CC Re-aging dilemma

Anonymous · ‎09-07-2007

1 - I applied for and got a card from First Premiere 9 months ago. Just to have another card. I didn't need the credit. $350 CL (crazy fees). They only have a max CL of $1K anyway, but it's too late. Bad move altogether. Clearly, this card re-aged my CC accounts. Should I dump this Premiere card, and if I were to do so, would that benefit or hurt me in the short and/or long run? Or should I keep the card. I don't care for the fees, though. I'd rather dump the card.

Should I dump both cards and stick with the 10year-old CC only? It seems like a no-win situation. I want to have more than 1 CC account on record, but then there is the re-aging factor. Or would you say that it wouldn't be that big of a factor? I'm sorry for making this long. I wanted to provide as many details as possible to provide a better picture, and thus get a better analysis from some of the gurus. Thanks in advance. I'm learning a great deal from this website, and I'm learning with a passion.

Ficus
Seattle, WA

Message Edited by ficus on 09-18-2007 11:37 AM

Anonymous · ‎09-08-2007

You might not see any raise in scores after paying tax lien. Scores might go down as you have reset the CRTP. See if you can get them to delete it. This must be done at tax office not CRA.

I had same problem as you wit not enough CC and high UTIL... I applied for 4 cards & got them. My scores went WAY up and then started down. I expect an upward raise now as I am paying down an CCs

What are your scores now?? that makes a differance in who to apply to....I have had juniper CC with aCL of $1,500 for 1 year...no late pmts & I have always had a balance but not maxed. Today I received an notice from them, asking me to accept another CC with a FIXED apr of 8%

It doesn't always pay to PIF every card.....but keep UTIL low!!!

Hold off on applying for cards until you know what your scores are.

Wait until you hear from Chase. They might not do a hard pull

Also some CCC do not show on CR until after you activate it. IF you do not activate then it is cancelled. NOT ALL CCC

Getting new credit will delute your HX but not that much. What ever you do DO NOT cancel any old accounts.

Message Edited by HappyDays on 09-08-2007 01:23 PM

Message Edited by HappyDays on 09-08-2007 01:49 PM

Anonymous · ‎09-08-2007

Thank you for replying to my situation.

I'm going down to the County Clerk City Register's Office next week to file for the lien release. But it's my understanding that this lien record is there to stay for 7 years after. It's a legal lien for all intents and purposes. I can't really dispute it. I'm very open to any ideas that you may have on how to actually convince the b'crats at the Office to delete it from the record altogether though. That would be most excellent indeed.

The 12 year old Chase CC is obviously there to stay forever. Since my record is rather thin, my good payment history and everything else associated with this CC is probably what's making my scores to hold. The Premiere card is a piece of crap. I should've applied for an Amex card instead, where CL can soar high. Should I just dump this Premiere card? Its $200 CL hardly contributes to my overall CL, and I really don't care to stay with them.

I got 747 from Experian's site and 701 from Equifax's site, but correct me if I'm wrong, those aren't FICO scores anyway. I got nowhere with Transunion.com, and will soon pull my FICO TU score from TransunionCS.com to see where I stand.

My reports already show a hard pull from Chase. 2 weeks later, the application is still pending, though. Chase explained that when they raise your CC limit on their own, they do NOT do a hard pull, but if you apply for a new card with them or REQUEST a CLI, their policy is to pull a hard one.

I intend to always keep the util on my accounts low.

Anonymous · ‎09-08-2007

ficus wrote:
Thank you for replying to my situation.

I'm going down to the County Clerk City Register's Office next week to file for the lien release. But it's my understanding that this lien record is there to stay for 7 years after. It's a legal lien for all intents and purposes. I can't really dispute it. I'm very open to any ideas that you may have on how to actually convince the b'crats at the Office to delete it from the record altogether though. That would be most excellent indeed.

The 12 year old Chase CC is obviously there to stay forever. Since my record is rather thin, my good payment history and everything else associated with this CC is probably what's making my scores to hold. The Premiere card is a piece of crap. I should've applied for an Amex card instead, where CL can soar high. Should I just dump this Premiere card? Its $200 CL hardly contributes to my overall CL, and I really don't care to stay with them.

