topic Re: Cleaned out the SD today.. in Credit Cards

Cleaned out the SD today..

fltireguy — Tue, 27 Dec 2016 18:19:09 GMT

In the past few months, my NFCU CashRewards went from $5K to $20K, and I have a $10K Penfed PlatinumRewards Visa, and a $5K Promise Visa... so, I am thinking about substantially reducing the amount of cards that I have, as I am just over $100K in available credit, with <1% util right now..

I killed off a few store cards today, as I don't use them, and, for the most part the CL's are low.. (I have NEVER been in toy card hell, somehow - I dont know how I escaped that)

-Macys @$300 - 8 months old, they wouldnt give me a CLI, so it's gone now

-ExxonMobil @$200

-Sunoco@$200

-Pottery Barn@$3500

-Frontgate@$2500

-Gander Mtn@$500

Cards that I am pondering.. what to do with them

-Merrick Visa@$1200 (will double in 3 months) - no fees ever version.. So, I'll have a $2400 CL, with a meh APR, with no FTF,AF, or anything.. should I keep it? I know it really isnt going to grow at all beyond the $2400

-Bealls Florida@$650 - I do use this card for most of my clothing.. the rewards are ok... but, do I need it...lol

-Speedway@$400 - Store card is going away and being discontinued as of March anyway, I should just get rid of it now

-Overstock@$2300

I also have a CapOne QS1 @$2K.. I should probably keep that, shouldnt I? Plus, CapOne has been very good to me. I'm sure it'll continue to grow with time..

I also have a BofA 3-2-1 that unsecured early this month, @$1k. This one will grow, plus I like the 3% back at warehouse clubs, it's the best overall for Costco and Sams that I have.

Other cards that aren't going anywhere...

Williams Sonoma store card@$4K (I want to see how high I can get this, it goes up $750/mo)

BCP

SPG

Delta Amex

Amex Plat

Chase Amazon Visa

Shell store card - gets quite a bit of use

Citgo - gets use as well

Chase SW

Comments? Advice?

Re: Cleaned out the SD today..

Anonymous — Tue, 27 Dec 2016 18:38:33 GMT

Congrats on getting rid of some of the dead weight! (thinking of doing that myself)

I just wanted to chime in on a few areas...

Overstock - I was excited about that card, but I realized that every time I went to make a purchase, amazon had the same item for less. I imagine that the special financing deals could work for some, but I've never regretted closing it.

QS1- I suppose you've tried for a PC to QS to ditch the annual fee? The only reason I'd keep it open is Cap One seems to remain strong in leaner times when lenders start panicking and CLDing.

Merrick- Most likely, it is never going to grow anywhere near your other lines.

Speedway - My SO is going to miss this one! I'd close it just to have it marked "closed by consumer." It doesn't affect scoring, but helps on manual UW review.

Your UT is so low, I'd imagine that none of these closures would affect you at all.

Re: Cleaned out the SD today..

CJ7 — Tue, 27 Dec 2016 18:39:36 GMT

I'd keep the QS1. It should grow, and eventually you can roll it into another Cap1 card in the future.

Re: Cleaned out the SD today..

fltireguy — Tue, 27 Dec 2016 18:46:21 GMT

Noxqs, exactly what I was thinking on Speedway....

I've tried (and will try again) to get that QS1 PC'd over the next year. AF is due in April, so we shall see.

On Overstock, if I REALLY want something from them that is expensive, I could always buy it on Amex Plat then BT to FenFed... maybe I should close that. I've never compared their prices to Amazon, but I will in the future.. Plus, at least I get the 3% on my Chase Amazon

CJ7, That's pretty much what I am thinking.

Out of all my cards, the BCP gets most of my spend, with BofA now being 2nd - even t hough they are the lowest limits. But, I am looking at the long term on both of them...

Re: Cleaned out the SD today..

Anonymous — Tue, 27 Dec 2016 18:51:01 GMT

@fltireguy wrote:
Noxqs, exactly what I was thinking on Speedway....
I've tried (and will try again) to get that QS1 PC'd over the next year. AF is due in April, so we shall see.
On Overstock, if I REALLY want something from them that is expensive, I could always buy it on Amex Plat then BT to FenFed... maybe I should close that. I've never compared their prices to Amazon, but I will in the future.. Plus, at least I get the 3% on my Chase Amazon

CJ7, That's pretty much what I am thinking.

Out of all my cards, the BCP gets most of my spend, with BofA now being 2nd - even t hough they are the lowest limits. But, I am looking at the long term on both of them...

