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I screwed myself up with the SCT

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I screwed myself up with the SCT

While trying to rebuild my credit, I did the SCT and applied for many cards.  10 totals.

Now I have all my scores in the 700's  thanks to this forum. I cannot get another card. The common reason is that I have too many new  accounts.
Should I close all my store card? Will that helpme in the future?

 

Thanks:

PS: If you think about doing the SCT, Dont Smiley Happy

Message 1 of 16
15 REPLIES 15
Community Leader
Super Contributor

Re: I screwed myself up with the SCT

IMHO, I think you should go to the garden for a year or two.

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 809
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

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Message 2 of 16
Member

Re: I screwed myself up with the SCT

That's my first thought.  But would getting ride of the store card help in any way?

Message 3 of 16
Frequent Contributor

Re: I screwed myself up with the SCT


@joewe3 wrote:

That's my first thought.  But would getting ride of the store card help in any way?


 

 

Not really, as advised garden a bit, pay all to 0% except one 9% (if you owe anything) and they can benefit you in the long run. From what I've seen here, closing before 1 year can actually hurt. I personally would never use SCT because also seen here how sncy & com like to "blue envelope" soon after

 

Good Luck

"Your past is the doorway to your future"

Dad's words of wisdom

Message 4 of 16
Community Leader
Mega Contributor

Re: I screwed myself up with the SCT

The damage is done, just garden a bit, let them age and when you are ready for another cc, make sure its a bank card but one that you actually need. Then when its time, you can evaluate your ptofile and decide if keeping a card or letting it go is beneficial to you. Remember most cards will stay on your reports up to 10 years or more so main thing affected when closing is your utilization.
#ChaseCreditCardHobby Enthusiast
2022
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Message 5 of 16
Community Leader
Mega Contributor

Re: I screwed myself up with the SCT

Also stay away from a Comenity visa or mc, as that could lead to even more account scrutiny and can lead to total card shutdown. Not 100% but a distinct possibilty.
#ChaseCreditCardHobby Enthusiast
2022
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Message 6 of 16
Senior Contributor

Re: I screwed myself up with the SCT

Click the link in my signature and go to the "AAoA" sheet at the bottom.  Then enter ALL your credit card accounts (including any closed ones still reporting).  Then look at your AAoA over time -- you want to stay in the green or at least yellow, but if you're in the red, stay in the garden until you're out of the red.  Closing those accounts won't affect your AAoA.  Keeping them open and using then enough to get them to report will actually help your AAoA in 2 years.

Message 7 of 16
Community Leader
Senior Contributor

Re: I screwed myself up with the SCT

Thanks for sharing......its a common occurrence/mistake for builders and rebuilders despite the warnings. Hopefully your testimony will keep someone else from doing the same thing. 

Got some pruning to do... No more new cards!
Message 8 of 16
Valued Contributor

Re: I screwed myself up with the SCT

The SCT worked for me but i only got three,  I had 14 new cards in 3 1/2 months when I applied for Barclay Arrival Plus and was approved and get big CLI on other cards.  Is your income low.   Do you not have any old accounts?  

More cards than I can mention in a signature.
Message 9 of 16
Frequent Contributor

Re: I screwed myself up with the SCT

I did the SCT trick and I think that obviously has hurt me from getting some of the better credit cards. It's just good that I am in the garden now and plan to be for a while. I would like to stay long enough for both collections to fall off, all HP's to fall off, and to see my credit limits increase as well.

It's going to be hard, but I have enough on my plate to keep me occupied for now.
Starting Score: EQ 606 TU 623 EX 598 - April 17'
Current Score: EQ 644 TU 664 EX 667 - May 18’'
Goal Score: EX 750 TU 750 EX 750


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Message 10 of 16
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