RE-Building question--

[rchvmz]

I am officially DISCHARGED from my Chpt 13....shows on all 3 CRA as discharged. 

During the last year of it, the trustee allowed me to have cards up to 3k. I got several, but they are the typical AF guys, Credit One---Indigo--First access--all with low limits--300 and 400 hundred limits. I got two with 1000.00 Limits, Aspire, Fortiva and Mission Lane. Also with AF. Then I got the Sportsman Club visa----3k, with 0 AF-----all these while the BK was active. Last week, Cap 1 and Mercury both handed me cards with 4k limits, neither with AF..........heres my question. I seriously would like to cancel the  Credit One(400 limit, 95 AF)---Indigo--First access, both 300 limits with 99 AF--Those are the 3 with almost a year of history, but my old cards that were in the BK are adding to my AAOL, so----whats the best thing to do here, from ya'll who have THE EXPERIENCE-------go ahead and cancel the cards mentioned, take the hit to my scores or suck up the AF's, pay them until my scores are stronger?-------Fico 8 currently are....TU-670---EQ--701---EX---680.                                    FYI--NO COLLECTIONS------

[chiefone4u]

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@rchvmz wrote:

I am officially DISCHARGED from my Chpt 13....shows on all 3 CRA as discharged. 

During the last year of it, the trustee allowed me to have cards up to 3k. I got several, but they are the typical AF guys, Credit One---Indigo--First access--all with low limits--300 and 400 hundred limits. I got two with 1000.00 Limits, Aspire, Fortiva and Mission Lane. Also with AF. Then I got the Sportsman Club visa----3k, with 0 AF-----all these while the BK was active. Last week, Cap 1 and Mercury both handed me cards with 4k limits, neither with AF..........heres my question. I seriously would like to cancel the  Credit One(400 limit, 95 AF)---Indigo--First access, both 300 limits with 99 AF--Those are the 3 with almost a year of history, but my old cards that were in the BK are adding to my AAOL, so----whats the best thing to do here, from ya'll who have THE EXPERIENCE-------go ahead and cancel the cards mentioned, take the hit to my scores or suck up the AF's, pay them until my scores are stronger?-------Fico 8 currently are....TU-670---EQ--701---EX---680.                                    FYI--NO COLLECTIONS------

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As long as your aggregate utilization isn't pushed to high (say, over 28.9%) by closing those accounts,  there is no real reason to keep them open. 

The closed cards will continue to help with AAoA for upto 10 year's after you close the cards.

Personally, I would close any card that you have no use for that charges an annual (or monthly) fee before the next fee is due.

I'm sure you've got better things to use $104 a year on (emergency fund or retirement account possibly... it all adds up).

[rchvmz]

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@chiefone4u wrote:

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@rchvmz wrote:

I am officially DISCHARGED from my Chpt 13....shows on all 3 CRA as discharged. 

During the last year of it, the trustee allowed me to have cards up to 3k. I got several, but they are the typical AF guys, Credit One---Indigo--First access--all with low limits--300 and 400 hundred limits. I got two with 1000.00 Limits, Aspire, Fortiva and Mission Lane. Also with AF. Then I got the Sportsman Club visa----3k, with 0 AF-----all these while the BK was active. Last week, Cap 1 and Mercury both handed me cards with 4k limits, neither with AF..........heres my question. I seriously would like to cancel the  Credit One(400 limit, 95 AF)---Indigo--First access, both 300 limits with 99 AF--Those are the 3 with almost a year of history, but my old cards that were in the BK are adding to my AAOL, so----whats the best thing to do here, from ya'll who have THE EXPERIENCE-------go ahead and cancel the cards mentioned, take the hit to my scores or suck up the AF's, pay them until my scores are stronger?-------Fico 8 currently are....TU-670---EQ--701---EX---680.                                    FYI--NO COLLECTIONS------

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As long as your aggregate utilization isn't pushed to high (say, over 28.9%) by closing those accounts,  there is no real reason to keep them open. 

The closed cards will continue to help with AAoA for upto 10 year's after you close the cards.

Personally, I would close any card that you have no use for that charges an annual (or monthly) fee before the next fee is due.

I'm sure you've got better things to use $104 a year on (emergency fund or retirement account possibly... it all adds up).

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My utilization is at 1%.....I've kept my stuff clean this time. I have 1small secured loan with PenFed for the mix aspect...it's paid ahead and down to 8%..... Thanks for the info. I couldn't agree more. 

[rchvmz]

I think most of ya'll have seen many of my posts----I was DC 12/14/21 from 13BK----I have re-established credit--closed 4 starters under perfect terms, 0 to 1% Utilization reported on them. Current AAOA on Fico= 3yrs-11 months---Have 4 no fee CC, (Cap1-Mercury--Ollo--Sportsman visa, Tcl=13k)--2 store cards(Kohls-OverstockTcl=5k) 2 cards with Upgrade(dont report as revolvs Tcl=5k) and 1 $600.00 Share loan with Penfed, pd down to 8%----my current Fico 8==Eq-703  TU-663  EX-685-----current utilization is 1%...Ps--all 3 files are frozen.

Is there ANYTHING else I can do to help boost my scores until the BK falls off in 3 yrs, 8 mos?..Anything at all, or will this be as good as it gets until the BK is bye bye?

[FireMedic1]

You've done well with the rebuild. Not much to do but time. You have the min. 3 revolvers and a loan which is the FICO rebuild bonus. More credit doesnt mean higher scores. Nor does higher limits. Its whats reported each month that counts. Just got to let time do its thing.