If they don't PC you by April, it is a pretty compelling reason to ask to have the AF waived for the year. The last 2 years I had the QS1, they refunded the AF upon asking.

Re: Cleaned out the SD today..

austinguy907 — Tue, 27 Dec 2016 19:45:20 GMT

For your warehouse 3% there's a bigger option.... Discover is doing 5% through March as part of their new offering for quarters. I'm not sure if they'll continue it but, it's 2 quarters now and they usually bundle in Amazon as well for 5% for most quarters.

Re: Cleaned out the SD today..

Anonymous — Tue, 27 Dec 2016 20:04:49 GMT

@fltireguy wrote:
In the past few months, my NFCU CashRewards went from $5K to $20K, and I have a $10K Penfed PlatinumRewards Visa, and a $5K Promise Visa... so, I am thinking about substantially reducing the amount of cards that I have, as I am just over $100K in available credit, with <1% util right now..

I killed off a few store cards today, as I don't use them, and, for the most part the CL's are low.. (I have NEVER been in toy card hell, somehow - I dont know how I escaped that)
@-Macys @$300 - 8 months old, they wouldnt give me a CLI, so it's gone now
@-ExxonMobil @$200
-Sunoco@$200
-Pottery Barn@$3500
-Frontgate@$2500
-Gander Mtn@$500

Cards that I am pondering.. what to do with them
-Merrick Visa@$1200 (will double in 3 months) - no fees ever version.. So, I'll have a $2400 CL, with a meh APR, with no FTF,AF, or anything.. should I keep it? I know it really isnt going to grow at all beyond the $2400
-Bealls Florida@$650 - I do use this card for most of my clothing.. the rewards are ok... but, do I need it...lol
-Speedway@$400 - Store card is going away and being discontinued as of March anyway, I should just get rid of it now
-Overstock@$2300

@I also have a CapOne QS1 @$2K.. I should probably keep that, shouldnt I? Plus, CapOne has been very good to me. I'm sure it'll continue to grow with time..

@I also have a BofA 3-2-1 that unsecured early this month, @$1k. This one will grow, plus I like the 3% back at warehouse clubs, it's the best overall for Costco and Sams that I have.

Other cards that aren't going anywhere...
Williams Sonoma store card@$4K (I want to see how high I can get this, it goes up $750/mo)
BCP
SPG
Delta Amex
Amex Plat
Chase Amazon Visa
Shell store card - gets quite a bit of use
Citgo - gets use as well
Chase SW

Comments? Advice?

Congrats. You've done a wonderful job of rebuilding. I would get rid of Merrick, Bealls, and Speedway. I would keep Overstock just because of the zero financing. Do you plan to apply for the Venture or QS in the future? If so, then I would first see if it can be PC'd into a QS, then apply for the higher tier card and in 6 months, roll the limit over. BoA is a keeper. What about Chase Amazon? Does it meet your needs or would it be better to have Amazon store card with Prime? Or are you keeping it in hopes of a better card with Chase?

Keep up the good work....and happy New Year.

Re: Cleaned out the SD today..

fltireguy — Tue, 27 Dec 2016 20:07:31 GMT

@austinguy907 wrote:
For your warehouse 3% there's a bigger option.... Discover is doing 5% through March as part of their new offering for quarters. I'm not sure if they'll continue it but, it's 2 quarters now and they usually bundle in Amazon as well for 5% for most quarters.

Austinguy - Discover doesnt feel the love for me... All I have ever been offered is a secured card, which I don't want... I wouldn't mind having their card, but, honestly, I could care less.. (the 5% would be nice though)

Re: Cleaned out the SD today..

austinguy907 — Tue, 27 Dec 2016 20:11:12 GMT

@fltireguy wrote:
@austinguy907 wrote:
For your warehouse 3% there's a bigger option.... Discover is doing 5% through March as part of their new offering for quarters. I'm not sure if they'll continue it but, it's 2 quarters now and they usually bundle in Amazon as well for 5% for most quarters.
Austinguy - Discover doesnt feel the love for me... All I have ever been offered is a secured card, which I don't want... I wouldn't mind having their card, but, honestly, I could care less.. (the 5% would be nice though)

It might be in your interest though to pick up a secured one for 7 months in which they review it for conversion to a regular one. Put in the time and effort and watch it blossom into a large limit or even your largest limit depending on your other cards growth over time. Or just garden for a year and try them 1 more time and pick up the unsecured one and be off to the races. Print out a picture of one and put it on your wall for a goal either way

Re: Cleaned out the SD today..

fltireguy — Tue, 27 Dec 2016 20:20:56 GMT

@Anonymous wrote:
@fltireguy wrote:
In the past few months, my NFCU CashRewards went from $5K to $20K, and I have a $10K Penfed PlatinumRewards Visa, and a $5K Promise Visa... so, I am thinking about substantially reducing the amount of cards that I have, as I am just over $100K in available credit, with <1% util right now..

