Congratz on your rebuild over the past Two Years.
During that time your two secured cards served you very well, they can still unsecure, and are currently adding to your overall credit limit.
You needn't hurry to throw them away.
* prior to the other day, you didn't have the $24k from Navy.
That previous picture is part of what Wells & others were looking at. They were also looking at your Utilization % per card, and the total of all cards.
Take a moment and look at what they were looking at. Two secured cards, and two starter cards. They were also seeing a TransUnionFico of 628.
My first thought when looking at this picture is what is the Utilization Rate? Is it High? What is reflected on this $9,200 lines of credit. Is there anything else under the surface they are looking at which we are not aware of? What is your AAOA? Length of oldest card?
This is not a judgement on you, rather an analysis of what it currently presented. What is your AAOA? Length of oldest card?
In my rebuild, I opened checking & savings with Wells, and later applied for a Secured Card. I was my desire to have a relationship with one of the Big Four Banks. I was in it for the long term, and accepted the fact that it would never sky rocket in credit line as large or as quickly as I could achieve with Navy or Pen Fed, or Capital One.
To my surprise I was informed my Wells would unsecure at 6 months. I was in shock, but accepted this. More importantly, it didn't change any of my other plans. Wells was just a part of my long term plan, and while serving its purpose, it blossomed and provided fruit much quicker than I expected.
Take some time to consider your situation, and your longterm goals. Wells offers you diversity amongst your current collection of vendors, and that never hurts.
Best Wishes!!!
* your data below
Wells Fargo - Secured $300
American Airlines CU - Secured $400
Navy Federal Cash Rewards $24,000
Capitol One Platinum card $3,000
DiscoverIt $5,500
Current Fico Scores:
Equifax: 667
TransUnion: 628
Experian: 661
Tiffnie903 wrote:
I started my credit repair journey not too long ago.. starting in the low 500's. I have 2 secured cards, one through Wells Fargo ($300) and one through my American Airlines Credit Union account ($400). I just opened a Navy Federal Credit Union account and applied for their cash rewards unsecured card and was approved for $24,000! Wells Fargo wouldnt give a unsecured card at all! I was floored with NFCU's approval! Ive been gaining a lot of knowledge from you guys and I believe what I gather is that I need 3 CC with 2 being at zero and 1 being less than 10%. So tonight I did the pre-qualification for Capitol One and the Platinum card came up, I applied and got a $3000 limit! I then went to Discover and got approved for DiscoverIt $5,500!!
My Question's are ..Do I close my 2 secured cards? Ive had them for 2 yrs, do I lose that history if I close them? Is it beneficial to leave them open?
Also does a major bank credit card pull more weight than a Credit Union credit card?
Navy Federal Cash Rewards $24,000
Capitol One Platinum card $3000
DiscoverIt $5,500
Current Fico Scores:
Equifax: 667
TransUnion: 628
Experian: 661
