What should I do ? Cancel cards … or not

[SouthJamaica]

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@Anonymous wrote:

I am for sure rushing it and inquiring too much ... not that I even need the credit I just want it 😂😂

what I was trying to explain as far as the benefit of keeping them would be further aging my credit report .. sure if I close them they will report for the next 10 years but will they stop contributing towards age since they are not active ? Also like I said I think I can utilize them to increase my payment history further ? Since it's only 98% 

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1. Yes it contributes to age as long as it's still reported.

2.  It does not increase your "payment history" one way or the other.

[Anonymous]

Auto loan is 6 months old . APR of 5.5% 

[RSX]

good that you closed them - focus on the better ones - dont waste time on the crappy ones

you have a pretty high INQ count for all 3 CRA - need to let those drop off and you will see some score increases

also the 30 day late will lose some sting after 24 months 

good luck and stay patient

[Anonymous]

Very helpful. Thanks for breaking down the percentage of on time payments vs. the impact of any recent derogs @K-in-Boston .

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@K-in-Boston wrote:

While all of the credit monitoring front ends stress a percentage of ontime payments, when it comes to scoring it's really about the number and recency of derogs like the late payments and the repo.  Even if someone has 100 accounts paid ontime for 5 years (6000 ontime payments), a recent single 30+ late payment will cause a pretty good score ding even though the percentage of ontime payments is 99.99983%.

In addition to the factors mentioned earlier, your fairly recent loan has a very high current balance to original amount ratio which will also cause some points loss.  (Also possible with the student loans, but an original loan amount was not listed.)  Again, time is going to be the main factor to improve your scores.

The cards will report for up to 10 years and for FICO purposes, the ages of the account will factor the same whether they are open or not, although the front end of many credit monitoring services will not include closed accounts when displaying age (although the resulting score does).

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[Anonymous]

Congrats on your progress,  Apple card approval & new Benz! 

Out of curiosity,  how were you able to get the repo removed?

[Red1Blue]

I am curious why you have a Capital One Spark Business Card? Do you have a small business ?

[Anonymous]

Honestly Lexington law removed the repo not sure how not much I recommend them due to just it being Deff a money grab but they did some work forsure ... as far as the spark business yes I own a small business ... working on getting more cards I have a BoA business credit card 6K limit also doesn't report to personal so I didn't post it