Hello everyone! New girl here-hoping to get some support as I try to fix my credit score and become more financially responsible!
First off I have a horrible credit report. Went from 730 to 597 with simply being a foolish college student with too many credit cards. Now I have a decent job and am trying to pay them off one by one and utilize them as needed. As of now I have being using them mostly for my business trips and gas etc.
So here are the stats:
BOA Student Platinum $1,100/$1,400 ~5 years
Citi Divident Visa $3,000/$3,500~4 years
Discover $2,700/$3,000~2 years
Macys retail card $790/800 <--- limit dropped from 3K to 800
(+2 other retail card paid off in full)
I have 4 delinquents on my cards (medical bills + 2 VERY late card payments) that will just no go away, which is what probably hurt my score.
Now onto the good news:
In two weeks I will have put together 3K in savings. Now, do I want to pay off one single card, or divide the money between the cards?
Im tempted to pay off my BOA and cancel it but know that i cant since its my oldest card. however its still a student card with the lowest limit/no perks and I like to use my citi/disc for their cashback perks. it aint great but its something.
I did think about asking BOA for a credit line increase but am scared about the effect it will have on my score/getting denied. if they give me a higher limit, I would stick with it. I had never done a CL inquiry with any of my cards until today when I called citi to ask for an increase with my platinum. they rejected it (my income is 33K no rent). lady said she did not check my credit score and it was not a hard pull. I'm wondering if I would have paid off the citi, would I have gotten an increase? Does anyone know what I would have to do with BOA to get an increase? Or at least try and get a different card? Is there anyway I can at least (without them having to go through my credit report) get changed to a different card that is not the student one? I have been out of college for the last two years....
All your opinions
Thank you in advance!