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Frequent Contributor
Gibran
Posts: 331
Registered: ‎09-26-2009
0

Need some feedback or advice...

[ Edited ]

I was just approved last week for an Amex Zync card, should be arrivng sometime this week, this would make my 8th cc, the breakdown is as follows:

 

*CapOne - $500CL / $59AF

*HSBC Plat. - $520 (was $320, just got a CLI of $200 Yaaayyy) / $59AF

BB RZ MC - $500 / $0AF

*Macy's - $400CL

*Zales - $750CL

*Kay Jewelers - $800CL

CFE CU Plat. Visa - $500CL (local CU)

Amex Zync (newest card) - $45AF (would've only been $25 but I added the travel pack)

 

*Cards were all obtained in 10/09

 

Here's where I need some advice, with my Amex that would make 8 cards, 3 with AF's. I was thinking about trimming down what I have so I would be able to manage everything. I'm thinking of getting rid of the Kay's card because I've only shopped there once and that was during Xmas, when I shop for any jewelery it's mainly at Zales, I was also thinking of getting rid of my Macy's card simply because they no longer report to the CRA's and eventhough I do shop at Macy's quite a bit, I would be better off using one my CC that will net me some rewards points as opposed to using my Macy's card (at least that's my thinking, would this be a correct assumption?). Should I get rid of my CapOne or HSBC before it's time to pay the AF?

 

I would like to keep one since so it would towards my AAoA (since they were both obtained at the same time I don't think my score would be affected too much, probably only affecting the util. I would imagine). I would like to know what everyone thinks of what I'm trying to do? After trimming down, my breakdown would look like this: either CapOne or HSBC, BB RZ MC, Zales, my CU Visa, Amex, I think cutting down to 5 cards would be alot more manageable for me. I will be getting a CLI from my CU, the only reason the initial limit was so small is because I had also gotten a personal loan about a month after I opened my account, then I got my CC 2 months after that. I'm sure some might say just sock drawer the cards I'm not going to use, but I just feel like if I'm not going to use them, I don't even want them around. Looking for some good feedback and/or advice from my friends here :smileywink:

 

 

 

 


AMEX Platinum NPSL | AMEX Zync NPSL | AMEX Delta Platinum $4000 | Travelocity Amex $4000 | CapOne No Hassle Rewards $2500 | BBRZ MC $800 | Local CU Visa $1000 | Kay $2000 | Citi Hilton HHonors Reserve $5000 | Chase Marriott Rewards $5000 | BankAmericard Travel Rewards Visa $7000 | Discover IT $1000
In the garden until 10/2014
Valued Member
TimothyBryce
Posts: 49
Registered: ‎05-20-2010
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Re: Need some feedback or advice...

I wouldn't close anything that doesn't cost you anything, ie the Macy's and Kay's card.  Those accounts did cost you inquiries, so you might as well hang on to them.

 

With the BBRZ, CU Visa, and Zync card you should have enough to build from without using those high AF cards with toy limits.  Wait til they're about to charge you the AF and then close them.

Frequent Contributor
Gibran
Posts: 331
Registered: ‎09-26-2009
0

Re: Need some feedback or advice...

Thanks for advice Timothy I guess I didn't look at it that way regarding the inq's I got hit with, I think I will hold on to both of those cards and like you reminded me they're not costing me anything :smileywink: I'll close my CapOne and HSBC in Sept right before the AF's are supposed to hit. Thanks again.

 

 


AMEX Platinum NPSL | AMEX Zync NPSL | AMEX Delta Platinum $4000 | Travelocity Amex $4000 | CapOne No Hassle Rewards $2500 | BBRZ MC $800 | Local CU Visa $1000 | Kay $2000 | Citi Hilton HHonors Reserve $5000 | Chase Marriott Rewards $5000 | BankAmericard Travel Rewards Visa $7000 | Discover IT $1000
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Established Member
Rollingstones
Posts: 120
Registered: ‎05-13-2010
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Re: Need some feedback or advice...

Agreed close the HSBC especially, they arent generous even to PRIME customers! And capital one, have heard endless bad things about Congrats on the AMEX in your the family! Amex Rocks and will grow with you, i started with a green card now have 5 diff ones! Member since 1990!

Frequent Contributor
Gibran
Posts: 331
Registered: ‎09-26-2009
0

Re: Need some feedback or advice...

Thanks Rolling..Yeah Amex was the card that I have been trying to get, 3 previous attempts failed, the 4th attempt was actually the charm :smileywink: I haven't had any problems with either HSBC or CapOne but now that I have a CC with my CU and an Amex that will actually grow, I don't feel the need to be paying an AF, eventhough my Amex has an AF, I'll take a $40 AF on one card over a $120 on two cards any day. My AF is $40 because I added the Go Pack to my Amex, so either way it works out better on my end.

