cancel
Showing results for 
Search instead for 
Did you mean: 

UPDATE

tag
MercyMe
Frequent Contributor

UPDATE

Well, I was just doing some figuring today, and maybe that new WaMu card won't hurt so much since it's added $1500 to my overall credit limit, which brings me down to around 42% utilization, overall.  By the end of next week I hope to be down to 10%.   I was at 63%.   I did cancel the PayPal Buyer Credit, just the other day, which came off already as "Credit line closed at customer's request.  It was only $300 and had only been open since Christmas.  I usually just paid it off, every month, so I am assuming that's going to still report, for a while, as paid as agreed? 
 
As I get these larger limit cards, like  Wamu, I want to get rid of the smaller ones, like Target, that I haven't had for a year, as yet.  Is that a good idea?  My beloved HOME DEPOT, that's been going for two years, and First Premier, I won't part with, for the ages on them, though First Premier hits me up for that yearly participation fee.  If that's all that ever goes on the card, so be it.  But what about these smaller/less than a year old cards?  Can I safely shut them down without too much of a score drop?  I don't want a purse full of credit cards, nor potential creditors to think I have over-extended myself.  Any advise, guys?  Also, is there any difference between an ESPN and a Wamu Platinum?  Which one might be easier to get?  Thanks.
 
me
Message 1 of 16
15 REPLIES 15
Anonymous
Not applicable

Re: UPDATE

Closing cards is generally not a good idea. If you ultimately get into the situation when you have 780 FICOs, you're applying for a mortgage, and the bank says you have too many, that's the time to start closing CCs. Until then, sock drawer 'em.
 
Some are concerned about having too much available credit and being tempted. If so, then stick 'em in an empty metal soup can, fill it with water, and stick it in the freezer. CCs are there for an emergency if you need it, but not there in your wallet or purse for impulse buying.
 
You won't take a hit on your FICOs if you close CCs, but you will stop gaining the benefit of having those CCs. Longer the CC stays open, the more the benefit.
 
More CCs also means an overall lower CC util.
 
Message 2 of 16
MercyMe
Frequent Contributor

Re: UPDATE and more ramblings ... sorry.

Smiley Happy  I never thought about the sock drawer thing, Noah.  In order to establish myself, card by card, I would obtain one, charge on it, then shred it, having no intention of ever using it again!  Of the six I've obtained, I only actually have possession of three.  I had only two, but First Premier sent me a new one.  Smiley Happy  JC Penny called to ask why I wasn't charging and I told the Rep I couldn't because I'd shredded the card.  She just laughed. 
 
Of course, at first I had it all backward in that I didn't think about utilization.  I was only concerned about establishing credit (economics and accounting aren't my strong points) so I charged up to about 70%, on each, shredded and began paying off, thinking it a good thing to do.  HA!  How much wiser I am now than I was back then!  Thanks to you guys, and should the weather hold -- which is to say so long as there aren't any major hurricanes this year, I should be able to maintain at about 5-10% utilization, here pretty soon.  That's my goal now, anyway.
 
Just so you know, and don't think I just fell off a turnip truck, there was a time when I was fairly well established -- which is to say that I had a good job -- made pretty good money -- had my own bank account and credit cards and owned my car, outright -- sigh.  Then I married this guy who's motto is "What's mine is mine and what's yours is mine, too!" and over the course of the so many years I became a rather non-existent person.  I worked, but for him, and so wasn't paid, thus paid nothing into Social Security and the like.  I worry about that, now, but have time to make up for lost time, if you will. 
 
To make a long story short, after so many years and so much ...  stuff ... I found myself going through counselling at Women In Distress and from there to Life Skills, which was really intense, and it took me a good long while to learn (are you listening ladies?) that I matter!  Huh.  Just, huh ... amazing how he took all of that away -- me, away from me. 
 
