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Contributor
Posts: 85
Registered: ‎04-04-2011
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"Shopping Cart Trick" - Regrets.

I got overly excited and took advantage of the “shopping cart trick” for Victoria Secret and Express recently. They are both already reporting to my reports – however, I don’t think I’ll ever use EITHER card. Would it be a bad decision to close both accounts? Or should I just let them age gracefully in my sock drawer?  They’ve already affected my AAoA :smileysad:

AMEX Blue Cash Everyday ($16,500) Capital One Quicksilver ($5000) : US Bank Platinum ($9000) : Kohls ($1500) : Dell Preferred ($2500) : Chase Freedom ($3500) : Citi Simplicity ($5500) : Victoria Secret Angel Card ($1950) : Express Store Card ($1700)

6/2013 Equifax Fico - 723 : Goal - 800+
3/2014 Transunion Fico - 723 : Goal - 800+
3/2014 Equifax Fico - 737 : Goal - 800+

Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
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Re: "Shopping Cart Trick" - Regrets.

Really nothing you do will change it.  Closing them will have them report for another 10 years, keeping them open will report for however long you keep them + 10 years.  Might as well keep them and let them help your UTIL, you've already been dinged for the new account, aaoa, and inquiries.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: "Shopping Cart Trick" - Regrets.

Unfortunately, it is always easier to wait and be sure than it is to turn back the clock and undo what's been done.  My best advice would be to make a small purchase on the cards, keep them open for at least one year hiding in your sock drawer.   I'm sure you can think of something that you can buy from each store...  Holiday gift "festive socks" purhaps?


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
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Contributor
Posts: 85
Registered: ‎04-04-2011
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Re: "Shopping Cart Trick" - Regrets.

Thankfully, I didn't take any inquiries for either card. Both SPs :smileytongue:

 

I am SURE that I could manage to purchase something with the cards, rather than use another card and PIF immediately.

AMEX Blue Cash Everyday ($16,500) Capital One Quicksilver ($5000) : US Bank Platinum ($9000) : Kohls ($1500) : Dell Preferred ($2500) : Chase Freedom ($3500) : Citi Simplicity ($5500) : Victoria Secret Angel Card ($1950) : Express Store Card ($1700)

6/2013 Equifax Fico - 723 : Goal - 800+
3/2014 Transunion Fico - 723 : Goal - 800+
3/2014 Equifax Fico - 737 : Goal - 800+

Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
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Re: "Shopping Cart Trick" - Regrets.

If they were SPs then that's a win.  I wouldn't be too concerned.  At 6 months try for a 2x CLI.  Then you'll have added $2500 in revolving CL

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Established Contributor
Posts: 560
Registered: ‎09-29-2012
0

Re: "Shopping Cart Trick" - Regrets.

If you don't use them they will eventually be closed on you.

 

 

Whats done is done.  But my advice is always and only to apply for credit that you need. 

 

 

Hopefully you can find some use out of them before you close them.

Contributor
Posts: 85
Registered: ‎04-04-2011
0

Re: "Shopping Cart Trick" - Regrets.

I am going to be attempting to purchase a house in August 2013. My boyfriend had mentioned that he thought that having too much available open credit can be a bad thing when looking for a mortgage. This is another reason that I questioned my decision. Anyone know if that should actually be a concern?

AMEX Blue Cash Everyday ($16,500) Capital One Quicksilver ($5000) : US Bank Platinum ($9000) : Kohls ($1500) : Dell Preferred ($2500) : Chase Freedom ($3500) : Citi Simplicity ($5500) : Victoria Secret Angel Card ($1950) : Express Store Card ($1700)

6/2013 Equifax Fico - 723 : Goal - 800+
3/2014 Transunion Fico - 723 : Goal - 800+
3/2014 Equifax Fico - 737 : Goal - 800+

Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
0

Re: "Shopping Cart Trick" - Regrets.

From what I've been reading recently your DTI includes your total minimum payments on your revolvers.  As long as you don't have balances you should be fine.  I had heard in the past that your revolving CL is "potential debt" but haven't seen it mentioned recently.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
0

Re: "Shopping Cart Trick" - Regrets.


Jutz wrote:

From what I've been reading recently your DTI includes your total minimum payments on your revolvers.  As long as you don't have balances you should be fine.  I had heard in the past that your revolving CL is "potential debt" but haven't seen it mentioned recently.


this nothing really matters if you keep balances at 0 besides never going to use victoria secret card? your bf can use the catelogs atleast :smileyhappy:


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Contributor
Posts: 85
Registered: ‎04-04-2011
0

Re: "Shopping Cart Trick" - Regrets.

Haha. I'm sure he could :smileywink: I know how hard I work for my $$ and have buyers remorse everytime I purchase something (like a $70 bra) that I know I can get cheaper elsewhere. I'm a bit frugal. Ha.

AMEX Blue Cash Everyday ($16,500) Capital One Quicksilver ($5000) : US Bank Platinum ($9000) : Kohls ($1500) : Dell Preferred ($2500) : Chase Freedom ($3500) : Citi Simplicity ($5500) : Victoria Secret Angel Card ($1950) : Express Store Card ($1700)

6/2013 Equifax Fico - 723 : Goal - 800+
3/2014 Transunion Fico - 723 : Goal - 800+
3/2014 Equifax Fico - 737 : Goal - 800+

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