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Gohigherjer

Credit Card Advice

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Greetings to everyone.

 

 

 

I have been very grateful to glean from the personal experiences from

others here on the board and look forward to gaining a little bit more

personal guidance on my own situation.

 

 

 

Here’s the situation:

 

 

 

I have recently been working on some items on my credit report. Still working on a few (Merrick Bank *puke*,

SYNCB/AMER EAGLE, and multiple student loans all of which are

reporting with late payments)

 

 

 

Progress is moving along so nicely that I decided to go a little overbord submitting cc apps hoping to lower my CU, so I would really

appreciate a glance over my current cards and provide me with some

direction around which cards I should keep and which I should close—if

any at all? Any advice is welcomed

 

 

 

Discover; DO 11/2012; NO AF; 29.99%; CL $1,000

 

WFCC; DO 06/2013; No AF; 24.90%; CL $1,400

 

HuttonChase*; DO 06/2019; No AF; 0%; CL $1,500

 

Cap1; DO 07/2019; No AF; 26.98%; CL $500

 

FingerHut; DO 07/2019; No AF; 29.99%; CL $500

 

MissionLane; DO 07/2019; AF $59; 29.99%; CL $500

 

NFCU; DO 08/2019; No AF; 17.24; CL $15,000

 

 

 

*I applied for this HuttonChase tradeline at a time when I only had

Discover and WF, both of which were nearly fully maxed. It definitely

helped lower my utilization and I don’t see any reason to close it.

 

 

 

I accepted the Mission Lane card pre-approval like a DA even though

there was an AF. However, at the time, I was more so focused on

increasing my total CL and just took the “deal.” I am in favor of

closing out the Mission Lane card, but should I close out any other

cards?

 

 

 

FYI: My credit went from a 545 in May ’19 to EX:607, EQ: 604, TU: 595

in August ’19. Expecting to see an increase once NFCU credit line

reports. The Cap1, MissionLane, and NFCU have not reported on my

reports. With that said, I really don’t want my credit age to be a

factor here that could cause the work to all be in vain.

 

 

Sent from my iPhone using Tapatalk

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So you’ve opened 5 cards in the past 2 months, but only had 2 previously?

What is your goal? Are you looking for more credit, higher limits, better FICO scores?

You list the limits on the cards, but not usage. Are you carrying a balance or PIF every month? If you PIF, the APR doesn’t matter. Also, are you paying once getting the statement or before the statement is generated?

Are these all of your accounts? You mention late payments, how many? When?

Without answers to these questions, it’s not really possible to give advice without knowing more information. 

 

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So you’ve opened 5 cards in the past 2 months, but only had 2 previously? 

Yes, my goal was to tackle credit utilization.

 

What is your goal? Are you looking for more credit, higher limits, better FICO scores?

 

Better score in order to work toward financing vehicle after a previous voluntary repossession in 2017

 

You list the limits on the cards, but not usage. Are you carrying a balance or PIF every month?

Discover is maxed, WF $1k balance, Cap1 $200, Hutton Chase $144, Mission Lame $15, all others at $0

If you PIF, the APR doesn’t matter.

 

Yes, just thought it might be helpful in deciding which cards are of benefit vs those that aren't.

 

Also, are you paying once getting the statement or before the statement is generated?

 

currently Paying biweekly on WF to start snowball and discover is paid after statement is generated, all others paid prior to statement generation.

 

Are these all of your accounts? You mention late payments, how many? When?

 

one late on discover, two late on a closed Merrick bank card, 4 late with navient, on Fed Student Loans (now held by Navient) a combination of approximately 15.

 

Without answers to these questions, it’s not really possible to give advice without knowing more information. 

 

 

Thank you for the additional questions to help with fully understanding my situation! Let me know if I need to uncover any other info.

 

 

Sent from my iPhone using Tapatalk

 

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Well, definitely don’t apply for anything else. 

Do you have the ability to pay off Discover and WF in full? If so, pay them off before the statement generates. Don’t wait to get your statement to pay. With your cards reporting high utilization, your scores are depressed. 

If you can pay those off and have everything reporting no utilization, request a CLI on them. But only after everything is reporting no utilization to the CRAs. 

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Fingerhut is a turd.

 

I had to look up Mission Lane and Hutton Chase. 

 

Turds.

 

All three of these will tell a credit analyst looking at your reports that your credit was once a dog's breakfast, a monkey's wedding, or any number of other colloquialisms my grandfather would use.

 

Close these, and in 10 years you will no longer have to live with the decisions to open them.

 

Going forward, if you can't list at least two legitimate reasons why any new card is objectively superior than every other card you already have, don't open it.

 

 

Edited by cv91915

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Fingerhut is a turd.
 
I had to look up Mission Lane and Hutton Chase. 
 
Turds.
 
All three of these will tell a credit analyst looking at your reports that your credit was once a dog's breakfast, a monkey's wedding, or any number of other colloquialisms my grandfather would use.
 
Close these, and in 10 years you will no longer have to live with the decisions to open them.
 
Going forward, if you can't list at least two legitimate reasons why any new card is objectively superior than every other card you already have, don't open it.
 
 

thanks for the comical advice. I heeded your recommendation and closed Mission Lame and Finger Butt, I mean Hut, turds today!


Sent from my iPhone using Tapatalk

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14 minutes ago, Gohigherjer said:


emoji23.pngemoji23.pngemoji23.png thanks for the comical advice. I heeded your recommendation and closed Mission Lame and Finger Butt, I mean Hut, turds today!


Sent from my iPhone using Tapatalk

Beautiful.  Now couple of shots of cashmere woods would be a courteous gesture to the next person who walks into your thread.

 

:good:

 

900.jpg

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