topic Re: Thanks to myFico too many cards in Credit Cards

Thanks to myFico too many cards

Anonymous — Sat, 12 Jul 2014 02:04:21 GMT

First I think this site is wonderful. I filed bankruptcy in 2010 and I didn't understand why I couldn't get any credit cards until I found this site in January of 2014 and now I have about 16. i went from 2,000 in credit to $45000 over the course of 6 months now I need to close a few and need some suggestions because I'm losing track of payments. Util 12%

Jan 14 Credit Score 608equifax 620 Trans : Capital One 1,200, First Premeir 425.00 first premeir 450 capital one $350

July 14 Credit Score Trans 690 Equifax:650'inquires 22

capital One one 3,000

capital one 2750

NFCU $14,000 started with $2000 increased to $14000 in 45 days

nfcu joint $6000

NFCU check 11,500

Capital One old orchard bank $500

capital One 1,000 spark business

barclay $2000

hh Gregg $1200

finger hut 2,000

speedway 400

first premeir 450

first premeir 425

Express 250

j crew 250

limited 350

victoria Secret 250

walmart 500

macys $600

Re: Thanks to myFico too many cards

Jaylima91 — Sat, 12 Jul 2014 02:17:24 GMT

Try to stay in the range of maybe 5 cards. Try to see if First premier and capital one will allow you to merge the two CL on both cards. I use apps like Check, Mobilligy to help keep track of my 5 CCs. There are other bill tracking apps that can help minimize time spent looking for due dates for all your cards. Hope this helps you in any way.

Re: Thanks to myFico too many cards

chrisw1968uk — Sat, 12 Jul 2014 02:19:49 GMT

Easy choice for me - If i was you, All cards under $1000CL would be gone (easier than listing them all lol)

Re: Thanks to myFico too many cards

Anonymous — Sat, 12 Jul 2014 02:21:25 GMT

@Jaylima91 wrote:
Try to stay in the range of maybe 5 cards. Try to see if First premier and capital one will allow you to merge the two CL on both cards. I use apps like Check, Mobilligy to help keep track of my 5 CCs. There are other bill tracking apps that can help minimize time spent looking for due dates for all your cards. Hope this helps you in any way.

With the decent limits you know have, I would close First Premier as I assume they have large fees. Not worth it for the small CL they have.

Re: Thanks to myFico too many cards

UTK_GOBO — Sat, 12 Jul 2014 02:27:43 GMT

@chrisw1968uk wrote:
Easy choice for me - If i was you, All cards under $1000CL would be gone (easier than listing them all lol)

I don't ever keep low limit cards open, and especially if its a store card ... unless I use them often. Those cards are useless, and it might get closed for "non-usage", and you get hit with "closed by credit grantor" on your CR. Some banks are sensitive to having too many accounts.

Re: Thanks to myFico too many cards

Anonymous — Sat, 12 Jul 2014 02:30:33 GMT

Ok only reason FIrst P are still open because they are my oldest cards afraid my score will decrease. Should I worry? I am aware that I need to garden lots of cards opened in 6 months

i use express jcrew and limited often but never VS I have also never used HH Gregg

Re: Thanks to myFico too many cards

Anonymous — Sat, 12 Jul 2014 02:33:28 GMT

Are you saying I should close all 10 at once?

Re: Thanks to myFico too many cards

s_haliz — Sat, 12 Jul 2014 02:37:29 GMT

@UTK_GOBO wrote:
@chrisw1968uk wrote:
Easy choice for me - If i was you, All cards under $1000CL would be gone (easier than listing them all lol)
I don't ever keep low limit cards open, and especially if its a store card ... unless I use them often. Those cards are useless, and it might get closed for "non-usage", and you get hit with "closed by credit grantor" on your CR. Some banks are sensitive to having too many accounts.

Just to clarify - It is not negative to have "closed by credit grantor" as long as you had paid on time and there is no outstanding balance at closure. They closed two of my card for non-uasage and both had a couple of years of history of payments. Score was not impacted by that at all.

