topic Re: Advice needed please!!! in Credit Cards

Advice needed please!!!

traveler2005 — Mon, 18 Apr 2016 03:53:07 GMT

So I am at 100,000 with synchronny. So at this point my cards will not grow anymore. I am trying to decide which ones to cut. I have the store and MC verison of walmart and the store and MC version of Sams.

I use the MC version more than the store cards but the store cards are 5 years old and the MC versions are about 2.

I have JCPenny at 6000 use only occasionally, Dicks sporting goods 4000 use rarely, Old navy at 5,000 (was trying to get Visa version but never offered, account is 5 years old) gap 400, toys r us 200, amazon 3500 (I like this card) Lowes 25,000 I love this card, Stash 5000 I like it because of lower interest rate, BP gas 3,000 dont use much, texaco/chevron visa don't use very often, paypal smart account that will be converted into a paypal mc or visa 2,000. I purchase quite a bit on ebay. ashley furniture 2,000 dont use fairly new account, care credit 12,000 (need have 5 dogs and 4 cats, and dental issues) conoco 900 (use once is awhile)

I want the limits on my sams mc, walmart mc, amazon prime, stash visa and paypal mc to increase, and my care credit to stay same,

Should I start closing some of the other cards, or call credit solutions and ask them to increase some of my limits on the major cards knowing they will ask to decrease limits on some of my other cards.

Help please. I have too many cards!!!!!

Re: Advice needed please!!!

Anonymous — Mon, 18 Apr 2016 07:21:44 GMT

@traveler2005 wrote:
So I am at 100,000 with synchronny. So at this point my cards will not grow anymore. I am trying to decide which ones to cut. I have the store and MC verison of walmart and the store and MC version of Sams.

I use the MC version more than the store cards but the store cards are 5 years old and the MC versions are about 2.

I have JCPenny at 6000 use only occasionally, Dicks sporting goods 4000 use rarely, Old navy at 5,000 (was trying to get Visa version but never offered, account is 5 years old) gap 400, toys r us 200, amazon 3500 (I like this card) Lowes 25,000 I love this card, Stash 5000 I like it because of lower interest rate, BP gas 3,000 dont use much, texaco/chevron visa don't use very often, paypal smart account that will be converted into a paypal mc or visa 2,000. I purchase quite a bit on ebay. ashley furniture 2,000 dont use fairly new account, care credit 12,000 (need have 5 dogs and 4 cats, and dental issues) conoco 900 (use once is awhile)

I want the limits on my sams mc, walmart mc, amazon prime, stash visa and paypal mc to increase, and my care credit to stay same,
Should I start closing some of the other cards, or call credit solutions and ask them to increase some of my limits on the major cards knowing they will ask to decrease limits on some of my other cards.

Help please. I have too many cards!!!!!

Are you expecting to get the Stash AF waived? If not, $85 is a lot to pay just for a card with a lower interest rate.

Re: Advice needed please!!!

elim — Mon, 18 Apr 2016 07:40:57 GMT

I think you are on the right track. Lay them out in front of you and elevate the ones with moire importance, kill the lower cards.

Age over MC? That's where it gets tough. My oldest open accounts are 2 yrs old so I would definitely choose age. When offered Synch MC's I don't bite... the store cards are just as good and i have plenty of bank cards (i'm sure you do to).

Re: Advice needed please!!!

UncleB — Mon, 18 Apr 2016 10:17:59 GMT

@traveler2005 wrote:
So I am at 100,000 with synchronny. So at this point my cards will not grow anymore. I am trying to decide which ones to cut. I have the store and MC verison of walmart and the store and MC version of Sams.

I use the MC version more than the store cards but the store cards are 5 years old and the MC versions are about 2.

I have JCPenny at 6000 use only occasionally, Dicks sporting goods 4000 use rarely, Old navy at 5,000 (was trying to get Visa version but never offered, account is 5 years old) gap 400, toys r us 200, amazon 3500 (I like this card) Lowes 25,000 I love this card, Stash 5000 I like it because of lower interest rate, BP gas 3,000 dont use much, texaco/chevron visa don't use very often, paypal smart account that will be converted into a paypal mc or visa 2,000. I purchase quite a bit on ebay. ashley furniture 2,000 dont use fairly new account, care credit 12,000 (need have 5 dogs and 4 cats, and dental issues) conoco 900 (use once is awhile)

I want the limits on my sams mc, walmart mc, amazon prime, stash visa and paypal mc to increase, and my care credit to stay same,
Should I start closing some of the other cards, or call credit solutions and ask them to increase some of my limits on the major cards knowing they will ask to decrease limits on some of my other cards.

