topic Re: in the garden for at least a year...thoughts? in Credit Cards

in the garden for at least a year...thoughts?

Anonymous — Thu, 19 Mar 2015 12:54:55 GMT

So, in my credit building journey, I've acquired quite a few cards. Mostly store cards. In the process, I've acquired quite a few inquiries. I didn't have a complete understanding of how utilization worked and I had gotten these cards just to lower my overall utilization, but I think I've gone about it all wrong. This is a list of what I've got, in a chronological order:
Capital One Secured $200
Capital One Plat (upgraded to QS1) 500
Walmart 400
Amazon 800
JCP 500
Overstock 250
Woman within 250
Jcrew 250
Express 500
Ann Taylor 500
Brylane Home 500
Linensource 200
Venus 250
Blair 200
Jessica London 250
J.Jill 250
Roamans 250
Macy's 600
Kohl's 300
American Eagle 150
VS 250
Kay Jewelers 1300
The Limited 350
I will only use: Cap 1, Walmart, JCP, Overstock, Brylane, VS, Macy's, Kohl's, Kay, and Amazon.
I got all these because I knew I was running a high utilization, and I was trying to add to the overall to lower it. However, I believe now, that it was wrong of me to do. Should I:
1) Close the accounts I know I won't use,
2) Let them just sit there and close for lack of usage, or
3) Charge something small, pif and just leave them all alone.
I've already seen small increases in my score from the addition of these accounts, but it's not a per acct basis, it's on the whole, so I don't see the point in keeping them all open.
The others I'm using.
My plan is to decide what to do with these other accts, pay down what I've already got and just get it down to a good utilization without depending on these others to do it for me.
Suggestions?

Re: in the garden for at least a year...thoughts?

Anonymous — Thu, 19 Mar 2015 13:00:19 GMT

2 out of 23 cards that can be used anywhere.

Yes. I think gardening is an excellent idea.
You have already shredded your AAoA to bits so you might as well keep the accounts open while you garden and try to get SP CLIs to grow them. Start paring down once you are able to get a better credit product(s)....After gardening. Of course.

Re: in the garden for at least a year...thoughts?

Anonymous — Thu, 19 Mar 2015 13:29:58 GMT

Yes, I know I did some bad things here. I lost my mind for about 2 days once I started seeing approvals. I was just excited over it. I regret it all in the worst way now. It's like having one of those family members that you are related to but wish you weren't. I haven't even taken them out of the envelopes, they're stuffed in my kitchen cabinet.

Re: in the garden for at least a year...thoughts?

baller4life — Thu, 19 Mar 2015 13:33:59 GMT

Ditto what Nixon said. See ya in the garden!

Re: in the garden for at least a year...thoughts?

NRB525 — Thu, 19 Mar 2015 13:54:48 GMT

@Anonymous wrote:
Yes, I know I did some bad things here. I lost my mind for about 2 days once I started seeing approvals. I was just excited over it. I regret it all in the worst way now. It's like having one of those family members that you are related to but wish you weren't. I haven't even taken them out of the envelopes, they're stuffed in my kitchen cabinet.

All the cards have pretty colors, right? So that's a plus

+1 to Nixon, you've got the cards, no sense overreacting the other way, so just have fun trying to get SP CLI for them. Don't use the cards unless it is for something on your Need list, in other words, don't use the card just to put something on the card.

You've made the first big step: realizing store cards aren't terribly useful for building long term credit. Gardening involves some self-reflection and talking with yourself about how you want your credit to look in the future, and deciding with yourself what will get you there.

Good luck!

Re: in the garden for at least a year...thoughts?

Anonymous — Thu, 19 Mar 2015 14:12:28 GMT

It wasn't necessarily the shiny, pretty colors...it was not getting denied and it felt good, for a little while anyways. But I know, from reading these forums, that with some work and patience, I have bigger and better cards to get in my future.

Re: in the garden for at least a year...thoughts?

Anonymous — Thu, 19 Mar 2015 16:06:40 GMT

Well I for one am glad you realize where things could have gone differently but as NRB said there is no sense crying over spilt milk.

Make the most of the cards you were dealt and use it to your advantage.

Re: in the garden for at least a year...thoughts?

Anonymous — Thu, 19 Mar 2015 16:23:19 GMT

I'm honestly kind of scared of them all now. I don't want to use them lol. I'm not thinking I'm going to get into trouble with them, well, maybe. i just know, in the end game, i don't want a ton of store cards. They aren't going to get me the good cards that I really want. Thats why I ask, should I just cancel the ones I know for a fact I will not use and just grow the ones I will, or what?

