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@Revelate wrote:If you close those tradelines right now, they're going to be on your reports for the next 10 years with some ridiculously low length of history; that's going to be a huge penalty to your AAoA for both the mid and long term FICO perspective. When you've dug yourself a hole, the most important thing is to stop digging, but closing cards is just going to be dumping more water into your limestone sinkhole. Unfortunately it's not what you probably want to hear, but I think you're stuck paying those AF's for at least a year if you want to minimize the issue you've already caused on your credit report.
I'd agree with this.
I just hope you, OP, got that $39 AF waived on that one card, for at least the first year.
Whee, thought of another issue: consider how future lenders are going to view this when you apply for anything else if there's any sort of manual review.
Basically you're closing accounts because you managed to better deal them... do your own analysis on how this looks to pretty much anyone who's ever been in that situation in a relationship, and what their response was, and what they're likely going to pull out of that experience when evaluating your file. If you leave them open for a while, you can fall on your sword and plead ignorance, but you learned, have become more responsible with your credit, and closed out some cards you weren't using... but you really want this new card from you <insert lender name> for <insert happy reason here>!
You do it now, you smoke probably 40% of your chances of a successful recon on the issue, and it's probably worse than that with the current market of escalating offers. If you want another example, look how well college football looks upon "stealing" committed recruits. I'd strongly encourage you not to put yourself through this.
@Revelate wrote:Oh dear let the flames begin.
Stop applying, freeze reports, whatever you have to; however, I think it would be a serious mistake to close any of those tradelines right now.
If you close those tradelines right now, they're going to be on your reports for the next 10 years with some ridiculously low length of history; that's going to be a huge penalty to your AAoA for both the mid and long term FICO perspective. When you've dug yourself a hole, the most important thing is to stop digging, but closing cards is just going to be dumping more water into your limestone sinkhole. Unfortunately it's not what you probably want to hear, but I think you're stuck paying those AF's for at least a year if you want to minimize the issue you've already caused on your credit report.
Great deal of good info!
I think we all missed this.
P.S
I would still close at least one or 2 of those sub $500 retail acconts..
So, close out Express and Buckle, possibly giant eagle and target? I NEVER even shop at express or buckle - their clothes are ridiculously expensive and the tiny little 250.00 limits barely allow me the oppotunity to finance a pair of undies, let alone an actual outfit. On top of that, the interest is at 24.99 or something ridiculous. UGH. I feel like I worked hard to build my score back up and now I messed up AGAIN by applying for all these stupid pointless retail cards simply because I read online that they are easy approvals post bk7 and I wanted to build my credit back up from the initial tank of the bk. I guess as I noticed my score getting higher and higher I wanted to app more and more. Now I have a ton of cards that serve no purpose because I never use them. The ONLY ones I'm even remotely interested in keeping are the credit union cards I recently got, USAA because they're amazing from what I've read, my kohls charge which dates back to 2007 (forgot to put it in my list of cards on the first post) and the capital one mtv card only because it doesn't have an annual fee. Utilization wise, I owe 600.00 to USAA. so out of all the limits i mentioned above, all i owe is 600 dollars. I don't think closing the cards would have any negative affect on my score in the short term, but i've already wasted the inquiries so i guess i'll just let them age a little while and close later on. Anyone on here a recovering app addict like myself? How'd you stop yourself from apping? It's like i'm addicted to the gamble of guessing whether or not i'll get approved. Half of the cards I carry now I was thinking I would be declined for, so really...I have all these cards by mistake. lol.
What I have done is think really hard about where my credit was 1 year ago. I am afraid of bitting off more than I can chew. I hate being treated like a second class citizen because my scores are substandard. I like the feeling of knowing that my good credit will allow me to buy my first home, borrowing unsecured money for peronal needs and not relying on the kindness of others for help, I like the feeling of being liberated. I like knowing that I am out of the credit hell of constant calls from collectors asking for money I know that I dont have. Please take this with kindness and love, "I am glad you are able to obtain all those credit cards but do you seriously want to try and keep up and be responsible for that many cards. I have sat and thought about what put me in this impossible situation and BABY I AM NOT GOING BACK NO MORE.
@mgs2010 wrote:So, close out Express and Buckle, possibly giant eagle and target? I NEVER even shop at express or buckle - their clothes are ridiculously expensive and the tiny little 250.00 limits barely allow me the oppotunity to finance a pair of undies, let alone an actual outfit. On top of that, the interest is at 24.99 or something ridiculous. UGH. I feel like I worked hard to build my score back up and now I messed up AGAIN by applying for all these stupid pointless retail cards simply because I read online that they are easy approvals post bk7 and I wanted to build my credit back up from the initial tank of the bk. I guess as I noticed my score getting higher and higher I wanted to app more and more. Now I have a ton of cards that serve no purpose because I never use them. The ONLY ones I'm even remotely interested in keeping are the credit union cards I recently got, USAA because they're amazing from what I've read, my kohls charge which dates back to 2007 (forgot to put it in my list of cards on the first post) and the capital one mtv card only because it doesn't have an annual fee. Utilization wise, I owe 600.00 to USAA. so out of all the limits i mentioned above, all i owe is 600 dollars. I don't think closing the cards would have any negative affect on my score in the short term, but i've already wasted the inquiries so i guess i'll just let them age a little while and close later on. Anyone on here a recovering app addict like myself? How'd you stop yourself from apping? It's like i'm addicted to the gamble of guessing whether or not i'll get approved. Half of the cards I carry now I was thinking I would be declined for, so really...I have all these cards by mistake. lol.
Don't be to hard on yourself. What is done is done. Just listen to the advise given to you in this thread, apply what you've learned, and use it to your benefit.