Next Steps

[ty4x4gl]

Hello,

So I have been following this forum for quite some time. I started in the low 500s. In March I began my big journey of paying off hospital collections and had them all removed. I have been cleaning up everything and have seen a tremendous change. 

I'm looking for direction on what to do next. The following is a little of my history:

First Premier : Mar 2013  $300

Credit One    : Mar 2014  $300 , now $500

Fingerhut      : Mar 2014  $500 , now $700

HSN              : Mar 2014  $500

Victoria Sec  : Mar 2014  $250 , now $450

Capital One  : Mar 2014  $300 , $800 , now $1300 with an upgrade to Quicksilver this month

Buckle:         : Apr  2014  $250

JCrew:         : Apr 2014    $250

Zales:           : Jun 2014   $700

Paypal Smart Connect : Jun 2014 $500 , now $1000

Chase Free  : Aug 2014 $2000

Walmart:       :Aug 2014 $700

WellsFargo   :Aug 2014 $3000

Amazon        ep 2014 $1400

Ok so my main goal with all this direction is to build so that eventually I can get a Bank of America Siggy for the Alaska Airlines since I live in AK and fly alot. Im not there yet tho. I'm just recently able to get higher limits on my new credit (which happened quite fast!) I would really like a JC Penny Card. I don't use the JCrew, HSN, or Fingerhut really at all. Should I close these? I also do not use First premier nor the Credit one. Oh and the Zales I opened to make a purchase that I wound up doing elsewhere so I doubt I'll be using it. They are paid off and set aside, should I close these as well? I don't want to have too many opened accounts but now that I can open accounts I would like to add JC Penneys and Toys R Us before completely gardening. Im just thinking that I may as well get the inquiries out now so that I can have them all falling off at the same time rather then always having to wait for inquiries to come off. Any input is greatly appreciated!! Is there any cards that will help to build such as by giving frequent CLI's? 

Thanks all!!!

[Luscher]

GARDEN FOR AT LEAST 1 YEAR! You have a ton of new accounts and need them to grow. your aaoa is extremely low. Use the cards and pay in full. Eventually I would try and stay away from store cards and get in to some bigger cc companies/banks. garden.

[ty4x4gl]

Do you think it would help to close any of the smaller ones I don't use? Or the first premier or credit one?

[Luscher]

Closing account won't help you, or really hurt you. They will still report on your credit report for up to 10 years. The only time it will hurt you is if you have large balances and your utility is high.

[CreditDunce]

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@ty4x4gl wrote:
Do you think it would help to close any of the smaller ones I don't use? Or the first premier or credit one?

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Sure as long as you have other non-store CC's, close the ones with AF's.   Probably a good idea to keep any TL's without AF's open. If you don't shop at the store, perhaps close it before 1 year of inactivity. 

Closing the accounts won't help or hurt (apart from possible util), but if it saves money or aggravation, it is worth it.  Opening new TL's, however, when you have several already open, at best will delay any score increases you would get simply by gardening.

[s_haliz]

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@ty4x4gl wrote:

Hello,

So I have been following this forum for quite some time. I started in the low 500s. In March I began my big journey of paying off hospital collections and had them all removed. I have been cleaning up everything and have seen a tremendous change. 

I'm looking for direction on what to do next. The following is a little of my history:

First Premier : Mar 2013  $300

Credit One    : Mar 2014  $300 , now $500

Fingerhut      : Mar 2014  $500 , now $700

HSN              : Mar 2014  $500

Victoria Sec  : Mar 2014  $250 , now $450

Capital One  : Mar 2014  $300 , $800 , now $1300 with an upgrade to Quicksilver this month

Buckle:         : Apr  2014  $250

JCrew:         : Apr 2014    $250

Zales:           : Jun 2014   $700

Paypal Smart Connect : Jun 2014 $500 , now $1000

Chase Free  : Aug 2014 $2000

Walmart:       :Aug 2014 $700

WellsFargo   :Aug 2014 $3000

Amazon        ep 2014 $1400

Ok so my main goal with all this direction is to build so that eventually I can get a Bank of America Siggy for the Alaska Airlines since I live in AK and fly alot. Im not there yet tho. I'm just recently able to get higher limits on my new credit (which happened quite fast!) I would really like a JC Penny Card. I don't use the JCrew, HSN, or Fingerhut really at all. Should I close these? I also do not use First premier nor the Credit one. Oh and the Zales I opened to make a purchase that I wound up doing elsewhere so I doubt I'll be using it. They are paid off and set aside, should I close these as well? I don't want to have too many opened accounts but now that I can open accounts I would like to add JC Penneys and Toys R Us before completely gardening. Im just thinking that I may as well get the inquiries out now so that I can have them all falling off at the same time rather then always having to wait for inquiries to come off. Any input is greatly appreciated!! Is there any cards that will help to build such as by giving frequent CLI's? 

Thanks all!!!

---

While many individuals usually try with Store Card to get foot in the door for bank credit cards later. However it seems you had overdone it with store cards. Not that huge damage is done by any means. But you need to decide to close some (only if it is not useful to you and have AF, also ensure they do not have great limit and outstanding balance). Also pay regularly all of them. Wait about a year or so. After that I would try with Credit Uniion card. They are very generous in granting great limit (often time as high as $10K-$25K).