Reply
Frequent Contributor
shalane85
Posts: 286
Registered: ‎06-19-2008

Dead end credit cards vs Keep forever credit cards

I'm trying to figure out what are good cc and bad cc? Which one of my cc are considered dead end, never going to upgrade, get a cli,etc.. or which cards are for keeps and will grow with you. Heres a lit of my cc. Any input is needed.

 

Orchard Bank AF 59 CL 300 opened June 2005

Capitol One AF 29 CL 500 opened December 2007

Capitol One AF 59 CL 750 opened July 2008

Macys CL 100 opened February 2009

Credit One Bank AF 69 CL 250 opened February 2009 DO I EVEN NEED THIS CARD?

 

I AM TRYING TO REBUILD MY CREDIT AND ESTABLISH A STRONG HISTORY SO ARE ANY OF THESE CARDS WORTH KEEPING?

-------------------------------------------------------------------------------------------------

Starting Score: 472
Current Score: 628
Goal Score: 680


Take the FICO Fitness Challenge





Starting Score: EQ FICO 470 TU FICO 482 7/15/2011
Current Score: EX ?? /EQ FICO 628 / TU ??
Goal Score: 680 across the board!

Navy Federal nRewards $500 cl
Capitol One Platinum (AU) $7500 cl
USAA Amex $250
Kay Jewelers $900
Established Contributor
gigi5
Posts: 767
Registered: ‎08-11-2008

Re: Dead end credit cards vs Keep forever credit cards

Keep the cards for now so you can get some age on your credit history.  Please don't close them, your credit score will go down.  I know how frustrating it can be to have small limits but, you do have Trade lines reporting on the 3 CCR amd that can only help you. 

Starting Score: 685
Current Score: 685
Goal Score: 750


Take the FICO Fitness Challenge
Regular Contributor
jahmal
Posts: 181
Registered: ‎08-13-2008

Re: Dead end credit cards vs Keep forever credit cards

I do agree not to close them "FOR NOW". With that said all are dead end cards except for Macy's. Keep them for age right now then after 24 months close that credit one which I would close right now anyway as it's such a ripoff card.

Starting Score: 8/2008 521
Current Score: 734
Highest Ever: 4/2009 759
Goal Score: 760+

Take the FICO Fitness Challenge
Established Member
Hashish
Posts: 30
Registered: ‎03-10-2008

Re: Dead end credit cards vs Keep forever credit cards

As a long term perspective, I'd certainly keep Capital One - it's an excellent card if you're going overseas. Try calling customer care/backdoor # and inquiring about the possibility to combine two c1 cards.

 

Macy's is good, because it's a store card and it contributes to "credit mix".

Valued Contributor
Guardian
Posts: 1,148
Registered: ‎04-23-2008

Re: Dead end credit cards vs Keep forever credit cards

[ Edited ]

shalane85 wrote:

I'm trying to figure out what are good cc and bad cc? Which one of my cc are considered dead end, never going to upgrade, get a cli,etc.. or which cards are for keeps and will grow with you. Heres a lit of my cc. Any input is needed.

 

Orchard Bank AF 59 CL 300 opened June 2005

Capitol One AF 29 CL 500 opened December 2007

Capitol One AF 59 CL 750 opened July 2008

Macys CL 100 opened February 2009

Credit One Bank AF 69 CL 250 opened February 2009 DO I EVEN NEED THIS CARD?

 

I AM TRYING TO REBUILD MY CREDIT AND ESTABLISH A STRONG HISTORY SO ARE ANY OF THESE CARDS WORTH KEEPING?


Forgive me if this sounds insensitive, that is not my inention, but all the cards you have listed are dead end cards. However, given the current climate and how difficult it is to secure credit, keep them and let them ride out until either they kill it or when you have better credit to replace them. The age of accounts at the very least will help you. Personal recommendation, dead end or not, keep them for now and let them ride out until you have secured better first.

 

ADD: I missed the Macy's in the list, keep that one because its a store credit and that will always help  the mix, but the rest different matter.

Message Edited by Guardian on 03-04-2009 11:52 AM

Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800


Member
Creditcardskeptic
Posts: 6
Registered: ‎03-03-2009

Re: Dead end credit cards vs Keep forever credit cards

What makes the cards he listed dead end...the CLs?  The companies offering?
Valued Contributor
Guardian
Posts: 1,148
Registered: ‎04-23-2008

Re: Dead end credit cards vs Keep forever credit cards


Creditcardskeptic wrote:
What makes the cards he listed dead end...the CLs?  The companies offering?

Just my opinion, I can't speak for anyone else, its the companies, as well as the category of creditor they are, and also the fact that the cards may or may not grow with you and the interest rates and annual fees could drag down their values. Hope that helps.


Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800


Senior Contributor
score_building
Posts: 3,465
Registered: ‎01-10-2008

Re: Dead end credit cards vs Keep forever credit cards


Creditcardskeptic wrote:
What makes the cards he listed dead end...the CLs?  The companies offering?


-the extraneous fees

-the sub par cs

-limited CLs and limited/unavailable or pay to play CLIs

-they don't necessarily leave the best impression w/ other lenders if you have too many (though it still counts as good history if you treat them right just like other cc)

-cards typically ineligible for product change 

-low limits beget low limits = dead end

 

one or two can serve a useful purpose if other types of accts. are temporarily unavailable to you, but too many can lead to diminishing returns.

 

in many cases just delaying app for a few months can net better offers and you can avoid these low tier cards altogether.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (WALMART)
Established Member
hotsaka
Posts: 62
Registered: ‎01-13-2009

Re: Dead end credit cards vs Keep forever credit cards

[ Edited ]
Those cards will grow minimally(except macys) if at all, if i were you i would get a bofa secured and wait a year until it unsecures before any new cards. BofA secured will turn into a great card you should be able to keep forever( after unsecures you can change to rewards card, get limit increases ocassionally) Between a bofa secured and macys you should be able to get your limits up. My macys card has gone from $300 to $2400 in less than a year with a little use($10 every 3 months) and calling for increases every 3 months
Message Edited by hotsaka on 03-04-2009 09:24 PM
Member
Creditcardskeptic
Posts: 6
Registered: ‎03-03-2009

Re: Dead end credit cards vs Keep forever credit cards

OK...so just to be clear...a good card:

 

1. Is one that can grow with you, meaning, CLIs

2. One that has minimal or no feess

3. Doesn't require you to put up a deposit for a CL or a higher deposit for a higher CL

4.  A respectable CL

 

Anything else...Im new to the game here.  I have recently acquired 2 cards:

 

USAA total rewards (MC) , 15,000 limit

Edward Jones Rewards (MC) , 7,000 limit

 

How do these two rank?


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+