Credit rebuild advice

[Anonymous]

Hi all. I've been finally gettin on track with some credit rebuilding.
I have 4 of those low limit credit cards with huh rates.
2 first premier, and 2 cap one.
I am also authorized user on three of my wife's high limit credit cards, which I use just for gas, and groceries (which we pay at end of month).

The 2 First Premier cards are charging me a $7 a month (bogus) maintenance fee. So even at 0 I have to lay them something.
Should I close those?

[bdhu2001]

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@Anonymous wrote:
Hi all. I've been finally gettin on track with some credit rebuilding.
I have 4 of those low limit credit cards with huh rates.
2 first premier, and 2 cap one.
I am also authorized user on three of my wife's high limit credit cards, which I use just for gas, and groceries (which we pay at end of month).

The 2 First Premier cards are charging me a $7 a month (bogus) maintenance fee. So even at 0 I have to lay them something.
Should I close those?

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I apologize for saying this, but yes dump the cards that charge you a monthly maintenance fee.  If you're an AU on three of your wife's cards, then you have over three TL reporting.

Now you need to let your Cap1 Cards mature and eliminate/fix any negatives on your report.  In addition, make sure that you have only 1 TL reporting a balance.  This includes the cards that you are AU on.  If one or more of the cards that you are AU on always report a balance, then make sure that your two cards report $0 balance.

FYI, have you pulled your free credit report w/in the past 12 months?  If not, go to annualcreditreport.com and pull one of your reports.  I'm frugal so I pull a report from only 1 CBA at a time.  Work on your report and in three months pull a second report at annualcreditreport.com, but from a different CBA. My worst score is always TU so I pull them first. Experian is always my best score, so I pull them last.

[Anonymous]

Yes, I figured I should close them... Just wanted a little nudge!
Turns out they charge $7 a month, plus $75 a year maintenance fees.
Plus a low limit. I feel it was hurting me more than helping, since I also have the Cap1 cards.

[Anonymous]

Also - go to the Rebuilding forum - they will have TONS of information for you.

Also - sign up for Credit Karma (CK) - it's free - and although the scores are FAKO - you can get your TU and EQ reports for free - you can see what's out there......That will help you get a handle on things......it updates weekly.

[Anonymous]

Thanks! Yes I've been on credit karma for a bit now. I sent out some gw letters last week as well.
Pretty excited on this journey to credit worthiness!

[NRB525]

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@Anonymous wrote:
Yes, I figured I should close them... Just wanted a little nudge!
Turns out they charge $7 a month, plus $75 a year maintenance fees.
Plus a low limit. I feel it was hurting me more than helping, since I also have the Cap1 cards.

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Well, to put it in perspective, the First Premier cards are reporting positive payments history to your credit file, so it's not like you got nothing out of the deal. That payment history will continue to show a positive for several years yet.

After a certain time, like yesterday, yes it's a good idea to close the First Premier, but sometimes you have to pay for credit.

Good luck on your journey!

[Anonymous]

The 2 first card already charged u 95 bucks for each card as processing fee.. But I'll close those instead of keeping them since u already have 2 cap one.. Now only way to rebuild credit is time.. If u wanna do it faster and need a car go buy an inexpensive car.. With an installment loan (car loan) u build ur credit up a lot faster with on time payment