Just checking in with progress

[Anonymous]

Started my rebuild journey almost a year ago and at that time my 3 scores were all around the 505 area. During that time I have sent many GW letters and only being successful with 1 of 3 bad tradelines getting removed. The other 2 will fall off this year anyhow due to age so I gave up on the GW letters with those 2. The biggest thing I have done over the year to impact my credit score increase was opening 3 credit cards a using them as I was instructed on here and paying them off every month. I also had got an installment loan through my personal bank and have been paying towards it steadily and plan to pay the last few bucks on it off within the next 2 months. But as of today my scores are solid 650s across the board.  I have a small balance of $200 on 2 of my credit cards and fixing to pay the installment loan off, does anyone think once those are all paid to $0 my score will bump any? My 3 cards are Credit One Bank, 1 Capital One Secured and 1 Capital One Quicksilver. When the annual fee comes around for the Credit One Bank card would it be wise to just close that card? Will my scores suffer if I don't keep 3 cards open at all times? Trying to figure out what the best route to take is on having cards since my scores have no dramatically improved. 

[EW800]

I will allow those with more experience than I have to comment on your questions, but want to say congratulations on your tremendous score improvements!!

[RonM21]

If you.aren't getting any new cards I.wouldn't close any of them. They count towards your utilization and AAoA. Also, you get the most points only letting one card report a balance each month. You want it to report between 1 and 9% kf your overall utilization.

Also, the installment loan you are about to finish paying.....is that your only installment loan? If so, once it is paid off, you may lose some points because it effects your mix of credit they like seeing.

[cmony787]

I have also seen on the boards people contact Credit One about the annual fee and get it waived. Might consider trying that before you cancel

[Anonymous]

Well my plan was to upgrade to some better cards now that I have made the progress of improving my credit scores. At the time I took what I could get to help build credit again and Credit One Bank really isn't that great so I think ill part ways with them for sure as I only have a $600 limit with them. I plan to get a Walmart card and Id like upgrade my Capital One quicksilver to something a little better with CapitalOne if Im able to. As for installment loan I have the one thats fixing to be paid off and I have another that I only owe $500 on and then it'll be paid off also. Just looking for advice on the best direction to take. Thanks in advance. 

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@RM21 wrote:
If you.aren't getting any new cards I.wouldn't close any of them. They count towards your utilization and AAoA. Also, you get the most points only letting one card report a balance each month. You want it to report between 1 and 9% kf your overall utilization.

Also, the installment loan you are about to finish paying.....is that your only installment loan? If so, once it is paid off, you may lose some points because it effects your mix of credit they like seeing.

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