Help please. I have too many cards!!!!!

You have some really nice cards; I can see (and understand) why you would like to consolidate a bit, though.

Most likely you'll get tons of good advice, but if it were me I would start by looking at your gas cards... if you have the Sam's Club MasterCard, you already get 5% back for gas purchases at (almost) any gas station, so there might be some redundancy there.

Unless your BP and Chevron/Texaco cards offer rewards over 5% I would consider culling them first.

There might be some other 'opportunities' to tighten up a bit more, but to me the gas cards would be the first to go, unless they are 'earning' their place in your wallet with rewards (I'm not familiar with the BP or Chevron/Texaco reward schemes).

Just my 2¢.

Re: Advice needed please!!!

kdm31091 — Mon, 18 Apr 2016 13:24:43 GMT

@traveler2005 wrote:
So I am at 100,000 with synchronny. So at this point my cards will not grow anymore. I am trying to decide which ones to cut. I have the store and MC verison of walmart and the store and MC version of Sams.

I use the MC version more than the store cards but the store cards are 5 years old and the MC versions are about 2.

I have JCPenny at 6000 use only occasionally, Dicks sporting goods 4000 use rarely, Old navy at 5,000 (was trying to get Visa version but never offered, account is 5 years old) gap 400, toys r us 200, amazon 3500 (I like this card) Lowes 25,000 I love this card, Stash 5000 I like it because of lower interest rate, BP gas 3,000 dont use much, texaco/chevron visa don't use very often, paypal smart account that will be converted into a paypal mc or visa 2,000. I purchase quite a bit on ebay. ashley furniture 2,000 dont use fairly new account, care credit 12,000 (need have 5 dogs and 4 cats, and dental issues) conoco 900 (use once is awhile)

I want the limits on my sams mc, walmart mc, amazon prime, stash visa and paypal mc to increase, and my care credit to stay same,
Should I start closing some of the other cards, or call credit solutions and ask them to increase some of my limits on the major cards knowing they will ask to decrease limits on some of my other cards.

Help please. I have too many cards!!!!!

Your list includes a lot of "don't use" and "rarely use", etc. To me, if a card isn't useful, pretty much, close it. The only exception is if it is such a huge limit that it makes up most of your overall total limits, etc, but otherwise, no point in hanging onto things with $200 limits that you barely use.

I wouldn't keep Stash just because of the lower interest rate. Year after year, you are paying for that low interest rate with the AF so it may be a wash. It isn't a card designed for balance carrying anyway.

Even the paypal is not a wonderful card for ebay purchases. You get 2x per dollar but points aren't worth a penny, so less than 2% overall. Can do better elsewhere.

Toys R Us and Gap would be easy pickings to close IMO because of the tiny limits.

Re: Advice needed please!!!

MyLoFICO — Mon, 18 Apr 2016 14:18:43 GMT

Have you asked Syn to transfer the CL from the store to MC's of the same type (ie WM store card to WM MC) Is it even possible?

Re: Advice needed please!!!

traveler2005 — Tue, 19 Apr 2016 06:36:31 GMT

@MyLoFICO wrote:
Have you asked Syn to transfer the CL from the store to MC's of the same type (ie WM store card to WM MC) Is it even possible?

I am not sure if transfering a credit line from a store card to a MC version is possible? Does anyone know??

Re: Advice needed please!!!

traveler2005 — Tue, 19 Apr 2016 06:42:50 GMT

@traveler2005 wrote:
So I am at 100,000 with synchronny. So at this point my cards will not grow anymore. I am trying to decide which ones to cut. I have the store and MC verison of walmart and the store and MC version of Sams.

I use the MC version more than the store cards but the store cards are 5 years old and the MC versions are about 2.

I have JCPenny at 6000 use only occasionally, Dicks sporting goods 4000 use rarely, Old navy at 5,000 (was trying to get Visa version but never offered, account is 5 years old) gap 400, toys r us 200, amazon 3500 (I like this card) Lowes 25,000 I love this card, Stash 5000 I like it because of lower interest rate, BP gas 3,000 dont use much, texaco/chevron visa don't use very often, paypal smart account that will be converted into a paypal mc or visa 2,000. I purchase quite a bit on ebay. ashley furniture 2,000 dont use fairly new account, care credit 12,000 (need have 5 dogs and 4 cats, and dental issues) conoco 900 (use once is awhile)

I want the limits on my sams mc, walmart mc, amazon prime, stash visa and paypal mc to increase, and my care credit to stay same,
Should I start closing some of the other cards, or call credit solutions and ask them to increase some of my limits on the major cards knowing they will ask to decrease limits on some of my other cards.

