65k)) (US Bank- 18k) (Amex- 22.5k) (Barclays-40k) (BofA- 68k) (Cap1- 49.5K) (WF- 11k) (Penfed- 22.5k) (Discover- 8k) (Sync/GE- 15.7k) (NASA- 30k) (Diners- 15k)
Fico 08 scores (8/27/14) EX: 772 TU: 767 EQ: 778 (Utilization at 8% right now).






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