Praise for the forums and some questions

[Jetmemphis91]

I must say it has been a real credit journey this last year. I've learned a lot from these forums. I started out with a Orchard Bank (now Capital One) secured credit card with a $500 limit. Now I've managed to acquire:

Buckle: $500 limit

Victoria's Secret: $750 limit

J. Crew: $1k limit
American Express BCE: $2k limit.
Discover IT: $2k limit.
OCCU Duck Card: $15k limit
NFCU Platinum: $25k limit

Luckily, only the Capital One card has an AF. I picked these so with no AF they can stay and grow with me. I'm hoping to PC the Capital One card to the Quicksilver with a CLI. Since most of the cards I got with in the last 3 months, I am not applying for anything for about 6 months to a year. I'd like to move on to the higher reward cards in a year or two. I'm really glad to have gotten my foot in the door with Amex and started building a relationship. Hoping to be approved for a 3x CLI with them in a few weeks. I'm eyeing these next in a few years.

Chase SP
Chase Freedom
Chase Ink Plus
Chase Southwest
Amex Platinum
Amex SPG Business

The other goal is to increase that credit score. I'm not sure what it started at but it got up to 740 for FICO. Unfortunately, it got dinged down to 728 today since the Buckle card reported. Will I continue to get my score dinged as cards start reporting? I did the shopping cart trick for VS,Buckle, and J Crew cards. I was hoping to improve my score since I it said I needed more credit accounts. Now I am kind of regretting those due to being approved for higher cards later. Since I don't have a long credit history my thought process was to have several accounts age together so as I close, say the store charge accounts, my AAoA won't decrease my credit ages. Should I close those store cards since now it is bringing my average credit limit down or keep them open to have more credit accounts reporting? Also, my credit union offers CD secured loans. Should I take one out in order to add an installment account on my credit report? I only have a student loan that I paid off early on my credit report. What else could I do to increase the credit score?

On a sidenote, what if any what credit monitoring program does anyone suggest? I was looking at the program AMEX offers for $15 a month for all 3 reports.

[Anonymous]

Hi, and welcome to the forums!

Yes, you will most likely continue to see a score ding as your new accounts report. At some point it should level off. Closing them will not change this, as they will continue to appear on your reports for a number of years -- usually 10 -- even if they have been closed. The good news is that you scores will recover over time. Your best approach is to use these cards as originally intended, pay them on time each and every time, keep your balances on them low, and wait for your scores to recover naturally over time. I know that the new credit ding is a bummer, but it will fade. Allow them to age -- ie, garden them -- for about a year and you'll be in much better shape to get the remaining cards that you desire.

[09Lexie]

Welcome to the forum! Congratulations on your recent approvals and it looks like you are on the right path. You've added a lot of new cards on a thin file so you might need to garden a year. The new accts/inq's will age together and the dings you will see will not last. The good news it will not be permanent. Apping for the Amex was a good choice and the 3x CLI will be a plus.

Keep your util low and be inq free for the next year and your scores will recover.

[myjourney]

Welcome to the forum 

Congarts on your success and now you should join the garden thread to age cards, AAoA, INQ's 

[hot4u]

Congrats on your spree.

Time to plant some dirt on them seeds.

See you in the Garden..

[hot4u]

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@09Lexie wrote:
Welcome to the forum! Congratulations on your recent approvals and it looks like you are on the right path. You've added a lot of new cards on a thin file so you might need to garden a year. The new accts/inq's will age together and the dings you will see will not last. The good news it will not be permanent. Apping for the Amex was a good choice and the 3x CLI will be a plus.

Keep your util low and be inq free for the next year and your scores will recover.

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+1