@FreedomHammer wrote:Absolutely. I don't need any more credit cards.
Thing is, when I login to Experian, I'm told I'm considered risky as my file is thin and "check out these offers", and that five accounts is the sweet spot.
Don't listen to those metrics. They are in the business of making money, which they do when you apply for a card through them. Plenty of "regular" folks just have 1 or 2 credit cards and do just fine, credit wise. What you really need to ask yourself is what are your credit goals, long and short term? What do you want to achieve with your cards? The biggest issue when first starting out is "short credit history" and "new accounts." You're going to see those comments for YEARS (I'm 3 years in and still see this). There's nothing you can do but let things age and continue using responsibly.
Incidentally, I did get 6 cards within my first 14 months or so (spread out of course), closed one card, and then gardened for a year. Then I got two more and have been gardening for the past year. And now I'm debating if I want to get another card, but honestly I'm very happy with where I am and what I've achieved so far. My biggest goal is getting a mortgage next, but I'm probably 2 years away from that if I'm being realistic.
@FreedomHammer wrote:My myFICO scores are as follows:
TU is the only clean bureau, with the others following suit by November:
FICO 8
EQ 669
TU 741
EX 651
FICO Bankcard Score 8
EQ 652
TU 757
EX 669
FICO Bankcard Score 9
EQ 681
TU 769 (was 786 but "punished for not using cards")
EX 632
I don't really have credit goals. Repairing my credit was a project during the pandemic. I helped a family member back in 2014 and they never repaid me.So, I have two "junky cards", the Self VISA 1050 limit ($500 secured/$550 unsecured, $25 AF; my oldest card, won't ever cancel it.) and C1 $600 QuickSilver.
I was fortunate to be approved for an Apple Card due to a clean TU report, $3600 starting limit, now $6600. They've been very good to me. And I love the card.
It would be nice to have one more revolver, like a Discover Card.
While this might be off-topic, I notice that my score suffers from not using cards, and too many accounts with balances. Makes no sense. And I'm not using the AZEO method.All three of my cards never report more than 1-2% utilization. I've tried only letting two report 1-2% utilization, and the third card (rotating between the three) reporting zero. I get the message that I'm not using them, and my FICO score drops 15+ points. So, not sure how to micromanage this aspect or if I should just let it alone.
For me, getting back into the credit game was about being able to adult. I had screwed up my credit in college and decided to ditch credit cards altogether. For 15 years I just budgeted and used my debit card, but it also meant I couldn't rent an apartment that did credit checks. I also couldn't buy a brand new car when my 12 year old Civic with 325k miles finally died on me, so I opted for a 10 year old car I could afford with cash. And renting a car when I went on vacation was a challenge. So when I wanted to move in to a new place with my now fiancé, I knew I'd have to do something about it.
Your oldest card is only 9 months older than any of your other cards. You can definitely close it when you start to get better cards, as it should continue to contribute to your age for 10 years after closing. When I opened up my first card again, I found out I still had an old Chase card reporting, that dropped off at the 10 year mark. I opened a $500 Cap1 Platinum that became a QuickSilver, opened May 2018. When I got approved for an $8k PPMC that got 2% in June 2019, closing the Cap1 was a no brainer for me, even though it was the "oldest" card, and it's still on my reports.
When it comes to only having 3 cards, AZEO is the best way to optimize scores. In the beginning I was obsessed with micromanaging my cards and scores to see how high I can get my scores, but it became exhausting. The only time it really matters is when you want to apply for something, but I'm also learning that if you have 7 cards and do AZEO, then it appears like you're not using the credit you have because the general public let's balances report naturally. So it's all just a balancing act because every lender looks at multiple things and the overall picture. It's not worth micromanaging.
As for having a thin profile, it's going to happen for a while because it's comparing you to people who have had credit for 30 years and have all sorts of open and closed accounts (loans, mortgages, credit cards, etc). I don't see anything wrong with wanting to open another card or two though. Especially when you start to outgrow your other cards (it happens). But if you say your other reports will clear up in November, it's not a bad idea to wait. Better cards and limits will open up to you when your reports are clean and your scores go up.
@FreedomHammer wrote:My myFICO scores are as follows:
TU is the only clean bureau, with the others following suit by November:
FICO 8
EQ 669
TU 741
EX 651
FICO Bankcard Score 8
EQ 652
TU 757
EX 669
FICO Bankcard Score 9
EQ 681
TU 769 (was 786 but "punished for not using cards")
EX 632
I don't really have credit goals. Repairing my credit was a project during the pandemic. I helped a family member back in 2014 and they never repaid me.So, I have two "junky cards", the Self VISA 1050 limit ($500 secured/$550 unsecured, $25 AF; my oldest card, won't ever cancel it.) and C1 $600 QuickSilver.
I was fortunate to be approved for an Apple Card due to a clean TU report, $3600 starting limit, now $6600. They've been very good to me. And I love the card.
It would be nice to have one more revolver, like a Discover Card.
While this might be off-topic, I notice that my score suffers from not using cards, and too many accounts with balances. Makes no sense. And I'm not using the AZEO method.All three of my cards never report more than 1-2% utilization. I've tried only letting two report 1-2% utilization, and the third card (rotating between the three) reporting zero. I get the message that I'm not using them, and my FICO score drops 15+ points. So, not sure how to micromanage this aspect or if I should just let it alone.
I'd close that Self card in a heart beat, not only do you have deposit money tied up in it, there is an annual fee on top. As for the Self card being your oldest, not a valid concern, it will continue to be your oldest even after you close it. A year ago I was in a similar boat, I opened a CapOne secured card with a $1,000 limit, and then found A) a limit of that size wasn't workable for me, and B) when I paid the card in full weekly, CapOne would "hold" every other payment for up to 12 days. Yeah, I closed that card after less than 7-weeks; my point is, here we are over a year after I closed it, and it is still reporting as my oldest card and factors into my AAoA.
Regarding your CapOne Quicksilver, unless it is a QuicksilverOne with an annual fee, you might want to keep that one around for a while, if for no other reason than the 1.5% cash back reward is a nice perk and better than anything else you currently have.
@FreedomHammer wrote:So I can close my oldest card, my Self account? I tried a simulator (it was Vantage) and it said I will lose like 30 points for doing so.
Vantage scores react differently and they don't count closed accounts toward your account age. But FICO will be fine and shouldn't drop that much (if at all).