Help please. I have too many cards!!!!!

So today I closed

Dicks Sporting Goods ---------- I thought this card would possibly become the mastercard version, started at 800 and went up to 4000. Used and paid off, but never upgraded. I don't live near a dicks, so it was way out of the way to purchase something at a store. Cannot use card to purchase Items on line like the mastercard version.

Gap ------- Small limit card 400 Closed, have old navy.

Next on the block in my Toy R Us 200 card, don't even know why I applied, was hoping to get MC version also. Anyhow I never registered the card, so I have to find it and then cancel it.

Will see what tomorrow brings.

Re: Advice needed please!!!

UncleB — Tue, 19 Apr 2016 06:50:15 GMT

@traveler2005 wrote:
@MyLoFICO wrote:
Have you asked Syn to transfer the CL from the store to MC's of the same type (ie WM store card to WM MC) Is it even possible?
I am not sure if transfering a credit line from a store card to a MC version is possible? Does anyone know??

I'm always hesitant to say anything definitively (things change quickly) but I can say I've never read of anybody having luck getting Synchrony to move credit lines at all. That being said, it certainly can't hurt to ask, and if they happen to say 'yes' you'll get to start a mega-thread to tell everybody about it.

Also, congrats on the card closing!

Re: Advice needed please!!!

MyLoFICO — Tue, 19 Apr 2016 11:34:17 GMT

@traveler2005 wrote:
@traveler2005 wrote:
So I am at 100,000 with synchronny. So at this point my cards will not grow anymore. I am trying to decide which ones to cut. I have the store and MC verison of walmart and the store and MC version of Sams.

I use the MC version more than the store cards but the store cards are 5 years old and the MC versions are about 2.

I have JCPenny at 6000 use only occasionally, Dicks sporting goods 4000 use rarely, Old navy at 5,000 (was trying to get Visa version but never offered, account is 5 years old) gap 400, toys r us 200, amazon 3500 (I like this card) Lowes 25,000 I love this card, Stash 5000 I like it because of lower interest rate, BP gas 3,000 dont use much, texaco/chevron visa don't use very often, paypal smart account that will be converted into a paypal mc or visa 2,000. I purchase quite a bit on ebay. ashley furniture 2,000 dont use fairly new account, care credit 12,000 (need have 5 dogs and 4 cats, and dental issues) conoco 900 (use once is awhile)

I want the limits on my sams mc, walmart mc, amazon prime, stash visa and paypal mc to increase, and my care credit to stay same,
Should I start closing some of the other cards, or call credit solutions and ask them to increase some of my limits on the major cards knowing they will ask to decrease limits on some of my other cards.

Help please. I have too many cards!!!!!
So today I closed

Dicks Sporting Goods ---------- I thought this card would possibly become the mastercard version, started at 800 and went up to 4000. Used and paid off, but never upgraded. I don't live near a dicks, so it was way out of the way to purchase something at a store. Cannot use card to purchase Items on line like the mastercard version.

Gap ------- Small limit card 400 Closed, have old navy.

Next on the block in my Toy R Us 200 card, don't even know why I applied, was hoping to get MC version also. Anyhow I never registered the card, so I have to find it and then cancel it.

Will see what tomorrow brings.

Once my TU score got over 700 is when I was able to app WM, Chevron/Texaco, Marvel, Stash and one other Sync cobranded majors and was approved. Upgrading will prbably never come but you can re-app them. If you get another store card, have them merge them. But I would definitly wait till your TU FICO 8 is over 700.

Re: Advice needed please!!!

MyLoFICO — Tue, 19 Apr 2016 11:33:15 GMT

@UncleB wrote:
@traveler2005 wrote:
@MyLoFICO wrote:
Have you asked Syn to transfer the CL from the store to MC's of the same type (ie WM store card to WM MC) Is it even possible?
I am not sure if transfering a credit line from a store card to a MC version is possible? Does anyone know??

I'm always hesitant to say anything definitively (things change quickly) but I can say I've never read of anybody having luck getting Synchrony to move credit lines at all. That being said, it certainly can't hurt to ask, and if they happen to say 'yes' you'll get to start a mega-thread to tell everybody about it.

Also, congrats on the card closing!

I am going to call Synch today and see if its possible.

