topic Re: my plan... in Credit Cards

my plan...

afbar1114 — Fri, 25 Jan 2013 03:45:48 GMT

because of my recent sucess with the CSP and United cards. I have decided to take a step back from the forums for a few months and garden my cards. but I find my self wanting to stray i will hop back on so you all can talk me out of it. But during this time I plan on puring useless cards. the first one to go will be macys got it to get 20% off purchase but coupons they send me are useless because i can buy what i want and APR is to high. next will be ZYNC because no need for 2 charge cards. i may even cancel green before AF hits because i have two cards now with an AF...

next to be axed will be Cap1 (23% APR), Home depot (29% APR), BoA (15% APR) and BBY (22% APR and will not move limit). I plan on closing alot of cards just not all at once because i know that looks bad. But i plan on alot of pruning this year because of these two great cards i got...

I will stay on for just a few days more just to see thoughts on this.

I also see no need for any other card because to behonest. I have moved towards Chase for all banking needs and will be with them for years to come. Chase has given me all my cards that i have wanted and more and their CSR is top notch the best i have ever had.

Re: my plan...

android01 — Fri, 25 Jan 2013 04:03:28 GMT

As many have mentioned, Afbar, why close perfectly good cards when they'll help you in the long run? Put a charge on some of them every 3 months or so to keep them open and enjoy the benefits as they age. Seeing so many closed accounts may or may not be detrimental to future lenders on manual review. If you're not paying an AF then why close them?

Re: my plan...

creditnocash — Fri, 25 Jan 2013 04:13:13 GMT

I understand your feelings and congratulate you on your success.

another thing your going to have to consider is how much of those limits are you willing to give up (zync doesnt apply here)

sure the apr is high but if you dont carry a balance its not a big deal.

but i agree too closing out af cards you dont use.

otherwise sd and dont worry about them, set a reminder to use them once every three months, and get something you would have gotten anyways.

ive had my macys card for 2 1\2 years and have gone 6 months without using it, and its still open today. what started at 100 dollars is now 3500, and helps out my util greatly.

Re: my plan...

nicholasyud — Fri, 25 Jan 2013 04:14:34 GMT

@afbar1114 wrote:
because of my recent sucess with the CSP and United cards. I have decided to take a step back from the forums for a few months and garden my cards. but I find my self wanting to stray i will hop back on so you all can talk me out of it. But during this time I plan on puring useless cards. the first one to go will be macys got it to get 20% off purchase but coupons they send me are useless because i can buy what i want and APR is to high. next will be ZYNC because no need for 2 charge cards. i may even cancel green before AF hits because i have two cards now with an AF...

next to be axed will be Cap1 (23% APR), Home depot (29% APR), BoA (15% APR) and BBY (22% APR and will not move limit). I plan on closing alot of cards just not all at once because i know that looks bad. But i plan on alot of pruning this year because of these two great cards i got...

I will stay on for just a few days more just to see thoughts on this.

I also see no need for any other card because to behonest. I have moved towards Chase for all banking needs and will be with them for years to come. Chase has given me all my cards that i have wanted and more and their CSR is top notch the best i have ever had.

I dont think its a good idea to cancel all your card and its ""might"" look bad if you had too many cards .Its only look bad to the point you max out your card and can't even make a minimum payment. I agree with you to cancel your Green Card when the AF hit since you had the CSP and there no need for $99 AF.

I would suggest keep all the card that not came with AF. Keep it and let its all age.

They help your Uti % purpose .
Age of history
Cancel all your higher APR card not going to help you with anything. You can keep it and used it maybe 1 every 3 months and not worry about anything.
Try a product change to a better product with CAp or BOA.....etc..... and negotiate the APR with them.

Re: my plan...

beb86 — Fri, 25 Jan 2013 04:16:31 GMT

@nicholasyud wrote:
@afbar1114 wrote:
because of my recent sucess with the CSP and United cards. I have decided to take a step back from the forums for a few months and garden my cards. but I find my self wanting to stray i will hop back on so you all can talk me out of it. But during this time I plan on puring useless cards. the first one to go will be macys got it to get 20% off purchase but coupons they send me are useless because i can buy what i want and APR is to high. next will be ZYNC because no need for 2 charge cards. i may even cancel green before AF hits because i have two cards now with an AF...

next to be axed will be Cap1 (23% APR), Home depot (29% APR), BoA (15% APR) and BBY (22% APR and will not move limit). I plan on closing alot of cards just not all at once because i know that looks bad. But i plan on alot of pruning this year because of these two great cards i got...

I will stay on for just a few days more just to see thoughts on this.

