On the right track for 2014?

For just about anything you want to get off your chest about credit cards.
4 posts
MJS15627
 
Posts: 2
Joined: Fri Jan 10, 2014 2:43 pm
Location: Derry, PA

On the right track for 2014?

Postby MJS15627 » Fri Jan 10, 2014 3:25 pm

Hello,

I am new to this forum as a member, but not as a visitor. This is my first post.

I'm 25 years old. I want to make sure I am on the right track. This has been bothering me for awhile now.

Heres the details:

I now have 8 CC's.

My oldest credit card is apporx. 3yrs of age. 750CL around 25%Int.

As of two days ago my FICO score from my Walmart card was 711.

I applied for 3 CC's last night. Maybe a bad idea, maybe not.

Here is all 8 CC's and their CL's:

Applied last night VV

1.) Capital One Venture. No AF. $3000CL *Instant Approval*
2.) Barclaycard Rewards Master Card. No AF. $2500CL *Instant Approval*
3.) Amazon Rewards Chase. No AF. $2000CL *Instant Approval*

Had for awhile VV

4.) Discover Cashback Bonus. No AF. $3800CL
5.) Walmart. No AF. $1600CL
6.) Dicks Store Card. No AF. $2000CL
7.) Guitar Center Store Card. No AF. $900CL
8.) Capital One Platinum. No AF. $750CL

Credit line before the 3 new cards: $9050CL
Balance UTL before the 3 new cards: $2000 / 22%UTL

Credit line after the 3 new cards: $16550CL
Balance UTL after the 3 new cards: $2000CL / 12%UTL

Some notes:

- I have no other debt
- Never had late payments
- Never went over-the-credit line
- The current $2000 balance (Walmart & Cap 1) will be paid off in three months

My questions:

1.) Did I just make a crucial mistake?

2.) Approx. how bad did I just hurt my ST FICO score?

3.) Should I cancel any of my CC's? Leave them sit indefinitely with 0 balances (Cap 1, Dicks, and Guitar Center)?

4.) What's my LT look like with a healthy rotation cards 1-5 with balances PIF monthly?

5.) Will my new cards I just got be canceled because I applied for 3 at once?


Thank you so much for taking the time to read my first post. I take pride in creating a strong and healthy financial backing for my future.

I will appreciate all the information I can get.

Thanks.


MemberSince99
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Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Fri Jan 10, 2014 5:59 pm

1. No
2. Who knows? There is simply no way for us to predict what exactly will happen with your score.
3. Only if you want to. If you do not use or want them, then go right ahead and close them if you don't need the card and don't care about what it does to utilization
4. Should be fine. Your score since that's what you seem to be worried about will be at it's peak with at least 3 tradelines reporting.
5. I really doubt it. Barclays is the most paranoid lender of the bunch and you have to push them pretty hard to get them to react usually. I'd be very surprised if they care.

MJS15627
 
Posts: 2
Joined: Fri Jan 10, 2014 2:43 pm
Location: Derry, PA

Postby MJS15627 » Fri Jan 10, 2014 8:20 pm

Hello,

Thank you so much for the quick reply.

Ultimitly, my goal is to open a few cards now while I am still young so my history of credit will be impressive. That combined will excellent payment history should keep me in great standing.

I hope that paying my current $2000 balance in 2-3 months will help bring some of those points back.

I will not be applying for any more cards. I hope to keep these cards long-term and then, in the future, call and transform them into better, more approriate cards.

I just dont want to throw the Cap1, Dicks, and Guitar Center into the sock drawer and somehow have them hurt me in some way. I mean they are 0 balances and no AF, so I don't see why they would.

takeshi
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Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Postby takeshi » Mon Jan 13, 2014 9:38 am

MJS15627 wrote:Did I just make a crucial mistake?

That's really for you to determine. If you apped for these cards for whatever you consider to be valid reasons and you can responsibly manage 8 cards then I don't see a crucial mistake.

MJS15627 wrote:Approx. how bad did I just hurt my ST FICO score?

We really can't tell you. Your utilization improved but you'll take a hit to AAoA and inquiries.

MJS15627 wrote:Should I cancel any of my CC's?

Also your call. Immediate impact is to utilization. You can calculate potential impact to utilization. you know best which cards are useful to you and which are not. You know your preferences and goals better than we do.

MJS15627 wrote:Leave them sit indefinitely with 0 balances (Cap 1, Dicks, and Guitar Center)?

Check with your creditors for minimum account activity requirements before you decide to leave them indefinitely active. Definitely monitor those cards for potential fraud.

MJS15627 wrote:Will my new cards I just got be canceled because I applied for 3 at once?

Probably not but, again, we can't guarantee anything either way. Adding X cards doesn't affect everyone in the same way.



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