When do I know it's time to close rebuilders?

jason0618 · ‎04-24-2017

Just like topic says. I've got a bunch of SCT store cards, and a few secured credit cards-- discover, USAA, and 5/3 bank, plus a lowes following an expensive medical bankruptcy. I've gone from 450 to 670s across the board and today got an instant approval for cabelas visa with $4k limit.
I'm at about 1% reporting util, but I just put $530 on my overstock card ($550 limit) and have 12 months no interest.
I'm thinking it might be time to close jcrew ($250) Victoria's Secret ($250) and the 5/3 bank secured MasterCard ($500). All three are paid in full. I'm keeping discover for the long haul, even after they graduate me. Not sure if I need to keep USAA secured or not. I've been a member a long time and will continue to have a relationship with them even if I close this one. It's pif also.
When is the right time?

Anonymous · ‎04-24-2017

I'd get a couple of unsecured credit cards that aren't store cards. You're right in closing the store cards especially if you don't use them. Banks don't like to see too many store cards. I'd keep the Usaa card and see if you can use that as a stepping stone to getting another unsecured credit card product from them. They have good products. Maybe the Limitless card?

HeavenOhio · ‎04-24-2017

I'd keep the USAA card for the time being simply because it's a "major" card.

Also, I'd throw at least $50 toward the Overstock balance immediately, hopefully before it has a chance to report. That card is currently maxed and could potentially spook other lenders. $50 would bring you just below 88.9% utilization, which is the percentage that would no longer be considered maxed.

Anonymous · ‎04-24-2017

@HeavenOhio wrote:
I'd keep the USAA card for the time being simply because it's a "major" card.

Also, I'd throw at least $50 toward the Overstock balance immediately, hopefully before it has a chance to report. That card is currently maxed and could potentially spook other lenders. $50 would bring you just below 88.9% utilization, which is the percentage that would no longer be considered maxed.

Easier and better solution would be to call the robolady for a CLI.

AllCredit · ‎04-25-2017

5/3 MC Secured...close before the annual fee hits