birthday time: tilling the garden UPDATE

[Anonymous]

So here I am with all my cards and the big line of credit...still fascinated by all this stuff. 

I went on credit karma and found out more interesting tidbits, though obviously the numbers were way off (723 TU, 703 EQ)-my actual EQ is 652 according to Jan 2015 NFCU pull.  The information was accurate except saying that my LOC pmt was past due, which it isn't.  That's preventing me from getting a cap1 CLI, but I never use the card anyway but they gave me a CLI on another Cap1 card not too long ago without asking.  The other thing about the CK is that AMEX BCE was recommended with a very good chance of getting.  My new CSP was only given a fair chance, and I've already taken advantage of that offer, transferred the $4K balance to a new NFCU cashrewards card and paid it off this month as well.  So I'm back down to a near-zero CC balance, set up regular payments on the LOC, and am fine.  

I still have questions about what to do with my cards, most of which I don't use.  Then there is the temptation to add the AMEX to keep my age of accounts and relationship with AMEX, should I decide to cance my green and not worry about the AF.  I hardly ever use that card.  Here are my ideas:

CHASE CARDS:

CSP: (New Jan 15):  7K CL, keep it at least for a year, use it every day for dining and periodically for travel (15.99%)

Freedom (2012):      1.2CL, use it for 5%, pay off immediately (22.9%)-keep open

Amazon (3/2014)     1.5CL  use it for 3% amazon and 2% gas (19.4%)-keep open

I have direct deposit, checking and savings with chase as well as 2011 paid car loan

CAP 1:

Journey (2013): 3K CL (never use, consider closing, 22.9%)

Quicksilver (2012 upgraded from platinum 11/2014): 2K CL (CLI's denied due to lack of use and history of late payments on LOC in 2013), consider closing 22.9%

USAA

Classic VISA (2012) 1K CL w/$35 AF-no benefits (seriously consider closing-no upgrades offered 18.9%)

AMEX

Green (2013, backdated to 1991)-NSPL $95 AF reduced to $45 this year, used for offers but otherwise never used (close?)

Consider applying for BCE for cash back, age of account and relationship with AMEX, close green

NFCU:

Cash Rewards Sig Visa $10K CL 15.15% (Jan 2015, balance $100 (was $4000 on 1/29)

AAoA about 4.5 years, 8+ HP's, all cards current with no problems, last baddie was 2013 30 and 60 day lates on LOC, many before that.  Rejected for AMEX everyday in 8/2014.  Successfully applied for CSP and NFCU in January, denied NFCU Checking LOC due to $115K owed on BofA LOC.  Income $53K (tax free).  Rent low, LOC payment will be high starting in 4/2017.  No car payment.  

So there you go, my report card.  I have the rake in hand and am ready to till my plastic garden.  Any suggestions?

Thank you.

[Anonymous]

So I did close both cap1 accounts and my score went down a few points as expected.  However, I paid off my $4000 NFCU cash rewards balance in full in one month (3% no fee BT offer from a recent CSP purchase) and it hasn't showed up on my credit report yet, so hopefully that will reflect next month.  I'm keeping a 1-2% balance on my CSP (less than $200 on a $7K CL card) and PIF when the statement hits.  I guess that is good for scoring if you keep a small balance on one card, pay it in full and keep other balances zero.  I also PC'd my AMEX green to senior gold and still have pre-approvals for any charge (including platinum) I want but don't want to pay for them at this time.  I am trying not to apply for another card until at least August. I'd still like to add an AMEX revolver for backdating but otherwise really have no use for the card and probably couldn't get one anyway with my rocky history.  I'm waiting to see how much the AF will go up on the senior gold card (no MR's $55 AF) and am contemplating the changes to PRG.  I actually got a refund for switching the cards and received a $50 reduction in last year's Green AF, so I'm OK with AMEX.  Left on good terms with Cap 1 too, but just didn't want extra cards lying around. I know it's not good fico-wise but my therapist was encouraged by my financial restriction.  I still have six cards with a $20K CL (1% utilization) and just got my foot in the door with NFCU which I guess offers CLI's after 3 months but with HP's?  I wonder if paying my big balance off quickly will help build good relationship with them, although they put a hold on one of my payments because I had made so many in February (5).  I need to take a break from inquiries as well (8 on EQ/EX) so regardless of the offers and CLIs, maybe I should wait awhile.  NFCU has a sign-up offer on one of their cards but I just got one.  

As far as the CSP goes, I already made the spending requirement, transferred the balance to NFCU and paid it off with a net interest cost of $6.  I used the bonus points for travel which is why I got the card in the first place.  The AF doesn't hit until January 2016.  I'm using it for dining (I eat out a lot) and will take it to AZ with me in a couple of weeks.  Used it for the rental car and its primary collision/damage insurance.  Might stay at a hotel and get the 2% back.  Otherwise that'll pretty much what I will do with it.  If I don't go anywhere next year maybe I'll PC it to a no-AF Sapphire or some other card (I have freedom 22.9% and amazon 20.0%).  High interest cards!  I'll also see how things develop with NFCU and AMEX.   The only other card I have left is a classic $35 AF $1K USAA with no frills.  It's 3 years old and they still won't upgrade it. I have spent time talking to CSR's who are not letting me go easily when I talk about closing the card.  I guess they really want the $35 but say it's bad for my credit if I close it.  Well, I closed the Cap 1's (one was the same age) and I lost a few points, so what's the sense of holding onto this card if I have to pay for something I don't use and gives no value?  However, it is good for diversity, as I don't want to just stay with a few banks that could just cancel me which has happened to other folks.  I guess I could always go back to Cap 1 but lost my 2-3 year history by closing 2 cards and would have to HP again.  AAoA right now is 5 years on my remaining 6 cards, thanks to AMEX backdating to 1991 which is why I wanted another AMEX card and kept the charge card.  As my friend says, I think I have everything I need at the moment, though staying that way is apparently tough in FICO world.

So there you go, my latest report.

Time for another gig.

Take care.