They were all acquired at the same time, so i don't think I'm going to close anything that will seriously hurt my credit, or will it?

Re: in the garden for at least a year...thoughts?

Anonymous — Thu, 19 Mar 2015 16:27:16 GMT

@Anonymous wrote:
I'm honestly kind of scared of them all now. I don't want to use them lol. I'm not thinking I'm going to get into trouble with them, well, maybe. i just know, in the end game, i don't want a ton of store cards. They aren't going to get me the good cards that I really want. Thats why I ask, should I just cancel the ones I know for a fact I will not use and just grow the ones I will, or what?
They were all acquired at the same time, so i don't think I'm going to close anything that will seriously hurt my credit, or will it?

It wouldn't make any sense to close them now that you've got them until they've seen a year or more on your report. Will it be a task to maintain all of them? Absolutely. Can it be fun? That's up to you.

Re: in the garden for at least a year...thoughts?

Anonymous — Thu, 19 Mar 2015 16:28:22 GMT

I need to go into the garden hard now.

Re: in the garden for at least a year...thoughts?

indiolatino61 — Thu, 19 Mar 2015 18:02:09 GMT

@Anonymous wrote:
2 out of 23 cards that can be used anywhere.

Yes. I think gardening is an excellent idea.
You have already shredded your AAoA to bits so you might as well keep the accounts open while you garden and try to get SP CLIs to grow them. Start paring down once you are able to get a better credit product(s)....After gardening. Of course.

You are so graphic, Nixon...!

Re: in the garden for at least a year...thoughts?

Anonymous — Thu, 19 Mar 2015 19:59:34 GMT

I have a bad idea.

1. Get someone who have a really old MSD of AMEX make you a AU of his/her card

2. Apply for a AMEX card

3. Close all the store cards

Did I tell you it's a bad idea?

Re: in the garden for at least a year...thoughts?

Anonymous — Thu, 19 Mar 2015 20:00:32 GMT

@Anonymous wrote:
I have a bad idea.
1. Get someone who have a really old MSD of AMEX make you a AU of his/her card
2. Apply for a AMEX card
3. Close all the store cards

Did I tell you it's a bad idea?

Will not work anymore.

Re: in the garden for at least a year...thoughts?

Anonymous — Thu, 19 Mar 2015 20:01:48 GMT

Amex stop backdating the AU MSD already?

Re: in the garden for at least a year...thoughts?

Anonymous — Thu, 19 Mar 2015 20:02:30 GMT

@Anonymous wrote:
Amex stop backdating the AU MSD already?

They will backdate to year added on future apps.

That's about it.

Re: in the garden for at least a year...thoughts?

SouthJamaica — Thu, 19 Mar 2015 20:18:52 GMT

IMHO you should just keep them, use them a little here and there.

Cancelling them impacts your credit rating negatively in a number of ways:

1. shortening the age of your accounts

2. decreasing the number of accounts

3. increasing your percentage credit utilization

Re: in the garden for at least a year...thoughts?

Anonymous — Thu, 19 Mar 2015 22:08:20 GMT

@thebeckerman wrote:
IMHO you should just keep them, use them a little here and there.

Cancelling them impacts your credit rating negatively in a number of ways:

1. shortening the age of your accounts

2. decreasing the number of accounts

3. increasing your percentage credit utilization

1) Closing has no impact on AAoA for about ten years

2) Above about 3 there is no score reason to have more accounts (of course there can be other reasons)

But #3 is correct if OP is carrying balances.

Usually I am a strong advocate of closing cards. But in this case, the OP doesn't have many CLs that are even reasonably large, so the "toy" limits on the store cards are a major factor in total CL. So keep them. Personaly I wouldn't bother spending to keep them open, but no need to close them. As time goes on, and better cards come along, then these cards can be closed safely.

Re: in the garden for at least a year...thoughts?

lg8302ch — Thu, 19 Mar 2015 22:33:31 GMT

The damage has been done already. I would say get to the garden and do not apply for anything at least for 12 months. Use the store cards when you shop at these stores and after a year you will see which store cards you never used and then close these and apply for a VI, MC, AX or Discover that you can use everywhere. I always was against store cards and therefore never got one but since you have them already you might as well use them and show good payment history. Also you might try for SP CLIs on these cards. After gardening stay away from store cards and only look into major CCs that can be used anywhere. In the meantime make sure you never miss a payment on any of these cards.