@Ysettle4 wrote:
@SouthJamaica wrote:
@Anonymous wrote:My eyes aren't good enough to see whether any of the cards in your signature are store cards. If any of them are, that might feature in your decision making process. The insurance industry notes how many store cards and gives you a penalty (on their score) for each one that you have.
FICO does not impose a penalty for store cards, but the insurance industry does.
No the only pure store card I had was a Comenity Eddie Bauer card, which I got on impulse under pressure from a cashier, and cancelled a week later.
I had the Care Credit card, which was a bit like a store card in that it was only good at certain places. That's one of the cards I put on the chopping block today.
Today along with Care Credit, I also closed my other 2 Synchrony offerings, the Marvel Mastercard and the Ebates Visa card.... $47k in credit limits, out the window.
Why this card? I found this card to be valuable as it pays you back in addition to having an eBates account - unless you simply do not shop via eBates.
1. Useless for any purpose other than online purchases. No balance transfers. Prohibitive for cash advances. Interest rate prohibitive for carrying a balance.
2. Interest rates through the roof.
3. The way it came down and greeted me when I was on an eBates related site bugged me and interfered with me getting the transaction done.
4. My personality is such that I don't like being told where to spend my money.
5. I'm not much of a 'spender' anyway; I just kind of pay bills.
6. It's a standalone website; I prefer sites that have multiple accounts on one page, like Amex, Capital One, Barclays, Citi, Chase, etc. It bugged me that I had 3 Synchrony cards for which I had to visit 3 different sites.
7. I fully recognize that it's a super card for cash back online purchases, but (a) I have lots of good cards for making purchases and (b) I'm not much of a purchaser. It's just not something I do a lot of.
@SouthJamaica wrote:
@Ysettle4 wrote:
@SouthJamaica wrote:
@Anonymous wrote:My eyes aren't good enough to see whether any of the cards in your signature are store cards. If any of them are, that might feature in your decision making process. The insurance industry notes how many store cards and gives you a penalty (on their score) for each one that you have.
FICO does not impose a penalty for store cards, but the insurance industry does.
No the only pure store card I had was a Comenity Eddie Bauer card, which I got on impulse under pressure from a cashier, and cancelled a week later.
I had the Care Credit card, which was a bit like a store card in that it was only good at certain places. That's one of the cards I put on the chopping block today.
Today along with Care Credit, I also closed my other 2 Synchrony offerings, the Marvel Mastercard and the Ebates Visa card.... $47k in credit limits, out the window.
Why this card? I found this card to be valuable as it pays you back in addition to having an eBates account - unless you simply do not shop via eBates.
1. Useless for any purpose other than online purchases. No balance transfers. Prohibitive for cash advances. Interest rate prohibitive for carrying a balance.
2. Interest rates through the roof.
3. The way it came down and greeted me when I was on an eBates related site bugged me and interfered with me getting the transaction done.
4. My personality is such that I don't like being told where to spend my money.
5. I'm not much of a 'spender' anyway; I just kind of pay bills.
6. It's a standalone website; I prefer sites that have multiple accounts on one page, like Amex, Capital One, Barclays, Citi, Chase, etc. It bugged me that I had 3 Synchrony cards for which I had to visit 3 different sites.
7. I fully recognize that it's a super card for cash back online purchases, but (a) I have lots of good cards for making purchases and (b) I'm not much of a purchaser. It's just not something I do a lot of.
Congrats on thinning out the herd! 
+1 on Ebates... it seems like I get a message from them every two or three days about how I'm pre-qual'ed for a Visa Signature. I honestly looked around to see if/how it might be valuable to me, but I just don't think it's a good fit for my purchase patterns.
My only online purchases are eBay, Amazon, and very occasionally Macy's (due to Ebates). I already get 5%-6% back at Amazon and eBay using GCs from Kroger (which also gives me fuel points), so that leaves Macy's where I only shop a few times a year.
I'm sure there are some people who are avid online shoppers for whom Ebates is a great match, but I'm just not that person (unless there's something about the Ebates card I'm missing, of course).
