rhbeverly

I want to thank everyone for their input. Update: my friend didn't close all 23 accounts, she still has about 6 left open. Her Fico score from Discover went up to 760. Now she has two Visa cards left, both of them are the oldest from 2003. She wants to close out the one from Capital One because they are charging her $5 month fee. If she does close out Capital One, does anyone know what affect it would have on her credit score?

The previous installment loan is a debt consolidation. She's trying to do all the right things to not let this happen again. I helped her with a budget that she promises to follow.

She has no late payments, Discover shows her FICO score at 714. She wasn't able to get a unsecured debt consolidation loan in her name. The loan is in her mother's name only, through Discover Personal Loan at 10.99%, closing the credit card accounts was the only way her mother was going to do loan. The mom doesn't want her to accumulate this kind of credit card debt again. The mother received the loan through Discover Personal Loans at 10.99%. My friend will only have a auto loan ( 2 years left) and a installment loan (18 months left) on her credit report. She will have a extra $400 a month with no more credit card payments and will be making the loan payments on her mom's loan. She plans on starting a retirement account and making extra payments to her mom's loan to pay it off early. Thanks for the info.

I'm in the process of giving a friend advice on her credit cards. Recently, her mom took out a 35k debt consolidation loan to pay off her credit cards, with the requirement that she close all her credit cards except the oldest card. Currently, my friend has 90% utilization. I told her even though she is closing the credit cards, her credit score should increase because the utilization would decrease to less than 3%, plus she still has a installment and auto loan on her credit report. Is my assumptions correct?

Credit Karma Credit Sesame Credit.com ReadyforZero Prosper Daily Lending Tree WalletHub SelfLender Quizzle Mint CreditCards.com Wisepiggy Credit Concierge Savvymoney Capital One Creditwise

Congrats on getting rid of the debt. I currently have a 3% utilization with a total of 95k available credit. I filed bk in 2013 because of my business failing, I was discharged in 08/2013. My current fico scores are 717 Experian and 679 Transunion. The best rewards for me is the Capital One Venture Visa card, gives you 2 points for every $1 spent, but it does have a $59 annual fee. Currently, the card is offering a 40k bonus point which I redeemed for $400 in gift cards. I also have Capital One Venture One card, gives you 1 point, no annual fee. I only got this one because of the signup bonus for 20k points, which I used for travel. Capital One allows you to have up 6 credit cards. I also have the Capital One Quicksilver card, 1.5% cash rewards, no annual fee. Barclays Mastercard Rewards card also offers 1.5% cash rewards, no annual fee. The latest card I received was a Blispay Visa which offers 2% cash back rewards, no annual fee, the card has a special feature I like, which always has 6 months no interest on charges over $200, but you need close to a 700 Experian fico score to receive the card.