topic Re: Am i on the right track? in Credit Cards

Am i on the right track?

Anonymous — Wed, 19 Nov 2014 04:48:54 GMT

I have 12 credit cards some are store cards but most of them are credit cards. I am 24 And all my avaliable credit limits are 35,500. I also have a car loan and mortgage My scores are EQ 678 TU 714 EX 687 My question is am i on the right track?

Re: Am i on the right track?

Anonymous — Wed, 19 Nov 2014 04:52:22 GMT

@Anonymous wrote:
I have 12 credit cards some are store cards but most of them are credit cards. I am 24 And all my avaliable credit limits are 35,500. I also have a car loan and mortgage My scores are EQ 678 TU 714 EX 687 My question is am i on the right track?

Score looks like you might have had some lates/derogs in the past. That or a pattern of extremely high utilization.

You seem to be doing okay though.

Re: Am i on the right track?

Anonymous — Wed, 19 Nov 2014 04:57:59 GMT

No lates i have one medical bill in colletions and my utilization was pretty high at one point. Would it hurt if i open more credit cards? I really want to just open 1 card with a high limit and transfer what i owe on to it but everytime i open a new card they only give me a $1k limit. Any ideas?

Re: Am i on the right track?

Kostya1992 — Wed, 19 Nov 2014 05:01:23 GMT

Seems like you're doing fine. That collection is hurting you though, try to goodwill it or something?

Re: Am i on the right track?

Anonymous — Wed, 19 Nov 2014 05:04:20 GMT

Thanks! Not sure what u mean buy goodwill it?

Re: Am i on the right track?

NRB525 — Wed, 19 Nov 2014 05:04:41 GMT

@Anonymous wrote:
No lates i have one medical bill in colletions and my utilization was pretty high at one point. Would it hurt if i open more credit cards? I really want to just open 1 card with a high limit and transfer what i owe on to it but everytime i open a new card they only give me a $1k limit. Any ideas?

Which cards and what limit on each card? Certain types of cards might be open to CLI if you have a good history with them.

Re: Am i on the right track?

Anonymous — Wed, 19 Nov 2014 05:07:24 GMT

I going to disagree with everyone. You are on the wrong track. This is how people end up overextended. You should learn to use your credit limit and pif, not seek additional credit to move debt over.

Sometimes you have to learn to garden.

Re: Am i on the right track?

Anonymous — Wed, 19 Nov 2014 05:15:41 GMT

CAP ONE $4,000
DARDENEMPFCU $4,700
CITI $2,600
CAP ONE $4,000
SYNCB/AMAZON $3,400
Best Buy $1,100
SYNCB/CARECR $2,000
SYNCB/ABCWH $3,500
CHASE $1,000
CHASE $1,000
KAY JEWELERS $3,900
Walmart Visa $6,000

Re: Am i on the right track?

Anonymous — Wed, 19 Nov 2014 05:28:01 GMT

@Anonymous wrote:
CAP ONE $4,000
DARDENEMPFCU $4,700
CITI $2,600
CAP ONE $4,000
SYNCB/AMAZON $3,400
Best Buy $1,100
SYNCB/CARECR $2,000
SYNCB/ABCWH $3,500
CHASE $1,000
CHASE $1,000
KAY JEWELERS $3,900
Walmart Visa $6,000

Half your cards are store cards. If you aren't using these often then it might be a great idea to cut ties with them.

46% of your limits are from cards you can use about anywhere. 54% of your limits are on cards that are very limited in their use.

Re: Am i on the right track?

Anonymous — Wed, 19 Nov 2014 05:35:39 GMT

Would it be best for me to close the cards or should i let them close themselfs?

Re: Am i on the right track?

Anonymous — Wed, 19 Nov 2014 05:36:25 GMT

i only owe on 3 cards. Cap one Citi and Credit union

Re: Am i on the right track?

Anonymous — Wed, 19 Nov 2014 05:41:29 GMT

@Anonymous wrote:
Would it be best for me to close the cards or should i let them close themselfs?

How old are they? Also, on the V/MC cards you DO have now. How old are those?

Re: Am i on the right track?

Anonymous — Wed, 19 Nov 2014 05:43:48 GMT

some of the store cards are about 3-4 years old. All v/mc are only about 1-4 years

Re: Am i on the right track?

Anonymous — Wed, 19 Nov 2014 05:47:04 GMT

@Anonymous wrote:
some of the store cards are about 3-4 years old. All v/mc are only about 1-4 years

The oldest and least used ones with little to no benefit, Push em out. They've served their purpose.

I'd keep the wally for the free FICO since I noticed you don't have a Discover card.

Re: Am i on the right track?

Anonymous — Wed, 19 Nov 2014 05:48:39 GMT

will it hurt my credit if i close store cards? The wally is a visa it used to be a discover. Cap one offers free fico score too.

Re: Am i on the right track?

Anonymous — Wed, 19 Nov 2014 05:52:59 GMT

@Anonymous wrote:
will it hurt my credit if i close store cards? The wally is a visa it used to be a discover. Cap one offers free fico score too.

Are you sure it isn't a Mastercard?

CapOne is the same janky score you can get free off of CreditKarma. Don't believe me? Go check.

It won't nesc hurt your credit unless you're carrying an unhealthy balance on your other cards.

Re: Am i on the right track?

Anonymous — Wed, 19 Nov 2014 05:55:26 GMT

My walmart is visa. It used to be disocver but they changed.

I trust u about the scores.

Thank you for your help

Re: Am i on the right track?

Anonymous — Wed, 19 Nov 2014 05:56:39 GMT

Are you carrying a balance on every card? If so, no you're not on the right track.

Re: Am i on the right track?

Anonymous — Wed, 19 Nov 2014 06:00:24 GMT

@Anonymous wrote:
Are you carrying a balance on every card? If so, no you're not on the right track.

No only on 3 cards.

Re: Am i on the right track?

NRB525 — Wed, 19 Nov 2014 06:04:57 GMT

@Anonymous wrote:
@Anonymous wrote:
Are you carrying a balance on every card? If so, no you're not on the right track.
No only on 3 cards.

If you follow Nixon's advice, you still have some decent cards in there, and by not showing too many cards open, that can help in future apps. Keep control of the utilization, and pay on time, that gets you on the right track.