Re: Advice needed please!!!

UncleB — Tue, 19 Apr 2016 12:07:57 GMT

@MyLoFICO wrote:
@UncleB wrote:
@traveler2005 wrote:
@MyLoFICO wrote:
Have you asked Syn to transfer the CL from the store to MC's of the same type (ie WM store card to WM MC) Is it even possible?
I am not sure if transfering a credit line from a store card to a MC version is possible? Does anyone know??

I'm always hesitant to say anything definitively (things change quickly) but I can say I've never read of anybody having luck getting Synchrony to move credit lines at all. That being said, it certainly can't hurt to ask, and if they happen to say 'yes' you'll get to start a mega-thread to tell everybody about it.

Also, congrats on the card closing!
I am going to call Synch today and see if its possible.

Let us know how it goes!

Also, since we're talking about Synchrony here, even if they aren't able to 'officially' move your credit line from one card to another, there's an excellent chance they'll simply be able to give you a large CLI on the card you want to keep (which could work out the same in the end).

There are even folks here who are close to Synchrony's exposure limit ($100k) who will call in to ask for a credit line decrease on a card, just to free up their total exposure so they can get a CLI on a different card. It's not quite the same as officially "moving credit lines" but it's darn close.

Re: Advice needed please!!!

MyLoFICO — Tue, 19 Apr 2016 14:18:54 GMT

@UncleB wrote:
@MyLoFICO wrote:
@UncleB wrote:
@traveler2005 wrote:
@MyLoFICO wrote:
Have you asked Syn to transfer the CL from the store to MC's of the same type (ie WM store card to WM MC) Is it even possible?
I am not sure if transfering a credit line from a store card to a MC version is possible? Does anyone know??

I'm always hesitant to say anything definitively (things change quickly) but I can say I've never read of anybody having luck getting Synchrony to move credit lines at all. That being said, it certainly can't hurt to ask, and if they happen to say 'yes' you'll get to start a mega-thread to tell everybody about it.

Also, congrats on the card closing!
I am going to call Synch today and see if its possible.
Let us know how it goes!

Also, since we're talking about Synchrony here, even if they aren't able to 'officially' move your credit line from one card to another, there's an excellent chance they'll simply be able to give you a large CLI on the card you want to keep (which could work out the same in the end).

There are even folks here who are close to Synchrony's exposure limit ($100k) who will call in to ask for a credit line decrease on a card, just to free up their total exposure so they can get a CLI on a different card. It's not quite the same as officially "moving credit lines" but it's darn close.

I called Synchrony.

If you have a store card and the MC/Visa version of that same card, they cannot be combined. However, he told me that he can close the store card and try for a CLI on the open MC/Visa and if I am still credit worthy for the increase the MC/Visa limit could be increased to match what the two separate cards were, or more. In other words, I have the Chevron/Texaco card and the Chevron/Texaco Visa. Each has a 4k limit. If I close the store card and go for a CLI on the MC/Visa it could be anywhere from a denial to more than both cards had previously. I have the Walmart card and Walmart MC too. I might try this eventually but not going to mess with it right now due to my AAoA.

Re: Advice needed please!!!

MyLoFICO — Tue, 19 Apr 2016 14:20:34 GMT

I just realized something too. The place I work is an outsourced IT support center. We handle Synchrony's tech support. lol. I sit right next to them and never realized it until now.

Re: Advice needed please!!!

UncleB — Tue, 19 Apr 2016 14:25:42 GMT

@MyLoFICO wrote:
@UncleB wrote:
@MyLoFICO wrote:
@UncleB wrote:
@traveler2005 wrote:
@MyLoFICO wrote:
Have you asked Syn to transfer the CL from the store to MC's of the same type (ie WM store card to WM MC) Is it even possible?
I am not sure if transfering a credit line from a store card to a MC version is possible? Does anyone know??

I'm always hesitant to say anything definitively (things change quickly) but I can say I've never read of anybody having luck getting Synchrony to move credit lines at all. That being said, it certainly can't hurt to ask, and if they happen to say 'yes' you'll get to start a mega-thread to tell everybody about it.

Also, congrats on the card closing!
I am going to call Synch today and see if its possible.
Let us know how it goes!

Also, since we're talking about Synchrony here, even if they aren't able to 'officially' move your credit line from one card to another, there's an excellent chance they'll simply be able to give you a large CLI on the card you want to keep (which could work out the same in the end).

