Need a little advice on next step with cards...

Anonymous · ‎08-05-2007

I have got my scores basically in the low 600's except TU but

I should see a jump into low 600 with them in short order once accounts update.

I have a credit history of 22 years across the board but no open credit accounts

at the moment wich would mean low 600 is all I can expect.

I paid off a ton of debt and have just a small amount of items to go.

I applied for this weekend and was approved for Imagine gold and Continental finance with both

from Bank of Delaware and unsecured trade lines of 300 with 150 in fees and such

I planned on paying in full the balances on both once I recieve the cards.

But then I was approved for AMEX Gold Delta Sky Miles and I am waiting for CCCU and think

since I was approved for AMEX I might get CCCU.

So the question is do I continue with the Bank of Delaware bottom feeder cards or do I

try to establish with just the AMEX and possibly CCCU wich are better cards and not activate

the bank of delaware cards?

And also I have 8 Inqiures from my card shopping spree this weekend so should I take the 3 cards and possibly the CCCU since the inqiures are going to prevent me from getting any more in

near future?

Anonymous · ‎08-06-2007

Personally, I would wait to see if I get the CCCU. If so, I would cancel the Bank of Delaware cards and keep just the AMEX and CCCU. If you do not get approved for CCCU, I would keep Amex and keep the other card with the lowest AF or lowest APR whichever works best for you. Good luck.

RobertEG · ‎08-07-2007

In your situation,my strategy would be simple. New inquiries can amount to up to -80 points against FICO,and with nine, you are probably losing close to all of that. But good news is that if you wait a year, they will all be gone from scoring, so you will be approaching 700. Length of credit is 128 poionts, and with your length of credit you should get close to the max there. If no derogs,you will be in fat FICO city in a year. Make all payments timely and keep your %util below 10% and you will see a +700 easily.

Anonymous · ‎08-07-2007

RobertEG wrote:
In your situation,my strategy would be simple. New inquiries can amount to up to -80 points against FICO,and with nine, you are probably losing close to all of that. But good news is that if you wait a year, they will all be gone from scoring, so you will be approaching 700. Length of credit is 128 poionts, and with your length of credit you should get close to the max there. If no derogs,you will be in fat FICO city in a year. Make all payments timely and keep your %util below 10% and you will see a +700 easily.

Thanks for the info.........

I have had minimul score drops so far with 5 inquirys showing up amounting to 7 total and 4 to go.

-9 on EXP

-6 ON EQ

TU is still locked on my disputes and hasn't budged in 23 days...cmon 14th

Anonymous · ‎08-07-2007

I would close the bottom feeders even if my score took a dive, I don't think it would take very long to rebound. Then just concentrate on the Amex and let time do the rest.

Anonymous · ‎08-07-2007

javi84 wrote:
I would close the bottom feeders even if my score took a dive, I don't think it would take very long to rebound. Then just concentrate on the Amex and let time do the rest.

I am thinking on those same lines, now the issue would be I have not received them yet

as I was just approved over the weekend for them and will recieve them in 7 days so how

would I cancel them just not activate them when they come and can I do that...?

Anonymous · ‎08-07-2007

@Anonymous wrote:
javi84 wrote: I would close the bottom feeders even if my score took a dive, I don't think it would take very long to rebound. Then just concentrate on the Amex and let time do the rest.
I am thinking on those same lines, now the issue would be I have not received them yet
as I was just approved over the weekend for them and will recieve them in 7 days so how
would I cancel them just not activate them when they come and can I do that...?

I would call them and tell them that I changed my mind or better yet, that I don't agree to their terms. Who knows, they might upgrade your card to keep you as customer.

Anonymous · ‎08-07-2007

javi84 wrote:
I would call them and tell them that I changed my mind or better yet, that I don't agree to their terms. Who knows, they might upgrade your card to keep you as customer.

Good idea on that I will try....

SpecFile · ‎08-07-2007

TM,

Did you apply for the AMEX Delta Gold on the AMEX website or is their a better site to view all kinds of cards available?

Anonymous · ‎08-07-2007

I did on the AMEX site and you can view all there cards there..

there are links floating around the forums for comparing cards for scores.....