I killed off a few store cards today, as I don't use them, and, for the most part the CL's are low.. (I have NEVER been in toy card hell, somehow - I dont know how I escaped that)
@-Macys @$300 - 8 months old, they wouldnt give me a CLI, so it's gone now
@-ExxonMobil @$200
-Sunoco@$200
-Pottery Barn@$3500
-Frontgate@$2500
-Gander Mtn@$500

Cards that I am pondering.. what to do with them
-Merrick Visa@$1200 (will double in 3 months) - no fees ever version.. So, I'll have a $2400 CL, with a meh APR, with no FTF,AF, or anything.. should I keep it? I know it really isnt going to grow at all beyond the $2400
-Bealls Florida@$650 - I do use this card for most of my clothing.. the rewards are ok... but, do I need it...lol
-Speedway@$400 - Store card is going away and being discontinued as of March anyway, I should just get rid of it now
-Overstock@$2300

@I also have a CapOne QS1 @$2K.. I should probably keep that, shouldnt I? Plus, CapOne has been very good to me. I'm sure it'll continue to grow with time..

@I also have a BofA 3-2-1 that unsecured early this month, @$1k. This one will grow, plus I like the 3% back at warehouse clubs, it's the best overall for Costco and Sams that I have.

Other cards that aren't going anywhere...
Williams Sonoma store card@$4K (I want to see how high I can get this, it goes up $750/mo)
BCP
SPG
Delta Amex
Amex Plat
Chase Amazon Visa
Shell store card - gets quite a bit of use
Citgo - gets use as well
Chase SW

Comments? Advice?

Congrats. You've done a wonderful job of rebuilding. I would get rid of Merrick, Bealls, and Speedway. I would keep Overstock just because of the zero financing. Do you plan to apply for the Venture or QS in the future? If so, then I would first see if it can be PC'd into a QS, then apply for the higher tier card and in 6 months, roll the limit over. BoA is a keeper. What about Chase Amazon? Does it meet your needs or would it be better to have Amazon store card with Prime? Or are you keeping it in hopes of a better card with Chase?

Keep up the good work....and happy New Year.

Kaykay - Thanks I still cant believe that I have gone from a CapOne secured card (closed this year when they issued a $500QS1) to having over $100K available in 10 months!

I might app for a Venture or regular QS down the road, I'm not sure though... Maybe sometime next year I'll check the prequals (nothing showing now.. )

The Chase Amazon had 2 reasons. First, it was a way in with Chase - I know with a good history (on that as well as my SW) it will help me down the road for a CSP or a CSR if I can EVER get under 5/24, or, perhaps for a better, non 5/24 Chase card. It will also make a good donor card if the limit grows so I can move it. I also got it for the 3% on Amazon as well... Synchrony and I do NOT get along - I had a few cards with them, with good (perfect) payment history, but they gave me the blue envelope, which I sent back to them with a letter stating that I would sign the form for THEM, and not LN. So much for those accounts - they called me, said they wouldnt do it my way, and I closed the accounts. So, they are dead to me at this point. I don'tneed them either

Just called and closed Speedway. Bealls is staying because it saves me on average 20% on top of coupons and sales, it gets about $150 per month, PIF before sttement.

Merrick is probably going to get closed - no growth potential... I want things that will grow with me

The other thing that is going out the door this week is my checking, and savings account with Chase. I don't need them. I have NFCU, and they have a branch 15 minutes from me here in Tampa! Navy has been good to me. Very, very good. they deserve my deposit accounts!

Happy new year to you as well!

Re: Cleaned out the SD today..

Anonymous — Tue, 27 Dec 2016 20:29:47 GMT

@fltireguy wrote:
@Anonymous wrote:
@fltireguy wrote:
In the past few months, my NFCU CashRewards went from $5K to $20K, and I have a $10K Penfed PlatinumRewards Visa, and a $5K Promise Visa... so, I am thinking about substantially reducing the amount of cards that I have, as I am just over $100K in available credit, with <1% util right now..