As for Synchrony, I've decided that Care Credit might also be on my own chopping block. It did come in handy when I got a crown and dental implant last year, but after finding out how the provider has to pay the interest during the promo I'm kind of turned off. In my case I only use it at my dentist, and I actually like the guy (he's been great to me and my family) so if I can get a similar arrangement with another credit product I will. I also now have more cards (and available credit) than I did when I got Care Credit, so it's not needed as urgently for unexpected dental work. Another 'plus' to cutting Care Credit loose would be less Synchrony exposure, but that alone isn't driving my decision.
Here's to a slimmed down and well-oiled credit machine in the coming year! 
@UncleB wrote:
@SouthJamaica wrote:
@Ysettle4 wrote:
@SouthJamaica wrote:
@Anonymous wrote:My eyes aren't good enough to see whether any of the cards in your signature are store cards. If any of them are, that might feature in your decision making process. The insurance industry notes how many store cards and gives you a penalty (on their score) for each one that you have.
FICO does not impose a penalty for store cards, but the insurance industry does.
No the only pure store card I had was a Comenity Eddie Bauer card, which I got on impulse under pressure from a cashier, and cancelled a week later.
I had the Care Credit card, which was a bit like a store card in that it was only good at certain places. That's one of the cards I put on the chopping block today.
Today along with Care Credit, I also closed my other 2 Synchrony offerings, the Marvel Mastercard and the Ebates Visa card.... $47k in credit limits, out the window.
Why this card? I found this card to be valuable as it pays you back in addition to having an eBates account - unless you simply do not shop via eBates.
1. Useless for any purpose other than online purchases. No balance transfers. Prohibitive for cash advances. Interest rate prohibitive for carrying a balance.
2. Interest rates through the roof.
3. The way it came down and greeted me when I was on an eBates related site bugged me and interfered with me getting the transaction done.
4. My personality is such that I don't like being told where to spend my money.
5. I'm not much of a 'spender' anyway; I just kind of pay bills.
6. It's a standalone website; I prefer sites that have multiple accounts on one page, like Amex, Capital One, Barclays, Citi, Chase, etc. It bugged me that I had 3 Synchrony cards for which I had to visit 3 different sites.
7. I fully recognize that it's a super card for cash back online purchases, but (a) I have lots of good cards for making purchases and (b) I'm not much of a purchaser. It's just not something I do a lot of.
Congrats on thinning out the herd!
+1 on Ebates... it seems like I get a message from them every two or three days about how I'm pre-qual'ed for a Visa Signature. I honestly looked around to see if/how it might be valuable to me, but I just don't think it's a good fit for my purchase patterns.
My only online purchases are eBay, Amazon, and very occasionally Macy's (due to Ebates). I already get 5%-6% back at Amazon and eBay using GCs from Kroger (which also gives me fuel points), so that leaves Macy's where I only shop a few times a year.
I'm sure there are some people who are avid online shoppers for whom Ebates is a great match, but I'm just not that person (unless there's something about the Ebates card I'm missing, of course).
As for Synchrony, I've decided that Care Credit might also be on my own chopping block. It did come in handy when I got a crown and dental implant last year, but after finding out how the provider has to pay the interest during the promo I'm kind of turned off.
Yeah that was really the cold shower for me. Once I learned that, the joy of using the card every couple of months disappeared.
In my case I only use it at my dentist, and I actually like the guy (he's been great to me and my family) so if I can get a similar arrangement with another credit product I will. I also now have more cards (and available credit) than I did when I got Care Credit, so it's not needed as urgently for unexpected dental work. Another 'plus' to cutting Care Credit loose would be less Synchrony exposure, but that alone isn't driving my decision.
Here's to a slimmed down and well-oiled credit machine in the coming year!
@SouthJamaica wrote:
@Ysettle4 wrote:
@SouthJamaica wrote:
@Anonymous wrote:My eyes aren't good enough to see whether any of the cards in your signature are store cards. If any of them are, that might feature in your decision making process. The insurance industry notes how many store cards and gives you a penalty (on their score) for each one that you have.
