topic Re: What do you think I should do with these cards? in Credit Cards

What do you think I should do with these cards?

Red1Blue — Sat, 08 Mar 2008 17:03:34 GMT

These are the cards I have so far. Do I have too many cards? Is it ok to keep these cards or should I close some of these cards? Cards with AF, if they waive the AF then should I keep the cards or still should I close the cards? Any suggestions? I dont plan on getting any other new cards as I have good mix of cards at this time.

Target $200 NO AF
Dillards $300 NO AF
Macy's $200 NO AF
Old Navy $200 NO AF
HSBC VISA $500 AF $35
Orchard MC $500 AF $35
BOA Visa $500 Secured 99/500
Credit One $700 AF $5.75 /month
Hooters $1000 AF $35

JC Penny $1800 NO AF
Pearl Visa $725 NO AF
SVC CU $2000 NO AF / Secured
FNBO $7000 AF$20 / Secured
Amex Plat Charge AF $450
Amex Optima $5000 AF $35
Citi Bronze $5000 NO AF

Citi HHonors $12000 NO AF

Message Edited by concorduser on 03-08-2008 09:01 AM

Message Edited by concorduser on 03-08-2008 09:03 AM

Re: What do you think I should do with these cards?

Anonymous — Sat, 08 Mar 2008 17:03:11 GMT

concorduser wrote:

These are the cards I have so far. Do I have too many cards? Is it ok to keep these cards or should I close some of these cards? Cards with AF, if they waive the AF then should I keep the cards or still should I close the cards? Any suggestions? I dont plan on getting any other new cards as I have good mix of cards at this time.

Target $200 NO AF
Dillards $300 NO AF
Macy's $200 NO AF
Old Navy $200 NO AF
HSBC VISA $500 AF $35
Orchard MC $500 AF $35
BOA Visa $500 Secured 99/500
Credit One $700 AF $5.75 /month
Hooters $1000 AF $35
Pearl Visa $725 NO AF
SVC CU $2000 NO AF / Secured
FNBO $7000 AF$20 / Secured
Amex Plat Charge AF $450
Amex Optima $5000 AF $35
Citi Bronze $5000 NO AF

Citi HHonors $12000 NO AF

Message Edited by concorduser on 03-08-2008 09:01 AM

You have total AFs of $679.

I say close some of them you don't need or want anymore. Why do you want to continue paying a $35 AF on a $500 CL when you have an Amex Platinum?

Re: What do you think I should do with these cards?

Red1Blue — Sat, 08 Mar 2008 17:06:08 GMT

Orchard and HSBC are one year old. It is time for renewal this month or next month. I'll ask them to waive AF. If they dont waive the AF then I am planning on closing those accounts. I think other cards with AF are due for renewal around June/July. Then I am planning on asking them to waive AF and if they dont then close the accounts. Only one card CreditOne Card I am not sure if I should keep or close as it has 2 1/2 month positive history on it.

Re: What do you think I should do with these cards?

Anonymous — Sat, 08 Mar 2008 17:10:07 GMT

We must be thinking the same thing...

Gone:

HSBC VISA $500 AF $35
Orchard MC $500 AF $35
Credit One $700 AF $5.75 /month

Hooters $1000 AF $35 - negotiate fee/terms and CLIs

Re: What do you think I should do with these cards?

pattycake — Sat, 08 Mar 2008 17:33:33 GMT

Concord - ditch the ones with annual fees, and keep your util low. Ask your existing creditors for CLI's.

In my experience, Orchard doesn't waive AF, and neither does Credit One. These are both very expensive, so get rid of 'em, you have good cards already!!!

Re: What do you think I should do with these cards?

Anonymous — Sat, 08 Mar 2008 17:44:36 GMT

pattycake wrote:
Concord - ditch the ones with annual fees,

...except for that one. And you know the one I'm talking about.

Re: What do you think I should do with these cards?

Red1Blue — Sat, 08 Mar 2008 17:52:19 GMT

cheddar wrote:

pattycake wrote:
Concord - ditch the ones with annual fees,
...except for that one. And you know the one I'm talking about.

Yes, I know which one you are talking about.

Re: What do you think I should do with these cards?

Anonymous — Sat, 08 Mar 2008 18:00:46 GMT

I agree with Lady Scarlet - get rid of the HSBC, Orchard, Credit One and the Hooters if they're not willing to negotiate the AF... You don't need that many open accounts to worry about and it looks crazy to have an AMEX platinum in the same post as the 4 listed above (no offense)... The reduction in your overall credit line will be offset shortly by your BOA secured becoming unsecured and CLI.

I say get rid of them, you won't have to worry about getting annual fees waived, not just this year but everyone thereafter... just my 2 cents..

Re: What do you think I should do with these cards?

Anonymous — Mon, 10 Mar 2008 04:30:35 GMT

regarding low limit store cards i was told i would get cli after using card 4 times if that helps with those cards. Junk those low limit fee cards. HSBC will do hard inq if you ask for cli. even if they say they won't!!!!

Re: What do you think I should do with these cards?

Anonymous — Mon, 10 Mar 2008 04:38:55 GMT

I agree-

Stop the apps-

Close the junk-

My other creditors are quite happy that I closed my junk cards-

Re: What do you think I should do with these cards?

