First Bankcard vs Citi

[f1ared]

Hi all, 

First of all, thank you for any and all replies! 

I currently have many different credit cards, but most of them are store cards and the two regular cards I have are Capital One ($2,000 limit) and First Bankcard ($5,000) limit. I recently got a pre-approval letter in the mail from Citi. 

Would it be worth it do ditch the First Bankcard and go with Citi? I don't have any problem with Capital One or the First Bankcard, however I've never really heard of First Bankcard and Capital One is kind of known to be a lower-end card. It would be nice to have a really good card like Citi.

Also, I'd like to start getting rid of some of my credit cards as I believe I have to many- would it hurt my credit to close out some of my cards? 

Thanks for the advice!!

[JSS3]

It will NOT hurt your credit to close accounts. The only immediate change will be less available credit; which highers utilization(if you do not pay down/off your balances). Higher utilization lowers your credit score. Your closed accounts will still stay on your reports for 10 yrs.

As far as Citi---- if you have a card in mind, that has the rewards structure you like, go ahead and app for it.

They are inquiry/new account sensitive.
They may double pull EX and EQ

Did you check their prequal? It's pretty solid.

[Anonymous]

Don't worry about Cap One and your perception of it being a "lower tier/class card". It'll do basically what any other CC will, complete a transaction. If you see a certain card that offers miles, points, rewards, insurance, etc... than by all means go for it. But honestly, accept for this site, no cashier is really going to give a s__t what CC you give them. Warren Buffet, my boss (I work for BNSF Railway), carries and uses, his original green AMEX. I mean cmon. I wouldn't worry about anyone else but yourself.

[Anonymous]

As long as they work, who cares whos name is on them.

[Anonymous]

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@f1ared wrote:

Hi all, 

First of all, thank you for any and all replies! 

I currently have many different credit cards, but most of them are store cards and the two regular cards I have are Capital One ($2,000 limit) and First Bankcard ($5,000) limit. I recently got a pre-approval letter in the mail from Citi. 

Would it be worth it do ditch the First Bankcard and go with Citi? I don't have any problem with Capital One or the First Bankcard, however I've never really heard of First Bankcard and Capital One is kind of known to be a lower-end card. It would be nice to have a really good card like Citi.

Also, I'd like to start getting rid of some of my credit cards as I believe I have to many- would it hurt my credit to close out some of my cards? 

Thanks for the advice!!

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 There is nothing wrong with wanting a prime card from a prime provider like Citi. Aside from the prestige you seek, you can also pick a card that will give you what's important to you-- whether miles, cash back, something else. Don't get a card just for the name or for the sake of getting a card-- you can have all that plus great rewards if you choose wisely :-)

Don't feel that you have to go with Citi because they sent you a piece of mail. If you're pre-qual'd with Citi there's a good chance you'll pre-qual with other prime providers as well. Search this forum for some pre-qualification links for Amex, Chase, BofA, Discover, and Citi, and you can view what offers they have for you at no hit to your credit.

It's up to you whether you want to close out cards. A lot of people like to hang on to their oldest cards, or cards with highest limits, even if they aren't being used, as it does help your credit score over time. There is nothing wrong with "sock-drawering" your other cards if you don't see a use for them. If you want to close unused cards, I would suggest looking first at cards with less history (more recent accounts), cards with an AF, or cards with low limits where there's not much potential for higher limit approval.

Good luck!

[f1ared]

Thanks for all the replies!!

I ended up going for it...I did get approved for the Citi Double Cash card,  but only for $1,000 limit.  However, I got 15 months 0% interest on balance trasnfers and purchases. So, I transfered $500 from one of my other cards onto it so I won't have to pay interest on $500 at least. 

I probably shouldn't have applied for the card, I have way too many dings from inquirys on my reports. I don't even care all that much about rewards and points, (although I seem to use my credit cards alot, so it is nice I suppose), to me a credit card should maintain a very low balance and be paid off every month...It should just be used as a tool to maintain good credit, NOT to make everyday purchases or buy stuff you normally wouldnt be able to afford. 

Ahh, if everything were perfect.

[Anonymous]

I always felt the same way regarding "not using my CC for everyday purchases", however, with the addition of rewards, via cash back, miles, etc....I've since changed my habits. I use to only use my debit card or pay cash for daily purchases, but now I try and "charge" EVERYTHING. I pay off my CC's several times a month and ensure all but 1 report a zero balance. I'm starting to add cards on a weekly basis and use them to my benefit. The advantages are a better CS and cash/rewards bonuses. I vow to never be in debt again (by over spending).

[TiggerDat]

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@Anonymous wrote:
I always felt the same way regarding "not using my CC for everyday purchases", however, with the addition of rewards, via cash back, miles, etc....I've since changed my habits. I use to only use my debit card or pay cash for daily purchases, but now I try and "charge" EVERYTHING. I pay off my CC's several times a month and ensure all but 1 report a zero balance. I'm starting to add cards on a weekly basis and use them to my benefit. The advantages are a better CS and cash/rewards bonuses. I vow to never be in debt again (by over spending).

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I agree with that, buy everything on credit, get the rewards, just don't buy more than you can afford and keep savings and saving in mind.