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@Anonymous wrote:
2 out of 23 cards that can be used anywhere.
Yes. I think gardening is an excellent idea.
You have already shredded your AAoA to bits so you might as well keep the accounts open while you garden and try to get SP CLIs to grow them. Start paring down once you are able to get a better credit product(s)....After gardening. Of course.
You are so graphic, Nixon...!
I have a bad idea.
1. Get someone who have a really old MSD of AMEX make you a AU of his/her card
2. Apply for a AMEX card
3. Close all the store cards
Did I tell you it's a bad idea?
@Anonymous wrote:I have a bad idea.
1. Get someone who have a really old MSD of AMEX make you a AU of his/her card
2. Apply for a AMEX card
3. Close all the store cards
Did I tell you it's a bad idea?
Will not work anymore.
Amex stop backdating the AU MSD already?
@Anonymous wrote:Amex stop backdating the AU MSD already?
They will backdate to year added on future apps.
That's about it.
IMHO you should just keep them, use them a little here and there.
Cancelling them impacts your credit rating negatively in a number of ways:
1. shortening the age of your accounts
2. decreasing the number of accounts
3. increasing your percentage credit utilization
@thebeckerman wrote:IMHO you should just keep them, use them a little here and there.
Cancelling them impacts your credit rating negatively in a number of ways:
1. shortening the age of your accounts
2. decreasing the number of accounts
3. increasing your percentage credit utilization
1) Closing has no impact on AAoA for about ten years
2) Above about 3 there is no score reason to have more accounts (of course there can be other reasons)
But #3 is correct if OP is carrying balances.
Usually I am a strong advocate of closing cards. But in this case, the OP doesn't have many CLs that are even reasonably large, so the "toy" limits on the store cards are a major factor in total CL. So keep them. Personaly I wouldn't bother spending to keep them open, but no need to close them. As time goes on, and better cards come along, then these cards can be closed safely.
The damage has been done already. I would say get to the garden and do not apply for anything at least for 12 months. Use the store cards when you shop at these stores and after a year you will see which store cards you never used and then close these and apply for a VI, MC, AX or Discover that you can use everywhere. I always was against store cards and therefore never got one but since you have them already you might as well use them and show good payment history. Also you might try for SP CLIs on these cards. After gardening stay away from store cards and only look into major CCs that can be used anywhere. In the meantime make sure you never miss a payment on any of these cards.