Re: Thanks to myFico too many cards

UTK_GOBO — Sat, 12 Jul 2014 02:41:19 GMT

@s_haliz wrote:
@UTK_GOBO wrote:
@chrisw1968uk wrote:
Easy choice for me - If i was you, All cards under $1000CL would be gone (easier than listing them all lol)
I don't ever keep low limit cards open, and especially if its a store card ... unless I use them often. Those cards are useless, and it might get closed for "non-usage", and you get hit with "closed by credit grantor" on your CR. Some banks are sensitive to having too many accounts.
Just to clarify - It is not negative to have "closed by credit grantor" as long as you had paid on time and there is no outstanding balance at closure. They closed two of my card for non-uasage and both had a couple of years of history of payments. Score was not impacted by that at all.

True. It may reflect negatively on you for having "closed by credit grantor" on your CR depending on which creditor you are dealing with.

Re: Thanks to myFico too many cards

gdale6 — Sat, 12 Jul 2014 02:59:28 GMT

@Anonymous wrote:
First I think this site is wonderful. I filed bankruptcy in 2010 and I didn't understand why I couldn't get any credit cards until I found this site in January of 2014 and now I have about 16. i went from 2,000 in credit to $45000 over the course of 6 months now I need to close a few and need some suggestions because I'm losing track of payments. Util 12%
Jan 14 Credit Score 608equifax 620 Trans : Capital One 1,200, First Premeir 425.00 first premeir 450 capital one $350

July 14 Credit Score Trans 690 Equifax:650'inquires 22

capital One one 3,000
capital one 2750
NFCU $14,000 started with $2000 increased to $14000 in 45 days
nfcu joint $6000
NFCU check 11,500
Capital One old orchard bank $500
capital One 1,000 spark business
barclay $2000
hh Gregg $1200
finger hut 2,000
speedway 400
first premeir 450
first premeir 425
Express 250
j crew 250
limited 350
victoria Secret 250
walmart 500
macys $600

The ones in red, jettison, the ones in blue evaluate on basis of if you use or not. I manage many more than you have here as do other members of this board, I use electronic bookkeeping with all payment reminders set, I dont use all of them at once either, only 4 on a regular basis.

Re: Thanks to myFico too many cards

Anonymous — Sat, 12 Jul 2014 03:07:30 GMT

Thank you gdale6 I am going to do this tomorrow. FYI these are all my oldest accts. I just want to make sure it will not do much damage

Re: Thanks to myFico too many cards

gdale6 — Sat, 12 Jul 2014 03:19:15 GMT

@Anonymous wrote:
Thank you gdale6 I am going to do this tomorrow. FYI these are all my oldest accts. I just want to make sure it will not do much damage

The immediate effect of closing a card is the loss of its CL in the utilization category, it will not affect your AAoA as closed positive accounts remain on file for up to 10 years post close. So if your utlization balances are in order you should not see a negative effect from the closure(s).

Re: Thanks to myFico too many cards

honky — Sat, 12 Jul 2014 19:23:43 GMT

I would close the ones with an AF such as First Premier, but the low limit store cards I would simply shred and never use them again. You will not have to manage or think about them, but they will still slightly help your overall utilization. Also, they can remain on your report until 10 years after closed by creditor isntead of 10 years from today, helping your aaoa.

I dont know, I've only closed 1 card because I was simply mad at capone for the toy limit they had me stuck at.

Re: Thanks to myFico too many cards

SevenNEW — Sat, 12 Jul 2014 21:05:47 GMT

As others have advised, I would close a few with AF, and SD the others, especially the oldest ones. If you don't keep them in your wallet you don't have to worry about payments, except for the annual fee (but that is easy to write down on your calendar).

My strategy was always few and good cards, but I find this free site very helpful to manage them:

http://personalcapital.com/

Re: Thanks to myFico too many cards

Anonymous — Sun, 13 Jul 2014 01:57:29 GMT