Kreepin

Approved for these 6 accounts in one night...which should I keep/decline?

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Should I decline any of the following:

Circuit City - 1500

Apple/Juniper -500

Wal-Mart -500

Bank of America-500 secured

Old Navy -200

Target -200

Currently have 5 cards w/ a total balance of 2400. Total util 2400/5300. Had most for 3+ years.

3000-MC (2400 balance)

1000-MC (0 balance)

500-VISA (0 balance)

500-MC (0 balance)

300-Chevron (0 balance)

BTW...goal is to keep improving upon my score (upper 660s). I think keeping all ten would probably tank my FICO. Am I wrong?

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I'd take them all - not sure about the secured, but I've heard BOA's secured turn into unsecured relatively quick. Otherwise, I'd say you don't need that one.

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I'd take them all - not sure about the secured, but I've heard BOA's secured turn into unsecured relatively quick. Otherwise, I'd say you don't need that one.

Contemplating...

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Should I decline any of the following:

Circuit City - 1500

Apple/Juniper -500

Wal-Mart -500

Bank of America-500 secured

Old Navy -200

Target -200

Currently have 5 cards w/ a total balance of 2400. Total util 2400/5300. Had most for 3+ years.

3000-MC (2400 balance)

1000-MC (0 balance)

500-VISA (0 balance)

500-MC (0 balance)

300-Chevron (0 balance)

BTW...goal is to keep improving upon my score (upper 660s). I think keeping all ten would probably tank my FICO. Am I wrong?

Does this make sense:

Current utilization is 2400/5300. If I accept all 6 new accounts (3400), my utilization would be at 2400/8700. Just worried if so many accounts would hurt me in the short term though.

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Does this make sense:

Current utilization is 2400/5300. If I accept all 6 new accounts (3400), my utilization would be at 2400/8700. Just worried if so many accounts would hurt me in the short term though.

If there are no fees, I would take them now...they will pay off in the long run. If there are fees, I would think hard about keeping them.

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If there are no fees, I would take them now...they will pay off in the long run. If there are fees, I would think hard about keeping them.

I agree with this above. Just make sure you keep utilization low on them.

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RECIPE FOR DISASTER:

Keep the top 3 and let the small ones (Old Navy/Target) go. Your overall utilization will be lowered, but your overall score will probably PLUNGE due to opening up 6 accounts at one time.

I'm sure some "expert" who has been through it will chime in soon. Good luck!

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do you have any installment loans or other credit mix? Varied credit is good for fico.

I think there has been talk that opening many new accounts at once will initially tank the scores but they will eventually rise again as the accounts age. I opened quite a few at once and scores took a dive, but I didn't have many open accounts at the time so it was worth it for me to take the dive but looking for the rebound later.

Think about what you are doing and what your goal is before you accept the cards.

Just my 2 cents

good luck

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I don't think I understand, is there a reason you want to open 6 new cards?

It appears that you have several existing cards with zero balances...that's a good thing so I'm curious what you're trying to do!

:)

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I don't think I understand, is there a reason you want to open 6 new cards?

It appears that you have several existing cards with zero balances...that's a good thing so I'm curious what you're trying to do!

:)

Trying to lower my utilization. I just don't know if it will tank my FICOs. Will they cancel them if I hold on to the smaller ones (old navy/target/BoA) for 6 months or so without using them? I know I want the larger ones (Walmart/Circuit City/Apple). That alone is 2500...which will take me from 2400/5300 to 2400/7800. Does this clarify things a bit.

In short...am I better off keeping 3 or all 6?

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Trying to lower my utilization. I just don't know if it will tank my FICOs. Will they cancel them if I hold on to the smaller ones (old navy/target/BoA) for 6 months or so without using them? I know I want the larger ones (Walmart/Circuit City/Apple). That alone is 2500...which will take me from 2400/5300 to 2400/7800. Does this clarify things a bit.

See below...I'm still trying to get the posting thing down!! :)

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Trying to lower my utilization. I just don't know if it will tank my FICOs. Will they cancel them if I hold on to the smaller ones (old navy/target/BoA) for 6 months or so without using them? I know I want the larger ones (Walmart/Circuit City/Apple). That alone is 2500...which will take me from 2400/5300 to 2400/7800. Does this clarify things a bit.

In short...am I better off keeping 3 or all 6?

I'm newer here an there are far wiser people on this site but in my opinion, I think it might be better to try and get a limit increase on an existing card than to open 6 new accounts. If that is not possible, I guess I would go with three or less cards.

I'm assuming you are not in a position to pay down your existing balance right now? Ultimately that would be the best thing.

Just my two cents! :) Good luck!!!

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I would take only the cards really neccessary, You may be over doing it, It will also hurt you in the long run. Yes it will drop your score. Maybe try looking for one card that will give you the $2400 limit.

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also. when you spend more than %50 of your available balance, you have went over your limits. Example $500 cl.. spend $250. you have maxed out your available credit, if a lender looks at your credit report. 10 cards!!!!!

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Well, in the first place....the FICO scores (and the FAKOs that claim to estimate them) that you can see are the "here's a sucker that CCs can make lots of money off of" score. As a general rule, that's NOT the score you want to worry about improving. And, with the possible exception of other CCs, nobody who's going to lend you money uses that score.

And, in the second place...the best way to improve utilitization is to pay down your existing cards.

And finally, if you really...really...really...really need more carry around in your pocket credit...ask for a CLI on your existing cards.

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Trying to lower my utilization. I just don't know if it will tank my FICOs. Will they cancel them if I hold on to the smaller ones (old navy/target/BoA) for 6 months or so without using them? I know I want the larger ones (Walmart/Circuit City/Apple). That alone is 2500...which will take me from 2400/5300 to 2400/7800. Does this clarify things a bit.

In short...am I better off keeping 3 or all 6?

Your score WILL drop in the short term. If you are a *b'er (bumper) on TrueCredit, you will even see that the NEW accounts opened in such a short time will hurt your score. I emphasize NEW because in about few months NEW will be OLD and it can only help your score.

I don't know what your overall goal is, but if it were me (since I'm trying to get a house late next year), I would keep those 6, but would not apply for any more for awhile.

You applied for them, and you will stick with the INQuiries for awhile. You might as well benefit from the new credit you got, with the caveat that you will be responsible (even though it should go without saying).

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