topic Re: Store Cards Dropping Like Dominos in Credit Cards

Store Cards Dropping Like Dominos

CreditMagic7 — Fri, 09 Jan 2015 20:51:24 GMT

While building and/or rebuilding credit they might have been fun and simple to get preapproved for, and somewhat useful in the begininng to a point, but the overuse of the SCT eventually reaches an apex. Being overextended and saturated with too many of them IMO might pose a crippling effect so today i continued the quest to slash 3 more of them yet again. With Comenity this now leaves VS(1025), Jcrew ($5400) and Linensource ($1650) which by the way also just got a CLI on. VS is likely next since JCrew is reasonably more frequent with CLI's and although really expensive i like shopping there sometimes. Linensource can be used with multiple catalogs so Kingsize & Jessica London were clearly redundant and needed purged.

On to Target RedCard ($500), when i called this afternoon to close this one i was transferred to a separate account dept rep not a CSR. They straightway honored the request to close it then went on to add that if they do close it, that it is permanant, suggesting to some sort of blacklist just for closing the account and wouldn't be able to open another ever again with Target. How true that is i don't know and further couldn't care less anyway and so be it, because being stuck at such a low limit with the Target Store RedCard for such a time already (2years +) with no CLI whatsover except for the first 3 months (300-500) opening it is long enough. I didn't even bother to try to prod them for any knowing full well it will never grow anyway.

So from a total of 8 Comenity store cards about a year ago, now to only 3 with 1 more for certain pending, maybe 2 i think it was the right move at the right time to squeeze out these store cards that served their purpose, let those closings reflect on the CR's, and move forward again without dragging around all of that uneccessary baggage in front of future U/W reviews. Since i'm focusing strictly on Bankcards going forward after a nice stay in the Garden for 3-4 months more, do you think that this sort of action now will help my FICO scores at all or not.

I'm currently looking at 3 major Bankcards going 1 year in February for a slight FICO lift then, and felt particularly uneasy with the stockpile of those low limit store cards included on the reports.

Re: Store Cards Dropping Like Dominos

Anonymous — Fri, 09 Jan 2015 20:57:09 GMT

@CreditMagic7 wrote:
While building and/or rebuilding credit they might have been fun and simple to get preapproved for, and somewhat useful in the begininng to a point, but the overuse of the SCT eventually reaches an apex. Being overextended and saturated with too many of them IMO might pose a crippling effect so today i continued the quest to slash 3 more of them yet again. With Comenity this now leaves VS(1025), Jcrew ($5400) and Linensource ($1650) which by the way also just got a CLI on. VS is likely next since JCrew is reasonably more frequent with CLI's and although really expensive i like shopping there sometimes. Linensource can be used with multiple catalogs so Kingsize & Jessica London were clearly redundant and needed purged.

On to Target RedCard ($500), when i called this afternoon to close this one i was transferred to a separate account dept rep not a CSR. They straightway honored the request to close it then went on to add that if they do close it, that it is permanant, suggesting to some sort of blacklist just for closing the account and wouldn't be able to open another ever again with Target. How true that is i don't know and further couldn't care less anyway and so be it, because being stuck at such a low limit with the Target Store RedCard for such a time already (2years +) with no CLI whatsover except for the first 3 months (300-500) opening it is long enough. I didn't even bother to try to prod them for any knowing full well it will never grow anyway.

So from a total of 8 Comenity store cards about a year ago, now to only 3 with 1 more for certain pending, maybe 2 i think it was the right move at the right time to squeeze out these store cards that served their purpose, let those closings reflect on the CR's, and move forward again without dragging around all of that uneccessary baggage in front of future U/W reviews. Since i'm focusing strictly on Bankcards going forward after a nice stay in the Garden for 3-4 months more, do you think that this sort of action now will help my FICO scores at all or not.

I'm currently looking at 3 major Bankcards going 1 year in February for a slight FICO lift then, and felt particularly uneasy with the stockpile of those low limit store cards included on the reports.

I approve of this.

Which cards (Besides Sallie Mae) are you targeting?

Re: Store Cards Dropping Like Dominos

baller4life — Fri, 09 Jan 2015 20:57:51 GMT

I just cringe when I see people loading up on SCT cards. Good job dumping them.

