@Anonymous wrote:So, I've been managing my lines since I signed up here and have seen a HUGE jump in score. (started at 418, now have been as high as 670) I am now in the mid 600's on TU/EQ (using Credit Karma, I know not the best source) and wondering what my next move should be. Lines are as follows:
Merrick Bank - $600//$1000 (recent charge, paying off within 30 days)
Capital One Platinum - $0//$500
Capital One QS One - $0//$500
Indigo Bank - $0//$300
First Premier - $0//$300
Credit One - $0//$300
Webbank/Fingerhut - $0//$500
Avant - $0//300
Reflex - $0/500 (doubles to $1000 line in 3 more months)
In the total cards above. What was the time frame from first to last. Less than a year?
Using $600 of $4200 available @ 14% UTI For now get your aggregate (overall) percentage below 8%. Thats a threshold.
5 Hard inquiries (3 falling off in June)
Avg Age of account: 10 mo You want this to pass 2 yrs.
I have 2 US Dept of Education loans from 2009, showing closed as of Nov 5th 2017 totalling about $6,000.
I have a closed Discover card from Jul 7th 2017. It was a Prepaid IT card with a $500 balance, it was closed with a balance of $274. No collections showing for the student loans or this Discover card. I have a few questions:
Should I close any of these small, "predatory lines" and go for less cards with more limit on them? If so, should I close these small lines first or after I obtain the better lines? Where should I go from here? I've been told apply for department store cards, Wal Mart, Victoria Secret, etc. Is that sound advice? No. Should I be looking at any specific creditor? Not yet.
Should I attempt to contact Discover to Pay-For-Delete that account? If so, how do I go about that? Pay it before it goes to collections. That will be another hit to your scores for yrs. They dont do PFD.
I know I need to get on a repayment program for my Student loans, I just wanted to include them here for full disclosure.
Any and all advice is welcomed and appreciated. Thank you!
For now if it has a annual fee. Once it hits 11 months. Close it. They will still report for 10 yrs as a positive. I feel these were all obtained in a short period and that hit your AAoA's. As long as you end up with 3 cards. Cap1 are keepers. You can upgrade the Plat to a QS here so you'll have 2 cash back cards from Cap1. https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade
The three above in red can be kicked to the curb now. Unless Avant and Reflex have worse fees.
I'll ping @calyx on how to handle the student loan situation. For now let things age for a year. Use your Cap Cards. Especially if you get the upgrade. And let the 3rd one be a fill the tank PIF when it post card. Then you have some history and can start looking at Disco and others. It takes time. I know we want it yesterday. It goes by fast. Trust me. Cant belive I'm approaching 5 yrs since BK. Seems like yesterday.