I also see no need for any other card because to behonest. I have moved towards Chase for all banking needs and will be with them for years to come. Chase has given me all my cards that i have wanted and more and their CSR is top notch the best i have ever had.
I dont think its a good idea to cancel all your card and its ""might"" look bad if you had too many cards .Its only look bad to the point you max out your card and can't even make a minimum payment. I agree with you to cancel your Green Card when the AF hit since you had the CSP and there no need for $99 AF.
I would suggest keep all the card that not came with AF. Keep it and let its all age.
They help your Uti % purpose .
Age of history
Cancel all your higher APR card not going to help you with anything. You can keep it and used it maybe 1 every 3 months and not worry about anything.
Try a product change to a better product with CAp or BOA.....etc..... and negotiate the APR with them.

he isnt closing all his cards just the ones that no longer meet his needs....

Re: my plan...

nicholasyud — Fri, 25 Jan 2013 04:19:26 GMT

@beb86 wrote:
he isnt closing all his cards just the ones that no longer meet his needs....

Its look like he wanna closed most of his card but those 2 card CSP + United that he just approved.

Re: my plan...

Anonymous — Fri, 25 Jan 2013 04:32:45 GMT

I think you got a good plan. And the plan is what YOU feel is best. What YOU think it right. The BEST financial decsions are the ones that make sense for YOU.

But anyways. I agree, the store cards got to go. I don't have store cards, but I get emails from the stores I frequent. And Saving xx% through their email offers, does entice me, but I never give in. I only take advantage if i need to buy something. So why bother with a store card if you aren't going to buy or plan to buy from them soon.

For your other cards, I might close the ones that have AFs if you aren't going to use them. But I would CUT UP (or SD) the other cards and then close them at a later date (maybe 6 months from now) so that you can gain more history. But I would totally close the ones you KNOW you want to close and won't use.

And I say CUT UP, as in phyiscally destroy, the cards instead of SD'ing them so that you aren't enticed to keep them open/use them. You can cut them up anytime, but you don't have to close them right away.

Re: my plan...

Anonymous — Fri, 25 Jan 2013 04:52:06 GMT

@afbar1114 wrote:
because of my recent sucess with the CSP and United cards. I have decided to take a step back from the forums for a few months and garden my cards. but I find my self wanting to stray i will hop back on so you all can talk me out of it. But during this time I plan on puring useless cards. the first one to go will be macys got it to get 20% off purchase but coupons they send me are useless because i can buy what i want and APR is to high. next will be ZYNC because no need for 2 charge cards. i may even cancel green before AF hits because i have two cards now with an AF...

next to be axed will be Cap1 (23% APR), Home depot (29% APR), BoA (15% APR) and BBY (22% APR and will not move limit). I plan on closing alot of cards just not all at once because i know that looks bad. But i plan on alot of pruning this year because of these two great cards i got...

I will stay on for just a few days more just to see thoughts on this.

I also see no need for any other card because to behonest. I have moved towards Chase for all banking needs and will be with them for years to come. Chase has given me all my cards that i have wanted and more and their CSR is top notch the best i have ever had.

I would recommend not putting all your faith in Chase. If they get scared by something you do and close your accounts you will be out of luck.

The zync seems like a "cool" card to keep since you can't get it any more.

What's wrong with your BofA card? It may grow with you.

Re: my plan...

afbar1114 — Fri, 25 Jan 2013 04:58:59 GMT

I'm not going to ever use zync again why keep it?

Re: my plan...

Anonymous — Fri, 25 Jan 2013 05:02:11 GMT

@afbar1114 wrote:
I'm not going to ever use zync again why keep it?

If you ever have a utilization problem, it is a good way to hide everyday spending.

Re: my plan...

Anonymous — Fri, 25 Jan 2013 05:05:24 GMT

Another man's trash is another man's treasure.

Re: my plan...

Anonymous — Fri, 25 Jan 2013 05:14:42 GMT

Lol. So true @the trash/treasure comment.

I also agree with Dustink about the just in case senario. But if you aren't going to ever use zync, and I personally don't think that the green's MR points are worth the AF, so keeping Amex as a just in case Chase doesn't work out, doesn't sound like a solid plan.

But honestly, why wouldn't Chase work out. Maybe your just in case senario isn't CCs, maybe is a well defined emergency fund.

Re: my plan...

beb86 — Fri, 25 Jan 2013 05:17:25 GMT

@afbar1114 wrote:
because of my recent sucess with the CSP and United cards. I have decided to take a step back from the forums for a few months and garden my cards. but I find my self wanting to stray i will hop back on so you all can talk me out of it. But during this time I plan on puring useless cards. the first one to go will be macys got it to get 20% off purchase but coupons they send me are useless because i can buy what i want and APR is to high. next will be ZYNC because no need for 2 charge cards. i may even cancel green before AF hits because i have two cards now with an AF...

next to be axed will be Cap1 (23% APR), Home depot (29% APR), BoA (15% APR) and BBY (22% APR and will not move limit). I plan on closing alot of cards just not all at once because i know that looks bad. But i plan on alot of pruning this year because of these two great cards i got...