Re: Store Cards Dropping Like Dominos

Anomalous — Fri, 09 Jan 2015 20:58:23 GMT

@CreditMagic7 wrote:
While building and/or rebuilding credit they might have been fun and simple to get preapproved for, and somewhat useful in the begininng to a point, but the overuse of the SCT eventually reaches an apex. Being overextended and saturated with too many of them IMO might pose a crippling effect so today i continued the quest to slash 3 more of them yet again. With Comenity this now leaves VS(1025), Jcrew ($5400) and Linensource ($1650) which by the way also just got a CLI on. VS is likely next since JCrew is reasonably more frequent with CLI's and although really expensive i like shopping there sometimes. Linensource can be used with multiple catalogs so Kingsize & Jessica London were clearly redundant and needed purged.

On to Target RedCard ($500), when i called this afternoon to close this one i was transferred to a separate account dept rep not a CSR. They straightway honored the request to close it then went on to add that if they do close it, that it is permanant, suggesting to some sort of blacklist just for closing the account and wouldn't be able to open another ever again with Target. How true that is i don't know and further couldn't care less anyway and so be it, because being stuck at such a low limit with the Target Store RedCard for such a time already (2years +) with no CLI whatsover except for the first 3 months (300-500) opening it is long enough. I didn't even bother to try to prod them for any knowing full well it will never grow anyway.

So from a total of 8 Comenity store cards about a year ago, now to only 3 with 1 more for certain pending, maybe 2 i think it was the right move at the right time to squeeze out these store cards that served their purpose, let those closings reflect on the CR's, and move forward again without dragging around all of that uneccessary baggage in front of future U/W reviews. Since i'm focusing strictly on Bankcards going forward after a nice stay in the Garden for 3-4 months more, do you think that this sort of action now will help my FICO scores at all or not.

I'm currently looking at 3 major Bankcards going 1 year in February for a slight FICO lift then, and felt particularly uneasy with the stockpile of those low limit store cards included on the reports.

Wow! Really?!

Anywho, good move!

Re: Store Cards Dropping Like Dominos

CreditCuriosity — Fri, 09 Jan 2015 20:59:15 GMT

Nice job.. I only have 2 Store Cards JCREW and Gamestop, both SCT.. Honestly the Gamestop was just dumb of me.. I rather pay with a rewards regular credit card for whatever I need console/game wise... JCREW actually I don't mind using and those credit limits can get very big from others I have seen.. Waiting to hit the 9 months then hoping for some big love.. So gamestop will be closed once it hits a year, quite a bit of time left ...

People the SCT is ok for 1 or 2 cards, but you will regret it later! Thank gosh I didn't get taken to far into it.. Gamestop I must of been drinking Tequilla while I Drapped (well accepted the pre-approval)..

Re: Store Cards Dropping Like Dominos

Anonymous — Fri, 09 Jan 2015 21:01:32 GMT

@baller4life wrote:
I just cringe when I see people loading up on SCT cards. Good job dumping them.

Same. It's like watching a movie you've seen before where a guy is about to run into traffic and get splattered, and then it happens. But every time you say "NOOOO, don't do it!"

I understand the lure of easy approvals when you're used to being denied all the time, but it's absolutely not worth it.

Re: Store Cards Dropping Like Dominos

baller4life — Fri, 09 Jan 2015 21:01:56 GMT

@CreditCuriousity wrote:
Nice job.. I only have 2 Store Cards JCREW and Gamestop, both SCT.. Honestly the Gamestop was just dumb of me.. I rather pay with a rewards regular credit card for whatever I need console/game wise... JCREW actually I don't mind using and those credit limits can get very big from others I have seen.. Waiting to hit the 9 months then hoping for some big love.. So gamestop will be closed once it hits a year, quite a bit of time left ...

People the SCT is ok for 1 or 2 cards, but you will regret it later! Thank gosh I didn't get taken to far into it.. Gamestop I must of been drinking Tequilla while I Drapped (well accepted the pre-approval)..

