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

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
New Member

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

Yes I got some nice cli's recently but I still owe about 8k. I can't get a loan for it or bt.

Frustrating.

Message 11 of 35
Super Contributor

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


@Psworld wrote:

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

 


Yes it's time to garden.

 

And I think you might want to start pruning a bit.

 

 



FICO8 EQ 749 TU 779 EX 744 Total revolving limits 671300 (560300 reporting)
Message 12 of 35
Frequent Contributor

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


@Psworld wrote:

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?


Wow, I'm stunned. Can you give us some reasoning why you chose to open this many accounts and in such a short amount of time? What strategy/advice were you following?

 

Also, can you list your AOOA and AAOA both before and after all these accounts were opened?

 

 


@Psworld wrote:

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



@Psworld wrote:

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


If Chase and Citi are citing inquiries as cause for denial, then you probably are not blacklisted.

 

 


@Psworld wrote:

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


I cringe when I hear someone mention collecting and credit cards. It is definitely time for you to garden, and while in the garden prune off some of the dead branches on your credit tree.  Credit One, and some of those store cards should be the first to go.










Current

Goal Cards

Message 13 of 35
New Member

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

My initial strategy was to open alot of credit cards and then close them after 1 year. Now I see it did cost me an annual fee a fee times so I am getting rid of those cards. It did help me get alot of other cards though so I guess it worked.

Message 14 of 35
Frequent Contributor

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


@Psworld wrote:

My initial strategy was to open alot of credit cards and then close them after 1 year. Now I see it did cost me an annual fee a fee times so I am getting rid of those cards. It did help me get alot of other cards though so I guess it worked.


It worked to get you more credit cards, but it didn't necessarily work to improve your credit, which is probably what you want to do. I started to look at your list of credit cards, but I quickly abandoned that effort after seeing a bunch of store cards and then Credit One.

 

Since you opened many credit cards within a short period of time, you can close as many cards as you want and your oldest card (I didn't bother to look at all your credit cards) will probably still be near enough to the same age as to not matter to your credit score.

 

I suggest closing all your store cards that do not have a balance, and the same for your Credit One card(s), just to start. That will make it easier to look at all the rest of your cards.

Credit Scores (FICO 8): 827 Experian March 2019 | 827 TransUnion March 2019
Credit Cards (newest to oldest): BECU Cash Back VISA $10,000 | American Express BCP $3000 | Simmons Bank VISA Platinum $7500 | Capital One No Hassle Rewards VISA Platinum $500
Message 15 of 35
Senior Contributor

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

Hi OP and welcome to MyFICO

My first thought was run to the garden. But after reading through all the posts, which MyFICOers provided great advice, here is my 2 cents:

It looks like that you are at 27% overall UT which in itself is not bad at all. But since your scores are low, you need to work on a way to increase them. So here are some suggestions:

If the majority of your cards are carrying balances, try working on getting most of them to report zero balances. Then after successfully doing that, you can consider the AZEO method. All cards at $0 except one.

If any one card is over 8.9% UT, work on getting it to less than that.

Stop applying for credit for at least 24 months to give your cards time to age. 45 inqs are a lot. And since you have 28 accounts, that implies you had 17 denials. Honestly, it is time to garden.

If closing cards is going to hurt your UT, don’t do that quite yet. But when you do start, I would definitely consider closing many of those store cards and the predatory lending cards. Prime lenders don’t like seeing these on CRs.

Due to your scores and number of inqs, you will continue to be declined for CCs. Here are some things to remember as you’re on your journey to building a great profile.

*Credit has to be treated as a marathon—not a sprint. Patience, patience, patience.

*Lenders want to loan money to those who don’t need it. I know, right?

*Denials begat denials. It’s true unfortunately.

I wholeheartedly believe you can do this. Hanging out in the garden really does wonders. And you will be shocked what 2 yrs can do.

GL2U
GOALS: Garden til DEC 2020 and 800 Club

Scores
APR 2019: EX 787, TU 789, EQ 781
JAN 2019: EX 794, TU 783, EQ 801
DEC 2018: EX 777, TU 783, EQ 799

|| AmX ED $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $15.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX Magnate $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 16 of 35
Frequent Contributor

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


@Psworld wrote:

Yes I got some nice cli's recently but I still owe about 8k. I can't get a loan for it or bt.

Frustrating.


The 8k owed is probably your main obstacle. Paying that 8k down/off should be your main goal. If you're dead set on getting more credit to try to improve your credit (?!), a car loan might eventually do that for you, as long as you make the payments on time. A car loan is easy to get because it is a secured loan (it's secured by the value of the car), and whoever sells the car to you can make a profit from the sale several different ways, and can repossess the car if you don't make a payment on time.

There's no way around this: it all comes down to paying your bills on time. Do that and your credit will eventually improve.

Credit Scores (FICO 8): 827 Experian March 2019 | 827 TransUnion March 2019
Credit Cards (newest to oldest): BECU Cash Back VISA $10,000 | American Express BCP $3000 | Simmons Bank VISA Platinum $7500 | Capital One No Hassle Rewards VISA Platinum $500
Message 17 of 35
Mega Contributor

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


@Gollum wrote:

 

I suggest closing all your store cards that do not have a balance, and the same for your Credit One card(s), just to start. That will make it easier to look at all the rest of your cards.


I would only close store cards that aren't useful (and even then the util question raised by others).   No need to close a useful (= good rewards at a place you actually use, and would use without the card!) store card just because its a store card.

Message 18 of 35
Member

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

That’s a lot of store cards. I have 25 cards and I think I only have 1 store card and it’s the amazon store card. Gives me 5% back on purchases and no interest financing 6,12,24 months. I would definitely drop the credit one bank and most of the annual fee cards that you never use.
https://imgur.com/a/6wiJIbl
Message 19 of 35
Frequent Contributor

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


@Gollum wrote:


It worked to get you more credit cards, but it didn't necessarily work to improve your credit, which is probably what you want to do.

Thats what I'm thinking as well. The OP hasnt posted it, but I think its safe to say that AAOA has taken a Mike Tyson beating in this case. If the OP had stopped at the three Cap1 cards and the Self Lender loan, he would probably be seeing higher scores by now. 










Current

Goal Cards

Message 20 of 35