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in the garden for at least a year...thoughts?

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indiolatino61
Valued Contributor

Re: in the garden for at least a year...thoughts?


@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. Smiley Happy

You are so graphic, Nixon...Smiley Very Happy!

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Message 11 of 18
Anonymous
Not applicable

Re: in the garden for at least a year...thoughts?

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? Cat LOL

Message 12 of 18
Anonymous
Not applicable

Re: in the garden for at least a year...thoughts?


@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? Cat LOL


Will not work anymore.

Message 13 of 18
Anonymous
Not applicable

Re: in the garden for at least a year...thoughts?

Amex stop backdating the AU MSD already?

Message 14 of 18
Anonymous
Not applicable

Re: in the garden for at least a year...thoughts?


@Anonymous wrote:

Amex stop backdating the AU MSD already?


They will backdate to year added on future apps.

 

That's about it.

Message 15 of 18
SouthJamaica
Mega Contributor

Re: in the garden for at least a year...thoughts?

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

 

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 16 of 18
longtimelurker
Epic Contributor

Re: in the garden for at least a year...thoughts?


@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.

Message 17 of 18
lg8302ch
Senior Contributor

Re: in the garden for at least a year...thoughts?

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.

Message 18 of 18
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