+ a gazillion

Re: Store Cards Dropping Like Dominos

CreditMagic7 — Fri, 09 Jan 2015 21:03:26 GMT

@Anomalous wrote:
@CreditMagic7 wrote:
While building and/or rebuilding credit they might have been fun and simple to get preapproved for, and somewhat useful in the begininng to a point, but the overuse of the SCT eventually reaches an apex. Being overextended and saturated with too many of them IMO might pose a crippling effect so today i continued the quest to slash 3 more of them yet again. With Comenity this now leaves VS(1025), Jcrew ($5400) and Linensource ($1650) which by the way also just got a CLI on. VS is likely next since JCrew is reasonably more frequent with CLI's and although really expensive i like shopping there sometimes. Linensource can be used with multiple catalogs so Kingsize & Jessica London were clearly redundant and needed purged.

On to Target RedCard ($500), when i called this afternoon to close this one i was transferred to a separate account dept rep not a CSR. They straightway honored the request to close it then went on to add that if they do close it, that it is permanant, suggesting to some sort of blacklist just for closing the account and wouldn't be able to open another ever again with Target. How true that is i don't know and further couldn't care less anyway and so be it, because being stuck at such a low limit with the Target Store RedCard for such a time already (2years +) with no CLI whatsover except for the first 3 months (300-500) opening it is long enough. I didn't even bother to try to prod them for any knowing full well it will never grow anyway.

So from a total of 8 Comenity store cards about a year ago, now to only 3 with 1 more for certain pending, maybe 2 i think it was the right move at the right time to squeeze out these store cards that served their purpose, let those closings reflect on the CR's, and move forward again without dragging around all of that uneccessary baggage in front of future U/W reviews. Since i'm focusing strictly on Bankcards going forward after a nice stay in the Garden for 3-4 months more, do you think that this sort of action now will help my FICO scores at all or not.

I'm currently looking at 3 major Bankcards going 1 year in February for a slight FICO lift then, and felt particularly uneasy with the stockpile of those low limit store cards included on the reports.

Wow! Really?!
Anywho, good move!

Yeah, i don't know if it was just a scare tactic or what kind of nonsense that was all about but it didn't really matter anyway.

Re: Store Cards Dropping Like Dominos

Mantis350 — Fri, 09 Jan 2015 21:08:13 GMT

I too am getting rid of my Comenity VS card. No longer have my gold digging ex in my life so no need for it (I don't purchase that much of that cologne there lol). The $1600 limit served its purpose when rebuilding. This post just gave me the additional support I needed to close this card for good. Now I only have Home Depot(5k), Lowes(10.6k) and Express(2.5k) for store cards. MIGHT get rid of Express soon too....I shop there a lot though so not too sure about this. Just dont want to have more than 2 store cards any longer. Oh yea I do have Sportsmans but that has a MC logo sooo.....yea

Re: Store Cards Dropping Like Dominos

Anomalous — Fri, 09 Jan 2015 21:12:57 GMT

@Anonymous wrote:
@baller4life wrote:
I just cringe when I see people loading up on SCT cards. Good job dumping them.
Same. It's like watching a movie you've seen before where a guy is about to run into traffic and get splattered, and then it happens. But every time you say "NOOOO, don't do it!"

I understand the lure of easy approvals when you're used to being denied all the time, but it's absolutely not worth it.

Final Destination fan?

Re: Store Cards Dropping Like Dominos

CreditMagic7 — Fri, 09 Jan 2015 21:15:18 GMT

@Mantis350 wrote:
I too am getting rid of my Comenity VS card. No longer have my gold digging ex in my life so no need for it (I don't purchase that much of that cologne there lol). The $1600 limit served its purpose when rebuilding. This post just gave me the additional support I needed to close this card for good. Now I only have Home Depot(5k), Lowes(10.6k) and Express(2.5k) for store cards. MIGHT get rid of Express soon too....I shop there a lot though so not too sure about this. Just dont want to have more than 2 store cards any longer. Oh yea I do have Sportsmans but that has a MC logo sooo.....yea

Well that's what i was taking a hard look at myself and decided enough is enough of this. I mean theres as you said, Lowes (17K) Home Depot (5K) and in my case with the (3) newest additions of Visa/MC Synchrony Cards in Ebates, PayPalMC, and Sam's 531 MC, those SCT cards suddenly stick out and not in the most convenient way.

