topic Re: Lesson learned in Credit Cards

Lesson learned

Red1Blue — Sun, 27 Feb 2011 12:38:32 GMT

I got CLD on couple of citi accounts 6 months ago. I want to see if they would give CLI to so I asked for the CLI. They declined CLI after triggered 2 hard inq's on EX and right after those inq's BOA decided to CLD my accounts. They cld 3k on one account and 5k on other account. I asked BOA to reinstate the limits. I have to wait a day and see if they are going to do it or not. I asked CLI on Citi ATT Business card and they increased it from 4k to 10K. Lost 8k from BOA and gain6K from Citi. Net/net I am at the same place total credit after every thing. At this time it is more like a rat race. You gain one and loose two. It is better keep what I have and shred all the cards. It is not fun any more gaining and loosing. I'll start closing some of the junk accounts like HSBC / GE cards with low limits and cleanup the house. At least GE cards you can get cli every 4 months. HSBC is a dead beat charging high AF's. I'll keep Amex and Navy cards and slowly put every thing else into shredder slowly.

Re: Lesson learned

Anonymous — Sun, 27 Feb 2011 14:50:06 GMT

Hi concorduser,

Roller coaster rides just don't seem that thrilling to me, either.

Have you figured out the cause of the Citi CLD's six months ago? Did you have high utilization on any other card or lots of new accounts/inquiries at that time? Or an excessive number of bank/natinal cc's open?

Or were they just in CLD mode overall?

And could you tell what else was going on with your accounts besides the two Ex inquiries that would shake BofA up? I'm a little lost on the timing of the two companies AA - so if the BofA drops were the same time as the Citi CLD's, then something on your CR's may have spooked them both.

If you do have an excessive number of revolving accounts open, then it may be helpful to trim the number of accounts down.

Congrats on your ATT Business CLI! Very nice!

Re: Lesson learned

MAstudent07 — Sun, 27 Feb 2011 15:16:19 GMT

I'm with you OP, I am slowly closing and shredding unnecessary cards. I found myself caught in a moment, and I didn't realize that I was over my head. I have a total of 6 CCs that I use for general spending and I just closed one yesterday. For sure I am going to close 1 or 2 more, because I want to simplify my portfolio. Next two on the chopping block are Zync and Amazon Visa.

I understand how difficult it may be to deal with these companies, but hang in there. Right decisions always pay off (with or without interest).

Re: Lesson learned

DI — Sun, 27 Feb 2011 15:20:15 GMT

I closed a few accounts last week and have decided to not ask for any more CLIs. The incident with State Farm was an eye opener for me. I'm just going to be thankful for the $30K+ available CLs that I already have.

Re: Lesson learned

JayRizzo — Sun, 27 Feb 2011 15:37:30 GMT

Whaaaaaaat!!! DI?!? For Real?!? Ok, I'm just picking.... that's good to hear. This is exactly where I'm at in this whacky world of credit... just relaxing and no more playing card games with lenders. Not even gardening, just dusting off the ones I've sock-drawered every 6 months for a small purchase, PIF, and see ya in another 6 months while I use 1 card for regular use.

Re: Lesson learned

DI — Sun, 27 Feb 2011 15:55:31 GMT

@JayRizzo wrote:
Whaaaaaaat!!! DI?!? For Real?!? Ok, I'm just picking.... that's good to hear. This is exactly where I'm at in this whacky world of credit... just relaxing and no more playing card games with lenders. Not even gardening, just dusting off the ones I've sock-drawered every 6 months for a small purchase, PIF, and see ya in another 6 months while I use 1 card for regular use.

Yes, for real JayRizzo!! I've stopped chasing the CLIs. LOL

Re: Lesson learned

smc733 — Sun, 27 Feb 2011 16:05:52 GMT

I like the general idea being pursued in this thread.

People at other-sites have such a mentality where 30+ cards is ok. I like things simplified myself, ie.

2 Regular Cards with me:

Citi Div Platinum Select M/C

Discover More

1 Backup/Montly Renewal Card

Chase Amazon Visa

2 Store Cards:

BB Store Card

Amazon Store card

and in the sockdrawer (for now)

BankAmericard Cash Rewards

I feel like lenders are becoming wary of people with several unused 15k+ lines of credit.

Re: Lesson learned

Anonymous — Mon, 07 Mar 2011 06:40:00 GMT

concord, that's good for you! We all learn from the mistakes.

I have total of 10 ccs and I am happy with each one's CL ... except Discover More (lowest CL of 2.5k. But, it's fine right now because I use this card on 5% Bonus categories only.) ... so, just leave it as is for now.