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Credit cards help.

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Anonymous
Not applicable

Credit cards help.

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. Smiley Happy

 

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

 

Message 1 of 6
5 REPLIES 5
TRC_WA
Senior Contributor

Re: Credit cards help.

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.

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 2 of 6
Anonymous
Not applicable

Re: Credit cards help.

Closing cards won't affect your AAoA, so you won't take a hit from that. It might affect your UTI since you'll be losing that available credit.
Message 3 of 6
Anonymous
Not applicable

Re: Credit cards help.

Forgot to mention that you can combine the Cap1 cards down the road
Message 4 of 6
Anonymous
Not applicable

Re: Credit cards help.


@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. Smiley Happy

 

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%)

Message 5 of 6
Anonymous
Not applicable

Re: Credit cards help.

Barclays just increased my credit limit today to $3500, I only had one $10 transaction on that card since I got it.

Message 6 of 6
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