topic Re: a few questions. in Credit Cards

a few questions.

Anonymous — Fri, 02 Dec 2011 09:21:13 GMT

are these cards prime?

chase slate

amex zync

im sure this one isn't a prime card

Citi MTvU

i also have a best buy store card, im wanting to get rid of one of these cards b/c it's not humanly possible to use them all. and is it bad if my cards aren't used? if it just sits there.

Re: a few questions.

improvingmycredit — Fri, 02 Dec 2011 09:43:43 GMT

I'm pretty sure all your cards listed excluding the store card are from prime lenders. Regarding your question about getting rid of one of them: IMHO, you should SD it. Let it age and it will be great for your AAoA. Closing one will just reduce your available credit and if it's not costing you an AF, keep it. Just my .02.

Re: a few questions.

sandsanta — Fri, 02 Dec 2011 09:43:58 GMT

@Anonymous wrote:
are these cards prime?

chase slate
amex zync

im sure this one isn't a prime card
Citi MTvU

i also have a best buy store card, im wanting to get rid of one of these cards b/c it's not humanly possible to use them all. and is it bad if my cards aren't used? if it just sits there.

Yes, the first two are prime. As for Citi MTvU, you should call citi and see if they will do a product change for you. If you're going to get rid of a card, get rid of the best buy store card.

Re: a few questions.

Anonymous — Fri, 02 Dec 2011 09:50:08 GMT

Bestbuy is my oldest , citi won't convert my card already tried. I owe 0$ on all of them except bestbuy bc I shop there often lol.

Re: a few questions.

Anonymous — Fri, 02 Dec 2011 11:38:24 GMT

All of your cards except Best Buy are what I would consider to be prime. Any card issued by a prime bank is a de facto prime card, in my opinion. Cards issued from Chase, American Express, and Citi are not easy to get nor are they handed out to just anyone. They may not be as prime as something like an AMEX Platinum or Chase Sapphire Preferred, but they're still great cards issued by prime banks.

Those are some nice cards you have there.

Re: a few questions.

birjest — Fri, 02 Dec 2011 12:32:03 GMT

Well, I have a questions? Why does it matter if you have a sub-prime/prime card? I figure, if you have a company that is willing to extend you credit, why care if it is sub or not? just saying...

Re: a few questions.

Anonymous — Fri, 02 Dec 2011 12:54:18 GMT

@birjest wrote:
Well, I have a questions? Why does it matter if you have a sub-prime/prime card? I figure, if you have a company that is willing to extend you credit, why care if it is sub or not? just saying...

Because prime cards generally have better benefits, better terms, better credit limits, better chance for advancement, etc. Sub-prime cards usually have a crapload of fees, low credit lines, high APR's, little to no rewards, and they're generally just dead-end cards --meaning it's not gonna get a whole lot better unless you move up to a prime card. Whereas if you get a prime card with a prime bank, it can grow with you and get better and better...that's not the case with most sub prime cards.

Plus having accounts with "prime" banks looks really good on your credit when you go to apply for just about anything, assuming they're in good standing and all that. And you get the satisfaction of "making it" in the credit world when a prime bank wants to lend you credit.

There's a HUGE difference between the two.

No offense meant, but was that a serious question? That's like asking what's the difference between a Daewoo and a Mercedes-Benz.

Re: a few questions.

birjest — Fri, 02 Dec 2011 13:16:22 GMT

Well, yes, it was. I see people here (not the op) who rebuild their credit with sub-prime cards, but now that their credit have rebounded, and once they achieve the prime card, they (not the op) start bashing the sub-prime cards. Like Capital One, people call it crappy1 card, but it wasn't crappy one that chose them, it those who are rebuilding their credit or who can't get a prime card that applied capital one.

I had sub-prime cards before, heck I even have Capital One right now, I don't think when I applied for a home loan would deter my chance because of my Capital One card. I think if a company is willing to extend credit to you, regardless if sub or not, take it as it will help your utilization on the report. Now, if they charge high af, or low credit limit...cool then. Its a rebuilding card. Use it and close it. Am I on the right track? Didn't mean to hijack guys....

Re: a few questions.

Anonymous — Fri, 02 Dec 2011 13:29:29 GMT

@birjest wrote:
Well, yes, it was. I see people here (not the op) who rebuild their credit with sub-prime cards, but now that their credit have rebounded, and once they achieve the prime card, they (not the op) start bashing the sub-prime cards. Like Capital One, people call it crappy1 card, but it wasn't crappy one that chose them, it those who are rebuilding their credit or who can't get a prime card that applied capital one.

I had sub-prime cards before, heck I even have Capital One right now, I don't think when I applied for a home loan would deter my chance because of my Capital One card. I think if a company is willing to extend credit to you, regardless if sub or not, take it as it will help your utilization on the report. Now, if they charge high af, or low credit limit...cool then. Its a rebuilding card. Use it and close it. Am I on the right track? Didn't mean to hijack guys....

Sub-prime cards have their purpose(s): build/rebuild credit, and that's about all they're good for. Nobody is saying sub-prime cards are all bad, because odds are we all started out with one. I have two Cap1 cards that I started with, and I'm happy Cap1 extended me credit, but I'm not sticking with those cards now that I have much, much better ones. They served their purpose in building my credit and now I'm done with them, for the most part. I'll buy a soda or something every couple months to keep them open (after all, it is still a good TL and helps with util) but that's it.

