topic Re: im thinking... in Credit Cards

im thinking...

afbar1114 — Wed, 16 May 2012 03:05:06 GMT

i was thinking about getting a credit union card and consolidating my cap1 cards, Home depot, BBY cards on to it. And then close them leaving only chase boa amex kohls and the CU open. is this a good idea?

Re: im thinking...

Revelate — Wed, 16 May 2012 03:20:42 GMT

Aren't those fairly recent tradelines from your app spree a few months ago? You'd just be digging a 10 year hole for yourself by artificially depressing your AAoA for as long as the cards are on your reports.

This obsession just isn't healthy financially nor mentally.

Re: im thinking...

Anonymous — Wed, 16 May 2012 03:25:49 GMT

@appbar1114 wrote:
i was thinking about getting a credit union card and consolidating my cap1 cards, Home depot, BBY cards on to it. And then close them leaving only chase boa amex kohls and the CU open. is this a good idea?

Why would you close the BBY and Home Depot. Have you decided to never shop there again?

Re: im thinking...

Anonymous — Wed, 16 May 2012 03:30:11 GMT

@Revelate wrote:
...You'd just be digging a 10 year hole for yourself by artificially depressing your AAoA for as long as the cards are on your reports.

...

A very little hole. His AAoA will be a little smaller for 10 years,but will contiinue to grow year by year. .

Re: im thinking...

afbar1114 — Wed, 16 May 2012 03:36:51 GMT

@Anonymous wrote:
@appbar1114 wrote:
i was thinking about getting a credit union card and consolidating my cap1 cards, Home depot, BBY cards on to it. And then close them leaving only chase boa amex kohls and the CU open. is this a good idea?
Why would you close the BBY and Home Depot. Have you decided to never shop there again?

BBY i will shop there but HD i wont for a while. plus the APR is 28% so even buying something is alot

Re: im thinking...

Anonymous — Wed, 16 May 2012 04:45:19 GMT

It is what I did last year with my credit union. I receved a $5000 low-interest loan, paid off sevearl cards - closed three of them... and now instead of paying $100 a month on three extra cards, I pay $200 on my consolidation loan - and I even set it up so that I have it paid off in 2 and a half years. The other thing I get to do is show this small community-based credit union that I now handle credit responsibly. It was such a relief to pay those cards off, and my credit score shot up too.

Re: im thinking...

Anonymous — Wed, 16 May 2012 05:25:20 GMT

@appbar1114 wrote:
@Anonymous wrote:
@appbar1114 wrote:
i was thinking about getting a credit union card and consolidating my cap1 cards, Home depot, BBY cards on to it. And then close them leaving only chase boa amex kohls and the CU open. is this a good idea?
Why would you close the BBY and Home Depot. Have you decided to never shop there again?

BBY i will shop there but HD i wont for a while. plus the APR is 28% so even buying something is alot

Good idea except for closing the store cards. They tend to become your oldest accounts over time.

Re: im thinking...

Anonymous — Wed, 16 May 2012 05:26:16 GMT

Re: im thinking...

Anonymous — Wed, 16 May 2012 05:32:43 GMT

If you can get the loan it is a good idea, as long as you do not dig yourself in with cards again. At least until you pay off the loan As has been stated, I would not close the store cards though. They tend to have no AF, grow reasonably well and give you access to promotional financing. I know that I would have got my home theater system last year at Bestbuy instead of Amazon if Cap1 or HSBC (who ever was running it at the time) had not screwed up my application.

Re: im thinking...

Anonymous — Wed, 16 May 2012 05:55:33 GMT

I don't think he is talking about a loan from credit union, but another credit card from credit union. As for the answer to the OP's question, it is hard to say. If interest rate on CU card is a lower including whatever BT fee there is and going to take OP a while to pay down, go for it if you like. Does closing the other cards save you AF? Thought you were in gardening mode based on your other posts, but these are all personal choices.

Re: im thinking...

Anonymous — Wed, 16 May 2012 05:58:46 GMT

@Revelate wrote:
Aren't those fairly recent tradelines from your app spree a few months ago? You'd just be digging a 10 year hole for yourself by artificially depressing your AAoA for as long as the cards are on your reports.

This obsession just isn't healthy financially nor mentally.

I agree. This "obsession" seemed to be easily made fun of by him changing his username, but I am now seeing it really is not a healthy game.

Re: im thinking...

Anonymous — Wed, 16 May 2012 06:05:25 GMT

@appbar1114 wrote:

BBY i will shop there but HD i wont for a while. plus the APR is 28% so even buying something is alot

How is 28% a lot when you pay in full? You DO always pay in full, don't you?

Re: im thinking...

jefftca925 — Wed, 16 May 2012 06:28:21 GMT

Home Depot and Best Buy cards should ONLY be used for 0% financing offers and not for a carrying small balances at their ridiculously high APRs. I think you should just pay off what you owe, get yourself in a PIF situation and then consider applying for lower interest cards if you need them. Robbing Peter to pay Paul by xfering balances to a lower interest card probably is going to get you deeper into debt. Those 0 balance cards are gonna become tempting to use and that's when the trouble begins...

Re: im thinking...

Anonymous — Wed, 16 May 2012 06:32:29 GMT

@Anonymous wrote:
@Revelate wrote:
Aren't those fairly recent tradelines from your app spree a few months ago? You'd just be digging a 10 year hole for yourself by artificially depressing your AAoA for as long as the cards are on your reports.

