What are my next Steps? I need Help Please

[texasman07]

After having good credit in College, then fallin ill in my Mid 20's with Cancer, I had to let a lot of my credit go due to being hospitalized.  Instead of doing it the right way of calling creditors and explaining my situation, I decided that my health was more of a concern and they could all F**K off.  Well now that my life is back to normal at 30 with a stable career and positive outlook I find my credit now suffering.  For the past 2 1/2 years I have been doing an excellent job of cleaning up my report.  I had about 20 negative items on my CR.  I disupted, sent letters, called and  finally now I am down to 4.  One is a car that I paid off but it shows late 120+ many times, One is a CC I owe 500.00$ still and have been paying it down monthly.  The other 2 are also paid CO.  My FICO score is 636 and I want to be able to get approved by prime lenders.  My goals is to have and 1 AMEX, 1 Discover, 1 Chase and either Citibank or a BOA CC.  I recently got approved for a few retail cards and gas cards but with low credit Limits. I have way too many cards now with low limits and now that I am able to get some sort of credit I want to close unessary accounts with HIGH APR and no room for growth and get into cards where I can grow and raise my score to 700+.

Here are my current cards:

American Eagle Outfiters/GEMB                      (Opened 02/11)               150.00 Limit

Old Navy/GEMB                                                   (Opened 02/11)               200.00$ CL

Express WFNNB                                                (Opened 11/99)              2160.00$ CL

Hooters Mastercard                                         (Opened 09/2010)           1000.00 CL 16 % APR Card is Maxed

Shell Personal Gas Card                                (Opened 02/11)                200.00 CL

Exxon Personal Gas Card                               (Opened 02/11)               200 .00$ CL  (Havent used it)

Chevron GEMB Personal Gas Card               (Opened 02/11)               500.00$ CL (Havent Used It)

Best Buy HSBC Mastercard                            (Opened 09/10)               300.00$ CL  (Maxed)

Cap 1 Secured                                                   (Opened 09/10)              220.00$ CL ( PIF Zero Balance)

CAP 1 Rewards Mastercard                            (Opened 11/10)              500.00 $ CL

Credit One                                                           (Opened 09/2010)         350.00$ CL (ANOTHER CARD I HATE

HSBC Orchard                                                   (Opened 09/10)              300.00$ CL ( 28.9 % APR NO CHANCE OF CLI DUE TO BUSINSESS DECISION)

First Premier Aventium                                     (Opened 08/08)               400.00$ CL ( I HATE THIS CARD)

First Premier Mastercard                                  (Opened 11/07)               300.00$ CL (I HATE THIS CARD)

Walmart GEMB                                                   (Opened 09/10)               375.00$ CL                   

GEMB and Cap 1 have been really good to me as giving me small increments of CLI. Also WFNNB has been good to me also. I pay my bills on time. but as you see I went on an application spree thinking I wouldnt get approved and low and behold presto! Now I would like to weed out the bad, not apply for new cards till the end of the year and get some prime ones under my belt so I wont have all these little cards with small limts.  I need help please. 

[ficonightmare]

Hi texasman.

Where to start..

Well, with scores around 636 and 5 inquires in one month, you won't get approved for any of the prime cards you mentioned. Not sure if it's doable by the end of the year either as you have so many new accounts. They wouldn't even be a year old. Maybe if you raise your score a major bank would consider it.

Also, a 636 usually means there's baddies on your report. Lates, CO's, what have you. I'd first work on trying to get them off before applying for anything at this point as it's just another inquiry, and all it's going to do is lower your score..

I'd probably also close some of those cards. Keep the oldest ones and get rid of the ones that you don't use. Banks will see CAP 1, Orchard and First Premier along with your score and get a little paranoid.

I don't mean to sound harsh, hell- I was rebuilding for a year and a half and now have a GEMB card I want to close. But in reality, if you want a card that grows with you from a major bank- you need to get your scores up, and get rid of some of those cards.

[texasman07]

Great thanks for your help.  I will wait till a year an half or two years to apply for a major prime card then.  I plan on closing the first prmeir and orchard as they really dont do anything for me. but cost me $$ every month.

I have one charge off on my CR. My Car that was late a few times and one In CO for 500.00$ that I am currently paying on.  Everything else has since been removed. 

I appreciate the comments

[vish1]

Go ahead and nuke both Orchard and FP. Closing them won't hurt you any as long as you don't need that CL to keep your util <10%

[texasman07]

Thanks! I was planning on it. I hate the fees on Orchard and FP and really dont need them. My other cards either have no Annual Fee or They have low apr.  I did a score simulator on MYFICO and basically to get my score to 700 is to decrease my Revolving debt on my cards.  Also I have student loans and never been late but it is adding to my overall debt. 

[Wolf3]

I would close the First Premier and Credit One.

i would keep the Orchard for now, you should have at least 2 bank cards.

I would increase Capital One security deposit as much as you can afford.   It helps to have a large limit card when you apply for more.