Knowing when to fold....or keep apping

[myjourney]

Theoretically losing old accounts and opening new ones won't offset the ding. Your losing say 10 years and adding 1 month.

Plus opening more will hurt AAOA as well.

However if you start the garden process it will lessen the dings some what and raise your scores for a home purchase.

Not to mention no one should apply for credit of any type within 6 months of a home loan app Just IMO tho good luck 

[phoenix_one]

Because of my current issues with Wells Fargo and Experian it looks like I'll have to wait until 2017.

[WarJar101]

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@phoenix_one wrote:

Because of my current issues with Wells Fargo and Experian it looks like I'll have to wait until 2017.

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Congrats on the USAA approval, are you a full member or a limited/partial member? If the latter, what APR did they give you?

IMO follow the advice given above, just garden for now. I'm about to do the same myself. Focus on SP CLIs if you can. Good luck.

[thom02099]

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@phoenix_one wrote:

>FinStar: why do you need additional unsecured credit?

In the summer,  several old accounts are going to fall off the credit reports affecting my AAoA.

My reasoning for this little spree is to have something to offset that proyected drop in my score.

My future plans are to purchase home and I whould like to be in a good barganing  position when the time comes.

However it looks that I'll have to wait until 2017 for that to happen.

I believe that I am managing my finances in a responsible manner and I am trying to use the knowledge that I have acquired here to practical use.

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Just something to be aware of, this is NOT a given, that you will have accounts automatically fall off your reports at that 10 year mark.  It may or may not happen.  Much depends on the issuer.  I say this because I have a number of accounts on my report that are in excess of 10 years, still showing on my credit reports, some going back to the 90s.

I agree with the others.  The Garden is the place to be. 

[phoenix_one]

After getting nowhere with Wells Fargo in reporting the correct info to Experian, I decided to to dispute with Experian due to the fact that it's been over 7 years from the filing of the Chapter 13.

The item has been under review for 3 weeks,

I just received an email from Experian stating that my Dispute Results are ready.

I pulled my Experian Report.  It was updated to show as follows:

Status:
Paid,Closed/Never late.

Now my report is completely clear of any derogatory items.

And just to check I went and applied online for the AMEX PRG.

BOOM! APPROVED!

To the garden I go! I do not need anything else right now. I have more than enough credit available for the time being and just have to wait until all inquiries are gone (2 years). Clean Slate.

I might do a PC from the PRG when renewal hits. I used to have a Green Card (No CO, I believe) back in the '80s I'll have to check if it will automatically back date the new card. Now that will be a double bonus!!!

If I'm here it's just to share the wisdom.

[09Lexie]

Congrats! Now back to the Garden.

[LS2982]

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@phoenix_one wrote:

After getting nowhere with Wells Fargo in reporting the correct info to Experian, I decided to to dispute with Experian due to the fact that it's been over 7 years from the filing of the Chapter 13.

The item has been under review for 3 weeks,

I just received an email from Experian stating that my Dispute Results are ready.

I pulled my Experian Report.  It was updated to show as follows:

Status:
Paid,Closed/Never late.

Now my report is completely clear of any derogatory items.

And just to check I went and applied online for the AMEX PRG.

BOOM! APPROVED!

To the garden I go! I do not need anything else right now. I have more than enough credit available for the time being and just have to wait until all inquiries are gone (2 years). Clean Slate.

I might do a PC from the PRG when renewal hits. I used to have a Green Card (No CO, I believe) back in the '80s I'll have to check if it will automatically back date the new card. Now that will be a double bonus!!!

If I'm here it's just to share the wisdom.

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CONGRATS!!!!

Is this your 1st AMEX?

[phoenix_one]

I used to have an AMEX Green Card back in the '80s. I believe it was closed in good standing, Then a Corporate AMEX Green Card with the Air Force, never an issue with this one.

I'll let you guys know if they backdate this card.

[LS2982]

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@phoenix_one wrote:

I used to have an AMEX Green Card back in the '80s. I believe it was closed in good standing, Then a Corporate AMEX Green Card with the Air Force, never an issue with this one.

I'll let you guys know if they backdate this card.

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Good Luck!!!

Welcome back to the AMEX family!!!