Re: Store Cards Dropping Like Dominos

lg8302ch — Fri, 09 Jan 2015 21:16:11 GMT

@CreditMagic7 wrote:
@Anomalous wrote:
@CreditMagic7 wrote:
While building and/or rebuilding credit they might have been fun and simple to get preapproved for, and somewhat useful in the begininng to a point, but the overuse of the SCT eventually reaches an apex. Being overextended and saturated with too many of them IMO might pose a crippling effect so today i continued the quest to slash 3 more of them yet again. With Comenity this now leaves VS(1025), Jcrew ($5400) and Linensource ($1650) which by the way also just got a CLI on. VS is likely next since JCrew is reasonably more frequent with CLI's and although really expensive i like shopping there sometimes. Linensource can be used with multiple catalogs so Kingsize & Jessica London were clearly redundant and needed purged.

On to Target RedCard ($500), when i called this afternoon to close this one i was transferred to a separate account dept rep not a CSR. They straightway honored the request to close it then went on to add that if they do close it, that it is permanant, suggesting to some sort of blacklist just for closing the account and wouldn't be able to open another ever again with Target. How true that is i don't know and further couldn't care less anyway and so be it, because being stuck at such a low limit with the Target Store RedCard for such a time already (2years +) with no CLI whatsover except for the first 3 months (300-500) opening it is long enough. I didn't even bother to try to prod them for any knowing full well it will never grow anyway.

So from a total of 8 Comenity store cards about a year ago, now to only 3 with 1 more for certain pending, maybe 2 i think it was the right move at the right time to squeeze out these store cards that served their purpose, let those closings reflect on the CR's, and move forward again without dragging around all of that uneccessary baggage in front of future U/W reviews. Since i'm focusing strictly on Bankcards going forward after a nice stay in the Garden for 3-4 months more, do you think that this sort of action now will help my FICO scores at all or not.

I'm currently looking at 3 major Bankcards going 1 year in February for a slight FICO lift then, and felt particularly uneasy with the stockpile of those low limit store cards included on the reports.

Wow! Really?!
Anywho, good move!
Yeah, i don't know if it was just a scare tactic or what kind of nonsense that was all about but it didn't really matter anyway.

I would think they just wanted to make it clear that the same account cannot be re-opened. I doubt they ment a blacklist 😊

Re: Store Cards Dropping Like Dominos

Anonymous — Fri, 09 Jan 2015 21:19:08 GMT

@Anomalous wrote:
@Anonymous wrote:
@baller4life wrote:
I just cringe when I see people loading up on SCT cards. Good job dumping them.
Same. It's like watching a movie you've seen before where a guy is about to run into traffic and get splattered, and then it happens. But every time you say "NOOOO, don't do it!"

I understand the lure of easy approvals when you're used to being denied all the time, but it's absolutely not worth it.
Final Destination fan?

Lil bit.

Re: Store Cards Dropping Like Dominos

Mantis350 — Fri, 09 Jan 2015 21:19:28 GMT

@CreditMagic7 wrote:

Well that's what i was taking a hard look at myself and decided enough is enough of this. I mean theres as you said, Lowes (17K) Home Depot (5K) and in my case with the (3) newest additions of Visa/MC Synchrony Cards in Ebates, PayPalMC, and Sam's 531 MC, those SCT cards suddenly stick out and not in the most convenient way.

I just don't know what the magic number is. I understand the mix of one's credit file but I don't know how much having store cards actually hurts one's credit profile. Bank cards, installments and mortgage loans are great but I don't know where store cards come in or how much of an impact it makes to have too many (even if 0% util)...maybe someone can chime in on that?

Re: Store Cards Dropping Like Dominos

CreditMagic7 — Fri, 09 Jan 2015 21:21:27 GMT

@Anonymous wrote:
@CreditMagic7 wrote:
While building and/or rebuilding credit they might have been fun and simple to get preapproved for, and somewhat useful in the begininng to a point, but the overuse of the SCT eventually reaches an apex. Being overextended and saturated with too many of them IMO might pose a crippling effect so today i continued the quest to slash 3 more of them yet again. With Comenity this now leaves VS(1025), Jcrew ($5400) and Linensource ($1650) which by the way also just got a CLI on. VS is likely next since JCrew is reasonably more frequent with CLI's and although really expensive i like shopping there sometimes. Linensource can be used with multiple catalogs so Kingsize & Jessica London were clearly redundant and needed purged.

