topic Re: addicted to credit acct..... in Rebuilding Your Credit

addicted to credit acct.....

Anonymous — Sat, 02 Jul 2016 03:12:19 GMT

Hello All

I am new to this forum and really have enjoyed reading all the forums. ......Now to my issues.

I am addicted to getting new credit accts.

My following credit accts are as follows.. amt owed/ credit limit.

Barclay= 1800/2000....credit increase last month

Cap. one= 240/300

Cap. one #2= 660/750...credit increase last month

merrick= 1050/1200...credit increase lsat month

pnc= 128/250

walmart= 339/300.. credit limit was recently decreased to 300 from 600.00

macy's= 400/1500

I was recently approved for a 2500.00 credit card from my credit union. I will transfer as many card balances to it as i can but will still have 2 or so cards left.

I would really like to transfer all cards and pay off the new card at 0% interest for 12 mos.

What is my next best step? I was thinking about applying to Navy Fed for another balance transfer card...Good idea?

Credit Scores

Transunion= 624

Exp= 615

Eq= 605

Thank you in advance for your help.

Re: addicted to credit acct.....

traveler2005 — Sat, 02 Jul 2016 03:44:27 GMT

@Anonymous wrote:
Hello All

I am new to this forum and really have enjoyed reading all the forums. ......Now to my issues.

I am addicted to getting new credit accts.
My following credit accts are as follows.. amt owed/ credit limit.

Barclay= 1800/2000....credit increase last month
Cap. one= 240/300
Cap. one #2= 660/750...credit increase last month
merrick= 1050/1200...credit increase lsat month
pnc= 128/250
walmart= 339/300.. credit limit was recently decreased to 300 from 600.00
macy's= 400/1500

I was recently approved for a 2500.00 credit card from my credit union. I will transfer as many card balances to it as i can but will still have 2 or so cards left.
I would really like to transfer all cards and pay off the new card at 0% interest for 12 mos.

What is my next best step? I was thinking about applying to Navy Fed for another balance transfer card...Good idea?
Credit Scores
Transunion= 624
Exp= 615
Eq= 605

Thank you in advance for your help.

How about letting the dust settle! Get some of the debt that you have paid off, and let your scores grow. You will get better credit lines if you just give it a break!!

Re: addicted to credit acct.....

Anonymous — Sat, 02 Jul 2016 03:49:31 GMT

Take your cards out of your wallet and leave them in your sock drawer so you stop using them. Then work to pay them down.

Re: addicted to credit acct.....

Anonymous — Sat, 02 Jul 2016 03:50:26 GMT

Good point...... I'm open to all suggestions. Should I start gardening??? Thanks

Re: addicted to credit acct.....

Anonymous — Sat, 02 Jul 2016 04:33:30 GMT

Take care of the Walmart card first. With it being over limit it's killing your score and probably causing over limit fees. Then as soon as you can get at least 3 more cards zeroed out while making payments on the others

Re: addicted to credit acct.....

AutoBot — Sat, 02 Jul 2016 11:39:15 GMT

What specific CAP1 cards do you have? How long have you had them?

Re: addicted to credit acct.....

Anonymous — Sat, 02 Jul 2016 12:15:05 GMT

I have a cap 1 secured for over 2 years and a cap 1 quick silver for about 9 months.

Re: addicted to credit acct.....

Anonymous — Sat, 02 Jul 2016 12:17:38 GMT

Be careful as you may soon start to see them decline you because of the recent surge. Don't take anymore hits, remember the trail stays for 2 years.

Re: addicted to credit acct.....

Anonymous — Sat, 02 Jul 2016 13:18:52 GMT

You gotta now work on your utilization or you will start to see those limits get whacked by the card companies.

Re: addicted to credit acct.....

Anonymous — Sat, 02 Jul 2016 13:35:06 GMT

Great Advice everyone....Thanks!!

Re: addicted to credit acct.....

Anonymous — Sat, 02 Jul 2016 13:56:46 GMT

Well like everyone stated...stop apping asap! Since Walmart already took AA be careful because Barclay could start balance chasing you. Since you are putting some of your balances over to a zero interest card make sure you don't use the cards you are balance transferring. Start knocking away on payments. Start with Walmart since you're over the limit and then maybe quickly pay down your cap one secured card and then close it to get the 200 deposits back and then immediately throw that 200 into another card with a high apr

Re: addicted to credit acct.....

Anonymous — Sat, 02 Jul 2016 14:12:26 GMT

Will it show negatively if i close the cap 1 secured card? its my oldest credt card.

Re: addicted to credit acct.....

Anonymous — Sat, 02 Jul 2016 14:19:19 GMT

Good advice here. Time to stop and let your credit scores grow. As to closing your account you need to see how much you need the credit line for you utilization score. When I received new credit I closed my two secured accounts, but it didn't effect my utilization score. Good luck to you.

Re: addicted to credit acct.....

RonM21 — Sat, 02 Jul 2016 14:21:48 GMT

Welcome bunnimom. What you need to do was already mentioned, which was garden. you need to lay low now and grow what you have. If you keep everything positive through this time, you will see improvements in your scores, leading to better things down the road.

I also recommend reading these threads not a little, but a TON, while you are gardening. The amount of info here is amazing and your knowledge will skyrocket! This will then be used to your advantage once the time has come to leave the garden.

Re: addicted to credit acct.....

Anonymous — Sat, 02 Jul 2016 14:47:32 GMT

If you close your secured card (or any card for that matter) in good standing it'll stay on your reports for another 10 years. The only issue I see with closing it right now is that it'll drop your available credit causing an increase in UTI, which you definitely don't need or want right now

Re: addicted to credit acct.....

Anonymous — Sat, 02 Jul 2016 16:39:08 GMT

Only suggested paying it off and then closing it to utilize the 200 dollars for other debt. It is a catch 22 action. Since you were approved for a 2500 dollar CU card in the long term it won't make that much of a difference. Just my opinion. Why not knock out 400 dollars worth of debt with 200?

Re: addicted to credit acct.....

greent — Sat, 02 Jul 2016 17:13:03 GMT

I'll say to get UTI to about 1%. I used to max out my cards and ended up in a lot of credit trouble. scores dropped ended up with charge offs. late payments, defaults and a lot of stress. but i was really irresponsible with credit. Now I raised my scores and recently applied for some cards. I feel like I'm addicted too. Now i have 2% UTI and if I buy something with a card I pay right away. It usually something under 10 dollars or so. I get happy using my cards and seeing score increase but I do not have any credit card debt. Well I could easily pay what I have charged right now. Its about 200. Maybe you can too. But it will help to get in the gerden and payoff credit cards. I think you would enjoy that more. Good luck!

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Re: addicted to credit acct.....

RobertEG — Sat, 02 Jul 2016 18:49:30 GMT

Opening bunches of new accounts and then immediately having high % utils on the accounts hoists the red flag indicating that the consumer is apparently living on credit

Walmart has apparenty already reached that conclusion.