what are the major cards?

[Anonymous]

I am buying a house right now...so i am not going to touch anything for the next year, but for the future just curious to what I should do with my current cards.

Macys - 2001 - 300cl

BofA - 2004 - 3500cl

Citi - 2002 - 300cl

USAA - 2007 1500cl

Chase - 2002 - closed (I closed 2 years ago because i didnt know anybetter - paid and in good standing) 

I am currently working on increasing credit limits, just wondering if i should get new ccs or if the ones i have good enough.  I am currently happy with my credit score.

Thanks for any advise!

[oracles]

Hi 1stimebuyer

If you are looking to buy a house, i dont think you should do anything. I think you are in good shape with both number of cards and mix of cards.

Continue to try to get cli's and you will be fine. Your scores are good.

dont mess with something that is not broken. Just make sure to keep your util% low.

Hope this helps

[cobra19]

Yeah, don't do any applying until after you close. I think I'd try to reopen the Chase account. They're uber.

Then I'd look into a CU. With your good scores, your cl's are kinda small. With a 748 EQ, CU's are good for 15-20k.

[smallfry]

OP you don't need any more credit cards. How much do you typically charge each month? As long as you charge less than 10% monthly of your available credit you probably have enough. New accounts will most certainly damage you score. Avoid them like the plague unless you absolutely have to have more credit. Work on BofA for a CLI. Why is the Citi card such a low limit line?

[Anonymous]

I tried looking up what "CU" meant and could not find it, can someone please tell me what that means?

Also - I haven't paid attention to my credit score until last month when I decided to buy a house, so the citi card has been unused for a few years, as was Macy's - they were both inactive and my cl was automatically decreased.  They told me that I have to have them active for 3 months before they will increase - so I am about 1 month into that process. 

I usually dont use my credit cards - so i dont need any more credit.

Anyways thank you all for the help and I like what I heard - if it isn't broke don't fix it. 

[oracles]

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@Anonymous wrote:

I tried looking up what "CU" meant and could not find it, can someone please tell me what that means?

Also - I haven't paid attention to my credit score until last month when I decided to buy a house, so the citi card has been unused for a few years, as was Macy's - they were both inactive and my cl was automatically decreased.  They told me that I have to have them active for 3 months before they will increase - so I am about 1 month into that process. 

I usually dont use my credit cards - so i dont need any more credit.

Anyways thank you all for the help and I like what I heard - if it isn't broke don't fix it. 

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CU means credit union

You took a ding in your score due to using  dormant cards but you will recoup those points soon afterwards.

Definitely ask for a cli on BofA and use the other cards so they will also give you a cli.

Hope that helps

[Anonymous]

Just as I thought I had it all figured out...

I took a ding in my score by using my dormant cards? 

I just assumed it would help out - I started using them the same time that I lowered my utilization so I did not notice any drop.  How much would it drop my score by using 2 dormant cards and also how long until it comes back up?

[oracles]

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@Anonymous wrote:

Just as I thought I had it all figured out...

I took a ding in my score by using my dormant cards? 

I just assumed it would help out - I started using them the same time that I lowered my utilization so I did not notice any drop.  How much would it drop my score by using 2 dormant cards and also how long until it comes back up?

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Dont even concern yourself with this, you will get all the points back in 1-2 months. dont worry about it.

Just make sure you use it so it does not become dormant again.

You are doing well keep up the good work

[Anonymous]

Thank you so much for all the help!!   

[oracles]

No problem and keep us updated