On to Target RedCard ($500), when i called this afternoon to close this one i was transferred to a separate account dept rep not a CSR. They straightway honored the request to close it then went on to add that if they do close it, that it is permanant, suggesting to some sort of blacklist just for closing the account and wouldn't be able to open another ever again with Target. How true that is i don't know and further couldn't care less anyway and so be it, because being stuck at such a low limit with the Target Store RedCard for such a time already (2years +) with no CLI whatsover except for the first 3 months (300-500) opening it is long enough. I didn't even bother to try to prod them for any knowing full well it will never grow anyway.

So from a total of 8 Comenity store cards about a year ago, now to only 3 with 1 more for certain pending, maybe 2 i think it was the right move at the right time to squeeze out these store cards that served their purpose, let those closings reflect on the CR's, and move forward again without dragging around all of that uneccessary baggage in front of future U/W reviews. Since i'm focusing strictly on Bankcards going forward after a nice stay in the Garden for 3-4 months more, do you think that this sort of action now will help my FICO scores at all or not.

I'm currently looking at 3 major Bankcards going 1 year in February for a slight FICO lift then, and felt particularly uneasy with the stockpile of those low limit store cards included on the reports.

I approve of this.

Which cards (Besides Sallie Mae) are you targeting?

Only Sallie Mae for now. It's been a difficult and very long wait and i'm more determined than ever to meet their credit analysts expectations this time around. In fact it was those same Barclays analysts who encouraged this latest purge and i can see where they are coming from.

Re: Store Cards Dropping Like Dominos

TRC_WA — Fri, 09 Jan 2015 21:29:24 GMT

@baller4life wrote:
I just cringe when I see people loading up on SCT cards. Good job dumping them.

Me too.

Saw one the other day... 9 toy limit cards.

Amazing...

Re: Store Cards Dropping Like Dominos

TRC_WA — Fri, 09 Jan 2015 21:32:45 GMT

@CreditMagic7 wrote:
@Anonymous wrote:
@CreditMagic7 wrote:
While building and/or rebuilding credit they might have been fun and simple to get preapproved for, and somewhat useful in the begininng to a point, but the overuse of the SCT eventually reaches an apex. Being overextended and saturated with too many of them IMO might pose a crippling effect so today i continued the quest to slash 3 more of them yet again. With Comenity this now leaves VS(1025), Jcrew ($5400) and Linensource ($1650) which by the way also just got a CLI on. VS is likely next since JCrew is reasonably more frequent with CLI's and although really expensive i like shopping there sometimes. Linensource can be used with multiple catalogs so Kingsize & Jessica London were clearly redundant and needed purged.

On to Target RedCard ($500), when i called this afternoon to close this one i was transferred to a separate account dept rep not a CSR. They straightway honored the request to close it then went on to add that if they do close it, that it is permanant, suggesting to some sort of blacklist just for closing the account and wouldn't be able to open another ever again with Target. How true that is i don't know and further couldn't care less anyway and so be it, because being stuck at such a low limit with the Target Store RedCard for such a time already (2years +) with no CLI whatsover except for the first 3 months (300-500) opening it is long enough. I didn't even bother to try to prod them for any knowing full well it will never grow anyway.

Only Sallie Mae for now. It's been a difficult and very long wait and i'm more determined than ever to meet their credit analysts expectations this time around. In fact it was those same Barclays analysts who encouraged this latest purge and i can see where they are coming from.

What are your scores?

I was instantly approved with 665 TU and 16 months history with Barclays Apple card.

I've never used the SCT though... toy limit cards aren't worth the space they take up on my credit report.