Anonymous — Mon, 10 Mar 2008 09:34:52 GMT

It seems to me that a couple of my cards are not reporting because I'm not using them every month or I never leave a balance. With that being said I closed a few cards with annual fees, cards with low limits, & no rewards. The cards that I don't want but plan on keeping are the cards I've had the longest. I'm trying to get down to 5 cards. Now its a couple of cards on your list that stands out & I wouldn't mind having them in my collection. Why do you want to drop the HHonors & the Bronzs?

Re: What do you think I should do with these cards?

ngerasimatos — Mon, 10 Mar 2008 10:51:23 GMT

I would close the following cards.

HSBC VISA $500 AF $35
Orchard MC $500 AF $35
Credit One $700 AF $5.75 /month
Amex Plat Charge AF $450

Message Edited by ngerasimatos on 03-10-2008 03:51 AM

Re: What do you think I should do with these cards?

haulingthescoreup — Mon, 10 Mar 2008 11:25:20 GMT

Close every card with an annual fee. Make sure that you have that $0 balance showing on your account, and print it off, or save the statement showing $0. Close it before they post the AF again. They'll try to sneak it in early --beat them to it!

The Hooters card is the only one with a significant CL, other than your secured card, but you have enough overall CL that I don't think you'll notice any change. These should all keep reporting and helping your history, even when closed.

Having crappy cards showing on your reports can scare off good creditors, both for new accounts and for CLI's on existing accounts.

Time to start thinking about quality instead of quantity! Shoot for a final goal of 5 really good bank cards (Visa, MC, AmEx, Discover) and a scattering of store cards where you actually shop. Weed out the rest --they got you where you are now, but you don't need them any more.

Re: What do you think I should do with these cards?

Anonymous — Mon, 10 Mar 2008 23:57:28 GMT

Hooters $1000 CL with $35 AF is a sub-prime card... and Merrick is considered a sub-prime lender. Get rid of it. Get rid of theses cards once able: 1) CreditOne 2) Orchard 3) HSBC (sub-prime products) 4) Anything with MERRICK (Hooters)attached to it.

Re: What do you think I should do with these cards?

Anonymous — Tue, 11 Mar 2008 00:06:21 GMT

who on here said I had too many cards???

ok, concorduser, what cards don't you have - that's a lot easier. Keep them all if you want. It's your call.

Re: What do you think I should do with these cards?

Anonymous — Tue, 11 Mar 2008 11:36:27 GMT

LOL

Re: What do you think I should do with these cards?

Anonymous — Tue, 11 Mar 2008 14:06:23 GMT

I am looking to ditch some of my subprimes also, but everyone on here says to keep them until they age a year typically.

So, ditch the following cards, or wait another 6 months and then ditch?

Juniper SeaMiles - $500
Hooters - $500, $36 AF
HSBC - $900, $59 AF
Target - $200
WalMart - $500
Capital One - $1800
Capital One - $2000

I have added the following primes:
Amex Green
Amex Clear - $2000
Amex Blue - $8900
BOA - $5500
Chase - $15,000
Citi - $6000
Sams Discover - $4200

I just opened the prime accounts in February. I really feel that the primes along is "enough" credit. As those accounts age I'm sure I'll get CLIs. But, given the primes are barely a month old, and the sub primes are about 6 months old, I'm not sure if it would be wise to cancel.

Any questions, comments, and/or concerns?

Re: What do you think I should do with these cards?

Anonymous — Tue, 11 Mar 2008 14:07:04 GMT

What were the original reasons for you getting each card? Revisit those reasons and do they still apply? If not, than cancel.

That's my philosophy for selling stocks.

Re: What do you think I should do with these cards?

Anonymous — Tue, 11 Mar 2008 14:16:54 GMT

F.M., if I had your cards, these would be the one's I'd drop:

Juniper SeaMiles - $500(low cl. It will not grow with you as fast as your prime cards)
Hooters - $500, $36 AF (AF...enough said)
HSBC - $900, $59 AF (AF.... ditto)
Target - $200 (lowwwww cl. It won't grow with you)
WalMart - $500 ( ditto )

Forgot to mention. Keep the Cap1 cards, but combine into one. You'll wind up with one less card to keep track of, plus 1 card with a really decent cl, a the 2 cl's will be combined.

You are building a great stable of prime cares with high cl's. Concentrate on those's.

Message Edited by Sylviatob on 03-11-2008 09:16 AM

Re: What do you think I should do with these cards?

Anonymous — Tue, 11 Mar 2008 14:19:36 GMT

Juniper SeaMiles - $500 - Close before they close CLD you
Hooters - $500, $36 AF - Close
HSBC - $900, $59 AF - Close and burn
Target - $200
WalMart - $500
Capital One - $1800 Combine to oldest Capone
Capital One - $2000 Combine to oldest capone

Keep the store cards for now-

FretlessMayhem wrote:
I am looking to ditch some of my subprimes also, but everyone on here says to keep them until they age a year typically.

So, ditch the following cards, or wait another 6 months and then ditch?

Juniper SeaMiles - $500
Hooters - $500, $36 AF
HSBC - $900, $59 AF
Target - $200
WalMart - $500
Capital One - $1800
Capital One - $2000

I have added the following primes:
Amex Green
Amex Clear - $2000
Amex Blue - $8900
BOA - $5500
Chase - $15,000
Citi - $6000
Sams Discover - $4200

I just opened the prime accounts in February. I really feel that the primes along is "enough" credit. As those accounts age I'm sure I'll get CLIs. But, given the primes are barely a month old, and the sub primes are about 6 months old, I'm not sure if it would be wise to cancel.

Any questions, comments, and/or concerns?