I'm not there, anymore.  It's been rough.  I've a way to go yet, but I'm on my way.  It's been especially rough because he's always had trouble meeting his obligations, and so totally destroyed the credit, over the years, that I've been trying to clean up.  It's not that he doesn't make enough money.  He does.  He just thinks that what he makes is HIS money to do with as he pleases and everything else, like the bills for all the stuff he wants, is secondary.  He also thinks that I owe him what money I make for all the years I didn't bring in a salary, even though I worked for him and he didn't pay me.  I've been 4 years, now,  trying to clean up the mess -- like that Sun Trust Bank charge off that I paid in full.  I paid that.  He never would have. He'd just let it go, like he's let so much go, only to blame everyone else then when his credit scores won't allow for such things as that $30,000 truck he wants but can't have,  or a refi on the house after a series of hurricanes took their toll.  That the house was refinanced in my name tells me I'm getting  somewhere, and with all that I am learning from you and from Tuscani, and so many others, I'll be out of this mess soon.   By the end of the summer, I hope, and then both me and my kids can take a deep breath and rest easy for once, never having to worry again about breaking glass or slamming doors or kicked in walls, and that my friend will be a very good thing.
 
mercyme...indeed. 
Message 3 of 16
Anonymous
Not applicable

Re: UPDATE and more ramblings ... sorry.



MercyMe wrote:
 
Just so you know, and don't think I just fell off a turnip truck, there was a time when I was fairly well established -- which is to say that I had a good job -- made pretty good money -- had my own bank account and credit cards and owned my car, outright -- sigh.  Then I married this guy who's motto is "What's mine is mine and what's yours is mine, too!" and over the course of the so many years I became a rather non-existent person.  I worked, but for him, and so wasn't paid, thus paid nothing into Social Security and the like.  I worry about that, now, but have time to make up for lost time, if you will. 
 
To make a long story short, after so many years and so much ...  stuff ... I found myself going through counselling at Women In Distress and from there to Life Skills, which was really intense, and it took me a good long while to learn (are you listening ladies?) that I matter!  Huh.  Just, huh ... amazing how he took all of that away -- me, away from me. 
 
I'm not there, anymore.  It's been rough.  I've a way to go yet, but I'm on my way.  It's been especially rough because he's always had trouble meeting his obligations, and so totally destroyed the credit, over the years, that I've been trying to clean up.  It's not that he doesn't make enough money.  He does.  He just thinks that what he makes is HIS money to do with as he pleases and everything else, like the bills for all the stuff he wants, is secondary.  He also thinks that I owe him what money I make for all the years I didn't bring in a salary, even though I worked for him and he didn't pay me.  I've been 4 years, now,  trying to clean up the mess -- like that Sun Trust Bank charge off that I paid in full.  I paid that.  He never would have. He'd just let it go, like he's let so much go, only to blame everyone else then when his credit scores won't allow for such things as that $30,000 truck he wants but can't have,  or a refi on the house after a series of hurricanes took their toll.  That the house was refinanced in my name tells me I'm getting  somewhere, and with all that I am learning from you and from Tuscani, and so many others, I'll be out of this mess soon.   By the end of the summer, I hope, and then both me and my kids can take a deep breath and rest easy for once, never having to worry again about breaking glass or slamming doors or kicked in walls, and that my friend will be a very good thing.
 
mercyme...indeed. 


MercyMe - Take the "sorry" out of the title of your post (OK, I know it's physically impossible for a poster to change it once posted) -- don't apologize -- listen to what the Women in Distress people are trying to teach you - YOU DO MATTER!!  LOTS!!
 
You sound like a smart and strong lady who is heading in the right direction.  You should take pride that you have achieved as much as you have, and know that you'll be able to get to where you want to go. Sorry if I sound like an ad for the Marines ("be all you can be"  LOL).
 
Are you still living with this physically violent man? If so, I hope you are getting help to get out ASAP. 
 
Best wishes to ya.


Message Edited by masdeocho on 06-01-2007 10:43 PM
Message 4 of 16
MercyMe
Frequent Contributor

Re: UPDATE and more ramblings ... sorry.

Smiley Happy Well, Masdecho, I couldn't find an icon of a "warm-fuzzy" or a hug; but consider yourself hugged.  I so appreciate your words of encouragement, and would have responded to them sooner but for the fact that my daughter totaled her car, yesterday.  She's alright.  We've been going through a tropical storm and she ended up the third car in a 4 car pile-up.  Thankfully, no one was hurt, and as she carries full coverage she's going to be given a check, tomorrow, which will go far in the way of a good down payment on another.  Anyway, yesterday was indeed a very busy day  I'll be addressing this (the car wreck) in the general forum, in a few. 
 
