topic Re: Is this a good idea in Bankruptcy

Is this a good idea

amyd — Tue, 31 Jan 2023 17:50:05 GMT

***UPDATE 1/31/23**** I closed one capital one and one ollo for now and asked WF for a cli and got approved for 15k. Thanks.for all your opinions. Good Morning, So I had my bankruptcy discharged in June 2019 and are rebuilding. In that time I have acquired several cards that I would like to keep and also get rid of and not sock drawer the ones I want to move away from. So here is what I currently have in regards to credit cards Penfed platinum rewards (12.5k) Penfed Cash Rewards (just approved for 12.5k) Wells Fargo Active Cash (12.5k) Capital One Savor (3k) Capital One Quicksilver (2.5k) Capital One Walmart (2k) Ollo platinum (3.2k) Ollo Rewards (4k) Victoria Secret (2.3k) Apple Card (5.5k) Car loan Hyundai 6.75% (10k) So over time I have asked for increases from capital one and every time they say no because of low usage. The Ollo credit cards have increased once since 2020 so I am pretty much done trying with these companies to acquire better available credit. So what I am wanting to do is close all the Capital One's except for the Walmart one. I additionally want to close all the Ollo cards but willing to keep the rewards one that's at 4k. I know it will hurt my score because I am losing available credit but that's why I applied for the additional Penfed credit card and was approved for 12.5k yesterday. I know everyone says sock drawer them but I hate having cards open that I don't use just sitting in a drawer and they are rarely used so I just want to close them. I got a car loan last month for 10k financing at Hyndai at 6.75% on a 2023 Santa Fe. My home was included in the bankruptcy so it doesn't report so I got the loan to have at least one installment loan with hopes it beings my score up as it was only 720 when I got the car financed. The car hasn't hit my credit reports not the new card I know my score will drop which is fine as I don't plan on buying anything that needs fico scores anytime soon. So what cards would you keep or let go if you were in my position? I burned all the good banks in my bk NFCU, USAA, Chase, Discover, Citi so many so I don't have many to chose later on when my bankruptcy has aged more. Thanks in advance for any guidance you can provide. If you have any questions I didn't address etc just ask. Those are not my current scores at the bottom and I forget how to update them.

Re: Is this a good idea

Bill77 — Tue, 31 Jan 2023 14:00:28 GMT

The Capital One cards are most likely bucketed so maybe start by canceling one of those. I'm also not a big fan of sock drawer cards but I have a thick file.

Re: Is this a good idea

amyd — Tue, 31 Jan 2023 14:02:46 GMT

Okay so just one Capital one? So if I had to choose I guess it would be the QS. Ty for your advice.

Re: Is this a good idea

Bill77 — Tue, 31 Jan 2023 14:10:34 GMT

@amyd wrote:
Okay so just one Capital one? So if I had to choose I guess it would be the QS. Ty for your advice.

QS because it's your lowest CL. Just one now and do the others over time every few months. This way you can monitor your credit score for any impact. No need to cancel a bunch all on one day.

Re: Is this a good idea

Horseshoez — Tue, 31 Jan 2023 14:23:42 GMT

@Bill77 wrote:
The Capital One cards are most likely bucketed so maybe start by canceling one of those. I'm also not a big fan of sock drawer cards but I have a thick file.

Maybe I'm wrong, but I don't believe CapOne cards with $2,500+ in credit limits qualify as being bucketed; typically cards below the $1,000 threshold could be called bucketed.

To the OP, both my Quicksilver and SavorOne cards started with low(ish) limits; the first is now up to $4,800 and the second I haven't asked for a CLI yet (I'm trying to tease CapOne into giving me an Auto-CLI, an effort which may be futile, but I don't need the extra credit so I have nothing to lose). Said another way, if one or both of your CapOne cards fill a niche not filled by your other cards, then I'd hang on to them and ditch the Ollo cards instead.

Re: Is this a good idea

amyd — Tue, 31 Jan 2023 15:27:15 GMT

Ty will do.

Re: Is this a good idea

amyd — Tue, 31 Jan 2023 15:28:44 GMT

Good advice I can tell this is going to be a hard choice..Will ponder on this.