topic Re: Switching CCs in Credit Cards

Switching CCs

Anonymous — Fri, 15 Apr 2011 11:28:12 GMT

FICO score is 625 wtih about 10% Credit utilization and will go down more. Last pulled Credit Report TU=640.

I plan to buy a house in 2012, so I want to increase my score higher.. so now I am getting offers for CCs from the bigger banks like Citibank..

Right now I have:

Capital One MC

Best Buy Rewards MC (HSBC)

Orchard Bank (HSBC)

Credit One Visa

Walmart Store card (GEMB)

$32000 loan from Honda Finance @ 1.9 APR (cosigner 750 credit score)

Should I start opening CCs with the larger more recognized banks and close my starter cards? I was going to start with Credit One but that was my first one and has the longest history.. Best Buy Rewards MC will be gone soon too, that thing is a RipOff with interest charges.

Re: Switching CCs

vish1 — Fri, 15 Apr 2011 11:41:56 GMT

Please share more about your credit. How old are your cards (individually). How many inquiries do you have.

Don't care about invites from citibank, those don't mean anything, especially citibank sends a invite to anyone.

Re: Switching CCs

Anonymous — Fri, 15 Apr 2011 12:19:56 GMT

Credit One and Orchard bank was opened on 9/2008

Capital One and Walmart was opened on 12/2008

BB Rewards MC 11/2009

3 inquiries, 1 from Dec 2010 and 2 from July 2010

1 Public Record, Bankruptcy 2003 -- havent used a CC since then but figured I need to build Credit back again but need to be smarter thist ime aroung

Re: Switching CCs

Anonymous — Fri, 15 Apr 2011 14:43:27 GMT

Hi FlipSide,

Welcome to the Forums! Glad you're here!
@Anonymous wrote:
FICO score is 625 wtih about 10% Credit utilization and will go down more. Last pulled Credit Report TU=640.

I plan to buy a house in 2012, so I want to increase my score higher. (great!). so now I am getting offers for CCs from the bigger banks like Citibank..(Remember that a "pre-approval" offer does not necessarily mean that you qualify for their card. It looks like you still have a BK on your report (so do I), and I'm guessing it's a CH 7 (because it's still reporting today) and it will report for ten years - so until 2013. We get pre-approvals that we know we won't qualify for, so we smile and toss them. Citi, for example, is not particularly known for being BK friendly - even with a "pre-approval" offer.)

Right now I have:
Capital One MC
Best Buy Rewards MC (HSBC)
Orchard Bank (HSBC)
Credit One Visa
Walmart Store card (GEMB)
@$32000 loan from Honda Finance @ 1.9 APR (cosigner 750 credit score)

Should I start opening CCs with the larger more recognized banks (IMO and IME, I would only app for those cards that you know are BK friendly. Even if you have a qualifying score, the BK can, and will, be a deal breaker. and close my starter cards? IMO, I would review cards with an AF and see what they were doing for me. If there's no AF, at this point, I would keep the card open and keep them happy. You're still rebuilding. I was going to start with Credit One but that was my first one and has the longest history.. You'll keep the history even if you close the card. Here's a great thread on the impact of closing a credit card. If there's an AF on your Credit One card, it's fine to close it, because you have an Orchard Bank card and a Cap One card (bank cards). Best Buy Rewards MC will be gone soon too, that thing is a RipOff with interest charges. If there's no AF on the BBRMC, then keep it open. The only time interest charges are a problem is if you revolve a balance - high interest charge cards are fine if you always always PIF.

@Anonymous wrote:
Credit One and Orchard bank was opened on 9/2008
Capital One and Walmart was opened on 12/2008
BB Rewards MC 11/2009

3 inquiries, 1 from Dec 2010 and 2 from July 2010 (All on TU? Any new accounts opened with these?)

1 Public Record, Bankruptcy 2003 -- havent used a CC since then but figured I need to build Credit back again but need to be smarter thist ime aroung

Flip - you'll also see additional FICO points if you follow the standard advice on revolving accounts: Have all your revolving accounts, except one, report a zero balance, with the one remaining account reporting less than 9% (I keep mine much less than 9%).

Hope that's helpful!