3800 Credit Cards

[CompGd]

Well i recently (6 months ago) moved all my credit debt into 1 account and closed all my other accounts.....bad move so i come to find out! Now my score went down hella amounts and am having a hard time getting approved for a 0% card to maximize my available credit/move some over via balance transfers since i canceled all my others.

I don't know if i can call my old accounts and reopen them or not but i was thinking about trying that. I am getting desperate but not to the point where i am all stressed about it, b/c i know i could easily afford my own place and live just fine, just b/c some dumb number i am having trouble. I mean i am paying way more than the minimum on this 1 account to pay it down but its not an over night fix.

I heard about getting a secured credit card but i dont know where to start!

I dont own my own home and i have a car payment and lots of student loans. I make good money but my availiable credit compared to what i owe is messed up b/c i didnt research, i just thought since i cancelled them i was doing the resposible thing. Its too bad they dont make this stuff public knowledge or maybe they do but i just thought i was doing the right thing now i am fucked b/c i had planned on saving some cash to buy my own place, looks like im doomed to live with my parents.

Anybody know any ways to rebuilt credit or get approved for a mortgage with a fair (arround 600) credit score let me know.

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[Toasty]

<div class='quotetop'>QUOTE (CompGd @ Jan 30 2008, 09:25 PM) <{POST_SNAPBACK}></div>

Well i recently (6 months ago) moved all my credit debt into 1 account and closed all my other accounts.....bad move so i come to find out! Now my score went down hella amounts and am having a hard time getting approved for a 0% card to maximize my available credit/move some over via balance transfers since i canceled all my others.

I don't know if i can call my old accounts and reopen them or not but i was thinking about trying that. I am getting desperate but not to the point where i am all stressed about it, b/c i know i could easily afford my own place and live just fine, just b/c some dumb number i am having trouble. I mean i am paying way more than the minimum on this 1 account to pay it down but its not an over night fix.

I heard about getting a secured credit card but i dont know where to start!

I dont own my own home and i have a car payment and lots of student loans. I make good money but my availiable credit compared to what i owe is messed up b/c i didnt research, i just thought since i cancelled them i was doing the resposible thing. Its too bad they dont make this stuff public knowledge or maybe they do but i just thought i was doing the right thing now i am fucked b/c i had planned on saving some cash to buy my own place, looks like im doomed to live with my parents.

Anybody know any ways to rebuilt credit or get approved for a mortgage with a fair (arround 600) credit score let me know.[/b]

i'm surprised as well that your score took such a tank after closing cards... perhaps because you closed multiples at once. typically it is better for your credit score to have fewer cards.

 

[horist]

unfortuanetly your credit score is indeed hurt if you close several accounts at once .. also if you are using over 50% of your available credit on any credit cards it hurts you alot!

I don't think you can have an account reoopened once you close it... but you can always get another account w/the same credit agency. The problem is increasing your available credit too quickly can hurt your credit score too lol

Only thing I can suggest is pay down down the CC you owe money on as best you can and cut back on spending... debt suxorz (Since I bought a house last year I am really hating all this debt lol) so best to pay it off as soon as possible

But at minimum , keep up with the minimum payments on the CC you have left (that helps credit... missing a payment will kill it)

Also if your balance is > 50% the max credit get it paid down....

 

[Royalgtp]

Never close long established accounts because they make up a large part of your credit history.

I still dont understand thought why people have 8-10 credit cards though. Turn down all those stupid discounts at stores!

 

[horist]

<div class='quotetop'>QUOTE (RoyalGTP @ Jan 31 2008, 09:45 AM) <{POST_SNAPBACK}></div>

I still dont understand thought why people have 8-10 credit cards though. Turn down all those stupid discounts at stores![/b]

so long as you can control your spending and don't spend outside your means they're not bad... when I closed on my house last year I got tons of new credit cards... anything from 0% financing on furniture till 01/09, to 0% on television/etc... for 1 year, 0% on bed for 6 months... 0% for a year on a ton of stuff from menards as well as a bunch of stuff from Home Depot... so that's 5 new credit cards plus anytime I can get a discount on a purchase by applying for a card I do (buy.com card, amazon.com card, geico card, GM Card, etc...) ... why not take advantage of free money lol

But... when I spent this, I never spent more than I had in savings (so I could in theory pay them all off immediately... but opted to make 4-5% interest and using their 0% interest)

heck... w/home depot I got 10% off for applying for the card on top of the 0% ... on a 2k purchase that's decent money off....


The key is control and money management ...

 

[Royalgtp]

Yes, I see your point horist, but most people dont have that control!!

 

[framos242]

<div class='quotetop'>QUOTE (horist @ Jan 30 2008, 10:29 PM) <{POST_SNAPBACK}></div>

unfortuanetly your credit score is indeed hurt if you close several accounts at once .. also if you are using over 50% of your available credit on any credit cards it hurts you alot![/b]

True. Try to maintain at least 2 to 3 CC accounts open. You must also use it or else it will reflect on your credit limit. Keep in mind that when you do use your CC, do not use it on something that you do not have the money to pay off your bill within a time period. This is where self control comes into major play.

 

[TonzKnock-G]

When was the last time your got your credit report? You can get it free once a year but it doesnt include your score. Get it and make sure everything is in order.

 

[CompGd]

<div class='quotetop'>QUOTE (tonzcompg04 @ Jan 31 2008, 01:08 PM) <{POST_SNAPBACK}></div>

When was the last time your got your credit report? You can get it free once a year but it doesnt include your score. Get it and make sure everything is in order.[/b]

Yeah i have credit monitoring so i get an updated report every month for like 14 bucks. Everything checks out i just should have read this book i am reading about a year ago and i wouldnt be in this situation, but thats life, live and learn.

 

[superchargedgp]

everytime they check your credit , your score comes down also

 

[burtgtp1973]

<div class='quotetop'>QUOTE (superchargedgp @ Jan 31 2008, 06:58 PM) <{POST_SNAPBACK}></div>

everytime they check your credit , your score comes down also[/b]

False. It depends who is checking it and why. Its definitely not good to have multiple inquires on your report in short a amount of time.

I learned the hard way about closing an acct. i had for a number of yrs. My banker said BAD MOVE..those are the accts that help your score the best. Established ones.

 

[Royalgtp]

<div class='quotetop'>QUOTE (superchargedgp @ Jan 31 2008, 06:58 PM) <{POST_SNAPBACK}></div>

everytime they check your credit , your score comes down also[/b]

False, as stated before.

 

[Edmond]

I've closed a Visa account before and then re-opened it a few months later. They were more than happy to re-open it and asked me if I needed a new card. I did since I destroyed the old card.

 

[CompGd]

<div class='quotetop'>QUOTE (Edmond @ Feb 3 2008, 11:01 PM) <{POST_SNAPBACK}></div>

I've closed a Visa account before and then re-opened it a few months later. They were more than happy to re-open it and asked me if I needed a new card. I did since I destroyed the old card.[/b]

Thanks, ill give it a try!