I will stay on for just a few days more just to see thoughts on this.

I also see no need for any other card because to behonest. I have moved towards Chase for all banking needs and will be with them for years to come. Chase has given me all my cards that i have wanted and more and their CSR is top notch the best i have ever had.

afbar,

I was listening... RUNNNNNNNN!!!

Re: my plan...

DailyDriver — Fri, 25 Jan 2013 05:26:13 GMT

It is good not to put all your eggs in one basket. If you get an amex revolver, that could help cli with chase and amex wanting your business.

Depending on the perks, the zync could be useful. Home improvement and eco packs would be good with the mr points going full value. Also an inexpensive af card to carry mr points (cancelling a prg or platinum if interested).

Re: my plan...

afbar1114 — Fri, 25 Jan 2013 05:31:23 GMT

@DailyDriver wrote:
It is good not to put all your eggs in one basket. If you get an amex revolver, that could help cli with chase and amex wanting your business.

Depending on the perks, the zync could be useful. Home improvement and eco packs would be good with the mr points going full value. Also an inexpensive af card to carry mr points (cancelling a prg or platinum if interested).

you can no longer add new packs on zync...

I am also in the process of moving my invesments to chase to get better relationship rates on checking and savings acounts...

Re: my plan...

nicholasyud — Fri, 25 Jan 2013 05:40:22 GMT

This buddie ask some advice and what we think about his situation but he going to against any single of us ......why bother ??

We all just want the best in your case man.....Take note and listen up....

Re: my plan...

beb86 — Fri, 25 Jan 2013 05:42:54 GMT

@nicholasyud wrote:
This buddie ask some advice and what we think about his situation but he going to against any single of us ......why bother ??
We all just want the best in your case man.....Take note and listen up....

actually he was just telling us his plan and asking us for our community support if he strays off the path...he wasnt asking for advice.

Re: my plan...

nicholasyud — Fri, 25 Jan 2013 05:55:14 GMT

@beb86 wrote:
@nicholasyud wrote:
This buddie ask some advice and what we think about his situation but he going to against any single of us ......why bother ??
We all just want the best in your case man.....Take note and listen up....

actually he was just telling us his plan and asking us for our community support if he strays off the path...he wasnt asking for advice.

Do you see what other had said about it ???

android 01 : As many have mentioned, Afbar, why close perfectly good cards when they'll help you in the long run? Put a charge on some of them every 3 months or so to keep them open and enjoy the benefits as they age. Seeing so many closed accounts may or may not be detrimental to future lenders on manual review. If you're not paying an AF then why close them?

creditintocash:

another thing your going to have to consider is how much of those limits are you willing to give up (zync doesnt apply here)

sure the apr is high but if you dont carry a balance its not a big deal.

had my macys card for 2 1\2 years and have gone 6 months without using it, and its still open today. what started at 100 dollars is now 3500, and helps out my util greatly.

Dustink:

I would recommend not putting all your faith in Chase. If they get scared by something you do and close your accounts you will be out of luck.

The zync seems like a "cool" card to keep since you can't get it any more.

What's wrong with your BofA card? It may grow with you.

......etc........

I agree he not looking for some advice but we all not agree to lean on Chase just because they gave him 5k. As other mention, closed many card at once would raise a red flag to creditor and what if Chase going to closed or decrease his credit limit ????
as i said above, we just want the best for him in his case.

Re: my plan...

drewrico — Fri, 25 Jan 2013 05:57:08 GMT

The Best Buy card will close itself, or i should Cap1 will close it, after about 6 months of no usage.

Re: my plan...

afbar1114 — Sat, 26 Jan 2013 05:35:27 GMT

OK upon thinkng....

1. I am not leave the forums as i feel i can help others in their journey as others have helped me.

2. I plan on keeping Discover

3. maybe would still like an AMEX credit card in my wallet but i dont see my self keeping charge cards

4. Maybe keeping one or two store cards macys is good to go as anything i buy i can never use the coupon i get nor do i want the high APR.

5. BBY is done in my book because their store employees are terrible and they are a bit pricey now...

6.GARDEN GARDEN GARDEN!!!!!

I feel that my set is complete because of the CSP...I got my metal card and the rewards and APR i wanted.

BoA may stay as wll ill just figure something out...