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CREDIT CARD HELP

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Anonymous
Not applicable

CREDIT CARD HELP

Back in 2015 my scores were...TU 586...EQ..536....TU 601---Credit Karma scores

TODAY, after CAP1 issued a 300 unsecured card in OCT 2015, my scores are....myFICO-TU 674...EQ..670..TU..739...

AND I have cards with....Barclay cl 1500..Amex(3) cls 6000, 3000, 500..Boa Merrill Lynch cl 5k...Discover cl 3500.Chase(2) cls 5k 3k...Cap 1 cl 4550..walmart..1k..citi best buy visa..2k..Kohls 700...Overstock..2500..Overtons mastercard..1500..Macy..1300...Cabellas..2k..Credit 1..950...

 

It was brought to my attention, on this site, due to my posts, that I may not be making the best decisions regarding my Credit file...Due to my inexperience with credit cards, I agree to a point...

 

I have 25 inqs on TU...13  EQ...30..EX...

LOOKS AS THOUGH its time to sit back and let these age....HOWEVER, I need advice on this...would it be in my best interest to just let this file age or can I consolidate my 3 Amex cards and two Chase cards into 1 each? ...Its easy to get addicted to applying for cards...the thrill of that APPROVED status is infectious, so discipline has to come...

 

I am really asking for solid advice, and Do not worry, I have THICK SKIN...so candor is welcome.....I LOVE THIS SITE and want to get 750 across  the board

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: CREDIT CARD HELP

You can consolidate if your card that you are moving the limits to is over 13 months for Amex. If you can... yes, I say do a 3 in 1 and close the other 2.

With Chase not sure if there are rules but you can combine and again I would. Combine the 2 and close 1.

After that... garden for at least 12 months. Work on getting CLI's, lowering Utilization, watch your INQs drop...

I'm a big supporter of closing cards you don't use or want. But I do it when I get a CLi.

So if you have 2 cards you don't want anymore and the limits are $1k each....
if you get a CLI on a different card, as soon as the increase top 1k close 1, and if you get a CLi for 2k close them both.

Keep that up until you are only left with cards you want and use. I think sock drawer-ing cards is dumb. Why keep them if you have to make an effort to use them.

Closed cards still age. The only thing closing cards affects is your Utilization-so if you need the limits for Utilization get CLi and then close.

You have decent scores and look like you are going many things right-you just got the itchy finger as we all have had. It can be addicting. After so long of always being denied it is very much Intoxicating when you get approvals. But-it wears off.... and like they say... Drugs are bad, mmmkay?

So combine cards-close ones you don't use.... garden.... work on CLIs.... stay off myFICO if you can't be on and not apply...

GL and keep us posted.

Oh, btw... there is a garden thread that is for gardeners. It's nice to have a place if you do want to keep coming on here.
Message 2 of 5
Creditaddict
Legendary Contributor

Re: CREDIT CARD HELP

I personally much rather have a $10-$15k+ Credit Line than 2 - $5k lines.  So unless it's a reward program that works super well for you I would pick the best one that works for you and consolidate.  Amex, Chase, Cap1

Message 3 of 5
AverageJoesCredit
Legendary Contributor

Re: CREDIT CARD HELP

Yeah, i think its time to garden and lwt time do its thing. You obviously have some great cards with potential to grow, AMEX, Chase, Discover, Boa and im not gonna harp on dtore cards cuz we all have different wants and needs but i think you should definitely move on from Credit One, no need for that when you got much better and reliable lenders. I myself am gonna go for the minimum 2 year garden plan, though life happens so one truely never knows. I think youd be amazed at how fsr youll go if you rest abit and perhaps work on sp clis if youd like. Also, try not to learn those "tricks" of your friend from recent posts, keep everything on the level and good things will happen. Best of luck on your future endeaversSmiley Happy
Message 4 of 5
Blackswizz750
Established Contributor

Re: CREDIT CARD HELP

You have some nice items to grow with such as AMEX, Chase, and Cap1. With the pulls you have, restingis a good idea. I wish I would have gotten baddies off my reports first and then apped instead of along side my rebuild. I still have a ways to go. Good work!!

Message 5 of 5
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