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I need to know if I'm doing right by my credit?

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Anonymous
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I need to know if I'm doing right by my credit?

I currently have 2 credit cards capital one platinum and credit one platinum,I also have a personal loan and 2 store cards walmart and fingerhut now I don't use fingerhut their expensive what I want to do is just build my credit so that I can get loans with banks at decent interest rates and better cards as well.
Message 1 of 12
11 REPLIES 11
Anonymous
Not applicable

Re: I need to know if I'm doing right by my credit?

Get rid of the Credit One and garden until the desired score is reached, 3 cards are enough to build your credit, no need to pay fees for a sheety card.
Message 2 of 12
Anonymous
Not applicable

Re: I need to know if I'm doing right by my credit?

Something I noticed about credit one they don't give the full credit limit got approved for $500 but they only gave $418 fingerhut gave $200 and capital one gave $200 but now at $500 which is maximum limit for starter card walmart card $1600 to start.
Message 3 of 12
Viva-LV
Frequent Contributor

Re: I need to know if I'm doing right by my credit?


@Anonymouswrote:
I currently have 2 credit cards capital one platinum and credit one platinum,I also have a personal loan and 2 store cards walmart and fingerhut now I don't use fingerhut their expensive what I want to do is just build my credit so that I can get loans with banks at decent interest rates and better cards as well.

Credit one can be a necessary evil, if you are building: watch for the monthly fee, even if you don't use the card.  Use the Cap One often, make frequent payments, then eventually app for a Quicksilver.  Build up some history, watch your scores and try Am Ex.  You might think about BOA: lots of posts about secured cards growing quickly.  Good luck!

Am Ex | BOA | Chase | Citi | Disc | PenFed | USB | 400K Club
Message 4 of 12
Anonymous
Not applicable

Re: I need to know if I'm doing right by my credit?

I will be leaving credit one next january I rather capital one.
Message 5 of 12
Anonymous
Not applicable

Re: I need to know if I'm doing right by my credit?


@Anonymouswrote:
Get rid of the Credit One and garden until the desired score is reached, 3 cards are enough to build your credit, no need to pay fees for a sheety card.

+1

Message 6 of 12
Anonymous
Not applicable

Re: I need to know if I'm doing right by my credit?


@Anonymouswrote:
Something I noticed about credit one they don't give the full credit limit got approved for $500 but they only gave $418 fingerhut gave $200 and capital one gave $200 but now at $500 which is maximum limit for starter card walmart card $1600 to start.

The reason why your Credit One limit shows as 418 is probably because they already charged you the annual fees. Pay attention to that and make sure you pay them on time. But yeah, close the Credit One asap, they're garbage and their fees are high. With the other cards you don't need Credit One. 

Message 7 of 12
Anonymous
Not applicable

Re: I need to know if I'm doing right by my credit?

I will call tomorrow and close but I will continue to pay them until I have a zero balance.
Message 8 of 12
thornback
Senior Contributor

Re: I need to know if I'm doing right by my credit?

Pay the balance first then close once it's at $0.  Once it's closed, they may report the credit limit as $0, making the balance over the limit.  This will factor negatively into your overall utilization.  

 


@Anonymouswrote:
I will call tomorrow and close but I will continue to pay them until I have a zero balance.

 

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 9 of 12
Anonymous
Not applicable

Re: I need to know if I'm doing right by my credit?

Ok so I will wait until next year to close.
Message 10 of 12
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