On the right track for 2014?

[Anonymous]

Hello,

I am new to this forum as a member, but not as a visitor. This is my first post.

I'm 25 years old. I want to make sure I am on the right track. This has been bothering me for awhile now.

Heres the details:

I now have 8 CC's.

My oldest credit card is apporx. 3yrs of age. 750CL around 25%Int.

As of two days ago my FICO score from my Walmart card was 711.

I applied for 3 CC's last night. Maybe a bad idea, maybe not.

Here is all 8 CC's and their CL's:

Applied last night VV

1.) Capital One Venture. No AF. $3000CL *Instant Approval*
2.) Barclaycard Rewards Master Card. No AF. $2500CL *Instant Approval*
3.) Amazon Rewards Chase. No AF. $2000CL *Instant Approval*

Had for awhile VV

4.) Discover Cashback Bonus. No AF. $3800CL
5.) Walmart. No AF. $1600CL
6.) Dicks Store Card. No AF. $2000CL
7.) Guitar Center Store Card. No AF. $900CL
8.) Capital One Platinum. No AF. $750CL

Credit line before the 3 new cards: $9050CL
Balance UTL before the 3 new cards: $2000 / 22%UTL

Credit line after the 3 new cards: $16550CL
Balance UTL after the 3 new cards: $2000CL / 12%UTL

Some notes:

- I have no other debt
- Never had late payments
- Never went over-the-credit line
- The current $2000 balance (Walmart & Cap 1) will be paid off in three months

My questions:

1.) Did I just make a crucial mistake?

2.) Approx. how bad did I just hurt my ST FICO score?

3.) Should I cancel any of my CC's? Leave them sit indefinitely with 0 balances (Cap 1, Dicks, and Guitar Center)?

4.) What's my LT look like with a healthy rotation cards 1-5 with balances PIF monthly?

5.) Will my new cards I just got be canceled because I applied for 3 at once?

Thank you so much for taking the time to read my first post. I take pride in creating a strong and healthy financial backing for my future.

I will appreciate all the information I can get.

Thanks.

[AndySoCal]

First of all welcome to the forms

In answer to your questions

1)  I do not think it was a crucial mistake not sure if it was a mistake at all. I would advise you to stop  applying for a while  ( a year or so would be good). Even if it was a misktake there is nothing that can be done now.

2) I would guess around 20 points maybe more. In time those points should come back in time.

3) Leave them open.

4) You should be fine in the long term. I agree with you plan to pay off the debt to WlalMart and Capital One.  It will help your score as well.

5) I doubt it very much. I applied two cards in the same month a few years ago with no problems.

Hope this helps.

[Anonymous]

Hello, 

Thank you so much for the quick reply. 

Ultimitly, my goal is to open a few cards now while I am still young so my history of credit will be impressive. That combined will excellent payment history should keep me in great standing. 

I hope that paying my current $2000 balance in 2-3 months will help bring some of those points back. 

I will not be applying for any more cards. I hope to keep these cards long-term and then, in the future, call and transform them into better, more approriate cards. 

I just dont want to throw the Cap1, Dicks, and Guitar Center into the sock drawer and somehow have them hurt me in some way. I mean they are 0 balances and no AF, so I don't see why they would. 

[CreditJunkie917]

it sounds like you have a great plan going forward! And congrats on your approvals! Having cc's in the sock drawer won't hurt you. They will continue to age, and if you dont feel 100% about that, use them sparingly on very small purchases then pay it off in a few days.