Don't mistake me for talking down or bashing anyone who has sub-prime cards (I have them myself). I'm simply pointing out that there is a huge difference between the two.

Re: a few questions.

birjest — Fri, 02 Dec 2011 13:44:26 GMT

I know that you wasn't bashing. I have an understandings of the 2, but I do agree. Once the cards is maxed (can't graduate) then it will be time to move on. I see you have a Zync, I just got my Zync last week. however, I still see others here that bash the Zync card because it can't be pc. You made some fine points. OP, are you taking note...

Re: a few questions.

Anonymous — Fri, 02 Dec 2011 15:03:25 GMT

@birjest wrote:
Well, I have a questions? Why does it matter if you have a sub-prime/prime card? I figure, if you have a company that is willing to extend you credit, why care if it is sub or not? just saying...

One of the reasons for Amex denying a Zync recently at the terms requested:

"Our analysis of the credit risk associated with customers who have accounts with the creditor(s) indicated in your credit report. (Experian)"

Like the others, I'm not criticising the sub prime cards and will always be grateful to Cap1 for extending me credit when no-one else would, but I have to take the above into mind.

Mike

Re: a few questions.

Anonymous — Fri, 02 Dec 2011 20:20:15 GMT

@Anonymous wrote:
@birjest wrote:
Well, I have a questions? Why does it matter if you have a sub-prime/prime card? I figure, if you have a company that is willing to extend you credit, why care if it is sub or not? just saying...
One of the reasons for Amex denying a Zync recently at the terms requested:

"Our analysis of the credit risk associated with customers who have accounts with the creditor(s) indicated in your credit report. (Experian)"

Like the others, I'm not criticising the sub prime cards and will always be grateful to Cap1 for extending me credit when no-one else would, but I have to take the above into mind.

Mike

wow american express said that about someones cap 1 card? ouch

Re: a few questions.

birjest — Fri, 02 Dec 2011 20:29:06 GMT

Ohhhhh, I got it. I didn't think AMEX would frown on other creditors when you app for them....

Re: a few questions.

Anonymous — Fri, 02 Dec 2011 20:33:39 GMT

I have seen on 1 score report, don't remember which 1, but I got a subprime loan on my boat and score dropped, and it said because of the subprime lender

birjest wrote:
Well, I have a questions? Why does it matter if you have a sub-prime/prime card? I figure, if you have a company that is willing to extend you credit, why care if it is sub or not? just saying...

Re: a few questions.

Anonymous — Fri, 02 Dec 2011 20:46:32 GMT

@birjest wrote:
I know that you wasn't bashing. I have an understandings of the 2, but I do agree. Once the cards is maxed (can't graduate) then it will be time to move on. I see you have a Zync, I just got my Zync last week. however, I still see others here that bash the Zync card because it can't be pc. You made some fine points. OP, are you taking note...

all cards have a purpose, but when u out grow them u must move on.. sure when I was trashed I happy to receive any card I could get,, but with the knowledge from this forum and discipline I have moved up from paying them to use ther card to them paying me to use ther card, amen praise the lord

Re: a few questions.

android01 — Fri, 02 Dec 2011 20:50:40 GMT

The key to consider whether or not a certain account has an effect on your score or an application denial is whether it is a computer approved application or a manual review by a person. Payday loans, and other subprime "consumer loans" can and do affect (lower) your FICO score as these types of accounts are considered high risk. If you are applying for a credit card and have a few revolving accounts from First Premier or Credit One, although your FICO score wouldn't be necessarily affected, your application would have a better chance for denial if a manual review was done on your report than an automated review. Having a First Premier or Credit One account wouldn't lower your FICO score, but a loan officer or credit analyst absoultely knows who those companies are and why people use them, hence sending up a red flag about where you've been credit wise - despite your score. As always YMMV.

Re: a few questions.

birjest — Fri, 02 Dec 2011 20:54:59 GMT

Well, it's funny that you said that. I too is learning how to app for cards that pay me to use them. I must admit, if I didn't come to this sites months ago, I would still have a CO and no credit cards. Now, I have a Cap 1 2500cl, Discover 5000cl, Citi Plat Select 2600cl, and AMEX Zync, all in 3 weeks of each other...

Re: a few questions.

birjest — Fri, 02 Dec 2011 20:59:44 GMT

Bro, I did not KNOW THISSS serious, although never heard about these banks, (heard so much about Orchard), I am in awe that the type of card or loan you have can negatively affect you manual reviews

Re: a few questions.

Anonymous — Fri, 02 Dec 2011 21:04:16 GMT

Don't get me wrong,, the sub primes help as we all know, but once u get going in the primes and ur shining u want better and better cards

Re: a few questions.

Anonymous — Sat, 03 Dec 2011 00:09:37 GMT

@birjest wrote:
Bro, I did not KNOW THISSS serious, although never heard about these banks, (heard so much about Orchard), I am in awe that the type of card or loan you have can negatively affect you manual reviews

Exactly why I said it looks very good on your credit report when you have accounts with prime banks! A loan officer is going to like seeing that you have an account with Citibank or American Express, over someone like First Premier or maybe even Cap1.