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5 more cards closed...done for the month.

tag
NRB525
Super Contributor

Re: 5 more cards closed...done for the month.

Congratulations Pizza on closing more cards.

 

I seriously doubt that "lack of store cards" is anything other than one of those random Reason codes the bank is required to provide. There will have to be something more substantial to convince me. 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 31 of 50
pizza1
Community Leader
Super Contributor

Re: 5 more cards closed...done for the month.


@Anonymous wrote:

@pizza1 wrote:

@Anonymous wrote:

@wacdenney wrote:

@Anonymous wrote:

IMPO, again, this bears repeating, IMPO, I've always believd that store cards are nothing but a waste of time.  I've never applied for one and never will. I'm perfectly happy witht the CCs that I have with banks such as Disc, BofA, NFCU and Amex. That's just MY OPINION.

 

Again, that's just MY OPINION. One more time: MY OPINION!  

 

EDIT: But, to be fair, if anyone IS HAPPY with their store cards, good for them. As long as they're perfectly fine with it, that is all that matters. 


There's a difference between grabbing every store card just because and grabbing them strategically.  Some of them are useful like for example Home Depot and Lowes give 5% cash back AT THE REGISTER with no minimum redemption threshold or anything.  Also, BJs MC is a good one IF you shop there.  Then others can add diversity such as the Cabellas Visa with World's Foremost Bank or the PayPal MC with GECRB.

 

There's a difference between a strategic plan and accepting every pop-up.  Absolutes are very rare.


Something I just learned this minute...from you and Pizza1 when he wrote something along the lines of Fico scores range in a mixture of credit with "Bank AND Retail."

 

There's no reason not to love this site Smiley Happy.


yes indeed...I love this forum!  Theres a reason Ive been on it daily for over 2 yrs, LOL  May not always be logged in or comment, but Im on here. Lots of good info here if youre willing to take the time and sit down and "search". 

 

And yes, the new FICO scores you on a mix of revolving credit...revolving being bank cards and retail .  Saw one guy who posted a long time ago his "snap shot", the only it gave him for a negative was " lack of retail revolving accts". Its something to consider if its important to you.  I will never see that kind of response in my lifetime on my reports, LMAO!!! Smiley Wink


I did not know this about needing retail for optimal Fico! Does anyone know if one is enough?  You learn something new on this forum everyday.

 

I actually wanted to comment on something that may be a little specific to me, but it bares mentioning. In 2008 when my finances went out the window and EVERYONE closed on me the only card that didn't was my retail JCP. They reduces it  to 136.00( probably because I never used it), but  They didn't close it. When I saw that little thing sitting on my credit report it was like a life line. I asked them to send me the physical card and I used it  to build positive credit history until I could pay my charged off amex and get a Optima rebuilder.  It snowballed from there. I'm not saying this is the case for everyone, but for me, It was a start when I thought everything was finished. Did I mention it's a 10k CL now? 


This is exactly what Im talking about!!  That little JCP card was the only thing that kept you afloat, and helped you rebuild.  There are a few I wont let go for that reason alone too...despite if I "outgrow it or not".. There is such thing as loyality to lenders who would approve you when everyone else wouldnt! Smiley Happy  I love little stories like that!!! Smiley Wink

Message 32 of 50
Callandra
Valued Contributor

Re: 5 more cards closed...done for the month.


@wacdenney wrote:

@Anonymous wrote:

IMPO, again, this bears repeating, IMPO, I've always believd that store cards are nothing but a waste of time.  I've never applied for one and never will. I'm perfectly happy witht the CCs that I have with banks such as Disc, BofA, NFCU and Amex. That's just MY OPINION.

 

Again, that's just MY OPINION. One more time: MY OPINION!  

 

EDIT: But, to be fair, if anyone IS HAPPY with their store cards, good for them. As long as they're perfectly fine with it, that is all that matters. 


There's a difference between grabbing every store card just because and grabbing them strategically.  Some of them are useful like for example Home Depot and Lowes give 5% cash back AT THE REGISTER with no minimum redemption threshold or anything.  Also, BJs MC is a good one IF you shop there.  Then others can add diversity such as the Cabellas Visa with World's Foremost Bank or the PayPal MC with GECRB.

 

There's a difference between a strategic plan and accepting every pop-up.  Absolutes are very rare.


Agreed. Target's card with 5% off is also very good, same with the Amazon store card if you have Prime. 

 

I've never thought store cards are bad but just not for me. I only had one and I totally regretted it. Smiley Very Happy Not going to lie that I've been tempted for Express since cardholders get some sweet coupons.

