Reply
New Contributor
1stimebuyer
Posts: 56
Registered: ‎02-03-2009
0

what are the major cards?

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!

 

12/12/09 EQ 780
02/18/09 EX 768
02/18/09 TU 754
Valued Contributor
oracles
Posts: 1,699
Registered: ‎08-18-2007
0

Re: what are the major cards?

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

Valued Contributor
cobra19
Posts: 1,426
Registered: ‎07-24-2007
0

Re: what are the major cards?

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.

 

 

 

 

 

New York Yankees - 2009 World Series Champions. 27... and counting.....
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: what are the major cards?

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?
New Contributor
1stimebuyer
Posts: 56
Registered: ‎02-03-2009
0

Re: what are the major cards?

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. 

12/12/09 EQ 780
02/18/09 EX 768
02/18/09 TU 754
Valued Contributor
oracles
Posts: 1,699
Registered: ‎08-18-2007
0

Re: what are the major cards?


1stimebuyer 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. 


 

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

New Contributor
1stimebuyer
Posts: 56
Registered: ‎02-03-2009
0

Re: what are the major cards?

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?

12/12/09 EQ 780
02/18/09 EX 768
02/18/09 TU 754
Valued Contributor
oracles
Posts: 1,699
Registered: ‎08-18-2007
0

Re: what are the major cards?


1stimebuyer 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?


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

New Contributor
1stimebuyer
Posts: 56
Registered: ‎02-03-2009
0

Re: what are the major cards?

Thank you so much for all the help!!   
12/12/09 EQ 780
02/18/09 EX 768
02/18/09 TU 754
Valued Contributor
oracles
Posts: 1,699
Registered: ‎08-18-2007
0

Re: what are the major cards?

No problem and keep us updated 

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+