In the meantime, and so you don't think twice about this, I've been preparing for this for a couple of years now, and with the help of Women In Distress and Life Skills International.  The only thing left to do is to get a car  so the younger boys and I can leave until such time as the necessary court orders are in place that will allow us to safely return.  I've a whole lot of family scattered about and we will be visiting.  Smiley Happy 
 
I struggled for a long time about just letting the house go, but the reality of it is that the kids and I will need the equity in the house in order to start all over again.  It's my hope to attain enough of the equity to just about pay for something outright, so that I don't have a high mortgage or rent payments.  And just think, I will have a large amount of instant equity too boot, should there ever be an emergency.
 
Having worked as a paramedic, here, for quite some time, I will be getting back into the medical field.  Trama, no doubt.  It's what I do best.  Or maybe Law.  I absolutely LOVE the law.  Does that sound crazy?  Smiley Happy  Not to worry, anyway.  As I have said, and it seems no less than an miracle to me, over the past few years I have been able to open my own bank account, keep money in it, acquire my own credit, and pay it on time, so I don't suppose I'll have too much trouble with shared credit and all of that.  He never allowed my name to be on anything but the house, and that only because I fought like heck, and only because I was afraid that if something happened to him, our daughter and I would be out in the street.  (We've had three sons since then.)  His original intention was to put the house in he and his sister's name, and should something happen to him,  (he actually said this), he was certain his sister would allow me and our daughter to remain in the house until we could make other arrangements.  Nice huh?  And mind you it was MY hard earned money that went into the down payment!  You bet I fought!  Funny how it turned out, so many years later, in that he would have destroyed his credit and  so  that when we had to refinance in order to make repairs after a series of hurricanes, the house would end up in my name.  That's a God thing, I think. 
 
Not to worry my friend.  I know better than to trust my own wisdom.  ;O)
Message 5 of 16
Anonymous
Not applicable

Re: UPDATE and more ramblings ... sorry.

Wow, MercyMe, indeed.  So sorry about the car accident.  Just what you needed, right?! Please consider buying a reliable used car rather than a new one with high monthly payments.  Just my $.02 on that subject.
 
You were soooooooooo right to fight to get the house in your own name.  Obviously you don't need me to tell you that!!  His sister would have put you and the kids out on the street.  I don't know her of course, but I have seen it happen.  Even in families where everyone is on good terms, when someone dies, some really strange and ugly things can happen.
 
Anyway, sounds like you have a solid plan.  Power to ya!
Message 6 of 16
MercyMe
Frequent Contributor

Re: UPDATE and more ramblings ... sorry.

Thanks, again, Masdeocho!  You bring tears to my eyes, you know?  But, they're good tears. Smiley Happy  As far as my daughter's car goes, I'm trying to talk her into a certified preowned; but she's paying more attention to the sales reps at the dealerships.  At least she's looking sensibly, enough.. Honda Civic -- 30mph Hwy.  40 city.  Thing is, next year she has to intern, and won't be paid for it; so her hours at her regular job will have to be cut, and so I can hear her now,  "Mom, can I borrow ...."
Youth.  I wouldn't be that young again to save my life! 
Message 7 of 16
Anonymous
Not applicable

Re: UPDATE and more ramblings ... sorry.

Aaaawwwwwwwwwwwwwwww shucks! Smiley Happy
 
Yeah, don't get me started on the mistakes I wouldn't  have made it I could do it all again ...
Message 8 of 16
MidnightVoice
Super Contributor

Re: UPDATE and more ramblings ... sorry.



masdeocho wrote:
Aaaawwwwwwwwwwwwwwww shucks! Smiley Happy
 
Yeah, don't get me started on the mistakes I wouldn't  have made it I could do it all again ...


When you get old and look back on your life it is the things that you didn't do that you regret.  Smiley Happy
 
There are a few "mistakes" I wounln't mind repeating  Smiley Very Happy
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 9 of 16
MercyMe
Frequent Contributor

Re: UPDATE and more ramblings ... sorry.

You two (Masdeocho and Midnight) know the old song, don't you? 
 
"If we had the chance to do it all again; tell me, would we?  Could we?"  Awwww shucks!  MOST PROBABLY!!!
Message 10 of 16
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.