Replacing entry-level cards with better cards

[Burned2manybridgesB4]

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@Anonymous wrote:

So far the only one charging me an annual fee is the Cap1 ($20, even though it was "supposedly" upgraded to a Quicksilver, it's not a true QS because it retained some attributes of the Platinum MC like the AF and high interest rate).

I am not sure what to do about the store cards, I rarely use the Banana or TJ Maxx card, but I abuse the 0% finance offers for the Best Buy card. The Discover is brand new and obtained simply for the 5% cashback. My CU card has no rewards, but they do offer a cashback card that I may be able to request an upgrade to in order to replace the Cap1. And I don't know if I'll buy more jewelry, but I don't think it's prudent to close a 3.7k limit. Maybe I should go buy a watch or get my wife some earrings just to give that one some activity...

If some of the cards see no activity, or rare activity, but the major ones (CSP, Costco, Discover, CU card) get used often, does the utilization balance out or do I get penalized for the dormant accounts? Also, if I have the CSP, does that make the Slate obsolete?

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Quicksilver #1 is the AF version, but you're doing good with it at 2k, as it's more than most get. When the CSP is on all your reports, use that as leverage to bump up to QS#2, by contacting the executive office.

The Discover started you at 1k...IME, it's gonna take a long time to grow. You either start high right away, or they give you a low limit, when they see others (jealous girlfriend attitude).

Store cards....uh...that's junk in my eyes, but essential to a rebuilder, unless they do repetative 0% apr offers frequently.

Jewelry card....watch battery once a year to keep alive.

Utilization is a double edged sword....judged by individual, and combined utilization for all cards.

CSP is a spender's card. Slate is a good BT card, and utilization padder.

[Anonymous]

Ok, couple more Qs...

What is BT?

Should I close the store cards?

I should probably do a search for it, but while I'm at it, capital one executive office...what? Is there a good thread that explains this because it's the first I've heard of it. I would like to get it upgraded to the CapitalOne Quicksilver Visa, or the Venture rewards, but I was also looking at the Citi AA card for next year for the bonus points, I want to start getting American Airlines miles and build that loyalty.

Should I just use the Discover as a backup card for the quarter that offers 5% on gas (the only time it's better than the AMEX's 3% reward on gas)? Or close it and try again next year?

Also it seems the jury is out on utilization, is it 9%? 20%? 30%? It seems like closer to 9%, but I figured I'd ask.

[SunriseEarth]

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@Anonymous wrote:

Not sure what the NPSL Siggy is, but I think I should reiterate my original question.

The real question I guess is, if I can't make the older cards grow to my needs, how badly does it harm my credit to close them? How badly does it harm my credit to let them lie dormant.

Here's my current wallet, in detail, and in order obtained or upgraded:

Cap1 Platinum Mastercard - 300 CL 05/12 - 500 CL 11/12 - Closed 07/14 (never increased again, after multiple requests)

Cap1 Platinum Mastercard - 300 CL 06/12 - 500 CL 12/12 - 2000 CL 12/13 (increased only after adding wife as authorized user)

TJ Maxx Synchrony - 300 CL 08/12 - 600 CL 05/13 - no increases since

Best Buy Card - 2000 CL 04/13 - never increased

Univ of Wisc CU Visa - 2500 CL 08/13

Univ of Wisc CU LOC - 500 CL 08/13

Wells Fargo Card (Jewlery Account) - 3700 CL 08/13 (for my wife's engagement ring, paid off in 6 months for no interest and haven't used since)

Banana Republic Card - 1000 CL 08/13 - 1200 CL 11/13

Chase Slate - 3200 CL 04/14

Discover IT Card - 1000 CL 08/14

Costco AMEX - 2000 CL 08/14

Chase Sapphire Preferred - 5000 CL 08/14

Now I do not know if I'm making progession, or going down a slippery slope. I see on these forums people going from 5000 CL to 50000 in just over a year, but in my case, I started the journey at a credit score of about 550, and my current is around 680, so I think I've made some strides. Not sure how others are doing it, because it's been really slow for me.

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I wouldn't go on a closing spree just yet.   UTIL is the most important part of your scoring.   Ideally, it should be less than 10% (but more than 0%) overall and less than 10% on each CC.   Also, less than half of your accounts should have balances.   So I'm in favor of SDing the cards that aren't of use to you.

