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bellrock

Question regarding rebuilding...

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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.....

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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.

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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...

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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)

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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)

 

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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 ?

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