Posts posted by rhbeverly
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?
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.
Can someone tell me why Cap 1 will not combine any of my accounts. I currently have a Capital One Platinum card opened 08/2014 with a current balance of $1,500 (balance transfer 0 percent until 02/2017) limit $5k, Quicksilver account opened 05/2015 with zero balance limit $6K, Venture card opened 10/2015 with a $2k balance, limit $15,750, Venture One card opened 03/2016 with a zero balance, limit $15K, and a Sony Visa opened 07/2015 with a zero balance, limit $1,250.
I have a Capital One Platinum card opened in 08/2014 with a current balance of $1,700 (balance transfer 0 percent until 02/2017) limit $5k, I would like to combine my Quicksilver account opened 05/2015 with zero balance limit $6K. When I attempt to combine the accounts, I receive the message not eligible for a account combination at this time. I also have a Venture card with a $2k balance,limit $15,750 opened 10/2015 and a Venture One card with a $372 balance, limit $15K opened 03/2016. Any suggestions on combining cards and getting more bonus rewards?
None of the cards have a AF. I did close the first credit card I received after BK, Credit One Bank Visa, they wanted to start charging me $8.95 a month, closed that one immediately. I guess I will keep them open and request the CLI. Thanks for the advice.
My chapter 7 discharged in Aug. 2013. I have since re-established my credit and would like to improve my Fico scores. My current scores are 620 EQ, 650 TU and 658 EXP. The highest my scores have been were on April 8, 2015: 653 EQ, 667 TU AND 677 EXP. I applied for four new credit accounts during the month of April 2015 and was approved for two. This brought me up to 29 credit inquires. I feel I have too many credit cards right now and would like to close the accounts I really don't use. I currently have the following accounts, balances and limits:
ACCOUNTS BAL LIMITFingerhut (CLOSE) 0 1,100 Barclays Apple Visa 756 3,250 Barclays MasterCard Rewards ( CLOSE) 0 1,500 Chevron (CLOSE) 70 500 Capital One Visa (CLOSE) 402 3,000 Capital One Quicksilver Visa 217 3,000 Beck Furniture 1,000 2,500 Lowe's (CLOSE) 0 300 Dell Financial (CLOSE) 0 3,000 Kohl's (CLOSE) 81 400 Paypal Credit Line 100 500 Barclays Raiders Visa (CLOSE) 91 2,550 Target (CLOSE) 42 800 Union 76 (CLOSE) 75 500 Walmart (CLOSE) 0 1,200
I have listed the cards I would payoff and close. Basically, I want to know is this the right path to improve my FICO scores? I don't plan on applying for anymore credit until May 2016, when I buy a new car. Your suggestions or comments will be greatly appreciated.
Closing 23 credit card accounts, will credit score increase or decrease?
in Credit Forum
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?