My name is Stephanie and I have an App problem

[sharriel]

Now that I can actually get credit, I can't help it but to apply.  I don't know what to do to stop applying!!

Since June, I have gotten the following:

Cap1 Secured - $250

Cap1 Quick Silver - $500

Barclay's - $500

Buckle - $250

Ann Taylor - $250

HSN - $250

Express - $250

Victoria's Secret - $250

Woman Within - $250

Target - $200

Kohl's - $600

I don't even shop at half of those stores!! Would it hurt me more to close them or to keep them?  Tell me to stop apping!!!!!!!!

[Bleu]

I really cant tell if you're serious or trying to be cute. Nothing is cute about a bunch of cards and no score. Let them mature. And stop appin'

[fireguy01]

I think she is serious. 

Here is the deal. Credit applications provide instant gratification if you get approved. 

Believe it or not, for someone with an 'addictive personality'....the can become a problem. 

The point is...you see it. Recognizing it is the first step to solving the problem. 

Now you have to keep your wits about you. Let them grow and mature. Prune when you think the time is right, and start closing the ones you dont use. Do it wisely though so it doesn't effect your credit as much. 

Set a goal for yourself. Don't apply for credit for at least a year. Until then, focus on improving your score by being on time with payments, watching utilization, and working on other aspects of your credit. 

[Bleu]

Wouldnt close any. Might as well keep them all and let them grow.

[fishbjc]

Those are all toy limits. Do you really want a bunch of cards that will close when not used? So you buy a few things just to keep open. Why waste the money? Concentrate on gardening and keeping one card at 9%. Let it age. It is best to get a rewards card and use it wisely. Good luck!

[titanofold]

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Where's the down-vote button....

Edit: ah well I have one --Carebear

[newmomnewme]

Stop Applying! Keep them open and rotate using them. Keep $0 balances except Cap1 Quicksilver let it report at <9%.

Closing one or two that were just opened last week won't make a difference in your score, but why? 

You need to get to the garden immediately!! In a few more months, you might start seeing some Credit Line Increases coming your way....

Good luck Girl!!!! 

[myjourney]

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@sharriel wrote:

Now that I can actually get credit, I can't help it but to apply.  I don't know what to do to stop applying!!

Since June, I have gotten the following:

Cap1 Secured - $250

Cap1 Quick Silver - $500 

A good builder card 

Barclay's - $500 

A good lender but when they review your account and they will your app itch problem may cause this lender to close your account this in itself should be enough to make you stop applying. I really don't think you want other possible lender to see closed by lender on your CR's 6 months after opening 

Buckle - $250

Ann Taylor - $250

HSN - $250

Express - $250

Victoria's Secret - $250

Woman Within - $250

Target - $200

Kohl's - $600

I don't even shop at half of those stores!! Would it hurt me more to close them or to keep them?  Tell me to stop apping!!!!!!!!

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So lets look at it per your own statement 

You have 8 store cards half of which you don't use so will say your using 4 in general (new)

You have 1 secured card (new)

You have 1 cap1 CC which is probably enrolled in the credit steps program (new)

You have 1 Barclay which is a very good company to be with but your current behavior may cause this account to close (new) 

Shock treatment 

if Barclay shuts you down your left with 1 CC 1 secured card with the same lender I might add and 8 store cards 4 of which serve no purpose 

Suggestion close the store cards you don't use so you look better to Barclay who reviews accounts regularly. Do not apply for any more credit for the next 9-12 months

Time to garden build AAoA, Scores, age INQ's and build positive history with 2 lenders that may be the key to open doors to all lenders 

Just my 2 cents tho

[llecs]

OP, what's your pain point? Would it hurt you if you had a lower score? More statements? More accounts to juggle if you use these cards? Knowing that you'll have a lower score for a future car or mortgage app? I love the thrill of the hunt. But my pain point is seeing a lower FICO. I know if I pull my FICO scores before and after the app, and see it drop, then that hurts me. And if it hurts me, then I'm less likely to do it again. 

[sharriel]

I know I shouldn't have opened all of these but I did and have learned my lesson.  I would like to get a mortgage next summer but now I'm scared to death and I have totally ruined my chances by getting a few stupid $250 credit limits.  If I close 2 of these with 0 balances, will it do anything? 

Right now my AAoA is:

Length of Credit History 22 Years, 8 Months

Average Account Age 5 Years, 5 Months

Will closing 2 of these make them come off my report and possibly raising my AAoA?