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Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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otter
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Location: Grand Forks, ND

Postby otter » Thu Jan 23, 2014 11:38 pm

DeeJay8385 wrote:My cap one secured card is the one I have the most history with and the other 5 cards were opened last year. IIRC, I read somewhere that you should keep your oldest card open and not to close as it may lower your credit score. I'm not sure why my scores not in the 700's bc I have paid all my credit bills 100% ON-TIME. Also I have only 7 hard inquiries on my report. My last collection item was paid off in 2011 and that's how I was able to receive my secured credit card.
With that being said, do you think that my secured cc through capital one is holding me back from having my scores in the 700's? Also according to my free credit reports from Discover, my CS is 667TU and AMEX was 687 TU


The "keep your oldest accounts open" thing is a fallacy. It hurts your FAKO score on Credit Karma. It doesn't hurt your FICO score as closed accounts continue to report for 10 years (if it was account in good standing). It could hurt your utilization, but with a card with a $600 limit, I don't think it would hurt that much when you have plenty of accounts with much more CL's. What is hurting your score is the collection...it's hard to have a collection which is only a few years old and reach the 700's unless everything else is flawless in your report.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450


MemberSince99
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Location: WI

Postby MemberSince99 » Fri Jan 24, 2014 7:05 am

On MyFICO, we urge people to NEVER close a credit card. No matter what. Even if it costs you 3 times in fees what the limit is every year and even if the limit is borderline for pre-auth on a tank of gas. All prime lenders are just terrifically impressed when they review your account and see these subprime lenders on your report, and every Commenity card there is with a 100 dollar limit. They know then they are dealing with a "special" customer indeed. So NEVER close a credit card, it will destroy your credit for all eternity and ruin your life and drive you to hang yourself in your closet.


And never apply for a credit card either because that has the same effect. Just keep whatever you have and garden for the rest of your life trying to mend your horrible ways.



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