topic Re: Time to hit the garden... in Credit Cards

Time to hit the garden...

smc733 — Thu, 16 Jun 2011 16:43:05 GMT

...till May 2013 at the earliest.

That's right, the only apps I will do from here on out will be:

-11/12 student loan

-12/13 student loan

-BofA CLI request to go $3,500 to $5,000 (then I'll be satisfied)

So now my two primary cards (in wallet and for all transactions) will be

BofA Cash Rewards ($3,500, 10.99%)

Amex Zync (NPSL, NA)

Citi Dividend World will be my primary backup ($6,000, 14.24%)

I want to axe at least one card from my lesser crowd:

Discover More ($1,500, 15.99%)

Chase Freedom ($3,000, 22.9%)

Amazon Store ($1,200, 25.9%)

Thoughts?

I will not apply for anything but student loans from here on out! (And that one CLI increase request, probably in the fall).

Re: Time to hit the garden...

Anonymous — Thu, 16 Jun 2011 17:01:09 GMT

@smc733 wrote:
...till May 2013 at the earliest.

That's right, the only apps I will do from here on out will be:
-11/12 student loan
-12/13 student loan
-BofA CLI request to go $3,500 to $5,000 (then I'll be satisfied)

So now my two primary cards (in wallet and for all transactions) will be
BofA Cash Rewards ($3,500, 10.99%)
Amex Zync (NPSL, NA)

Citi Dividend World will be my primary backup ($6,000, 14.24%)

I want to axe at least one card from my lesser crowd:
Discover More ($1,500, 15.99%)
Chase Freedom ($3,000, 22.9%)
Amazon Store ($1,200, 25.9%)

Thoughts?

I will not apply for anything but student loans from here on out! (And that one CLI increase request, probably in the fall).

Oh, yes. Hanging out in the garden is great! So peaceful here!!! (I stepped out of the garden for a fresh car loan, but am hanging out again on my garden bench).

Are there any AF's on your ax list?

Any benefits that are useful to you?

Why are you wanting to close one?

At first glance, my vote would be the Amazon Store card, as it seems more limited in use and high in APR. But I'm not familiar with the card, and am not sure if it has rewards which may be useful - or an AF.

Re: Time to hit the garden...

UFGuy2006 — Thu, 16 Jun 2011 17:03:15 GMT

@Anonymous wrote:
@smc733 wrote:
...till May 2013 at the earliest.

That's right, the only apps I will do from here on out will be:
-11/12 student loan
-12/13 student loan
-BofA CLI request to go $3,500 to $5,000 (then I'll be satisfied)

So now my two primary cards (in wallet and for all transactions) will be
BofA Cash Rewards ($3,500, 10.99%)
Amex Zync (NPSL, NA)

Citi Dividend World will be my primary backup ($6,000, 14.24%)

I want to axe at least one card from my lesser crowd:
Discover More ($1,500, 15.99%)
Chase Freedom ($3,000, 22.9%)
Amazon Store ($1,200, 25.9%)

Thoughts?

I will not apply for anything but student loans from here on out! (And that one CLI increase request, probably in the fall).
Oh, yes. Hanging out in the garden is great! So peaceful here!!! (I stepped out of the garden for a fresh car loan, but am hanging out again on my garden bench).
Are there any AF's on your ax list?
Any benefits that are useful to you?

Why are you wanting to close one?
At first glance, my vote would be the Amazon Store card, as it seems more limited in use and high in APR. But I'm not familiar with the card, and am not sure if it has rewards which may be useful - or an AF.

Also agree with geting rid of the Amazon Store card. I think the discover/chase combo give you more flexibility as to where you shop.

Re: Time to hit the garden...

drsmith — Thu, 16 Jun 2011 17:30:49 GMT

Why do you have to do multiple apps for student loans?

Is that common?

Re: Time to hit the garden...

RockinRay — Thu, 16 Jun 2011 17:39:14 GMT

+1 - Amazon Store card... Keep the others open and rotate from time to time!

Ray

Re: Time to hit the garden...

Anonymous — Thu, 16 Jun 2011 17:46:23 GMT

I bet the flowers smell really nice!

I'll find my way to the garden someday!

Mark

Re: Time to hit the garden...

Anonymous — Thu, 16 Jun 2011 17:49:17 GMT

Congratulations, smc733!

Your application to the Garden Club has been approved. You may collect your complimentary gardening gloves and watering can at the clubhouse door. We look forward to seeing you at our meetings!

(And this approval didn't cost you a hard pull! )

Re: Time to hit the garden...

Anonymous — Thu, 16 Jun 2011 17:52:14 GMT

@drsmith wrote:
Why do you have to do multiple apps for student loans?

