Store card app spree - Damage control

[MyLoFICO]

I just got through reading a thread from back in 2015 that has like 43 pages. It was a back office worker at a bank. Lots of info in one place. I read all 43 pages. I got done and went for a short walk. I came back and can’t remember where I found it, but it is not needed. I just wanted to reference it for my question.

I have 2 older credit cards. Cap1 plat (PC'd to QS1) and a credit union Visa. I have a new QS1 and a Barclays Rewards. Those cards are fine.

I went on an app spree before doing enough reading and ended up with a bunch of store cards. Some of them I will use and want to keep (Lowes, Amazon and Walmart and maybe Target since its not Synchrony). However, about half of them can go. Let’s get this out of the way, why did I apply for them? I thought it would help and I was undereducated. Oh, and I liked aping and getting the “A” word. Stupid, yes. I know that now.

I know I took the HP and I know it has to age off. No questions there. If I close them one at a time I will take small hits but I would rather have those hits while I am gardening and waiting for the inq’s to age off. They will continue to report for 10 years but I now know Prime lenders will not look upon them favorably. I don’t want to wait until the inq’s age off to start dropping them unless it would be better. I want to be able to hit up some prime cards when my inq’s are gone. So, should I start closing them? If how, how often? I have 4-5 I think that I want to close.

[Skye12329]

I would honestly wait for those accounts to hit 1 or better 2 year mark. The damage is already done, lenders will see the new accounts regardless. But as long as they are open you can help thicken your credit and AAOA possibly by keeping them open for a little bit. Your aaoa now will take a hit but will improve with the age of those accounts.

[SunriseEarth]

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@MyLoFICO wrote:

I just got through reading a thread from back in 2015 that has like 43 pages. It was a back office worker at a bank. Lots of info in one place. I read all 43 pages. I got done and went for a short walk. I came back and can’t remember where I found it, but it is not needed. I just wanted to reference it for my question.

I have 2 older credit cards. Cap1 plat (PC'd to QS1) and a credit union Visa. I have a new QS1 and a Barclays Rewards. Those cards are fine.

I went on an app spree before doing enough reading and ended up with a bunch of store cards. Some of them I will use and want to keep (Lowes, Amazon and Walmart and maybe Target since its not Synchrony). However, about half of them can go. Let’s get this out of the way, why did I apply for them? I thought it would help and I was undereducated. Oh, and I liked aping and getting the “A” word. Stupid, yes. I know that now.

I know I took the HP and I know it has to age off. No questions there. If I close them one at a time I will take small hits but I would rather have those hits while I am gardening and waiting for the inq’s to age off. They will continue to report for 10 years but I now know Prime lenders will not look upon them favorably. I don’t want to wait until the inq’s age off to start dropping them unless it would be better. I want to be able to hit up some prime cards when my inq’s are gone. So, should I start closing them? If how, how often? I have 4-5 I think that I want to close.

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I disagree with the statement regarding Prime lenders and store cards.   Store cards have payment history and demonstrate UTIL, and those are the two most important factors in your FICO.  There's no problem with pruning credit products that no longer serve a need.   However, you want to make sure you're making a good decision.  

Given your current scores and high INQs on all CRs, I doubt closing store cards will make your profile improve.   I would continue working on any baddies, let your new accounts age, and let the INQs age off.   If you have CCs that aren't of use to you, SD them for now.  

[Anonymous]

They're open, right? Take advantage of rewards and specials, keep them clean, don't carry any balances, and they will work in your favor for a while.

[kdm31091]

There's really not much you can do at this point in terms of damage control. The damage is done -- the cards are open, the HPs have happened and the AAOA dings.

I'd avoid closing them too quickly. Let them display a history for awhile, then close them one by one.

[MyLoFICO]

They are all SD'd already. I use my QS1 for the bills so I get the CB and now my new secured Discover will be my daily card just so it sees usage. I actually cannot afford to use the others unless something happens like my washer or dryer goes out. Not yet anyway. My job is on shakey ground so I don't want to incur any CC debt that would hinder my regular bills being paid in the event I have to go on unemployment. 

I lost my way halfway through the spree and switched from cards I CAN use to cards I knew in the back of my mind I never will. I feel stupid but lesson learned. I guess I will let them age, I mean, it's not like they can do more damage, right? Any harm in letting them age to closure by the creditor? 

[Chris679]

No

[Anonymous]

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@Anonymous wrote:

They're open, right? Take advantage of rewards and specials, keep them clean, don't carry any balances, and they will work in your favor for a while.

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+1

[myjourney]

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@MyLoFICO wrote:

I just got through reading a thread from back in 2015 that has like 43 pages. It was a back office worker at a bank. Lots of info in one place. I read all 43 pages. I got done and went for a short walk. I came back and can’t remember where I found it, but it is not needed. I just wanted to reference it for my question.

I have 2 older credit cards. Cap1 plat (PC'd to QS1) and a credit union Visa. I have a new QS1 and a Barclays Rewards. Those cards are fine.

I went on an app spree before doing enough reading and ended up with a bunch of store cards. Some of them I will use and want to keep (Lowes, Amazon and Walmart and maybe Target since its not Synchrony). However, about half of them can go. Let’s get this out of the way, why did I apply for them? I thought it would help and I was undereducated. Oh, and I liked aping and getting the “A” word. Stupid, yes. I know that now.

I know I took the HP and I know it has to age off. No questions there. If I close them one at a time I will take small hits but I would rather have those hits while I am gardening and waiting for the inq’s to age off. They will continue to report for 10 years but I now know Prime lenders will not look upon them favorably. I don’t want to wait until the inq’s age off to start dropping them unless it would be better. I want to be able to hit up some prime cards when my inq’s are gone. So, should I start closing them? If how, how often? I have 4-5 I think that I want to close.

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I know which thread your looking for ....I got ya!!!!

http://ficoforums.myfico.com/t5/Credit-Cards/Ask-A-Back-Office-CC-Company-Employee-ANYTHING/td-p/381...

Question how old are these cards just curious?

[Anonymous]

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@MyLoFICO wrote:

They are all SD'd already. I use my QS1 for the bills so I get the CB and now my new secured Discover will be my daily card just so it sees usage. I actually cannot afford to use the others unless something happens like my washer or dryer goes out. Not yet anyway. My job is on shakey ground so I don't want to incur any CC debt that would hinder my regular bills being paid in the event I have to go on unemployment. 

I lost my way halfway through the spree and switched from cards I CAN use to cards I knew in the back of my mind I never will. I feel stupid but lesson learned. I guess I will let them age, I mean, it's not like they can do more damage, right? Any harm in letting them age to closure by the creditor? 

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Totally understand. Im in the same boat. I have pottery barn and walmart that I dont really want because I dont want too many store cards but the pull is already done and it helps pad my utilization so I have already cut them up and paid them off but not closed them since Im applying for a mortgage soon. Ugh I wish I had not got stuck on in store card land.