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@Bluebonnet wrote:
Wasn't sure if I should post this in the gardening thread, but it does not relate only to gardening, so I posted here.
In June of this year, I had 0 credit cards, 1 auto loan, student loans ( def )
Decided I needed credit cards, so started applying.
Ended up with 10 cc and 1 *hidden* and who knows how many inquiries (was denied for 2 cards)
I know I overdid it and got carried away, so I am closing some cards. I understand it is advised against, but I would rather take the hit now because I will be gardening until at least October of 2015. Not even going to ask for soft cli -- cli will have to be auto.
I have closed 4 cards.
Now I am left with 3 *prime* and 3 GE store cards -- along with the hidden tl.
Seriously thinking of closing 1 or 2 of the GE cards ( do not want to let go of Walmart )
Also am AU (or secondary I think) on a furniture card that is closed (by primary) but still has balance... Credit limit still shows as old limit though.
Think my report is a mess -- asked for cli from Walmart and declined, which kind of woke me up.
Should I close the other 2 GE ( Amazon & Lowe's ) and the hidden trade line?
I am nervous about cld or aa due to so many inquiries/accounts at once... Dumb move.
Plan to purchase reports next month after the dust settles...
Thanks for any input/advice.
The gardeners rush to help a fellow gardener
Looking it all over and since your in the garden already I say you're just fine as long as you don't apply for any new cards /TL's.
So keep everything open but only if you use the TL's if not close what you don't use.
However I see one problem and if I read it correctly it will drag your scores down and will keep them down as long as it remains as is.
The closed account with a balance is a NO NO and you should have yourself removed as AU ASAP
Other than that time spent in the garden heals all.
@Bluebonnet wrote:
Thank you myjourney for your response.
I think I am actually the secondary on that account, but I will look into it. Once that account is paid off, will it become positive (closed with a 0 balance) ?
Depends on why was it closed and who closed?
If it was closed for lates etc etc by lender (bad)
Kenny: I'm going to give you the benefit of the doubt and assume you weren't trying to be rude.
Please read my whole post and you will find why I apped and opened the cards. I acknowledged it wasn't the smartest idea. All the cards that I (not referring to the AU account, which I had no control over) had a 0 balance.
Thanks.
No, definitely not trying to be rude, I promise. I still necessarily don't understand why you closed the accounts? Did you think it would make your profile/score look better? (I'm trying to understand.) I guess I just look at it as the damage is already done let it age and the accounts aren't a bad thing.
@Bluebonnet wrote:
myjourney: the card was closed by the primary and no lates. I'm really not sure why it was closed - kind of surprised me. Said we should have left it open til paid, then closed.. Tried to reopen and GE said not possible once closed - didn't push the issue.
KennyS: I'm going to give you the benefit of the doubt and assume you weren't trying to be rude.
Please read my whole post and you will find why I apped and opened the cards. I acknowledged it wasn't the smartest idea. All the cards that I (not referring to the AU account, which I had no control over) had a 0 balance.
Thanks.
In that case once paid the ding in scoring will go bye bye
Weird
I understand perfectly what Kenny is saying and he was not being rude. If you already took the HP and were approved, let the accts. stay open and age b/c at this point closing them solves absolutely nothing. The new accts. would have bought your score down a little but just temporarily, then as the accts. aged the score would have rebounded. I know b/c I opened 8 new accts. over 30 days and faced the very thin possiblity of AA or a CLD, but it never happerned. Probably b/c most of them were store cards except for 2, and the limits I was given weren't that stellar either. But I don't plan to close ANYTHING b/c EACH ONE of them serves a useful purpose right now.