Re: Store Cards Dropping Like Dominos

mongstradamus — Fri, 09 Jan 2015 21:34:25 GMT

@Mantis350 wrote:
@CreditMagic7 wrote:
Well that's what i was taking a hard look at myself and decided enough is enough of this. I mean theres as you said, Lowes (17K) Home Depot (5K) and in my case with the (3) newest additions of Visa/MC Synchrony Cards in Ebates, PayPalMC, and Sam's 531 MC, those SCT cards suddenly stick out and not in the most convenient way.
I just don't know what the magic number is. I understand the mix of one's credit file but I don't know how much having store cards actually hurts one's credit profile. Bank cards, installments and mortgage loans are great but I don't know where store cards come in or how much of an impact it makes to have too many (even if 0% util)...maybe someone can chime in on that?

I think all the new TL is what hurts most people with store cards. Most store cards have limited use and usually, but not all the time, have low CL. From what i can tell most people apply for them in rebuilding phase because thats the only card they can get at the time. Getting one or two is ok but when you go 5+ then that is where the problems start. The affect on AAOA is more than people realize imo.

Re: Store Cards Dropping Like Dominos

Anonymous — Fri, 09 Jan 2015 21:36:01 GMT

@baller4life wrote:
@CreditCuriousity wrote:
Nice job.. I only have 2 Store Cards JCREW and Gamestop, both SCT.. Honestly the Gamestop was just dumb of me.. I rather pay with a rewards regular credit card for whatever I need console/game wise... JCREW actually I don't mind using and those credit limits can get very big from others I have seen.. Waiting to hit the 9 months then hoping for some big love.. So gamestop will be closed once it hits a year, quite a bit of time left ...

People the SCT is ok for 1 or 2 cards, but you will regret it later! Thank gosh I didn't get taken to far into it.. Gamestop I must of been drinking Tequilla while I Drapped (well accepted the pre-approval)..
+ a gazillion

+++++1 I comepletely agree! I just have 2 (HSN & JCrew) and thats good enough. People get a little crazy with the easiness of the SCT

Re: Store Cards Dropping Like Dominos

BUN — Fri, 09 Jan 2015 21:59:27 GMT

@CreditMagic7 wrote:
While building and/or rebuilding credit they might have been fun and simple to get preapproved for, and somewhat useful in the begininng to a point, but the overuse of the SCT eventually reaches an apex. Being overextended and saturated with too many of them IMO might pose a crippling effect so today i continued the quest to slash 3 more of them yet again. With Comenity this now leaves VS(1025), Jcrew ($5400) and Linensource ($1650) which by the way also just got a CLI on. VS is likely next since JCrew is reasonably more frequent with CLI's and although really expensive i like shopping there sometimes. Linensource can be used with multiple catalogs so Kingsize & Jessica London were clearly redundant and needed purged.

On to Target RedCard ($500), when i called this afternoon to close this one i was transferred to a separate account dept rep not a CSR. They straightway honored the request to close it then went on to add that if they do close it, that it is permanant, suggesting to some sort of blacklist just for closing the account and wouldn't be able to open another ever again with Target. How true that is i don't know and further couldn't care less anyway and so be it, because being stuck at such a low limit with the Target Store RedCard for such a time already (2years +) with no CLI whatsover except for the first 3 months (300-500) opening it is long enough. I didn't even bother to try to prod them for any knowing full well it will never grow anyway.

So from a total of 8 Comenity store cards about a year ago, now to only 3 with 1 more for certain pending, maybe 2 i think it was the right move at the right time to squeeze out these store cards that served their purpose, let those closings reflect on the CR's, and move forward again without dragging around all of that uneccessary baggage in front of future U/W reviews. Since i'm focusing strictly on Bankcards going forward after a nice stay in the Garden for 3-4 months more, do you think that this sort of action now will help my FICO scores at all or not.

I'm currently looking at 3 major Bankcards going 1 year in February for a slight FICO lift then, and felt particularly uneasy with the stockpile of those low limit store cards included on the reports.

Great job! We have had Target since 2008, and there it sits at $1000. My Kohls sits at $300 for 4 years. I was AU on Target so I took myself off. DH can close it if he wants. Kohls is the next domino to fall for me. I applaud you for moving on, and acknowledging their importance in your rebuilding process. Evreyone's gotta start somewhere!