Reply
Established Contributor
Changingmantra
Posts: 676
Registered: ‎01-24-2008

4 Those Who Choose to Have Few Bank Cards

[ Edited ]

Hello Everyone,

 

I started rebuilding 4 1/2 years ago, and like a lot of people who are just getting back on their feet, I started apping for anything and accepted any card that a bank would throw at me.  The end result: a bunch of low-limit bank cards and a gnawing feeling that I was in some sort of a grab-all -the -credit-u-can rat race that was leading me nowhere productive.  After a few years of this, and a lot of denials and unnecessary dings to my credit report - I decided to take a different approach to credit building: I started to  downsize. YES, contrary to what is popular here - I chose to close accounts, instead of sock dragging them -  I have decided not to app for prime cards, instead, I am hoping to get to the point where the prime lenders come after me.  I still  have a ways to go - 2003 BK - 2010 Midland Judgment - and NYS just got me for a tax judgment earlier this year.  Nevertheless, I treat the accounts that i have very well, and I believe that it is with these accounts that I can really rebuild my credit.

 

I still come to these forums for education and encouragement, but I also find that coming here is sometimes a bit risky for me; I get here and see all the threads about approvals, and it gets me applying for cards that I know I cannot get, even worse, cards that I do not need.  So, I thought I thought I would start a thread for those of us who are minimalist - we have 3 or  fewer  bank cards that serve us well.   Share your story - why do you have so few bank cards?  How has this served you thus far?

 

Discover Moore $3500   Started with $1500 in 9/12

Barclay US Airways $4700 Started $1000 1 or 2/12

 

Closed last year - 2 x Cap 1,  2x HSBC, Target, Chevron (have not seen a Chevron station in years)  - over the years I have had at least 3 HSBC Discover cards - closed them but had them transfer the credit line to the one card that I kept.

 

I love not having to try to figure out what card to use for this benefit or that benefit - and it cut down on trying to remember who I need to pay each month. For the purpose of this thread, let's stick to only major bank cards.  Thanks 

*Note to self* Remember why and for how long you had to rebuild in the first place! One Day at a Time, One Day at a Time!
Senior Contributor
youngandcreditwrthy
Posts: 5,981
Registered: ‎08-16-2012

Re: 4 Those Who Believe in Having Few Bank Cards

From a score standpoint though and from a lender's perspective, the more positive tradelines you have with high limits, the better... But fiscal conservatism is a truly American value as well... To each his own really
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | CSP $10k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $5k | Express $3.05K | Myponts.com Visa $3.5k | Freedom Visa $1k| Amex Surpass $1k
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

Re: 4 Those Who Believe in Having Few Bank Cards


Changingmantra wrote:

Hello Everyone,

 

I started rebuilding 4 1/2 years ago, and like a lot of people who are just getting back on their feet, I started apping for anything and accepted any card that a bank would throw at me.  The end result: a bunch of low-limit bank cards and a gnawing feeling that I was in some sort of a grab-all -the -credit-u-can rat race that was leading me nowhere productive.  After a few years of this, and a lot of denials and unnecessary dings to my credit report - I decided to take a different approach to credit building: I started to  downsize. YES, contrary to what is popular here - I chose to close accounts, instead of sock dragging them -  I have decided not to app for prime cards, instead, I am hoping to get to the point where the prime lenders come after me.  I still  have a ways to go - 2003 BK - 2010 Midland Judgment - and NYS just got me for a tax judgment earlier this year.  Nevertheless, I treat the accounts that i have very well, and I believe that it is with these accounts that I can really rebuild my credit.

 

I still come to these forums for education and encouragement, but I also find that coming here is sometimes a bit risky for me; I get here and see all the threads about approvals, and it gets me applying for cards that I know I cannot get, even worse, cards that I do not need.  So, I thought I thought I would start a thread for those of us who are minimalist - we have 3 or  fewer  bank cards that serve us well.   Share your story - why do you have so few bank cards?  How has this served you thus far?

 

Discover Moore $3500   Started with $1500 in 9/12

Barclay US Airways $4700 Started $1000 1 or 2/12

 

Closed last year - 2 x Cap 1,  2x HSBC, Target, Chevron (have not seen a Chevron station in years)  - over the years I have had at least 3 HSBC Discover cards - closed them but had them transfer the credit line to the one card that I kept.

 

I love not having to try to figure out what card to use for this benefit or that benefit - and it cut down on trying to remember who I need to pay each month. For the purpose of this thread, let's stick to only major bank cards.  Thanks 


Congrats on seeing where your faults were and making changes. You have 2 nice prime cards and you can let them grow nicely while aging those INQ's.

 

I have 6 Bank cards that I rotate to my benefit by statement closing dates. Makes it alot easier to get all usage and be able to PIF. I have no plans of closing any as I will keep these for a very long while.

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Valued Contributor
jamesdwi
Posts: 1,390
Registered: ‎09-16-2011

Re: 4 Those Who Choose to Have Few Bank Cards

Well if it works for you its fine. To me I see  3 major derogs and only two good cards, And the last major baddie is still fairly new. 2010. I hated getting told that my file was thin, I fixed that. :smileyvery-happy:  The fact that your other cards are still reporting for the next 10 years so they will have other TL's to distract them. 

 

 


Wallet: FNBO DISC 11.9k Oregon Duck 5k, Chase CSP 10k, Freedom 3.3k & AMTRAK 4.6k & Slate 3.3k , AMEX BCP 15k & AMEX Hilton Surpass 7.5k & AMEX Zync NPSL, Walmart 4.5k
Sockdrawer: Paypal Extras MC 6k, CapOne 2k, CapOne 750, Amazon 3.9k, Sams Club Discover 10k, Citi HHonors Gold 6k, Discover IT 6.5k and a nice stack of store cards.
Last APP 12/21//2013 no plans for new credit I think I have enough.
Moderator
Revelate
Posts: 6,773
Registered: ‎12-30-2011

Re: 4 Those Who Choose to Have Few Bank Cards

Would recommend joining Tinu's most excellent garden party instead of a seperate thread on the subject.  It is the refuge of sanity for folks like us on this forum which tends to be overly focused on new shiny bits of plastic :smileyhappy:.

 


Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 672, Wally TU 686, EX 702 (04/14)
Goal Score: 700 in all three (01/01/15)


Take the myFICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+