This obsession just isn't healthy financially nor mentally.

I agree. This "obsession" seemed to be easily made fun of by him changing his username, but I am now seeing it really is not a healthy game.

Is this the same guy who kept apping for more cards and demanding attention for it. ie not really looking for help but loved the attention

Re: im thinking...

CreditWorld2013 — Wed, 16 May 2012 06:37:45 GMT

@Anonymous wrote:
@Anonymous wrote:
@Revelate wrote:
Aren't those fairly recent tradelines from your app spree a few months ago? You'd just be digging a 10 year hole for yourself by artificially depressing your AAoA for as long as the cards are on your reports.

This obsession just isn't healthy financially nor mentally.

I agree. This "obsession" seemed to be easily made fun of by him changing his username, but I am now seeing it really is not a healthy game.
Is this the same guy who kept apping for more cards and demanding attention for it. ie not really looking for help but loved the attention

There were 2 guys. One turned out to be a liar and this one just a bit nutty/addicted. He creates probably 3-5 threads daily, says he is leaving, returns, will garden for 12 months, changes it to 6 months, and starts the game all over again. I made a comment a few weeks ago and nearly got my head taken off for stating the obvious. In any case...

Re: im thinking...

Anonymous — Wed, 16 May 2012 07:05:31 GMT

@CC365 wrote:
@Anonymous wrote:
@Anonymous wrote:
@Revelate wrote:
Aren't those fairly recent tradelines from your app spree a few months ago? You'd just be digging a 10 year hole for yourself by artificially depressing your AAoA for as long as the cards are on your reports.

This obsession just isn't healthy financially nor mentally.

I agree. This "obsession" seemed to be easily made fun of by him changing his username, but I am now seeing it really is not a healthy game.
Is this the same guy who kept apping for more cards and demanding attention for it. ie not really looking for help but loved the attention
There were 2 guys. One turned out to be a liar and this one just a bit nutty/addicted. He creates probably 3-5 threads daily, says he is leaving, returns, will garden for 12 months, changes it to 6 months, and starts the game all over again. I made a comment a few weeks ago and nearly got my head taken off for stating the obvious. In any case...

When I first joined in February, I joined because I needed advice. Now I find myself giving out advice, as we all do, and I see it being ignored....as we all do. This is really starting to get frustrating, as he has no changed his name, to what they had been calling him, as if acknowledging the fact he is asking for our attention.

Re: im thinking...

CreditWorld2013 — Wed, 16 May 2012 07:17:11 GMT

When I first joined in February, I joined because I needed advice. Now I find myself giving out advice, as we all do, and I see it being ignored....as we all do. This is really starting to get frustrating, as he has no changed his name, to what they had been calling him, as if acknowledging the fact he is asking for our attention.

I remember you replied to the post I originally made weeks ago to not read his posts. As I said before when it's constantly coming up as a new thread you are bound to read it if you click by the title. From now on I will probably start reading the author when I think it's a post from him. To top it off I bet he will request this thread to be locked or some mod or admin will lock it thinking all of our comments are "going after him" in reality we are not. We are simply stating our beliefs in a diplomatic way and stating what is now abundantly clear. Some people take advice and that is what I love about this site. We are all here to improve, build, or rebuild our credit. If people are desperate for socialization I'm sure they can create their own blog or go find some friends somewhere. I'm all for soicalizing even on this site...BUT a line must be drawn between "im thinking" and "i saw" which are just getting people to read/comment to enable his drive for attention. I found that he also ignores or gets offened against you on purpose if he doesn't like the fact that you recognize his game. I can almost see it already. Sometime soon he will say after personal attacks it's his time to leave, etc. At this point even Admins/Mods should realize FICO is a company with real life situations. Credit isn't a game for children but for adults. It involves real money, real problems, and real people.

Re: im thinking...

RyVision — Wed, 16 May 2012 07:22:58 GMT

There is one good thing I noticed with this thread. Reading Appbars posts helps cure any slight app itch.

I had been thinking (LOL ok, it crossed my mind a few times, not so much serious thought) about trying again for BCE or BCP. This thread (and others, cough cough) reminded me why I should wait; timing and patience. It's only been 5 months since my last new account and 8 months since my Zync. That time has FLOWN by. And even with high UTIL, all my scores have done is gone up. I'm probably not in a position to apply and be approved for BCP (though I'm curious about EX.... ). So no reason I can't wait and watch some more time "fly by" for AAoA and INQs.

I mentioned to Appy (publicly) that he could become a contributing member of the forum. He has been, but not by wondering about what to app for next, there are other ways than asking about applying. One of those ways is answering about what one knows, which I've seen him do before (at least the info was accurate). I never thought he could become a reminder of why people should think before they go app happy.

So, if anyone feels the urge to app, just look up Appbars posts and start reading.

I also have to say I thought he was keeping mostly 0 balances and had no need of a BT. For someone that only wants 3 cards...............

Re: im thinking...

Repo-ed — Wed, 16 May 2012 10:52:53 GMT

His obsession with instant gratification will prove disastrous, before long.

Re: im thinking...

Repo-ed — Wed, 16 May 2012 10:55:00 GMT

Actually, after reading the OP again, I believe what we have here is somebody who has gone app-spree crazy and has already racked-up a lot of CC debt with no real way to PIF.

Ouch.

Hence the ? about consolidation.

Maybe he needs to learn the hard way about debt, like some of us already have?