That being said, I'd still try working the cards that you have.  If the LUV button isn't working at Cap One, contact the EO (AFAIK, you'd have to get the CL to >$3K to get an actual QS, so I'd ask for a CLI and then see if it's eligible to PC to the QS).  As for the Sync cards, are you actually generating statements?   Sync/GECRB tends to make CCs eligible for CLIs after 4 statements.   Of course, you could always try the Credit Solutions # for those cards, too.  

[Iwillgetthereeventually]

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@SunriseEarth wrote:

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@Anonymous wrote:

Not sure what the NPSL Siggy is, but I think I should reiterate my original question.

The real question I guess is, if I can't make the older cards grow to my needs, how badly does it harm my credit to close them? How badly does it harm my credit to let them lie dormant.

Here's my current wallet, in detail, and in order obtained or upgraded:

Cap1 Platinum Mastercard - 300 CL 05/12 - 500 CL 11/12 - Closed 07/14 (never increased again, after multiple requests)

Cap1 Platinum Mastercard - 300 CL 06/12 - 500 CL 12/12 - 2000 CL 12/13 (increased only after adding wife as authorized user)

TJ Maxx Synchrony - 300 CL 08/12 - 600 CL 05/13 - no increases since

Best Buy Card - 2000 CL 04/13 - never increased

Univ of Wisc CU Visa - 2500 CL 08/13

Univ of Wisc CU LOC - 500 CL 08/13

Wells Fargo Card (Jewlery Account) - 3700 CL 08/13 (for my wife's engagement ring, paid off in 6 months for no interest and haven't used since)

Banana Republic Card - 1000 CL 08/13 - 1200 CL 11/13

Chase Slate - 3200 CL 04/14

Discover IT Card - 1000 CL 08/14

Costco AMEX - 2000 CL 08/14

Chase Sapphire Preferred - 5000 CL 08/14

Now I do not know if I'm making progession, or going down a slippery slope. I see on these forums people going from 5000 CL to 50000 in just over a year, but in my case, I started the journey at a credit score of about 550, and my current is around 680, so I think I've made some strides. Not sure how others are doing it, because it's been really slow for me.

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I wouldn't go on a closing spree just yet.   UTIL is the most important part of your scoring.   Ideally, it should be less than 10% (but more than 0%) overall and less than 10% on each CC.   Also, less than half of your accounts should have balances.   So I'm in favor of SDing the cards that aren't of use to you.

That being said, I'd still try working the cards that you have.  If the LUV button isn't working at Cap One, contact the EO (AFAIK, you'd have to get the CL to >$3K to get an actual QS, so I'd ask for a CLI and then see if it's eligible to PC to the QS).  As for the Sync cards, are you actually generating statements?   Sync/GECRB tends to make CCs eligible for CLIs after 4 statements.   Of course, you could always try the Credit Solutions # for those cards, too.  

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+1 on what Sun and Burned2 have said.

And my overall advice...

1. In my experience GE/Sync was outstanding on regular CLIs after generating 4 statements. I used store cards to lower overall utilization and to pad the # of accounts with a zero balance.

2. Read and learn from advice on this board....notably keep utilization very low, and limit the number of cards that have any balance. I have had 1% utilization for over a year and the new accounts that I get keep getting better and better and better.

Good Luck!

[Anonymous]

Were the CLIs on Synchrony/GE automatic or requested? Because I've had both cards for longer than 4 months and have only seen the 300 dollar one jump to 600, and the 1000 to 1200...and the banana card I actually use especially at GAP and OldNavy since my wife likes their maternity stuff...should I request upgrades on those or does that create a HP?

[SunriseEarth]

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@Anonymous wrote:
Were the CLIs on Synchrony/GE automatic or requested? Because I've had both cards for longer than 4 months and have only seen the 300 dollar one jump to 600, and the 1000 to 1200...and the banana card I actually use especially at GAP and OldNavy since my wife likes their maternity stuff...should I request upgrades on those or does that create a HP?

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Sync CLIs are always SP for their retail cards.   Only programs like Care Credit or the furniture stores have HPs for CLIs.   

I've never had an auto CLI on any GE/Sync card.   I've had the most success using the LUV button on the site.   I'd try those and see what they get you.