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Question By
alfordbh21

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0 People Helped
Too many credit/store cards
I began my credit rebuild 18 months ago. For the the last several years ago I have had scores in the low 500's. At this time I have no collection accounts and no late payments showing in the last 3 years. I have a few baddies that show, but all accounts have been paid or settled. I currently have ck 643 and fico 669. I applied for a store card at the beginning of the month ans was approved. I'm not use to see the congratulations you approved and I applied for several other cards. I now think I over did it and not sure if I should close some. I'm at a 32% utilization, but plan on paying off this week.
Here's whats in my wallet. (oldest to new)
Credit One 2/14
care credit 3/13
First savings 4/14
Merrick 5/14
Victoria Secret 2/15
New York and Company 2/15
American Eagle 3/15
Walmart 3/15
Amazon 3/15
Belks 3/15
Jc Penny 3/15
Barclay MasterCard 3/15
I can PIF each month.
should I close a few or just let them age.

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Top Contributor
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3030 People Helped

Pay in FULL for each of them.  No You Don't want to Close any of your CC's.

Leave them at Home you do not need to have them on you all the time.  Also leave your SSN Card at Home also.

I have 12 or 13 Credit Cards and never take them anywhere any more.

I do send each of them 1.25 every few months to show activity and then they send me the 1.25 back,  deposit and repeat.  Easy payment history boost with out making any charges.

You do not need to apply for any other line of credit until all your Hard inquires have dropped off your report.  ( Yes that will be hard for you but you can do it )  Just 2 years.

Good Luck

Top Contributor
1793 Contributions
3030 People Helped

Pay in FULL for each of them.  No You Don't want to Close any of your CC's.

Leave them at Home you do not need to have them on you all the time.  Also leave your SSN Card at Home also.

I have 12 or 13 Credit Cards and never take them anywhere any more.

I do send each of them 1.25 every few months to show activity and then they send me the 1.25 back,  deposit and repeat.  Easy payment history boost with out making any charges.

You do not need to apply for any other line of credit until all your Hard inquires have dropped off your report.   Yes that will be hard for you but you can do it  Just 2 years.

Good Luck

Top Contributor
5038 Contributions
1136 People Helped

If you do close any, do not close any of the older ones. Also I understand that store cards are not as valuable to your credit score as bank cards, so if you had to pick between the two, close store cards. If it were me, I would throw them in a drawer and forget about them for the time being rather than close any. I surely would not apply for any more credit for a long while. Those excessive inquiries are going to hurt you.

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