 

Great work pizza ~ glad to see you're on a good path. Smiley Happy

Quicksilver $10,000 | Better Balance Rewards $2000 | Sallie Mae $3500 | Freedom $3500

Last HP: 9/27/2015
Message 33 of 50
Anonymous
Not applicable

Re: 5 more cards closed...done for the month.

This closing cards thing sounds like fun. I'm adding it to my things to do list.

Message 34 of 50
Thomas_Thumb
Senior Contributor

Re: 5 more cards closed...done for the month.


@pizza1 wrote:

@Anonymous wrote:

@pizza1 wrote:

@Anonymous wrote:

@wacdenney wrote:

@Anonymous wrote:

IMPO, again, this bears repeating, IMPO, I've always believd that store cards are nothing but a waste of time.  I've never applied for one and never will. I'm perfectly happy witht the CCs that I have with banks such as Disc, BofA, NFCU and Amex. That's just MY OPINION.

 

Again, that's just MY OPINION. One more time: MY OPINION!  

 

EDIT: But, to be fair, if anyone IS HAPPY with their store cards, good for them. As long as they're perfectly fine with it, that is all that matters. 


There's a difference between grabbing every store card just because and grabbing them strategically.  Some of them are useful like for example Home Depot and Lowes give 5% cash back AT THE REGISTER with no minimum redemption threshold or anything.  Also, BJs MC is a good one IF you shop there.  Then others can add diversity such as the Cabellas Visa with World's Foremost Bank or the PayPal MC with GECRB.

 

There's a difference between a strategic plan and accepting every pop-up.  Absolutes are very rare.


Something I just learned this minute...from you and Pizza1 when he wrote something along the lines of Fico scores range in a mixture of credit with "Bank AND Retail."

 

There's no reason not to love this site Smiley Happy.


yes indeed...I love this forum!  Theres a reason Ive been on it daily for over 2 yrs, LOL  May not always be logged in or comment, but Im on here. Lots of good info here if youre willing to take the time and sit down and "search". 

 

And yes, the new FICO scores you on a mix of revolving credit...revolving being bank cards and retail .  Saw one guy who posted a long time ago his "snap shot", the only it gave him for a negative was " lack of retail revolving accts". Its something to consider if its important to you.  I will never see that kind of response in my lifetime on my reports, LMAO!!! Smiley Wink


I did not know this about needing retail for optimal Fico! Does anyone know if one is enough?  You learn something new on this forum everyday.

 

I actually wanted to comment on something that may be a little specific to me, but it bares mentioning. In 2008 when my finances went out the window and EVERYONE closed on me the only card that didn't was my retail JCP. They reduces it  to 136.00( probably because I never used it), but  They didn't close it. When I saw that little thing sitting on my credit report it was like a life line. I asked them to send me the physical card and I used it  to build positive credit history until I could pay my charged off amex and get a Optima rebuilder.  It snowballed from there. I'm not saying this is the case for everyone, but for me, It was a start when I thought everything was finished. Did I mention it's a 10k CL now? 


This is exactly what Im talking about!!  That little JCP card was the only thing that kept you afloat, and helped you rebuild.  There are a few I wont let go for that reason alone too...despite if I "outgrow it or not".. There is such thing as loyality to lenders who would approve you when everyone else wouldnt! Smiley Happy  I love little stories like that!!! Smiley Wink


My understanding is retail cards may be beneficial for the Fico NextGen scoring model according to some posters that have access to Fico NextGen.

 

However, Fico 08, Fico 04 and Fico 98 don't treat revolving retail cards any differently than other revolving credit cards for mix, or CC utilization - the cards are score neutral. True charge cards (not sure if any are left other than AMEX) can add to credit mix. In the past some store/retail cards were charge cards but the one I have left was converted to a revolver 5 years ago.

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 35 of 50
wacdenney
Valued Contributor

Re: 5 more cards closed...done for the month.


@Thomas_Thumb wrote:

@pizza1 wrote:

@Anonymous wrote:

@pizza1 wrote:

@Anonymous wrote:

@wacdenney wrote:

@Anonymous wrote:

IMPO, again, this bears repeating, IMPO, I've always believd that store cards are nothing but a waste of time.  I've never applied for one and never will. I'm perfectly happy witht the CCs that I have with banks such as Disc, BofA, NFCU and Amex. That's just MY OPINION.

 

Again, that's just MY OPINION. One more time: MY OPINION!  

 

EDIT: But, to be fair, if anyone IS HAPPY with their store cards, good for them. As long as they're perfectly fine with it, that is all that matters. 


