"Shopping Cart Trick" - Regrets.

[Xtina0508]

I got overly excited and took advantage of the “shopping cart trick” for Victoria Secret and Express recently. They are both already reporting to my reports – however, I don’t think I’ll ever use EITHER card. Would it be a bad decision to close both accounts? Or should I just let them age gracefully in my sock drawer?  They’ve already affected my AAoA

[Jutz]

Really nothing you do will change it.  Closing them will have them report for another 10 years, keeping them open will report for however long you keep them + 10 years.  Might as well keep them and let them help your UTIL, you've already been dinged for the new account, aaoa, and inquiries.

[webhopper]

Unfortunately, it is always easier to wait and be sure than it is to turn back the clock and undo what's been done.  My best advice would be to make a small purchase on the cards, keep them open for at least one year hiding in your sock drawer.   I'm sure you can think of something that you can buy from each store...  Holiday gift "festive socks" purhaps?

[Xtina0508]

Thankfully, I didn't take any inquiries for either card. Both SPs

I am SURE that I could manage to purchase something with the cards, rather than use another card and PIF immediately.

[Jutz]

If they were SPs then that's a win.  I wouldn't be too concerned.  At 6 months try for a 2x CLI.  Then you'll have added $2500 in revolving CL

[ccnewcc]

If you don't use them they will eventually be closed on you.

Whats done is done.  But my advice is always and only to apply for credit that you need. 

Hopefully you can find some use out of them before you close them.

[Xtina0508]

I am going to be attempting to purchase a house in August 2013. My boyfriend had mentioned that he thought that having too much available open credit can be a bad thing when looking for a mortgage. This is another reason that I questioned my decision. Anyone know if that should actually be a concern?

[Jutz]

From what I've been reading recently your DTI includes your total minimum payments on your revolvers.  As long as you don't have balances you should be fine.  I had heard in the past that your revolving CL is "potential debt" but haven't seen it mentioned recently.

[distantarray]

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@Jutz wrote:

From what I've been reading recently your DTI includes your total minimum payments on your revolvers.  As long as you don't have balances you should be fine.  I had heard in the past that your revolving CL is "potential debt" but haven't seen it mentioned recently.

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this nothing really matters if you keep balances at 0 besides never going to use victoria secret card? your bf can use the catelogs atleast

[Xtina0508]

Haha. I'm sure he could I know how hard I work for my $$ and have buyers remorse everytime I purchase something (like a $70 bra) that I know I can get cheaper elsewhere. I'm a bit frugal. Ha.