topic Re: Lengthy Introduction!! in General Credit Topics

Lengthy Introduction!!

willmsbrg — Wed, 18 Jan 2023 00:17:04 GMT

Good evening,
My first post here though I’ve been doing a good bit of reading and it’s a really good place for learning. Too bad I didn’t know about this place years ago… Anyhow, this will be a rather longer post as I want to include as much as possible and hopefully get some good insight into my progress and longer term goals.

I’ll start with my current fico scores (pulled from credit.com last night)
Transunion
Bankcard 8: 669
Bankcard 9: 699
Fico Score 8: 673
Fico Score 9: 689

Equifax
Bankcard 8: 641
Bankcard 9: 712
Fico Score 8: 652
Fico Score 9: 710

Experian
Bankcard 8: 678
Bankcard 9: 681
Fico Score 8: 683
Fico Score 9: 670
I’ve made strides to get this where it is today versus say in 2017 when it was likely in the mid 500’s across the board… I feel I’ve come a long way but there still a price I am paying for neglecting it.

As for anything bad, there is a repo on my account that is scheduled to drop off (according to annual credit reports) pulled last night in February of 2024 and a late payment from an installment loan from 2017 which should also drop off I think in 2024.
As for inquiries, I have some from car shopping in 2021 that will be dropping off this year around May/June. Granted there will still be several across my reports sticking around for roughly 6 months to a year longer.

Now as to current accounts.

Car payment 500.00 per month and while the interest rate is a bit higher than I would like, I’m able to deal with that as is at least till the repo drops off then maybe I will look at a refinance.
Student loan which is on hold currently and there the total is less than 7000.00 so that is also not a problem for repayment.

Credit cards and here is where I could use some advice about keeping/closing…

Truist Future Card just approved 4500.00 (new) No balance
Well Fargo Autograph card 5500.00 (new) this is also my bank. No balance
Apple card 2000.00 (new) No balance

Builder cards

Avant Card 1500.00 No balance and no annual fee
Mercury Oculus 1550.00 balance 22.00 no annual fee
Merrick bank 1400.00 balance 123.00 3.00 monthly fee, but no other fees
Credit One 600.00 no balance and no annual fee
Prosper card 700.00 39.00 balance as the annual fee is due.
Capital One Quicksilver One 800.00 60.00 balance 39.00 fee Probably a bucket card
Capital One Platinum 500.00 no balance and no annual fee. Probably a bucket card

My overall utilization is less than 5 percent and generally never carry a balance as all set to pay in full on due date. Though some do show a balance on the reports but, as you can see it’s really nothing.

As for closing any of the builder cards any thoughts? Also, anything here hurting score increases more than others? I know the two bad items and the extra inquiries certainly are and once those die off I’m thinking I should hopefully see a bump upward.

I won’t be adding to accounts for this year, as I want to just wait till the bad items vanish then go from there.
Wow, sorry for the lengthy post but wanted to get it out so folks have a full picture. Thanks in advance…

Re: Lengthy Introduction!!

GZG — Wed, 18 Jan 2023 00:45:26 GMT

@willmsbrg wrote:
Credit cards and here is where I could use some advice about keeping/closing…

Truist Future Card just approved 4500.00 (new) No balance
Well Fargo Autograph card 5500.00 (new) this is also my bank. No balance
Apple card 2000.00 (new) No balance

Builder cards
Feel free to close anything from here once you get your other cards, definitely starting by closing anything with an annual fee.

You can honestly close everything from here, but if you want to keep the Avant and Mercury and Cap1, feel free, but there's no reason everything here or most everything here can't be closed.

Avant Card 1500.00 No balance and no annual fee
Mercury Oculus 1550.00 balance 22.00 no annual fee
Merrick bank 1400.00 balance 123.00 3.00 monthly fee, but no other fees
Credit One 600.00 no balance and no annual fee
Prosper card 700.00 39.00 balance as the annual fee is due.

Go to each account on Desktop type "/productupgrade" at the end of the link and see if there are product change offers to the Quicksilver or Savor One or Venture One. Take them if they are.
Capital One Quicksilver One 800.00 60.00 balance 39.00 fee Probably a bucket card
Capital One Platinum 500.00 no balance and no annual fee. Probably a bucket card

As for closing any of the builder cards any thoughts? Also, anything here hurting score increases more than others? I know the two bad items and the extra inquiries certainly are and once those die off I’m thinking I should hopefully see a bump upward.

Re: Lengthy Introduction!!

willmsbrg — Wed, 18 Jan 2023 01:24:30 GMT

On my Capital one app there's an upgrade to change the Platinum card to a straight quicksilver card with the same CL and no annual fee...

I'm guessing the Quicksilver card is better (longterm) than the Quicksilver one card at least based on my research...

I went for that upgrade since there's no impact to my score and no annual fee...

I suppose I will close the Quicksilver One card (800.00 CL) with the annual fee and just keep one Cap card....

Go to each account on Desktop type "/productupgrade" at the end of the link and see if there are product change offers to the Quicksilver or Savor One or Venture One. Take them if they are.

