fun with numbers-what will mine be?

[Anonymous]

I have found a new way to relax...read about credit.  Bizarre, but consistent with my history of gambling.  Now that I'm not doing that (over 6 months now), I'm seeing how I can live better on my decent disability income.

Since coming here in December, after receving a preapproval for a suprising CSP, I have learned a lot and have made major changes to my credit line up, influenced heavily by my addictions counselor and people on this forum. My counselor wanted me to get rid of ALL my credit cards and I had a major problem doing this.  I gave in partially and canceled two Cap 1 cards yesterday (less than three years old with $5K total CL between the two).  In January I added CSP and a card from recently joining NFCU, totaling $15K in additional credit.  My NFCU eq score was 652 at the time of my application.  I don't know what chase used, but I got the minimum CSP 5K line.  I checked credit karma yesteday and my scores were 723 TU and 703 EQ.  I know they're not accurate but at least they give me an idea.  I used sesame to get an idea of EX and it was also 723.  The scores reflect the $3500 balance I had in early February on one card with a 10K limit and no other balances among 8 cards with a $25K total credit line.  Now I have a $200 balance on 6 cards with a $20K total CL.  I only have long history with one card, an AMEX charge that I PC'd to senior gold yesterday (has a 23+ year history).  The other cards are less than 3 years old and two are brand new.  27 accounts show in my file.  The reports update in a couple of days.

The only other thing I'd like to is add a no-fee AMEX revolver (I've been babbling about this in other threads) but my history of late payments and settlements (last one was a 60 day in 2013) probably will prevent me from getting an Everyday or Blue Cash Everyday, though CK says I have a 'very good' chance of getting either card (poor for the preferred version).  They gave me a "fair" chance of getting CSP and I got it.  I don't like using the word "chance" and "luck" for obvious reasons.    I'm afraid of applying although I've been assured it's a soft pull if rejected (last time I tried was 8/2014 and I was gambling at the time-just before entering inpatient program for gambling addiction).   I have at least 8 HP's on EQ and EX and 4 on TU.  Right now I really don't need anything other than more history which getting another AMEX offers.  I PC'd my 2 year old green to senior gold yesterday and kept the 24 year history.  I have the travel card in CSP and a decent line with NFCU, that's really all I need but I kept two other chase cards for the pennies I save on amazon and 5% revolving offers.  I also have a huge $115K debt on a home equity line of credit.  Thanks to this forum I wrote the CEO of BofA a long letter and they politely denied making any changes to the loan or removing some of the 11 late payments.  Yes, I've been bad, but not lately.  All cards, including the closed Cap 1's were always paid on time and had no problems..  I'm old, too (54).  I live alone and lost family relations because of what I did with money and gambling.  Fortunately I have veterans benefits, social security and a VA-appointed fiduciary to help me, though I have to pay $120 for her services and she treats me like a child.  The previous fiduciary was indicted for fraud.  You may know other problems with the VA but it saved my life many times over and keeps me going today.  I'm one of the more fortunate ones who is able to have any money and the ability to kibbitz about credit cards to pass the time.  If you're wondering, I served in the Navy in the 80's and am on permanent disability for bipolar disorder.  I'm sure many will frown about this, but, to use a gambling term, I really am "lucky."

So, what will my score be after all the dust settles?  If or when will I be able to get an AMEX revolver and close the book on this credit adventure?   Or will I be like so many others and be unable to "stay in the garden?"  I have two years (if I live that long) to prepare for the $1000+ payments on the LOC that will last for 15 years until I'm 72.  Who know what today or tomorrow will bring?  No one knows.  

Well, I'm still learning.   Rehearsal starts in a few minutes.  Shows and rehearsals are what I do in lieu of work.  Sometimes I get a little extra over my $50K annual disability.  Most important is that I'm not gambling, but this credit stuff still "keeps me in action."  I don't think I'm alone in this.

Gotta relax some other way...

Take care and thanks to anyone who read this.

I'll let you know what my March numbers are, for what they're worth.  Probably not much in the grand scheme of things.

[Anonymous]

For starters, congrats on your recovery!

I will be curious as to how it affects your scores.  I am developing my own theory.  I am in the "newborn" category as I am calling it. I have the thinnest file imaginable for my age (not much younger than you).  Until November, I didn't have a credit card.  I have one old (10 yr) closed account on my report.  I have always paid cash for what I have bought, that includes cars but no house.  Anyway, the newborn category is because my credit is less than 6 months old.  I paid off 2 small balances and my scores dropped 20 points.  I am seeing others who's scores crashed after paying off or paying down their balances.  I think they might be in the "toddler" category.  Average age of no more than 2 or 3 years.  Those who swear that having 1 card with utilization less than 10% are school age, at least 5 yrs to 15+ yrs AAoA.  I got married a little over a year ago.  We decided last summer that we want to buy a house in the next year.  Well, due to the lack of my credit file, we couldn't do that.  Hence my newborn phase.  To get me going, he added me as an AU on a small 2 yr old credit card account he had.  Because of the higher annual fee, we closed it a couple weeks ago.  He replaced it with  2 cards from cap 1 with $10k cl's.  My scores took an additional 15 - 20 pt drop.  I lost that AA0A.  Posts said that an account stays on your report for 10 yrs so the AAoA won't be impacted.  It didn't hurt my husbands scores, just mine.  

You aren't alone.....I spend more hours than I care to admit reading about the various aspects of credit.  I only wish I took this much interest years ago lol  I will be curious to see how your changes impact your scores.  Because you are "school age" (as I call it), I don't think you will take a huge hit unless it makes your utilization go crazy.

Thank you for your service and Keep up the good work!!!  

[Anonymous]

Only one closed card posted, a $2K card almost 3 years old.  TU Vantage dropped 2 points, paid credit card balance not showing so utilization at 15%.  I also closed 3K card 1 1/2 years old,  not showing yet.  EQ Vantage unchanged at 703.  See what happens next week.   Yeah, closing not good for scores, but made therapist happy.  Life is more important than a number.  AAoA went up to 5 years, though on remaining 6 accounts.

[Anonymous]

Oh, my TU Vantage went up 35 points to 756, eq slightly up to 706, experian at 705.  Closing accounts didn't make difference, but paying a $3500 credit card balance did. Utilization near 0 again.   Have no idea what FICO is, probably around 650 as reported in January when I opened a NFCU card and Sapphire.  Too cheap to buy the service here, no need for more credit apps in the future but still have to fight temptation.  Oh well, that's what therapist is for!