I filed for BK7 in 2019. Been rebuilding since then. First was a NFCU Rewards (secured at first, then unsecured, and now have a CL of $10.5K), then 2 Capital One Quick Silver (one with a CL of $3.5K and another one with a CL of $5.5K). About a year ago I went on a spree and got an Apple Card ($8.5K), Ollo Card ($3.3K), a Discover card ($1.5K), and a CreditOne Amex ($700). I have a healthy balance on my NFCU card and a slight one on my Apple Card, but those will be paid off in the next 2 months.
Scores are in 670-680 range, should be up to 700 in next 6 months.
I've been trying to get my NFCU CL increased for about 6 months, and then today I figured I'd just see if I prequal for the Flagship. I did and got a CL of $25K (highest CL ever). So now I'm wondering what to do with the other cards. I keep most of my spend on my NFCU and Apple card, the others have 1-2 charges a month that I just pay off. I'm not sure if I should close any of them out, or just sock drawer them for the time being and move everything to the Flagship. I really want to get my score to 700 in the coming year, but don't want to jeopardize that by closing any cards and upsetting my credit mix.
Thoughts? (Thanks in advance).
@md_rebuild wrote:I filed for BK7 in 2019. Been rebuilding since then. First was a NFCU Rewards (secured at first, then unsecured, and now have a CL of $10.5K), then 2 Capital One Quick Silver (one with a CL of $3.5K and another one with a CL of $5.5K). About a year ago I went on a spree and got an Apple Card ($8.5K), Ollo Card ($3.3K), a Discover card ($1.5K), and a CreditOne Amex ($700). I have a healthy balance on my NFCU card and a slight one on my Apple Card, but those will be paid off in the next 2 months.
Scores are in 670-680 range, should be up to 700 in next 6 months.
I've been trying to get my NFCU CL increased for about 6 months, and then today I figured I'd just see if I prequal for the Flagship. I did and got a CL of $25K (highest CL ever). So now I'm wondering what to do with the other cards. I keep most of my spend on my NFCU and Apple card, the others have 1-2 charges a month that I just pay off. I'm not sure if I should close any of them out, or just sock drawer them for the time being and move everything to the Flagship. I really want to get my score to 700 in the coming year, but don't want to jeopardize that by closing any cards and upsetting my credit mix.
Thoughts? (Thanks in advance).
Welcome to the forum, and congratulations on your successful rebuild.
I agree with you about not upsetting the apple cart. It's always good to have plenty of cards reporting zero balances.
But Credit One... that I would ditch.
I don't really know anything about Ollo so I can't really say.
The others are definitely keepers in my opinion.
I'm not sure why you're worried about credit mix. Credit mix doesn't have to do with number of cards - it has to do with types of credit: revolving credit, installment loans, etc. Closing an unused card with a small CL would be inconsequential in the grand scheme of things. Any cards with zero balance you close will still contribute to your AAoA. As for the loss of the small limit, I doubt it will affect utilization in any significant way.
Thanks to all.
I realize now that it's not credit mix (I have auto, Student Loan, and CC) so that's working perfectly.
I was more worried about how closing would affect anything. A $700 CL on CreditOne is sort of a joke when compared to my other cards. I might just close it, wait 6 months, and then go for NFCU's AMEX card for my 3rd NFCU card.
Thanks everyone, off to garden!
OllO card is not bad probably one of the best non-predatory rebuilder cards out there. I had it and closed it after 1yr post BK 13 discharge had a super low limit like just barely over $1K with one CLI ever. However, OLLO does offer a white unicorn called "Optimum" w/2.5% cash back on all purchases. Unfortunately, this card is by invite only with NO criteria it's like waiting to win the lottery. Havent' seen OLLO cards break higher than $5K, which means eventually folks sockdrawer or close. Not sure how ALLY will change things with the merger.
