Hello MFers. New here, have been lurking awhile trying to learn how to rebuild. Before I found this place I went on an app spree, my scores are not as high as I originally thought and now I need to get serious about rebuilding so I can eventually lease a newer vehicle with a rate lower than 11.8% and also get the house I live in in my name (currently in my sister and her husbands name). Sorry if I ramble bug I tend to have a million thoghts at once. I will try to stay on topic,here goes.
Like I said, I recently went on an out of control app spree thinking my credit was a lot higher than it really is. Got approved for quite a few cards with decent limits, now after reading a bit here I see having all these cards will do me no good in rebuilding. My thought process was having cards with zero balances will bring my score up, apparrntly thats not the case so I want to close a few, right??
I have had credit for 17 years, filed BK jointlg with ex husband back in 2006 which has been off my report for 2 years now. I had some bad defaulted student loans etc. My AAoA is 5.7 years so closing recentlg opened cards isnt a problem for me i dont think it will affect me much.
Heres what I have in order of open date:
Cap One QS limit 600 opened 11/16. Rarely used cause of low limit/high interest
Wells Fargo Cash Wise, CL 2k, balance 600, opened 1/2018. Use the most becausecI got 0% intro until Jan 2019. Working on paying off now before Jan so I dont get slammed with all the interest when intro is over.
AmEx Gold Charge opened 8/2018 Got this because I qualified and felt special having done so... Have not used much because I dont want to have a balance but charged 2300 in two months (paid off) so I would get 25k bonus points. Not sure i will use it enough to justify 250 dollar annual fee. ???
Menards BIG Card (capital one), 2500 CL, balance 1550. Got this because i work therr and am working on building a master bedroom in my basement. The 48 month financing at 3.9% is nice. This is my only card that carries a balance.
Target, limit 300, balance 63 will be paid 10/26. Just opened last month.
Amazon prime store card, limit 400 balance 165. I love amazon and got this for 5% cash back. Opened 9/18.
Discover it. CL 2k. Havent received card yet no balance. Got 0% fpr 15 month intro.
USAA Amex cashback rewards plus, cl was 1k, recently imcreased to 3k. Use this the most and always pay it off so never have a balance. Opened within last year cant remember.
Have already closed about 4 cards i never use, or recently opened and wont use. Just wondering if i have too many now. Want to do the AZEO method but have to pay down my studeng loan balance first. Current util is like 185% because of all the accrued interst from being on deferement so long.
Am i taking the right path? I feel like my scores dont move much, i havd some negs that should be removed soon by either SOL or because i wrote GW letters. Thought i was close to 700 but then realized vantage (credit karma) isnt even a real score, so that was disappointing. Bought real fico scores for a dollar yesterday from CCT and was sort of horrified that they were below 650 when I had thought for the past almost year I was almost to 700!!!! Really want to get to 700 and dont know if i am doing anything right. Please help.