There are even folks here who are close to Synchrony's exposure limit ($100k) who will call in to ask for a credit line decrease on a card, just to free up their total exposure so they can get a CLI on a different card. It's not quite the same as officially "moving credit lines" but it's darn close.
I called Synchrony.

If you have a store card and the MC/Visa version of that same card, they cannot be combined. However, he told me that he can close the store card and try for a CLI on the open MC/Visa and if I am still credit worthy for the increase the MC/Visa limit could be increased to match what the two separate cards were, or more. In other words, I have the Chevron/Texaco card and the Chevron/Texaco Visa. Each has a 4k limit. If I close the store card and go for a CLI on the MC/Visa it could be anywhere from a denial to more than both cards had previously. I have the Walmart card and Walmart MC too. I might try this eventually but not going to mess with it right now due to my AAoA.

Thanks for the update!

What you describe is what I was trying to describe as well, so I know exactly what you're talking about.

FWIW, even issuers like Capital One who officially have a 'combine' feature will show the card you're getting rid of as 'closed', so that would be the same anyway (just different terminology). Also, even if you close the accounts your AAoA won't be impacted for a while, since closed accounts will continue to report for up to 10 years... something to consider as well.

Either way you're doing well, and now you know for sure what Synchrony is able to do with your limits.

Re: Advice needed please!!!

UncleB — Tue, 19 Apr 2016 14:28:53 GMT

@MyLoFICO wrote:
I just realized something too. The place I work is an outsourced IT support center. We handle Synchrony's tech support. lol. I sit right next to them and never realized it until now.

That's too funny!

Now you can just go down the hall for a CLI! (LOL)

(Just joking; I once worked in a split office, and I know that's not how it works... we even had to fax documents to folks we shared a breakroom with - no walking it over. It seemed silly, but it kept everything sorted on both ends.)

Re: Advice needed please!!!

MyLoFICO — Tue, 19 Apr 2016 14:34:11 GMT

I think I am going to try and get my Chevron Visa increased and close my store card when I get home. I don't have any Texaco/Chevrons near me anymore and won't miss that card if it doesn't work. If it works I am going to do my WM and BP the same. Would be nice to have their benefits in a Major cobranded card and not a store card.

Re: Advice needed please!!!

MyLoFICO — Tue, 19 Apr 2016 14:37:36 GMT

@UncleB wrote:
@MyLoFICO wrote:
I just realized something too. The place I work is an outsourced IT support center. We handle Synchrony's tech support. lol. I sit right next to them and never realized it until now.
That's too funny!

Now you can just go down the hall for a CLI! (LOL)

(Just joking; I once worked in a split office, and I know that's not how it works... we even had to fax documents to folks we shared a breakroom with - no walking it over. It seemed silly, but it kept everything sorted on both ends.)

lol. I just went over to one of them and asked for a CLI. He said DENIED, I know where you work and I know your income won't support it. Good game though. lol. I'll have to meet him in the parking lot and "negotiate". Hahaha!

Re: Advice needed please!!!

UncleB — Tue, 19 Apr 2016 14:39:18 GMT

@MyLoFICO wrote:
I think I am going to try and get my Chevron Visa increased and close my store card when I get home. I don't have any Texaco/Chevrons near me anymore and won't miss that card if it doesn't work. If it works I am going to do my WM and BP the same. Would be nice to have their benefits in a Major cobranded card and not a store card.

Sounds like a plan to me!

Just remember that sometimes different cards get different results, even when you are calling in the same day. Some folks will be told no to a CLI for one card (or given a small one) just to hang up, call again and ask about a different card and get the exact amount they requested (sometimes even talking to the same CSR they just hung up with a few minutes earlier!).

Good luck, and keep us posted!

Re: Advice needed please!!!

MyLoFICO — Tue, 19 Apr 2016 14:43:13 GMT

@UncleB wrote:
@MyLoFICO wrote:
I think I am going to try and get my Chevron Visa increased and close my store card when I get home. I don't have any Texaco/Chevrons near me anymore and won't miss that card if it doesn't work. If it works I am going to do my WM and BP the same. Would be nice to have their benefits in a Major cobranded card and not a store card.
Sounds like a plan to me!

Just remember that sometimes different cards get different results, even when you are calling in the same day. Some folks will be told no to a CLI for one card (or given a small one) just to hang up, call again and ask about a different card and get the exact amount they requested (sometimes even talking to the same CSR they just hung up with a few minutes earlier!).

Good luck, and keep us posted!

Will do. I should probably start a new thread. I feel like I have hijacked this one from the Op and that isn't fair.