Is that common?

I had to do a new loan each year. I still have four "lines" that I'm paying (to the same company). Even though I send ONE payment to the very same place (they disburse it)

Re: Time to hit the garden...

drsmith — Thu, 16 Jun 2011 18:09:02 GMT

I have like 8 federal loans but I don't take an inq for any of them

Re: Time to hit the garden...

smc733 — Thu, 16 Jun 2011 19:06:02 GMT

So I have the federal loans, but I also have to take private loans too (private uni), once per year...

Anyway... I'm going to take out more than I need this year, and put the difference toward one loan I have through MEFA which has a ridiculous 8.89% rate (PNC gives me ~4.1-5.1).

So the Amazon Store card it is. I thought when I got it, that I'd use the 6 mo financing for things like books, but I have plenty in savings, and I'd rather pay that back, I never actually use the card, plus it has no rewards, and GEMB is sucky in comparison to an otherwise prime group of lenders I have.

I'm also dumping 3 of my 4 AU accounts w/balances, since I now have the portfolio I want, and the balances can only hurt things, since they appear high compared to a college income, and the age is suspicious.

I will dump

Amex Charge, 1981 (avg bal of $900)

Amex Charge, 2000 (avg bal of $200)

Chase, 2009 (avg bal $2k+)

Discover, 2002 (avg bal almost always 0)

So this leaves my revolving profile with this:

BofA 3,500 (6/10)

Citi 6,000(6/10)

Discover 1,500 (1/11)

Chase 3,000 (4/11)

Amex (6/11)

Closed:

Banana Republic (4/10)

BofA Secured (4/10)

HSBC/BestBuy (1/11)

Chase (2/11)

Amazon (2/11)

Sounds good?

Re: Time to hit the garden...

Anonymous — Thu, 16 Jun 2011 19:20:06 GMT

Maybe.

So those two Amexs are AU accounts?

You may be able to backdate YOUR Amex account to one of those.

Re: Time to hit the garden...

smc733 — Thu, 16 Jun 2011 19:37:53 GMT

@Anonymous wrote:
Maybe.

So those two Amexs are AU accounts?

You may be able to backdate YOUR Amex account to one of those.

I asked Amex about this when I applied, and was told its a no-go. I'm a bit hesitant to ask for any more favors from them at this point, I'm just grateful to have the card.

Re: Time to hit the garden...

Anonymous — Thu, 16 Jun 2011 23:40:22 GMT

Your very own AmEx should date back to the year you became an AU.

If you became an AU in 2011, well, then, there you have it. But if you became an AU in 2010 or 2002 or whatever, then it should backdate to that year.

I would so strongly consider keeping open your AU Discover card that was opened in 2002 and rarely carries a balance - you need the age. I would also keep the AU on the 1981 Amex. Figure out your utilization - with that card reporting a balance, it looks like you'll still be below 9% (I'm not in a math mood). Just let your other accounts report zero. Giving up that age will hit you FICO-wise. In fact, I think I would hold on to the AU Amex 2000 card as well. Very low balance - and 11 years of age. That's kinda golden.

The Chase AU I think you can easily let go of. The others are serving you very very very well. Don't shoot yourself in the foot in an effort to tidy things up.

Re: Time to hit the garden...

smc733 — Fri, 17 Jun 2011 00:40:35 GMT

So I became an AU in 2011, so that point is moot.

I intend to keep open the Discover AU card. And the Amex 1981 card doesn't seem to affect my utilization. I suppose I can hold the 2000, too. Calling to drop the Chase card as I post.

So then I would have

Zync report balance

Green report balance

Gold report balance

BofA report balance

Citi report 0

Discover report 0

Chase report 0

Seems decent... beamMEup, what are your thoughts on dropping GEMB/Amazon?

Re: Time to hit the garden...

Anonymous — Fri, 17 Jun 2011 00:55:32 GMT

With four accounts reporting a balance, you wanna keep any zero reporting account open and in good standing. IMO they are likely helping your FICO score.

I will pull back from my earlier recommendation to close Amazon, based on that issue. IMO - Keep 'er open til you get your number of accounts reporting a balance down.

Then, at that point, do the math and check your utilization before making any decision to close. Especially if it's a no AF account.

Re: Time to hit the garden...

Anonymous — Fri, 17 Jun 2011 03:32:00 GMT

I'll join ya

Re: Time to hit the garden...

Anonymous — Fri, 17 Jun 2011 03:51:16 GMT

+1 I think I'm gonna have to join you in the garden as well.

4 new accounts in 2 months (and one is PSECU Combo so it reports twice >_<)