@FinStar wrote:
@RaiseMyScoreASAP wrote:
I went way overboard I think. Having no or too few accounts bringing me down. Then I thought well if I establish tradelines now they will age rather than spacing them out. Was thinking about the average age of accounts for the long haul.
The Barclays was the one that shocked me even getting approved and was so for $2,000. That's nothing compared to a lot people on here, but when you have NO credit cards, it is a big sum. It was one of those Apple white cards and I will be buying a computer and paying it off immediately. I don't care about the "zero" % financing deal for 18 months. If Barclays does call I would close any of the accounts to keep that one since I can use that anywhere. I am showing smal activity on all of the accounts but paying BEFORE the statement date in most cases as soon as it will let me online. But that looks bad too because my Kohl's report said: $30 due $72 high credit :$2 last payment, but the account was paid. I made multiple payments during the month. I would prefer now to pay the total off before the reporting date.
In 2007, I thought I could buy a car when my old one broke down. I knew I had credit problems but thought I could be approved for a car. I couldn't. And the worst thing about it (other than not getting a car I needed) was the humilitation of being rejected. And to add insult and more damage to injury, the car dealer lied to me (yes, I'm shocked) and ran at 10 hard inquiries, thus lowering my score even more humiliating me in person with a car salesman. I felt exposed: oh wow I don't have average credit, I have HORRIBLE credit, I am the lowest of the low, and now this man knows too and he's made it even worse for me.
Well, you have to start somewhere and what's done is done - don't feel horrible. I mean, yes it sounds like you went on an bit of an app "fiesta" but at the end of the day, you were approved. So, don't close them at all, let them age so you can establish the required history and improve your scores. Just formulate a good plan to use/rotate the appropriate cards, and PIF as if they were your debit cards.
Then, over a period of time(12+ months), if there are cards that you have not used you can evaluate if they need to be closed but this will be more of your personal choice. IMO, if you use them occassionally to keep them active, it's not going to hurt anything - just build history. You will eventually qualify for other major bank cards which could essentially replace those you won't use anymore. Best of luck either way and nicely done!
+1. Get a year's worth of payment history on all cards and then consider SDing or closing the ones that you won't use.
Brooks Brothers is definitely a good one to keep. You would still have the rewards if that upgrades, and more rewards opportunities, as they give rewards for the VISA purchases outside BB, too. It's a GE backed card, and they've been generous with CLIs and upgrades for many of the members here.
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