 

 


AMEX Platinum NPSL | AMEX Zync NPSL | AMEX Delta Platinum $4000 | Travelocity Amex $4000 | CapOne No Hassle Rewards $2500 | BBRZ MC $800 | Local CU Visa $1000 | Kay $2000 | Citi Hilton HHonors Reserve $5000 | Chase Marriott Rewards $5000 | BankAmericard Travel Rewards Visa $7000 | Discover IT $1000
In the garden until 10/2014
Established Member
Rollingstones
Posts: 120
Registered: ‎05-13-2010
0

Re: Need some feedback or advice...

Thats  great, and with on time payments, good solid financial health, dont do what others rant on here about, state your true income, and in no time you will get a green FEE waived, Gold waived, and perphaps at that point you wont mind paying  450 a year for the Platinum!!! Keep in mind too use the Zync as means you are a good risk to them, and you will get invites for so many pay over time cards, they are one of the only lendors i KNow of that allow you to have 5-7 Cards, When it comes time and you have had a strong enough relationship with them get the CLEAR or blue cash!! Congrats again!

Frequent Contributor
Gibran
Posts: 331
Registered: ‎09-26-2009
0

Re: Need some feedback or advice...

Just a quick update..I wasn't sure when I my AF was going to hit in Oct. so I called HSBC fo find out, to my surprise I was thinking my AF was $59, but actually it's $79 :smileysurprised: so that really made the decision to close this account before the AF hits a no brainer, a $79 AF on a card with a $520 CL, I don't think so....It has served it's purpose and in Sept it must be laid to rest :smileyvery-happy:...Just thought I'd share

 

 

 


AMEX Platinum NPSL | AMEX Zync NPSL | AMEX Delta Platinum $4000 | Travelocity Amex $4000 | CapOne No Hassle Rewards $2500 | BBRZ MC $800 | Local CU Visa $1000 | Kay $2000 | Citi Hilton HHonors Reserve $5000 | Chase Marriott Rewards $5000 | BankAmericard Travel Rewards Visa $7000 | Discover IT $1000
In the garden until 10/2014
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MarineVietVet
Posts: 14,974
Registered: ‎07-14-2009
0

Re: Need some feedback or advice...

 


Rollingstones wrote:

Thats  great, and with on time payments, good solid financial health, dont do what others rant on here about, state your true income, and in no time you will get a green FEE waived, Gold waived, and perphaps at that point you wont mind paying  450 a year for the Platinum!!! Keep in mind too use the Zync as means you are a good risk to them, and you will get invites for so many pay over time cards, they are one of the only lendors i KNow of that allow you to have 5-7 Cards, When it comes time and you have had a strong enough relationship with them get the CLEAR or blue cash!! Congrats again!


 

May I ask what those rants might be so I won't be guilty of them?

 

 

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

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Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Need some feedback or advice...

 


Gibran wrote:

 

Just a quick update..I wasn't sure when I my AF was going to hit in Oct. so I called HSBC fo find out, to my surprise I was thinking my AF was $59, but actually it's $79 :smileysurprised: so that really made the decision to close this account before the AF hits a no brainer, a $79 AF on a card with a $520 CL, I don't think so....It has served it's purpose and in Sept it must be laid to rest :smileyvery-happy:...Just thought I'd share


 

And when you do close a card, make sure that you've got it at a $0 balance a month beforehand (~ 2 months before the AF is due.) Print out that screen showing a $0 balance. When you call to cancel, have them verbally confirm that you're at $0 and that there are no pending charges (phone calls are generally taped) and request that they mail you a letter confirming that you have a $0 balance and that the account was closed in good standing. Then file the printout and the letter somewhere safe.

 

If you still have access to your online account after closing, keep checking it until after that AF was going to post, so that you know for sure that nothing snuck on there later.

 

You might be grateful for this 5 years on down the road.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Frequent Contributor
Gibran
Posts: 331
Registered: ‎09-26-2009
0

Re: Need some feedback or advice...

Thanks for the heads up hauling...I was going to definitely make sure I have $0 balance on both cards. I'll make sure to follow those steps, oh believe me I know all about surprises down the line, happened to me once before...Thanks again

 

 

 

 


AMEX Platinum NPSL | AMEX Zync NPSL | AMEX Delta Platinum $4000 | Travelocity Amex $4000 | CapOne No Hassle Rewards $2500 | BBRZ MC $800 | Local CU Visa $1000 | Kay $2000 | Citi Hilton HHonors Reserve $5000 | Chase Marriott Rewards $5000 | BankAmericard Travel Rewards Visa $7000 | Discover IT $1000
In the garden until 10/2014

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