@Starting_Over2013 wrote:I am one of the many individuals that made the fatal error of taking advantage of far too many of the Comenity shopping cart trick retail credit cards. Unfortunately, many of these cards have very low credit limits and I don't use them at all, aside from VS. They are all currently at a zero balance. I have a couple of older credit cards (two years or so) and these smaller cards were opened along with some others that actually have nice limits within the last year while trying to rebuild my credit. Besides credit cards, I also have a mortgage and two auto loans reporting on my credit report, all of which have never been late. I currently have an overall utilization of 19%. My question is, is it negatively impacting my credit having so many of these smaller cards open in addition to my other cards on my report? No the fact that you have them doesnt hurt you what did hurt was the inquiry if some were hards and then so many reporting new at once, you have already taken the hit for them. Now they are helping with your utilization as the limits are included in the aggregate, closing only raises your util percentage. If you want the best scenario from these cards and any card you ever open you want to let them report 24 months of history prior to closing, this helps with FICO score of the account individually. Another reason to not open-close accounts so quickly is it's viewed negatively by credit underwriters.
If so, should I close them out? The cards are shown below. I would really appreciate some insight, as I have worked really hard to improve my score and I'd like to keep going! Thank you!
Note - these cards were all opened between August and November of 2013
JCP 100.00 Solutions 250.00 NY&Co 250.00 Express 350.00 The Limited 350.00 Buckle 500.00 Brylane Home 500.00 Metrostyle 500.00
@gdale6 wrote:
@Starting_Over2013 wrote:I am one of the many individuals that made the fatal error of taking advantage of far too many of the Comenity shopping cart trick retail credit cards. Unfortunately, many of these cards have very low credit limits and I don't use them at all, aside from VS. They are all currently at a zero balance. I have a couple of older credit cards (two years or so) and these smaller cards were opened along with some others that actually have nice limits within the last year while trying to rebuild my credit. Besides credit cards, I also have a mortgage and two auto loans reporting on my credit report, all of which have never been late. I currently have an overall utilization of 19%. My question is, is it negatively impacting my credit having so many of these smaller cards open in addition to my other cards on my report? No the fact that you have them doesnt hurt you what did hurt was the inquiry if some were hards and then so many reporting new at once, you have already taken the hit for them. Now they are helping with your utilization as the limits are included in the aggregate, closing only raises your util percentage. If you want the best scenario from these cards and any card you ever open you want to let them report 24 months of history prior to closing, this helps with FICO score of the account individually. Another reason to not open-close accounts so quickly is it's viewed negatively by credit underwriters.
If so, should I close them out? The cards are shown below. I would really appreciate some insight, as I have worked really hard to improve my score and I'd like to keep going! Thank you!
Note - these cards were all opened between August and November of 2013
JCP 100.00 Solutions 250.00 NY&Co 250.00 Express 350.00 The Limited 350.00 Buckle 500.00 Brylane Home 500.00 Metrostyle 500.00
+1 There's truth in the words of the great gdale (my Clint Eastwood impression). I too have opened many many many accounts in the past 9 months. Fortunately, for me though, I don't need anything else at the moment. I will try and expand on what I have through cli's.
(Formerly known as: Credit is my hobby (1.6M)/TCL objective)