Need advice from FICO gurus...

[Anonymous]

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phumanr wrote:

Sam,

What was the impact of your score of closing down the 3 bad cards? I have used First Premier, Orchard, Credit One, and Tribute Card to rebuild my credit which allowed me to get 2 new cards at reasonable limits. I hate to "shut down" a part of my history and effect my scores...because I want to get rid of the first 4 cards now.

Phumanr

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My FICO scores before I began the closures were TU 650 / EX 607 / EQ 637. Now they are TU 635 / EX 603 / EQ 635. But I am sure part of that is due to the INQ for the new cards as well.

I do expect them to change some more though because I have closed 4 cards and only two of them have reported to CB. I am hoping with my new larger CL to help compensate for the utils that I will bounce back relatively soon. However, saving the monthly fees and annual fees is worth the temporary hit to me. Call me crazy!

[Anonymous]

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jenna4now2 wrote:

I'd like to be admitted to the Sleigh Center as well.  Does it take credit cards???

Jennifer Z

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Absolutely, we take all types of plastic. Come on in, all are welcome.

[SpecFile]

The Sleigh Center now proudly accepts:  Visa, MC, AMEX, Diners Club, Carte Blanche, Discover, and Exxon.

Message Edited by SpecFile on 09-02-2007 08:48 PM

[Anonymous]

do you have to have all of the above for admittance?

[SpecFile]

Negative.  Just Exxon

[phumanr]

Ok -- I admit it...I am now a CC Junkie

I couldn't resist -- went for Penfed and got denied! I hate that! Oh, well I did have some successes this weekend,

I guess I will put up my new US Airways to join the Sleigh Center!

Phumanr

[Anonymous]

Ok guys in all seriousness, you should really slow down on the apps.  Ramping up a lot of new credit in a short period of time can turn arond and bite you in the form of higher interest rates, decreased credit limits on outright closure of cards.

[Anonymous]

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Brammy wrote:

Ok guys in all seriousness, you should really slow down on the apps.  Ramping up a lot of new credit in a short period of time can turn arond and bite you in the form of higher interest rates, decreased credit limits on outright closure of cards.

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Brammy is correct. Even I have completed too many apps as of late. I had a plan to replace my fee based cards and I have succeeded, but it did cost me some points and too many inqs and now I have to walk a straight line for the next year to prove to my new creditors that I am able to be responsible with the new credit. Apply only for what you need and not what appears to be prestigious. As Brammy said, in the end, it could come back to bite us if we don't put on the breaks.

Although: My name is Sam and I am a credit card junkie! Now, who will stand up and join me? 

[Anonymous]

Even though my cards have no AF, I am looking, and only looking for the oportunity to graduate from mid-level to prime.  Won't do me any good right now to qual for a Discover at 18% when the highest interest rate I currently have is 16.49 and I am not happy with that

Maybe when the 0% wears off on my 2% cash in March will I jump back into the fray.

My name is Brammy and I am a credit card Junkie

[Anonymous]

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SpecFile wrote:

Negative.  Just Exxon

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Hey SpecFile,

Does this mean that I have been barred from my own rehab center? I don't have the Exxon card yet! I will never get cured at this rate. LOL

Sam