Capital One Quicksilver One 800.00 60.00 balance 39.00 fee Probably a bucket card
Capital One Platinum 500.00 no balance and no annual fee. Probably a bucket card

Re: Lengthy Introduction!!

sznthescore — Wed, 18 Jan 2023 03:07:25 GMT

Welcome! @willmsbrg & Good job on the upgrade. At least you went for a rewards cards with some type of benefit.

Yup, I would close the QS1... no need for a duplicate card especially if it has an annual fee.

I would close Merrick Bank & Prosper as well. No need for the $3/mo. or $39 annual fee either at this point in your awesome progress thus far.

In regards to the remaining rebuilders... which card is your oldest account? Outside of that, I'd keep (SD) the others for aging purposes even though they'll continue to be factored into your AAoA for up to 10 years if you decide to close any others. (Stagger the closings). They've done their job.

Just my opinion... I'm no expert.

Re: Lengthy Introduction!!

805orbust — Wed, 18 Jan 2023 05:39:12 GMT

@willmsbrg welcome and good job thus far my friend. Reiterating what these guys said I scream from the rooftops of MyFico to CHOP anything with an annual fee that is a rebuilder. If no fee, then I wouldn't sweat it, except for simplicity.

A good system for monitoring/paying balances throughout the month is also advisable. You've got this.

Re: Lengthy Introduction!!

SouthJamaica — Wed, 18 Jan 2023 12:07:33 GMT

@willmsbrg wrote:
Good evening,
My first post here though I’ve been doing a good bit of reading and it’s a really good place for learning. Too bad I didn’t know about this place years ago… Anyhow, this will be a rather longer post as I want to include as much as possible and hopefully get some good insight into my progress and longer term goals.
I’ll start with my current fico scores (pulled from credit.com last night)
Transunion
Bankcard 8: 669
Bankcard 9: 699
Fico Score 8: 673
Fico Score 9: 689
Equifax
Bankcard 8: 641
Bankcard 9: 712
Fico Score 8: 652
Fico Score 9: 710
Experian
Bankcard 8: 678
Bankcard 9: 681
Fico Score 8: 683
Fico Score 9: 670
I’ve made strides to get this where it is today versus say in 2017 when it was likely in the mid 500’s across the board… I feel I’ve come a long way but there still a price I am paying for neglecting it.

As for anything bad, there is a repo on my account that is scheduled to drop off (according to annual credit reports) pulled last night in February of 2024 and a late payment from an installment loan from 2017 which should also drop off I think in 2024.
As for inquiries, I have some from car shopping in 2021 that will be dropping off this year around May/June. Granted there will still be several across my reports sticking around for roughly 6 months to a year longer.

Now as to current accounts.

Car payment 500.00 per month and while the interest rate is a bit higher than I would like, I’m able to deal with that as is at least till the repo drops off then maybe I will look at a refinance.
Student loan which is on hold currently and there the total is less than 7000.00 so that is also not a problem for repayment.

Credit cards and here is where I could use some advice about keeping/closing…

Truist Future Card just approved 4500.00 (new) No balance
Well Fargo Autograph card 5500.00 (new) this is also my bank. No balance
Apple card 2000.00 (new) No balance

Builder cards

Avant Card 1500.00 No balance and no annual fee
Mercury Oculus 1550.00 balance 22.00 no annual fee
Merrick bank 1400.00 balance 123.00 3.00 monthly fee, but no other fees
Credit One 600.00 no balance and no annual fee
Prosper card 700.00 39.00 balance as the annual fee is due.
Capital One Quicksilver One 800.00 60.00 balance 39.00 fee Probably a bucket card
Capital One Platinum 500.00 no balance and no annual fee. Probably a bucket card

My overall utilization is less than 5 percent and generally never carry a balance as all set to pay in full on due date. Though some do show a balance on the reports but, as you can see it’s really nothing.

As for closing any of the builder cards any thoughts? Also, anything here hurting score increases more than others? I know the two bad items and the extra inquiries certainly are and once those die off I’m thinking I should hopefully see a bump upward.

I won’t be adding to accounts for this year, as I want to just wait till the bad items vanish then go from there.
Wow, sorry for the lengthy post but wanted to get it out so folks have a full picture. Thanks in advance…

1. I would drop the Merrick and Prosper cards and the Quicksilver One.

2. I would make sure that most of the open revolving accounts report zero balances; i.e. pay off before statement cuts.

Re: Lengthy Introduction!!

willmsbrg — Wed, 18 Jan 2023 12:17:38 GMT

@805orbust wrote:
@willmsbrg welcome and good job thus far my friend. Reiterating what these guys said I scream from the rooftops of MyFico to CHOP anything with an annual fee that is a rebuilder. If no fee, then I wouldn't sweat it, except for simplicity.

A good system for monitoring/paying balances throughout the month is also advisable. You've got this.

Thanks everyone for the advice thus far...

I will be stager closing the Cap1QuicksilverOne, Prosper and the Merrick bank cards and probably the CreditOne as well....

The one I am most concerned about closing correctly is the Merrick as the "annual fee" is staged as 3.00 per month...

