Hello Board long time listener first time poster. I was wondering if I could get some of your opinions on my situation. Here it is I have just recently applied for a credit card at capitol one but was turned down for having to much revolving credit. I called capitol one and asked them if it was because of my out standing balances but the lady on the phone said that there decision was not based on what I had owing but that I had to Much credit available to me. For my income witch is 30k a year. I was wondering if closing some of my accounts that are not in use would be helpful to my credit. Here is how my report looks. Status Key: R = Revolving (Payment amount variable) L = Installment (Fixed number of payments) 1 = Paid as Agreed Line of credit: opened 09/98, months reviewed 28, date of last activity 01/01, high credit $10,000, terms 190, Balance $9000, Status R1. Auto Loan: Opened 08/98, Months reviewed 28, Date of last activity 08/99, High credit $3,490, Terms 108, Balance $0.00, Status L1 Visa: Opened 10/98, Months reviewed 27, Date of last activity 10/00, High credit $1,000, Terms 26, Balance $900.00, Status R1 I donâ??t know what this card is it must be one I ripped up a while ago but I am assuming it is a store charge card. Store Charge Card: Opened 10/98, Months reviewed 24, Date of last activity 03/99, High credit $160.00, Terms (blank), Balance $0.00, Status R1 I donâ??t know what this card is ether but it must be one I ripped up a while ago as well. I am assuming it is a store charge card also. Store Charge Card: Opened 09/98, Months reviewed 3, Date of last activity 07/99, High credit $1,466, Terms (Blank), Balance $0.00, Status R1 Levitz Card: Opened 09/98, Months reviewed 2, Date of last activity 11/98, High credit $1,490, Terms (Blank), Balance $0.00, Status R1 Kay Jewelers: Opened 04/99, Months reviewed 21, Date of last activity 07/99, High credit $500.00, Terms 130, Balance $0.00, Status R1 School Loan: Opened 03/00, Months reviewed 9, Date of last activity 01/01, High credit $6,200 Terms 27, Balance $5,958, Status L1 With one 30 day late payment on 06/00 Store Charge Card: Opened 07/98, Months reviewed 2, Date of last activity 08/98, High credit $250.00, Terms (Blank), Balance $0.00, Status R1 Status Key: R = Revolving (Payment amount variable) L = Installment (Fixed number of payments) 1 = Paid as Agreed Thank you, Msj
Re: a little help on my credit Msj: I am not an expert, but I'm going to take a stab at this. Your credit looks pretty good and I don't consider nine tradelines to be too many. I would suggest probably getting rid of the two small store cards - high credits of $160 and $250. The only thing I see to be hurting you is the high balance on the line of credit and the Visa card. Your balance ratio is 90% on both of these. To be perfectly honest I would not close any other accounts since your average credit line is over 2 years old and almost all are in good standing. Hope this helps. Dani
Re: a little help on my credit I think some if your lines of credit and credit almost near the credit limit and I should say 80% or so. It looks pretty bad to the creditor or scoring system to approve youe credit. Some of thestorec ard my advise is to close it. Most important things to pay down the debt and pay it to the reasonable level(means less than 40%). Creditor is afraid that you cannot pay them if you have too high balance on the other accounts that you have(near the credit limit).Pay down the balance or payoff and try agin in the future. The good thing is no late or charge-off ac.count
Re: a little help on my credit MSJ-- I had a Levitz account that was sold and I am not in dispute w the collection agency. Can you give me the customer serivce number for the customer service dept. My account is serveral years old and I can't find a number for them on the internet and the Levitz where I has gone out of business.
