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Hello ladies and gentleman,
Need help with next steps in improving credit scores and dealing with credit cards.
chapter 7 discharged August 2014
EQ. 546 TU. 664 EX. 541
no credit cards
April 2016
EQ. 694. TU. 684 EX. 662
10/14 Approved for Capital One Quick Silver Master card $3000, 4/16 Credit limit $7000
11/14 Approved for Capital One Platnum Master Card $500. 4/16 Credit limit $3500. 4/16 Upgraded to Venture One
2/15 Authorized user Costco American Express, Credit Limit $3500
7/15 Approved for Barclays Master Card $1000
10/15 American Express Authorized user $4900
4/16 Approved Capital one Venture $20000, this was done to see if credit limit would have been improved. I was surprised to get this.
QS is the card I used mostly for everything.
Barclays used once for $10 purchase.
Costco American Express used often
i think that's too many cards, I don't think I need that many. I am afraid if I start closing them down, my score will drop.
what should I do?
Any help on guiding what should be done next is appreciated.
Thanks
You should stop applying for cards and use what you have. You don't need anymore... and don't need to close the ones you have.
Let your accounts age... make payments on time... and profit.
The authorized user accounts aren't really necessary either... if you were added to build your credit you can take yourself off. You have enough revolving accounts to build a solid profile... it just takes time.
Patience is key.
@Anonymous wrote:Hello ladies and gentleman,
Need help with next steps in improving credit scores and dealing with credit cards.
chapter 7 discharged August 2014
EQ. 546 TU. 664 EX. 541
no credit cards
April 2016
EQ. 694. TU. 684 EX. 662
10/14 Approved for Capital One Quick Silver Master card $3000, 4/16 Credit limit $7000
11/14 Approved for Capital One Platnum Master Card $500. 4/16 Credit limit $3500. 4/16 Upgraded to Venture One
2/15 Authorized user Costco American Express, Credit Limit $3500
7/15 Approved for Barclays Master Card $1000
10/15 American Express Authorized user $4900
4/16 Approved Capital one Venture $20000, this was done to see if credit limit would have been improved. I was surprised to get this.
QS is the card I used mostly for everything.
Barclays used once for $10 purchase.
Costco American Express used often
i think that's too many cards, I don't think I need that many. I am afraid if I start closing them down, my score will drop.
what should I do?
Any help on guiding what should be done next is appreciated.
Thanks
I would just stay where you are and not close anything. I find the Barclays useful for Gas, Groceries and Utilities, since it gives double points for those (2% vs the QS 1.5%)
Barclays just increased my credit limit today to $3500, I only had one $10 transaction on that card since I got it.