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I am in the process of working to rebuild my credit. I have 3 older credit cards (with a 30 day late payment on each >2 years ago). I don't see the creditors increasing the CL, so i'm wondering if I should close them. They ARE my oldest accounts though.
Gap store card - $300 CL w/ $0 balance (I spend about $50 here and there on this card and then pay off.)
Express store card - $700 CL w/ $0 balance (haven't used in 3 years)
Target store card - $300 CL w/ $0 balance (use regularly and pay off monthly)
Both of these cards I obviously want to keep, and have had both < 1 year:
Chase Freedom - $2,000 CL (no CLI yet)
Costco Citi card - $2,000 CL (no CLI yet)
Are those small store cards affecting me negatively? I'd like to see a credit score > 700 in the next 6-8 months.
TU: 646
EQ: 647
@Anonymous wrote:I am in the process of working to rebuild my credit. I have 3 older credit cards (with a 30 day late payment on each >2 years ago). I don't see the creditors increasing the CL, so i'm wondering if I should close them. They ARE my oldest accounts though.
Gap store card - $300 CL w/ $0 balance (I spend about $50 here and there on this card and then pay off.)
Express store card - $700 CL w/ $0 balance (haven't used in 3 years)
Target store card - $300 CL w/ $0 balance (use regularly and pay off monthly)
Both of these cards I obviously want to keep, and have had both < 1 year:
Chase Freedom - $2,000 CL (no CLI yet)
Costco Citi card - $2,000 CL (no CLI yet)
Are those small store cards affecting me negatively? I'd like to see a credit score > 700 in the next 6-8 months.
TU: 646
EQ: 647
Not affectively you negatively, so long as you don't have high balances vs their low limits reporting
@Anonymous wrote:I am in the process of working to rebuild my credit. I have 3 older credit cards (with a 30 day late payment on each >2 years ago). I don't see the creditors increasing the CL, so i'm wondering if I should close them. They ARE my oldest accounts though.
Gap store card - $300 CL w/ $0 balance (I spend about $50 here and there on this card and then pay off.)
Express store card - $700 CL w/ $0 balance (haven't used in 3 years)
Target store card - $300 CL w/ $0 balance (use regularly and pay off monthly)
Both of these cards I obviously want to keep, and have had both < 1 year:
Chase Freedom - $2,000 CL (no CLI yet)
Costco Citi card - $2,000 CL (no CLI yet)
Are those small store cards affecting me negatively? I'd like to see a credit score > 700 in the next 6-8 months.
TU: 646
EQ: 647
For FICO scoring purposes, you need 1 account to report a balance of less than 10% and the others report a zero balance when the statements cut. Also you need an installment loan reporting.
If I were you I'd work on getting those 30 day late payments removed. Since they are of the lightest severity, they are often the easiest to get cleaned off, especially if your payment history is otherwise solid.