edubb007 Posted March 10, 2005 Report Share Posted March 10, 2005 So like all of you I have been through the ringer with creditors Now it's time to cancel cards and round out my portfolio than I'm done! I can use some help! This is what I look like! Credit Wise anyway! Revolving Credit:CU MASTERC(AU)- OPENED 6/98- 500 BAL- 6000 CLCHEVRON- OPENED 5/03- 0 BAL- 300 CLLOWES- OPENED 7/03- 0 BAL- 500 CLHOME DEPOT- OPENED 7/03- 0 BAL- 2500 CLPROVIDIAN EBAY- OPENED 12/03- 300 BAL- 1000 CLBEST BUY- OPENED 3/04- 1300 BAL(new tv)- 2000 CLCITI PLAT- OPENED 10/04- 1850BAL- 5000 CLMBNA EXTRA PNT- OPENED 2/05- 0 BAL- 7500 CLAMEX BLUE- OPENED 3/05- 0 BAL- 2000 CLJCPenny- OPENED 3/05- 1200 BAL- 2000 CL Installment Loans * MORTGAGE NOT REPORTING YET SHOULD REPORT 4-1-05WELLS FRAGO- PERSONAL LOAN- 1800 BAL- 3000 INITIAL OPENED 3/04CAR LOAN- 400 MNTLY - 14K BAL- 20000 INITIAL OPENED 5/03 Other UTILITY THAT REPORTS- OPENED 9/03- 99 MONTHLYThat's it in a nutshell....I have to cancel some of the revolving and pay down allot. i actuall just talked to DW and I will have the Best Buy down 500 next week and the CU card to 0 next week. I also will have the JCPenny and Providian done by this years ebd. The car payment is done after this year too. So I think I'm in potentially a good spot for a well rounded portfolio. Now anyone have any suggestions???Thanks for any ideas...Edubb Link to comment Share on other sites More sharing options...
score booster Posted March 13, 2005 Report Share Posted March 13, 2005 That looks pretty respectable to me! Personally I don't like the idea of having over 3 or 4 open revolving accounts. However, since you've got it rounded out with installment debt and a mortgage soon to hit, you've got it pretty well balanced. Keep 'em all open and let 'em age! Link to comment Share on other sites More sharing options...
score booster Posted March 13, 2005 Report Share Posted March 13, 2005 That looks pretty respectable to me! Personally I don't like the idea of having over 3 or 4 open revolving accounts. However, since you've got it rounded out with installment debt and a mortgage soon to hit, you've got it pretty well balanced. Keep 'em all open and let 'em age! Link to comment Share on other sites More sharing options...
workinninetofive Posted March 13, 2005 Report Share Posted March 13, 2005 WOWSA.. LOL.I would definitely pay some of these off and close them altogether. Esp like JC, that is still new. You have plenty of cards. As far as the ones with older history, I would keep them. Definitely keep AMEX. Personally, I would keep about 4-5 (max) cards. Link to comment Share on other sites More sharing options...
workinninetofive Posted March 13, 2005 Report Share Posted March 13, 2005 WOWSA.. LOL.I would definitely pay some of these off and close them altogether. Esp like JC, that is still new. You have plenty of cards. As far as the ones with older history, I would keep them. Definitely keep AMEX. Personally, I would keep about 4-5 (max) cards. Link to comment Share on other sites More sharing options...
wert Posted March 14, 2005 Report Share Posted March 14, 2005 I'm just not a fan of closing cards once you get them. Pay them off and throw them in a draw. Even so some of them may be fairly recent, you really need the length of time to help your score. I personally keep one of those business card folders to keep my CCs in and file it in a drawer. Once your score gets above 800-you can selectively cancel then!! Link to comment Share on other sites More sharing options...
wert Posted March 14, 2005 Report Share Posted March 14, 2005 I'm just not a fan of closing cards once you get them. Pay them off and throw them in a draw. Even so some of them may be fairly recent, you really need the length of time to help your score. I personally keep one of those business card folders to keep my CCs in and file it in a drawer. Once your score gets above 800-you can selectively cancel then!! Link to comment Share on other sites More sharing options...
