Jump to content

Sign in to follow this  
bellrock

Question regarding rebuilding...

Recommended Posts

Long story short...

With the help of this forum I had some success building my personal and business credit about 10 years ago. Then the shit hit the fan credit wise. Post-crisis I got a job overseas and am just now looking to rebuild and relocate back to the US. 

While my scores are all around 700, I was getting a bunch of denials--some because of apparent blacklists from the big boys and some because no open lines were reporting.(I think the scores were coming from some pretty old closed aged accounts and no baddies whatsoever). 

I did get a Discover approved for $500. They said no CLI until April, which seems to be the consensus here-two billing cycles.

I have a bunch of recon calls to make over the weekend-Cap 1, Chase, among others.

Also in my mini-spree I stupidly applied for and was approved for a dogshit Milestone Gold MC for $300. 

Question is, should I just cancel it before it starts reporting or will that somehow be worse than just letting it ride ?

Thanks in advance and good to be back here.....

Share this post


Link to post
Share on other sites

the turd card will report whether you close it now or not. the main reason to close it now is to avoid turd card fees.

Share this post


Link to post
Share on other sites

Thanks, Hegemony, good to see you are still leading the charge here :)

So turdy move on my part....the age of the card will hurt my scores, and the low CL was just a waste....

I'm getting a wildly different reaction from different creditors, so hard to plot out a "linear strategic path".

Strangest is whether I have a freeze with Equifax or not. I went through all of their verification procedures, unfroze it, and even had some pulls on it--like Discover.

When I just called Chase for a recon, they said that my Eq was frozen ! and I explaned that other creditors have been pulling, so that makes no sense. And of course, upon calling Eq., their "systems" have been down for the last few hours so they can't tell me squat...

Share this post


Link to post
Share on other sites

My main question is: How many revolving cards with which total limits can help me go from 700s back up to high 700s and beyond ? I say this because the main negative remark I am receiving is "too few TLs open, etc."

 

-no collections

--8 inqs

--8 Closed Accounts

--oldest 33 years (AU)

--Average age (12 years)

Share this post


Link to post
Share on other sites
41 minutes ago, bellrock said:

My main question is: How many revolving cards with which total limits can help me go from 700s back up to high 700s and beyond ? I say this because the main negative remark I am receiving is "too few TLs open, etc."

 

-no collections

--8 inqs

--8 Closed Accounts

--oldest 33 years (AU)

--Average age (12 years)

 

Share this post


Link to post
Share on other sites

Thanks, Lander. What about too many newly opened accounts ? I'm thinking that 5 is a safe number, but thinking about pushing it to 10. Thoughts ?

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  




  • Today's Birthdays

    1. pks3541
      pks3541
      Age: 63
  • Member Statistics

    • Total Members
      178,020
    • Most Online
      2,046

    Newest Member
    sterngegill123
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines