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What to do next? I have 28 accounts in good standings!!!

New Member

What to do next? I have 28 accounts in good standings!!!

Hello,

 

I'm not sure how to add credit  cards to my signature becasue I am new but I currently have 28 cards in good standings. 

Below are the cards I have. I also have about 45 inquiries so it took some work. What should be the next steps for me and are there any other good cards or stategies in my future?

 

Capital One Quicksilver

Capital One Quicksilver

Capital One Secured

Paypal Mastercard

Paypal Credit

Fingerhut

Credit One Bank Mastercard

Credit One Bank Visa

Pc Richards Card

Synchrony Home Card

Carecredit Card

Nordstroms Store Card

Williams Sonoma Store Card

Wallmart Store card

First National Bank Credit Card

First Savings Bank Credit Card

Avant Credit Card

Kohls Store Card

Neiman Marcus Store Card

Saks FIfth Avenue Store Card

Helzberg Diamonds Store Card

TJX Store Card

Amazon Store Card

Merrick Bank Credit Card

Jareds Store Card

Zales Store Card

Moneylion Loan

Selflender Loan

 

What should I do next. I am blacklisted from Discover, AMEX, and probably Citi and Chase.

 

Would love to add to the collection or is it time to garden?

 

Thanks

 

Message 1 of 35
34 REPLIES
Established Contributor

Re: What to do next? I have 28 accounts in good standings!!!

You probably should look at cutting some bad cards, starting with low limit ones and credit one cards.

✈Propel ⛽WF-V ⛾Gold ☸CSP ☸IT $ΔGold⛪☎CFU ☸ED ☸ ☎DC ☸Amzn-V/A ☎QS ☸CF⛪
Message 2 of 35
Moderator

Re: What to do next? I have 28 accounts in good standings!!!

Hi @Psworld and welcome to the myFICO forums.

 

That's quite a stash you have there!   You stated that "Would love to add to the collection or is it time to garden?"   Personally, gardening never hurts, but we don't know a whole lot about your profile.  How old are all of your accounts?  Are any of those on your list from within the last 12-24 months?  How about your overall scores?  Are you carrying any balances on them and do you use all of them?

Message 3 of 35
New Member

Re: What to do next? I have 28 accounts in good standings!!!

Yes I am getting rid of all the annual fee ones like

 

Credit one mastercard and visa- even though they keep giving me a year free.

first national credit card- year free.

first saving credit card-coming up in 2 months.

Avant- 6 months

 

Message 4 of 35
New Member

Re: What to do next? I have 28 accounts in good standings!!!

I am 39 year old and I have about 35& Utilization meaning I owe like 8k.

Total overall balances is about 30k.

Most of these cards are new within the past 2 years.

My current score is about 630-640.

Message 5 of 35
Moderator

Re: What to do next? I have 28 accounts in good standings!!!


@Psworld wrote:

I am 39 year old and I have about 35& Utilization meaning I owe like 8k.

Total overall balances is about 30k.

Most of these cards are new within the past 2 years.

My current score is about 630-640.


Ok, just to make sure I captured your details correctly, the $8K represents 35% utilization across all of your cards?  Does this include any installment loans or is that separate?

 

Sounds like your AAoA may be fairly short given the number of accounts that have been opened in the last year alone.  However, it sounds like you have a plan to get rid of those cards that have monthly or AFs such as Credit One and the others.

Message 6 of 35
New Member

Re: What to do next? I have 28 accounts in good standings!!!

I really wish I could get a loan to consolidate but I can't get approved. And the big banks wont give me another card let alone a balance transfer.

Message 7 of 35
Moderator

Re: What to do next? I have 28 accounts in good standings!!!


@Psworld wrote:

I really wish I could get a loan to consolidate but I can't get approved. And the big banks wont give me another card let alone a balance transfer.


Sounds like reducing some of these balances is in order, letting your current accounts grow/age and not open any others until you have a good strategy in place. 

 

You mentioned being blacklisted with lenders like Discover, AmEx, Chase and Citi.  Is this due to non-payment on previous accounts? Charge-offs? Or, were these lenders included in a bankruptcy (IIB)?

Message 8 of 35
New Member

Re: What to do next? I have 28 accounts in good standings!!!

They were chargeoffs I paid.

Amex erased it and so did citi.

But they chase and citi are telling me I have too many inquiries to get a card.

Message 9 of 35
Regular Contributor

Re: What to do next? I have 28 accounts in good standings!!!

If you're at 35% util, I probably wouldn't close any cards until that got knocked down some. Losing available credit could substantially increase your util.

Message 10 of 35