I'm taking the low road

[Anonymous]

I have 5 credit cards. 2 MC and 3 store card with CL/Balances of:

Juniper          $2500/0.00
Hooters         $1800/0.00
GEMB/Ritz    $4500/0.00
Best Buy       $750/0.00
Target           $200/0.00

I just went to Best Buy and to Ritz and spent money on useless items to keep the cards alive. This left a really bad taste in my mouth. The Target card has been so pitiful that I quit considering anything with it long ago and haven't been in a Target store since May. I have come to consider Best Buy to be one of the greatest rip-offs in retail, both by store and card backer.

My thoughts, if I can PIF the two Master cards, why not just let the chips fall where they may with the other junk cards? Am I really going to keep checking accounts everyday for CL decreases or rate jacks? Am I going to make special trips to spend money I don’t want to spend on items I won’t use? Am I always going to pull maintenance to make sure I zero in on what I think will please these people the most? I bet the answer is no.

GEMB is a huge part of my trade line but I own all the camera gear I need now and it was sad how hard I had to look to find a $17 something just to keep the account alive.

You know what? I don’t think I want to play the game anymore. I think I’m going to use the two MC cards dictated soley by need or convenience and let the chips fall where they may on any other considerations. I've got the idea now and I understand the basics. I'm tired of making sure everything is perfect all the time for businesses I do not respect.

Comments are welcome. Who else is already tired of the new credit game? Who else thinks that the FICO system in today's credit market is broken? What good is this numbers obsession in the long run?

Message Edited by beenthere on 01-14-2009 02:25 AM

[Anonymous]

I have a Macy's card that was originally opened as a Burdines account in July, 1987.  Macy's took over Burdines a few years ago.  I liked Burdines, but I don't like Macy's.  Now, once a year, I make a purchase at Macy's, just to keep this older account open.  In fact, 2 weeks ago, I made my annual Macy's purchase: A shirt that I plan to wear when I wash my car.

Every year, I wonder:  Why am I still doing this?

[Anonymous]

Hi beenthere,

Good for you!!! 

As long as you have the credit you need

to get the things you want when you want

them, that's all that matters.

Having a FICO score of 850 isn't the end game.

It's keeping your credit and financial houses in

order to obtain the things you want on your timeframe,

not someone else's. As long as you do that, you win. 

CanDo

"The right attitude is everything"

[haulingthescoreup]

Hey, beenthere, I hear ya, and I've been doing some pruning myself.

My one reservation is that if you close all three store cards, you will lose 56% of your total credit limit. You'd be losing $5400 in total CL and be left with only $4300.

How about just killing off Best Buy and Target, getting CLI's on the two bank cards or opening a CU card with a $5K or so limit, and then closing the GEMB/ Ritz?

As your scores keep rising with time, you'll be in a good position to finish kicking any duds to the curb.

[Anonymous]

Yeah. Not to be reckless or any such thing but are we really going to be ideal card holders? Ya know Hauling, I've been thinking about a credit union here lately. Nevada Federal looks pretty good and they are close by and there building doesn't look like I financed it personally. The people are ginuinely friendly and don't sound like recordings when they great you like BoA people do.

My Burdines friend above knows exactly what I'm talking about. Do I really have to mark my calenders to make sure I'm spending on credit the way these people think I should?

Its not like I want to run out and close any accounts, it's more like I'll just let them stay open and only buy something if I need it and if they close they close. I expect you are right though, I'll probably continue nursing the GEMB card for the CL.

[oracles]

I agree with you beenthere, i too have a JCrew card that i have to find something to buy with in order to keep it active. I use to shop at jcrew but with their prices being ridiculously high now compared to other places, i don't shop there anymore. I too am getting sick and tired of keeping this card but unfortunately it is one of my oldest cards. That is why i say to newbies who want credit, only go for credit that you need or that you know you will definitely use in the future. It is extremely difficult to use a card that you really don't have any purpose for. This is why i don't have a jewelry card cause i really don't buy jewelry. I know i could get a very high limit on a jewelry card and help my util% but it will be difficult to maintain the card. Take HTSU advice and get a CU card to replace the limit and just let the chips fall where they may fall.

[smallfry]

I agree with Hauling about getting a Good credit union credit card. Penfed offers a cash back card. You might as well get a rewards card.

[Anonymous]

I only have two store cards but to exercise them i just buy a $10 gift card so i don't waste money and spend gift cards when i actually want something. I would recommend you find a few more normal cards from cu or otherwise so you can let the store cards go eventually as you are growing out of those tiny limit store cards

[CreditAble]

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@Anonymous wrote:

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Comments are welcome.

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I agree with many of the others who have replied in this thread.

Here is what I would do. I would not close any of the cards yet. I would wait until my scores were high enough to apply for my dream Bank (or CU) Credit Card.

If I was declined or wanted to get a higher CL on activation, I would call recon and state my case.

"I wanted to have a credit card issued by your bank.

 or, I really wanted a higher credit limit"..."So that I could cancel two

or three of my other cards and just use your bank's card." 

 If I got an Approval / CLI, I would close Target. When I called again for another CLI in 3 to 6 months I would say that I loved the new card so much that I had closed Target. If I could get another CLI I would close Best Buy. Yada Yada Yada.

If I no longer wanted some cards and I had difficulty obtaining prime bank or CU cards, I would offer to close existing cards to get approval for better ones.

This way any closing of accounts that could slightly hurt my credit scores, could be leveraged into obtaining new higher limit cards which would help  scores in the long run. In any event closing the toy cards won't hurt the score until after some new cards are obtained.

I call that an exit strategy. Enter the higher limit more versatile prime cards before exiting the toy cards.

At very least I would try for a CLI with Juniper and offer to close Target if I could get a $1,000 CLI.

[Anonymous]

I still like my Juniper. 7.9% is 7.9% and a guy in post BK cannot whimper about that. In two months I hope to hit them up for about $1500 more. I'm a single guy with a good retirement plan who lives in an apartment with a $263 new car payment and nothing more. How much credit card do I need? Rental car? Plane ticket? Dinner show?

I think I'll feel better if I just thump Target. Heck, why is GEMB at a camera store my highest CL/ LOL