FICO does not impose a penalty for store cards, but the insurance industry does.
No the only pure store card I had was a Comenity Eddie Bauer card, which I got on impulse under pressure from a cashier, and cancelled a week later.
I had the Care Credit card, which was a bit like a store card in that it was only good at certain places. That's one of the cards I put on the chopping block today.
Today along with Care Credit, I also closed my other 2 Synchrony offerings, the Marvel Mastercard and the Ebates Visa card.... $47k in credit limits, out the window.
Why this card? I found this card to be valuable as it pays you back in addition to having an eBates account - unless you simply do not shop via eBates.
1. Useless for any purpose other than online purchases. No balance transfers. Prohibitive for cash advances. Interest rate prohibitive for carrying a balance.
2. Interest rates through the roof.
3. The way it came down and greeted me when I was on an eBates related site bugged me and interfered with me getting the transaction done.
4. My personality is such that I don't like being told where to spend my money.
5. I'm not much of a 'spender' anyway; I just kind of pay bills.
6. It's a standalone website; I prefer sites that have multiple accounts on one page, like Amex, Capital One, Barclays, Citi, Chase, etc. It bugged me that I had 3 Synchrony cards for which I had to visit 3 different sites.
7. I fully recognize that it's a super card for cash back online purchases, but (a) I have lots of good cards for making purchases and (b) I'm not much of a purchaser. It's just not something I do a lot of.
I can't argue with you on that. I agree. Close that puppy out.
⋅ INQs: 6
@Anonymous wrote:My eyes aren't good enough to see whether any of the cards in your signature are store cards. If any of them are, that might feature in your decision making process. The insurance industry notes how many store cards and gives you a penalty (on their score) for each one that you have.
FICO does not impose a penalty for store cards, but the insurance industry does.
Why would the insurance company do that? Not saying you are wrong, but I don't see why they would care about such a thing?
;
909 wrote:
I have a dumb Barclaycard Apple rewards card. It has a $2K CL and they won't raise it w/out a HP. It earned 3x rewards for an iPad purchase but it won't fully cover a MacBook purchase. It's the last card I have with a CL below $9K and I haven't appreciated the service I've received. The only reason I keep it is to help my AAoA down the road and concern that cancelling it would harm my scores.
Question: I have six other revolvers, 5 opened in 2016 and one opened in 2012. I also have a mortgage and car loan. Oldest account is 28 years (closed) and AAoA is about 5 years. Should I be concerned about closing the Barclay card from an AAoA or score perspective?
Thanks.
CreditGuyinDixie wrote:
Nope, closing it will not alter your AAoA at all. Is it clear to you why it won't alter your AAoA? Real important for you to understand that.
It might have had a (slightly) bad effect on your score if you had very few open credit cards. In order to get the highest scores you need 3 or more cards. In your case, even after you close this, you will still have SIX other credit cards. So you are fine.
The only concern I have is how old this particular Barclay card is. You don't tell us that. We need to know how old this card is, and whether it is your oldest open account. If your oldest open account is another account -- what account is that and how old is it?
With these questions I am trying to get clear what will happen to your "Age of Oldest Account" when your ultra old but closed account falls off.
Thanks for always trying to educate forum members!
The Barclay is in fact my newest card at about 7 mos. old. My oldest account at EX and EQ isn28 years old and was closed in 2008 so it is scheduled to drop off in 2017. It will be replaced by a closed USBank account that is my oldest card at TU at 14.9 years. It will drop in 2023 or so. As I understand, my OA at EQ and EX will drop from 28 years to 15 years in 2017. In 2023, that closed USBank acct, opened in 2002, will be about 21 years old and will drop to be replaced by a CapOne card opened in 2012. A few old mortgages will be dropping off in the meantime.
OA and AAoA can be a bit tough to calculate without a spreadsheet.
FICO today via CCT:
EX and EQ: OA, 28.5 years, AAoA, 6.6 years
TU: OA, 14.9, AAoA, 5.2 yrs