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Advice on profile please.

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Anonymous
Not applicable

Advice on profile please.

First, please bear with me. My cr has no baddies on any report. I have 11 credit cards that follow:
1. Capital one secured opened 7-93-19, cl 500 dollars...0 balance
2. Discover secured opened 8-26-19 cl 200 dollars....0 balance
3. Regions bank cash rewards opened 8-19-19 cl 1000 dollars.... balance 21 dollars.
4. Shell citi mastercard opened 10-24-19 cl 1000 dollars.....0 balance
5. Amazon store card opened 10-25-19 cl originally 800 dollars now 1500 dollars....0 balance
6. Nfcu Go Rewards card opened 10-26-19 cl 500 dollars. Denied cli at 91/3......0 balance
7. Nfcu cash rewards visa opened 1-28-20 cl 15,000 dollars after being denied cli for number 7 above.....balance transfers. Balance 878 dollars.
8. Chevron/texaco card opened 10-27-19 cl 800 dollars..... balance 0
9. Belk credit card opened 11-17-19 cl 700 dollars....balance 0
10. Petal credit card opened 12-27-19 cl 750 dollars.....balance 0
11. Capital one quick silver card opened 12-22-19 cl 500 dollars.....balance 0
12. Student loan opened 8-23-02. Original loan amt 54,606. Current amt owed 42,071 dollars.
13 Closed Regions personal loan for 300 dollars opened 10-15-19. Paid off.
14. Nfcu ssl for 300 dollars opened 1-15-20. Paid down immediately to balance of 9.92 dollars. Next payment due 7-17-20.

I know. Lots and lots of very new accounts. Just kinda went crazy. Had not had credit since 2009. Decided in may 2019 to start over. Now, I have no idea where to go from here. Do I need to close any or keep them all open? Oh here are current inquiries since I started in July 2019.
Exp...16
Equ...10
Tu.....14

Scores fico 8
Exp 740
Equ 747
Tu.. 746.

I know that I need to stop now and let everything age and inquiries drop off. Do I need to put a little on each card every month or rotate them or what are your suggestions regarding where I stand? Please help me. I don't want to blow it this time. Thank you so much for your help. Sorry this is such a long post.
Message 1 of 15
14 REPLIES 14
thornback
Senior Contributor

Re: Advice on profile please.

Smiley Surprised   That's a lot of new accounts but I get it...  and congrats on all the approvals.

 

My first suggestion is that you set up each and every one of those card accounts to autopay the minimum due each month.  This will help prevent any missed-payment mishaps should one of the cards slip your mind when paying your balances each month.   Also consider using a calandar with notifications to alert of their due dates. 

 

It's not necessary to use each card every month.  Make sure each one is used at least once every 4-6 months (a small purchase will do) to keep them active.  Just remember you used it so you don't forget to pay it (this is one reason to autopay the minimum). 

 

So -- you already know you need to go into the Garden and sit there and let everything age.    You already have the accounts open so you may as well keep them open til they age to a full year.    During this time, you should really think about which cards may be more trouble to keep open then they're worth.  Evaluate your spend habits and start making a list of accounts that can be closed and not missed.   Anything with an annual fee and no useful benefits to make it worthwhile, close.   Anything you have to force yourself to use more than once per year, close.  Anything with duplicate benefits or rewards - consider closing.

 

Don't neglect your secured cards -- give them some monthly spend  - even if small recurring charge each month - so you can build sufficient history with the creditors so they unsecure.   Disco and Navy are definately worth graduating and holding onto. 

 

Is there a reason you opened an SSL?  You didn't need one because you have the student loan...  but since it's already paid down just continue on as planned.  

 

Other than that, just keep your spending under control so you don't fall into debt and let time do its thing.  

Personal Aphorism:"Forget What You Feel, Remember What You Deserve"
Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 04/2022: EX 796 ✦ EQ 793 ✦ TU 790
Current FICO 9s | 04/2022: EX 790 ✦ EQ 788 ✦ TU 782
2022 Goal Score | 800s

My AAoA:
4.6 years not incl. AU / 4.9 years incl. AU
My AoOA: 9.2 years not incl. AU / 11.2 years incl. AU
Inquiries: EX 0/12 ✦ EQ 0/12 ✦ TU 0/12
Report Status: Clean
Garden Status:  


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 2 of 15
Anonymous
Not applicable

Re: Advice on profile please.

Thank you for your advice. I will certainly do as you suggest.
Message 3 of 15
M_Smart007
Legendary Contributor

Re: Advice on profile please.

Congrats on all your approvals!   .. Wish My Inqs were that lowSmiley Sad

 

Edit: for being tired  .. missed "Oh here are current inquiries since I started in July 2019."

 

So I think I am OK.Smiley Happy

Message 4 of 15
Anonymous
Not applicable

Re: Advice on profile please.

If the student loan federal?
Message 5 of 15
Anonymous
Not applicable

Re: Advice on profile please.

Yes, the sl is Federal. Why?
Message 6 of 15
Anonymous
Not applicable

Re: Advice on profile please.

The loan way from '02 so I was wondering if you looked into the IDR repayment options. IBR and REPAYE have interest subsidies and you might qualify for PSLF as a nurse. Even if you don't want to look at forgiveness, it's also a short-term strategy that may allow you to free up money for other debt.
Message 7 of 15
Anonymous
Not applicable

Re: Advice on profile please.

I will look into that. Thank you
Message 8 of 15
Anonymous
Not applicable

Re: Advice on profile please.

You are absolutely right, OP! It’s time to garden for awhile letting all those new accounts age and INQ’s to fall off. In the meantime, I could only tell you what it is I do and has worked for me. I like to rotate my card balances each month and have it report AZEO. However, it is not necessary but can be beneficial as I found in my rising scores.
Message 9 of 15
Aim_High
Senior Contributor

Re: Advice on profile please.


@Anonymous wrote:   I have 11 credit cards that follow:
1. Capital one secured .........................JUL19
2. Discover secured ............................AUG19
3. Regions bank cash rewards ...........AUG19
4. Shell citi ...........................................OCT19
5. Amazon .............................................OCT19
6. Nfcu Go Rewards ............................OCT19
7. Nfcu cash rewards .........................JAN20
8. Chevron/texaco card ......................OCT19
9. Belk ....................................................NOV19
10. Petal .................................................DEC19
11. Capital one quicksilver ..................DEC19

I know. Lots and lots of very new accounts. Just kinda went crazy.

Oh my. Smiley Surprised That's an understatement!  But thanks for your honesty and reaching out.

 

Definitely agree with the great advice you got above and your own observation that it's time to garden - for a LONG time.   With a thin profile, you just opened 11 new accounts in only 7 months.  That's an average of one every three weeks or so.  It's amazing that Navy FCU approved you for $15K on a new card at the end of this spree. 

 

No reason to close any of these at this point.  The good news is that they will all age together.  And the other good news is that this gives you the opportunity to build a lot of payment history quickly.  You won't have the depth of payment age but you'll have lots of breadth with so many accounts.  After this set of cards, I think I wouldn't plan to do anything for 18 months to 2 years unless you try for CLIs.  I agree to try to use them all periodically and put them on autopay.   You definitely don't need to miss any payments now.  And no, monthly use of every card is not required.  Rotating is sufficient. 

 

Good luck in your rebuild! Smiley Happy


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Length of Credit > 40 years; Total Credit Limits >$850K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 94.5 - NFCU 80.0
AoOA > 30 years (Jun 1993); AoYA (Aug 2023)
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Message 10 of 15
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