My statement is reading billing cycle close date is the 9th of Jan with payment due the 4th Feb. There is a small balance as well which I can pay in full...

Re: Lengthy Introduction!!

NoMoreE46 — Wed, 18 Jan 2023 16:14:09 GMT

Welcome @willmsbrg .

You got three great new cards with excellent SLs! I agree you can say bye to any cards that have monthly/annual fees.

Is there a reason you want to stagger the closing your identified builder cards? While your utility is extremely low now, keep in mind you will lose about 32% of padding with the closures.

Re: Lengthy Introduction!!

willmsbrg — Wed, 18 Jan 2023 16:26:42 GMT

I guess staggering the closures really isn't needed and even loosing the padding on the total credit available really isn't a problem as I don't spend big amounts as it is. I can just pay off the tiny balances, wait for each to show no balances and shut those down...

I was surprised the Truist and Wells Fargo were soft pulls only....

Re: Lengthy Introduction!!

mgood — Thu, 02 Feb 2023 02:57:44 GMT

@805orbust wrote:
. . . I scream from the rooftops of MyFico to CHOP anything with an annual fee that is a rebuilder. If no fee, then I wouldn't sweat it, except for simplicity.

^This^

Re: Lengthy Introduction!!

FireMedic1 — Thu, 19 Jan 2023 09:53:04 GMT

Congrats on the rebuild. You've move up the credit ladder. I'm not going to echo all that was said. It was all covered. See below about the QS1.

Re: Lengthy Introduction!!

willmsbrg — Fri, 20 Jan 2023 00:11:59 GMT

Well, as of today the Cap1 QuicksilverOne card is closed as well as the Credit One card... Just the Prosper and Merrick cards to close and that will eliminate the yearly fee cards even though the Credit One didn't have a fee, the limit was only 600.00.

Actually, feels funny cancelling a card versus opening a card but, the builder cards are in the rear view mirror..!!

Re: Lengthy Introduction!!

NoMoreE46 — Fri, 20 Jan 2023 01:07:58 GMT

Good for you. Sometimes it's hard to let them go, but you're in a better position for doing so.

Re: Lengthy Introduction!!

willmsbrg — Fri, 20 Jan 2023 01:15:15 GMT

I agree with being in a better position letting those go for sure.

Certainly takes longer to cancel a card than it did in getting them.

This site has been really helpful in both advice and resources for which I am super thankful.

@NoMoreE46 wrote:
Good for you. Sometimes it's hard to let them go, but you're in a better position for doing so.

Re: Lengthy Introduction!!

willmsbrg — Wed, 01 Feb 2023 22:18:07 GMT

So, a bit of an update since my first posting…

I’ve closed several cards that had an annual fee ( Merrick, CreditOne and Quicksilver one) I also have the Prosper card which also has a fee which was the amount due so I needed to pay that in any case so I am holding that one for around 6 months then I will close that one as well.

I’m still waiting for the Truist and Apple and Bread cards to report as they haven’t as of today. The WF Autograph card has posted…
I did manage to get the bread card for 3000 Cl which was a surprise..( Hard Pull )

So, now I’m completely finished with applying for ANY new credit for at least a year, more likely 18 months and will let everything settle and age while keeping my utilization under 10 percent and hope for some auto CLI’s.

I also opened a small saving account at NFCU and I’m waiting for the membership to be approved. I may look to them middle of 2024 for an auto refinance..

So, the total listing of credit since my rebuild began in 2020 follows.

WF Autograph 5500 This one has a nice SUB which I want to try taking advantage of
Truist 4500
Bread card 3000
Apple 2000
GM 1500 likely sock drawered
Avant 1500 sock drawered
Mercury 1500 sock drawered
SavorOne 700 likely bucketed but will use off and on in hopes of an upgrade
Quicksilver 500 likely bucketed and sock drawered
Card still needing closed within 6 months Prosper 700

Any thoughts, feel free to offer up…

Again, thanks for all the support and advice...

Re: Lengthy Introduction!!

willmsbrg — Thu, 02 Feb 2023 03:27:11 GMT

Okay, so I was looking at the SavorOne card trying to see which one I ended up with and this particular card states

Current Purchase APR* Current Purchase APR

Expires Nov 26, 2023

Seems like an odd amount of time when the SavorOne card I saw on the site was for 15 months... Perhaps it's not a bucketed card afterall

Re: Lengthy Introduction!!

NoMoreE46 — Thu, 02 Feb 2023 18:50:09 GMT

Neat.

So you have 0% rate on purchases for your S1 until 26 Nov 2023?

That end date isn't odd as the next day is the start of the Black Friday holiday spending season.

Re: Lengthy Introduction!!

willmsbrg — Thu, 02 Feb 2023 19:14:03 GMT

Well, that's true enough...

I was more curious about the length of time versus the actual date. I couldn't find anywhere on the Cap1 site with 10 months no APR..

I'll take it none the less even though I don't carry any balances....

@NoMoreE46 wrote:
Neat.
So you have 0% rate on purchases for your S1 until 26 Nov 2023?

That end date isn't odd as the next day is the start of the Black Friday holiday spending season.