I killed off a few store cards today, as I don't use them, and, for the most part the CL's are low.. (I have NEVER been in toy card hell, somehow - I dont know how I escaped that)
@-Macys @$300 - 8 months old, they wouldnt give me a CLI, so it's gone now
@-ExxonMobil @$200
-Sunoco@$200
-Pottery Barn@$3500
-Frontgate@$2500
-Gander Mtn@$500

Cards that I am pondering.. what to do with them
-Merrick Visa@$1200 (will double in 3 months) - no fees ever version.. So, I'll have a $2400 CL, with a meh APR, with no FTF,AF, or anything.. should I keep it? I know it really isnt going to grow at all beyond the $2400
-Bealls Florida@$650 - I do use this card for most of my clothing.. the rewards are ok... but, do I need it...lol
-Speedway@$400 - Store card is going away and being discontinued as of March anyway, I should just get rid of it now
-Overstock@$2300

@I also have a CapOne QS1 @$2K.. I should probably keep that, shouldnt I? Plus, CapOne has been very good to me. I'm sure it'll continue to grow with time..

@I also have a BofA 3-2-1 that unsecured early this month, @$1k. This one will grow, plus I like the 3% back at warehouse clubs, it's the best overall for Costco and Sams that I have.

Other cards that aren't going anywhere...
Williams Sonoma store card@$4K (I want to see how high I can get this, it goes up $750/mo)
BCP
SPG
Delta Amex
Amex Plat
Chase Amazon Visa
Shell store card - gets quite a bit of use
Citgo - gets use as well
Chase SW

Comments? Advice?

Congrats. You've done a wonderful job of rebuilding. I would get rid of Merrick, Bealls, and Speedway. I would keep Overstock just because of the zero financing. Do you plan to apply for the Venture or QS in the future? If so, then I would first see if it can be PC'd into a QS, then apply for the higher tier card and in 6 months, roll the limit over. BoA is a keeper. What about Chase Amazon? Does it meet your needs or would it be better to have Amazon store card with Prime? Or are you keeping it in hopes of a better card with Chase?

Keep up the good work....and happy New Year.
Kaykay - Thanks I still cant believe that I have gone from a CapOne secured card (closed this year when they issued a $500QS1) to having over $100K available in 10 months!
I might app for a Venture or regular QS down the road, I'm not sure though... Maybe sometime next year I'll check the prequals (nothing showing now.. )

The Chase Amazon had 2 reasons. First, it was a way in with Chase - I know with a good history (on that as well as my SW) it will help me down the road for a CSP or a CSR if I can EVER get under 5/24, or, perhaps for a better, non 5/24 Chase card. It will also make a good donor card if the limit grows so I can move it. I also got it for the 3% on Amazon as well... Synchrony and I do NOT get along - I had a few cards with them, with good (perfect) payment history, but they gave me the blue envelope, which I sent back to them with a letter stating that I would sign the form for THEM, and not LN. So much for those accounts - they called me, said they wouldnt do it my way, and I closed the accounts. So, they are dead to me at this point. I don'tneed them either

Just called and closed Speedway. Bealls is staying because it saves me on average 20% on top of coupons and sales, it gets about $150 per month, PIF before sttement.

Merrick is probably going to get closed - no growth potential... I want things that will grow with me

The other thing that is going out the door this week is my checking, and savings account with Chase. I don't need them. I have NFCU, and they have a branch 15 minutes from me here in Tampa!

Happy new year to you as well!

Thanks for the reply. I remember now about the summer of Synchrony hell. I don't blame you in the least. NFCU is the reason why I'm gardening. I want to get my scores up and over the next year, say good-bye to some accounts too and go after some products with them. I have a charge off that I'm waiting to go away, so I've gone as far as I can with my profile. Whatever you decide to do, we know you'll do great.

"The best way to predict the future, is to create it"

-Peter Drucker

Re: Cleaned out the SD today..

EAJuggalo — Tue, 27 Dec 2016 20:44:58 GMT

You could get a Cap1 Platinum and PC that into a QS with no annual fee after two statements.

Re: Cleaned out the SD today..

Anonymous — Tue, 27 Dec 2016 21:03:23 GMT

I personally don't recommend anyone apply for a Cap One card that has anything less than good-excellent credit that plans on growing that Cap One card. If your scores are lower than good-excellent and you don't care about growing the card (and are happy with a $500-$3000 SL) I think Cap One is great for "letting people in" but they will never and I mean NEVER look at you in any way other than how you looked when they approved you. Again, if you don't care about growth this doesn't matter. If you do, one should just hold out and apply later when their profile is better or simply plan on applying for a different product (not a PC) at some point in the future.