jq26 Posted March 14, 2005 Report Share Posted March 14, 2005 Hi Edubb,Very nice work, restoring your credit worthiness. Impressive how much credit you have! I have to split the difference between the answers you received. I would cancel any cards involving annual fees, etc. Or call them with the intent to cancel and see if they will drop all fees, then if they won't do this without a credit check, cancel. Then you can throw all of the good cards in a drawer and let them age, occasionally using one for gas or something, then paying off. Maybe your score will dip, but after time it will recover. At this point, you have your mortgage hooked up already. Whatever you end up doing, you'll be in good shape!!JQ Link to comment Share on other sites More sharing options...
jq26 Posted March 14, 2005 Report Share Posted March 14, 2005 Hi Edubb,Very nice work, restoring your credit worthiness. Impressive how much credit you have! I have to split the difference between the answers you received. I would cancel any cards involving annual fees, etc. Or call them with the intent to cancel and see if they will drop all fees, then if they won't do this without a credit check, cancel. Then you can throw all of the good cards in a drawer and let them age, occasionally using one for gas or something, then paying off. Maybe your score will dip, but after time it will recover. At this point, you have your mortgage hooked up already. Whatever you end up doing, you'll be in good shape!!JQ Link to comment Share on other sites More sharing options...
crofttk Posted March 14, 2005 Report Share Posted March 14, 2005 Edubb:Wow, Amex Blue, LOL. I'm Impressed w/ that ! Congrats !Your portfolio looks nicely rounded, too.Well, I'm with wert. Unless you're getting the "too many accounts" reason from FICO and it's keeping you from advancing your score to meet some real and specific need, I'd spread the utilization around (once you pay down all you can) evenly, throw them ALL in the sock drawer, then just pay minimum on them all for eternity.The only PITFALL is if you lack the discipline to leave them in the sock drawer (I think that's a problem for more of us than want to admit, including myself).If I HAD to pick some to close because I was afraid discipline was a problem and thought 6 max was my limit, I'd go with closing Lowes, Providian, Best Buy, and Citi. This is just hypothetical and I don't know the APR's on these cards so that could be optimized no doubt. I did check based on your opening dates though and it would raise the average age of your CC accounts from 18 months to 21 months. Also, with a redistribution of current balances, your utilization would still only be 25%, still below 30%.Myself, though, I'd be brave and try the sock drawer method first.Good Job ! Link to comment Share on other sites More sharing options...
crofttk Posted March 14, 2005 Report Share Posted March 14, 2005 Edubb:Wow, Amex Blue, LOL. I'm Impressed w/ that ! Congrats !Your portfolio looks nicely rounded, too.Well, I'm with wert. Unless you're getting the "too many accounts" reason from FICO and it's keeping you from advancing your score to meet some real and specific need, I'd spread the utilization around (once you pay down all you can) evenly, throw them ALL in the sock drawer, then just pay minimum on them all for eternity.The only PITFALL is if you lack the discipline to leave them in the sock drawer (I think that's a problem for more of us than want to admit, including myself).If I HAD to pick some to close because I was afraid discipline was a problem and thought 6 max was my limit, I'd go with closing Lowes, Providian, Best Buy, and Citi. This is just hypothetical and I don't know the APR's on these cards so that could be optimized no doubt. I did check based on your opening dates though and it would raise the average age of your CC accounts from 18 months to 21 months. Also, with a redistribution of current balances, your utilization would still only be 25%, still below 30%.Myself, though, I'd be brave and try the sock drawer method first.Good Job ! Link to comment Share on other sites More sharing options...
edubb007 Posted March 15, 2005 Author Report Share Posted March 15, 2005 Thanks guys/gals...I agree with everyone that I need to eliminate more cards... I am thinking Providian, Chevron and Lowes. Whatever else I'll through in a drawer. I actually put my Home depot away this weekend since I'm done building and I plan on sock drawering the Citi as well. I have no annual fee on any of my cards as of now. So I'm cool there.Thanks allot for your input. It helps to get a third party view!L8R!Edubb Link to comment Share on other sites More sharing options...
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