@charmcity wrote:I've been working on rebuilding my credit for a while now.
I got in with NFCU last August through my fiance and have been very careful with it. I have two different direct deposits going into it every other week. I tried one in August and once in November for the cashRewards card and was denied.
In February, I was approved for a $2,500 personal expense loan (shocked) over six months. I have made every payment on time so far and almost have it paid off. I used $500 of that to open the nRewards secured card and have kept that in good standing.
A couple of days ago, I thought I would give refinancing my Capital One Auto Loan (payoff amount $19,000) a shot with NFCU. To my surprise, I was instantly approved and it dropped my monthly payment down about $90/month.
Reading how generous NFCU is, I went ahead and applied for the cashRewards card again. Got the 3-5 day message, the next morning to my surprise I was approved with a $6,000 for the Visa Signature version. My score is in the very low 600s last time I checked.
I have one FP card (1.5 year old) with a $300 limit that is paid off, one FP card (2 months old) with a $400 limit that is paid off, and a secured Capital One card ($500) that is almost a year old.
At this point I don't need any more credit and would like to just maintain what I have. I am thinking I should close the two FP cards and just continue to keep the Cap1 and two NFCU cards in good standing?
Any ideas?
I wouldn't suggest closing the older cards. Establishing a long credit history is beneficial to your scores. Keep them active by buying a tank full of gas on each per month but pay it immediately so you don't get into any trouble with late payments. Good job climbing up the credit ladder, it's a tall ladder!
Starting Score: 711