There's a difference between grabbing every store card just because and grabbing them strategically.  Some of them are useful like for example Home Depot and Lowes give 5% cash back AT THE REGISTER with no minimum redemption threshold or anything.  Also, BJs MC is a good one IF you shop there.  Then others can add diversity such as the Cabellas Visa with World's Foremost Bank or the PayPal MC with GECRB.

 

There's a difference between a strategic plan and accepting every pop-up.  Absolutes are very rare.


Something I just learned this minute...from you and Pizza1 when he wrote something along the lines of Fico scores range in a mixture of credit with "Bank AND Retail."

 

There's no reason not to love this site Smiley Happy.


yes indeed...I love this forum!  Theres a reason Ive been on it daily for over 2 yrs, LOL  May not always be logged in or comment, but Im on here. Lots of good info here if youre willing to take the time and sit down and "search". 

 

And yes, the new FICO scores you on a mix of revolving credit...revolving being bank cards and retail .  Saw one guy who posted a long time ago his "snap shot", the only it gave him for a negative was " lack of retail revolving accts". Its something to consider if its important to you.  I will never see that kind of response in my lifetime on my reports, LMAO!!! Smiley Wink


I did not know this about needing retail for optimal Fico! Does anyone know if one is enough?  You learn something new on this forum everyday.

 

I actually wanted to comment on something that may be a little specific to me, but it bares mentioning. In 2008 when my finances went out the window and EVERYONE closed on me the only card that didn't was my retail JCP. They reduces it  to 136.00( probably because I never used it), but  They didn't close it. When I saw that little thing sitting on my credit report it was like a life line. I asked them to send me the physical card and I used it  to build positive credit history until I could pay my charged off amex and get a Optima rebuilder.  It snowballed from there. I'm not saying this is the case for everyone, but for me, It was a start when I thought everything was finished. Did I mention it's a 10k CL now? 


This is exactly what Im talking about!!  That little JCP card was the only thing that kept you afloat, and helped you rebuild.  There are a few I wont let go for that reason alone too...despite if I "outgrow it or not".. There is such thing as loyality to lenders who would approve you when everyone else wouldnt! Smiley Happy  I love little stories like that!!! Smiley Wink


My understanding is retail cards may be beneficial for the Fico NextGen scoring model according to some posters that have access to Fico NextGen.

 

However, Fico 08, Fico 04 and Fico 98 don't treat revolving retail cards any differently than other revolving credit cards for mix, or CC utilization - the cards are score neutral. True charge cards (not sure if any are left other than AMEX) can add to credit mix. In the past some store/retail cards were charge cards but the one I have left was converted to a revolver 5 years ago.


Both Home Depot and Lowes report as "charge" cards for me on Equifax.  I'm not sure if they report that way on TU and EX or not, but they definately do on EQ.

Message 36 of 50
OMW2_HighAcheiver
Established Contributor

Re: 5 more cards closed...done for the month.

Great job pizza!




Message 37 of 50
CreditUnionFan
Valued Contributor

Re: 5 more cards closed...done for the month.


@pizza1 wrote:

@Anonymous wrote:

Why close the Shell card? Its seems that one could come in handy for gas purchses. 


Because I already have a 76 gas card, and dont need two gas cards. I use my 76 gas card for all my gas purchases...I like having a gas card for emergencies or a back up. Smiley Wink


And here I thought you'd tell us because you found a card that earns 3% or more off on gasoline. 

 

I'm with you - I closed down the various Shell, Sunoco, Amoco/BP cards years ago, with the exception of the Chase Visa. Some gas stations charge extra for credit, but usually there's another one close enough nearby that doesn't charge extra to use a credit card.

I was going to garden... Honest!
Message 38 of 50
Anonymous
Not applicable

Re: 5 more cards closed...done for the month.

I suspect that if someone's only negative FICO factor is an absence of retail accounts, he already qualifies for credit on good terms. It sounds like a pretty low-priority "area for improvement" for FICO purposes.

 

Let's not mistake "a little retail credit in some cases may be good" to mean "more store cards are always good". A small number can help in rebuilding, but getting mired down with a lot of them isn't good when it might be more productive to wait and app selectively for better cards.

Message 39 of 50
myjourney
Super Contributor

Re: 5 more cards closed...done for the month.


@Anonymous wrote:

I suspect that if someone's only negative FICO factor is an absence of retail accounts, he already qualifies for credit on good terms. It sounds like a pretty low-priority "area for improvement" for FICO purposes.

 

Let's not mistake "a little retail credit in some cases may be good" to mean "more store cards are always good". A small number can help in rebuilding, but getting mired down with a lot of them isn't good when it might be more productive to wait and app selectively for better cards.


+1 Can you pls repeat that ...Bravo

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 40 of 50
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