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Regular Contributor
Chaos122
Posts: 204
Registered: ‎12-20-2010
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Re: Best Buy Cardit Cards Issue

are all those accounts open and do you use all of them regularly?  Im just wondaring because it must be tough keeping up with close to 30 accounts everymonth,..


Starting Score: TU 608, Eq 618
Current Score: TU 755 Eq 746, Ex 770(psecu)
Goal Score: 780 across the board


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Contributor
MagicShot
Posts: 276
Registered: ‎01-15-2009
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Re: Best Buy Cardit Cards Issue

I use the Store Cards for 0% Financing & Rewards on non 0% financing and usually PIF those. The store cards get used every 2-3 months, and I cycle thorugh the Major cards every few months.

 

Excel Worksheet to manage my Credit Accounts, Payment Reminders, Outlook Calender, make it fairly easy to manage all those accounts. At first glance most people think it would be a nightmere but with some planning and prepatation its not bad.

 

I went from a $100 Gap card to what I have now. Took a lot o fwork cleaning up my credit report from when I was younger, PFD on most collections I had and now pay my bills as soon as they arrive so I am not late.

Established Contributor
cdtotten
Posts: 951
Registered: ‎05-27-2009
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Re: Best Buy Cardit Cards Issue

I am just curious why you would open so many new accounts. 30+ inquiries is excessive, and all these new accounts don't seem to add much value to your portfolio. Low limit cards don't help much in utilization, and your AAoA is shot now. Opening up a lot of new credit can be a red flag to current lenders and can result in FR, CLDs and account closure. Just try to put a hault on all your apping.

 

As to your original question, you are most likely on the B plan and won't be upgrade to the A plan. The card is not a good deal and I wouldn't worry about it.


Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU


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MagicShot
Posts: 276
Registered: ‎01-15-2009
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Re: Best Buy Cardit Cards Issue


cdtotten wrote:

I am just curious why you would open so many new accounts. 30+ inquiries is excessive, and all these new accounts don't seem to add much value to your portfolio. Low limit cards don't help much in utilization, and your AAoA is shot now. Opening up a lot of new credit can be a red flag to current lenders and can result in FR, CLDs and account closure. Just try to put a hault on all your apping.

 

As to your original question, you are most likely on the B plan and won't be upgrade to the A plan. The card is not a good deal and I wouldn't worry about it.


I am done apping, Once my newer card mature a few years I am going to ditch some of my older cards that have low limits, and that havent grown with me over the past 5 years. I am working on moving all my Major cards to Prime Cards that fit my needs, plus I will be traveling more for work and need to be able to chage what I need until I return to work for reimbursement. I have a spotless Payment history for the past 5 almost 6 years. The store cards are only something I use for either the perks or 0% no interest benifets, I dont carry a balance month to month unless it has 0% interest. Since credit is about how you manage your debt and payments and not really on how much you owe or earn as much I think I should be fine on my AAoA once I let these account mellow and grow so I can close some of my older cards :smileyhappy:

Contributor
MagicShot
Posts: 276
Registered: ‎01-15-2009
0

Re: Best Buy Cardit Cards Issue

Yes my scores have dropped a bit but should recover at least half of the drop within 3-6 months, and back where I was within a year. Sometimes you need to spend some to gain some as they say. I Hope as long as I keep my balances low I wont have to deal with CLD's and FR, I have went though all that before its really not that bad except for the CLD's. Happened to me back in end of '08 begining of '09 I got CLD on several accounts I think it has something to due with that stupid credit card bill in congress because at that time my credit profile hadnt changed. I Monitor my Credit with MyFICO, Equifax, My Credit Keeper, and Truecredit, but some Identify thingy too.

Contributor
MagicShot
Posts: 276
Registered: ‎01-15-2009
0

Re: Best Buy Cardit Cards Issue

Come to think of it I did have to Call BofA, and Discover to Review my Finances and Credit Report and stuff before they approved them.


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