Credit Card Center Advertiser Disclosure†
07-19-2007 07:42 AM - edited 07-19-2007 07:44 AM
07-19-2007 07:55 AM
07-19-2007 07:55 AM
I'm pretty new to the whole understanding how credit scores work. I guess recently what I've been doing is keeping my score from going up or down. I don't know if I like that. I like to see changes; good or bad. So anyway, here's my thing...
I just got approved for the Amex blue three weeks ago. I've wanted this card for the longest time and I finally got it. Then a week later, I applied for a US bank visa card because I wanted a new Visa card (since I made a mistake by canceling my cap one card lol). And now a few days ago, I applied for a Discover card and got approved for that. I know this is bad... me applying for a million cards within a month's period. The other part of my plan is to cancel all those stupid cards with high APRs. I recently cancelled Value City, CareCredit, Cap One, and HSBC. Just a few hours ago, I decided to give it a shot and call Cap One to reopen my account, along with HSBC Mastercard. So as of now, I have the following cards open:
AmEx Blue (opened 7/2007) - $2k
Discover Card (opened 7/2007) - $1k
Citi mastercard (opened 4/2006) - $5k
HSBC mastercard (opened 12/2006) - $1k
US Visa (opened 7/2007) - $2k
Cap One Visa (opened 5/2003) - $500
GE Line of Credt (opened 3/2007) - $15k
My question is, do I really need this many credit cards opened??? Did I made a huge mistake by applying for all these extra cards in the past few weeks? Should I close some of the accounts? The only cards with any kind of balance right now are Citi mastercard ($3000 balance) and GE Line of Credit ($14k balance). Should I cancel some cards, if so which one's?
For those of you who are wondering, I was trying to be all cool by having an Amex card, a Discover card, a mastercard, and a visa. I don't know why, but I just thought it would be cool to have all four types of cards... But did I make the right decision? And will this affect my credit scores next month?
Thanks for your help!
Message Edited by jizoe182 on 07-19-2007 07:44 AM
07-19-2007 11:50 AM
VLGaffEsq wrote:Based on your information, you don't need ANY MORE credit cards in your stable; having 6 credit cards is enough! However, I would not cancel any of them right now since that would adversely affect your overall ratio of available credit. Just sit tight for about 6 months to a year, and use each one for small purchases to build up your trade lines, but above all, do not apply for any more credit cards, as I'm sure the multiple inquiries you have recently acquired are hurting your overall FICO score. In a year or 2, I would go about cancelling your HSBC card, after some of your other credit limits have been raised, but above all, always keep open your CapitalOne card since you have had it the longest.
07-19-2007 12:05 PM - edited 07-19-2007 12:07 PM
07-19-2007 12:09 PM
07-19-2007 12:25 PM
07-19-2007 12:48 PM
Irvin wrote:if the account is reporting and is not costing you any money...leave it open. longer the history, the better.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.