I got 747 from Experian's site and 701 from Equifax's site, but correct me if I'm wrong, those aren't FICO scores anyway. I got nowhere with Transunion.com, and will soon pull my FICO TU score from TransunionCS.com to see where I stand.

My reports already show a hard pull from Chase. 2 weeks later, the application is still pending, though. Chase explained that when they raise your CC limit on their own, they do NOT do a hard pull, but if you apply for a new card with them or REQUEST a CLI, their policy is to pull a hard one.

I intend to always keep the util on my accounts low.

When you go to the Tax office have a typed paper ready...It needs to have all info. about the lien. there needs to be a place for someone there to sign. Tell them that your attorney advised you to do this as you are trying to pay everything that you own on past debts. Explain that by paying the lien it will hurt your credit more then if you left it unpaid. BEG!!! It MUST be in writting just incase they do report.But take what you can get.

Scores in the 700 even though FAKO might put you in the 600 + range FICO (just a guess) You should be able to receive better CC then Premier.

Go to the thread for credit cards,you will get more info. a very good 1 is CCCU. You do not get instant approval. Many people are having trouble with AMEX. If you apply only apply for 1 card through them.and do not ask for an increase just take what they offer at the time.

Take your time and look at all CCC.

Rather then paying fees you can get Target and Walmart cards...they both report to all 3 CRA and are not hard to get. Low CL but it is a start and no fees

Message Edited by HappyDays on 09-08-2007 03:17 PM

Anonymous · ‎09-08-2007

OK, just got my FICO scores (Sep 8th, 2007) - EQ: 701, EX: 671, TU: 730
On all 3, the hurting factors are:
1. High credit usage. (No sweat there, for I will keep util well under 10% from now on.)
2. High revolving balances. (The 10% util will fix that right up.)
3. Seeking credit. (I'll stay away from applying for more credit for now.)

I can easily take care of these issues, so the scores should improve over time accordingly. The EX score, however, is further diminished by the tax lien. Neither TU nor EQ list the lien (here at Myfico.com), while when I pulled the credit reports from Experian.com and Equifax.com, they both listed the lien.

Thanks for your advice, HappyDays. If you don't mind, I'd like to PM you to discuss your suggestions in detail. So, you recommend that I dump the Premier card and get something else that carries no fees. I'm all for the dumping of this card. However, if I do get approved for another Chase CC (the app is still pending), should I then be content with 2 Chase CCs?

Also, is the reason why you recommend Target or Walmart cards that these types of cards add to the mix of types of CCs, or because they'd be easy to get? Because if it's the former, I'm all for it. If not, I'd rather apply for 1-2 more major CCs in the years to come, to eventually have 3-4 CCs. I'll definitely do thorough research on CCCs then.

I structure my finances in a pay-in-cash or don't buy sort of way. I think it has worked out OK for me, so clearly I don't really need additional cards. I just wanted to have more than 1 so there'd be more than 1 revolving account on my record.

Interesting note, as I was trying to pull my FICO scores here on this website just a few hours ago, I got "unable to verify identity" message, had to call in and go through a process to verify who I was. When I asked why this was the case, they said that I only had 2 CCs on file and that wasn't enough personal info to verify my identity. I guess the idea to go for more cards was a good one, but to go for the Premiere one was a bad one.

When time comes to apply for serious credit, hopefully all this work will have paid off and I have great scores and negotiating power that comes with that.

If anyone else has any major/minor suggestions on my situation, especially on how to dump the lien, I'd be more than grateful. Thanks in advance. This website provides tremendous education for those who are willing to learn.

Message Edited by ficus on 09-08-2007 04:07 PM

Anonymous · ‎09-08-2007

your FICO scores are very good DUMP that stinking card. BUT you do need CC as they count more toward scorse then other types of loans.

I brought up target & walmart as they are easier to get for low scores.

I only had 4 cards and the UTIL was high so I got 4 more which cut my UTIL in half. The only time I will use them is just for reporting. I have already used all but 1 CC.....Only need to use 1 time & then sock drawer them for 6 months.....then use for drugs ,grocery or something that you would use cash for....when they show on bill PIF. This keeps card active & CCC reporting.

Of course you can PM me