Please advise...thin file mistakes...next steps

[Carolina9]

 I obtained 2 secured credit cards in April 14 to start my credit journey

BOA  Cash rewards $1100  unsecured in January (no credit increase-high utilization for 5 months out of 9 months -  85%)  Just paid off to 0 balance

Cap1 Platinum $1000 currently   ($300 increase in November 14) (utilization was high for 5 months   -65%)  Just paid off to 0 bakanc

In December shopping card trick:

Overstock    - $750    increased to $1050 with luv button once     light purchasing O balance as of last month ( I will use this card)  

'Victorias Secret -$750 light purchasing 0 balance as of last month (ok card)

Express  -$750  never used would like to cancel. Never activated   Keep or close worrried about how a closure would affect report

Ann Taylor - same as Express

Total 6 accounts  $5,100 credit   2 inquiries total on credit report

I purchased the experian fico score and it says 701,  it says it will go up to 734 with all 0 balances. The other scores are unknown except Capital One tracker number that comes in at 699.

Should I cancel the Express and Taylor now?  How would this affect my credit score?   Oldest Account 11 months and current AAoA at 5 months.

It was really dumb of me to shopping cart  trick those 4 cards.  Just wanted to feel like I was making progress.  Will this be a hindrance?

What should I do now?  I am really confused:

Apply for major bank cards?

Prequalify on Cap1 says Quicksilver and Platinum.    Amex was ED for one month and now nothing.   Other sites I get nothing except Discover mailers and Merrick.

Garden or apply to get another visa/mc/amex or do something else

Can someone map out a plan for me?  For a couple of months I believed it was a positive to let the banks earn interest, now I know better after really getting into this site.  Will I pay the price for high utilization for some time to come

I want to thank you all of you for sharing your experiences.  It is helping me to understand and navigate credit and to try to correct the mistakes I have made with new credit.

Thank you.

[happypill]

High utilization doesn't stay with you.  As soon as you pay it down (and it's reported to the CRAs), your scores will improve.  Don't pay them down to zero through; let one card report up to 9% utilization; you can still PIF, but let the statement cut with the low util balance.

The SCT cards actually don't hurt you much.  It looks like they were early on in your credit journey, so you should probably just let them age.  It's people with longer histories that are affected most negatively because it brings down their AAOA.  Keeping them open and letting them age will actually provide you a buffer sometime down the road.  Eventually, you might want to consider getting rid of low-limit cards, but 6 total accounts isn't that many really.

Given your current score and credit history, you should be able to qualify right now for major credit cards.  You have history with Capital One and they have been handing out nice limits on the Venture - I think you stand a good chance there.  Discover likes thin, clean files and short histories so you might have a shot with them.  Amex might give you a chance even if nothing is showing up as a prequal at the moment.  I'd say, plan ahead to get your utilization in a good place, pick out a few that you like and go for it.

[Anonymous]

I agree, you haven't really done anything wrong. Your score will have taken a bit of a ding due to the inqs for the cards and the reduction in AAoA, but the inqs will age off, the AAoA will go up, and in the mean time, you have a lower utilization through a higher total credit limit.

I would keep the cards open for now. at $1500 of your $5100, that amounts to about 30% of your available credit limit. If you close the cards, you will have a higher utilization for the same purchases. The HP damage is already done, so closing the accounts won't fix that. Same for the AAoA damage. Once you start getting some higher limits on other cards, then you can close these ones, but for now, I'd leave them open.

[elim]

+2  keep them all open for now.

while you are aging these accounts i would stay in CLI mode (when your UTIL is reporting low).

Overstock allows you to hit the luv button once a month for 3 or 4 hundred each. (i would do it now)

I think express allows you to hit it multiple times if you do it right. (i would learn how now)

Cap1 is giving out bigger CLI's now (i would try again)

no harm reqesting SP CLI's on your cards and it may help get bigger starting limits on your next prime cards.

[chalupaman]

Don't max out your cards and get as many SP increases as possible. When your file is a bit older, you can decide to weed out any that didn't grow as much and keep the ones that are actually gonna help you get decent limits on future cards.