Overstock vs Wayfair Decision?

[Anonymous]

I need advice and/or suggestions on how to proceed with this issue:

I have an Overstock account a little over 2 months old with a 12k CL.  It was my 3rd new account when I decided to open new CL's after almost 15 years. I like the ability to be able to find a lot of different items on the site but I like Wayfair much better as you have multiple sites to choose from.  I am about to buy a dining room item and Wayfair has offered the soft pull for an account that I would use more than Overstock I think.  I am trying to decide whether to close Overstock and open Wayfair.  All of my accounts are recent (last 2 months) so I have taken the huge hit on my CR. Is there any up or down sides to closing one and opening the other or keeping Overstock and adding Wayfair. Currently I am over 700 on all 3 bureaus and was working on aging the accounts that I have rather than adding new ones but the Wayfair accounts gives me the 0 percent or $250 on my purchase and an account that would be beneficial to me in the future.  I can take one more hit on my reports but then I must refrain from adding new accounts for sure.  I don't know what the CL would be on the Wayfair but I would be losing 12k if I close Overstock.  I am at about 2% utilization over all of my accounts as they all have 0 balances except one Visa that I let post a balance (paid 1/2 of the balance) but will pay off next month so all accounts will be at 0. I was keeping all accounts at 0 balance and not letting them post but that seemed to be hurting my score according to the CB analysis so I let one Visa post and carried 1/2 of the balance just this one time. This will not be something that I will be doing.  I like no balance and no interest.  

Any ideas on whether to swap out or keep and add? I just need to figure out which scenario would give me the least adverse option.  Thanks for your input.

[Creditaddict]

If you have any use for the Overstock I would just keep it and leave it open.

Otherwise, if your util is only at 2%, closing it will not affect you.

You don't need to revolve the balance on any card longer than your statement, what is on your statement is what will report to credit.... so if you pay by due date you have not only reported that balance to credit but you can avoid paying any interest.  You don't need to pay interest to show history on your credit report.

[Anonymous]

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@Creditaddict wrote:

If you have any use for the Overstock I would just keep it and leave it open.

Otherwise, if your util is only at 2%, closing it will not affect you.

You don't need to revolve the balance on any card longer than your statement, what is on your statement is what will report to credit.... so if you pay by due date you have not only reported that balance to credit but you can avoid paying any interest.  You don't need to pay interest to show history on your credit report.

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Thanks for your response.  Just letting the bank know they might make a little money off me (not much) since they extended the credit. It certainly won't be a habit.

[Anonymous]

Leave it open. I have both Overstock and Wayfair. Wayfair is definitely a harder nut to crack as far as generous cls. Almost maxed it out my Gladiator Garage items which were cheaper than Sears Home Depot or Lowe's which was totally fantastic, as they do free shipping and no one else does but Sam's Club.

I have yet to see a relationship by having one retail card with comenity and getting another one. With synchrony that definitely seems to help when calling in for increases. If you want something from Wayfair get the account and just keep plugging away for small increases every few months.

[Anonymous]

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@Anonymous wrote:
Leave it open. I have both Overstock and Wayfair. Wayfair is definitely a harder nut to crack as far as generous cls. Almost maxed it out my Gladiator Garage items which were cheaper than Sears Home Depot or Lowe's which was totally fantastic, as they do free shipping and no one else does but Sam's Club.

I have yet to see a relationship by having one retail card with comenity and getting another one. With synchrony that definitely seems to help when calling in for increases. If you want something from Wayfair get the account and just keep plugging away for small increases every few months.

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I love Wayfair.  I might have waited too long in that I did not immediately complete the short app (last 4 SSN) since I wanted to ask the question and get comments from the forum.  When I went back in it would not let me submit.  If it ever comes back I will go on and do it.  In the meantime I will order what I need and charge it to one of my VISA's. Thanks for your response.

[Creditaddict]

Clear your cookies and history log out and log back in you should be able to apply

[Anonymous]

A little different approach...I have both cards, and have yet to use my Wayfair card since Overstock always has coupons and if you take a deeper look, most of the items on Wayfair are on Overstock but lower priced. You have to look by the name of the item...It's usually a $5 to $10 different and then stack a coupon for the best savings on Overstock. I was comparing them...my Overstock grew quicker than my Wayfair overall.

[Anonymous]

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@tamaralig wrote:

A little different approach...I have both cards, and have yet to use my Wayfair card since Overstock always has coupons and if you take a deeper look, most of the items on Wayfair are on Overstock but lower priced. You have to look by the name of the item...It's usually a $5 to $10 different and then stack a coupon for the best savings on Overstock. I was comparing them...my Overstock grew quicker than my Wayfair overall.

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Good point.  Thanks.

[Anonymous]

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@Creditaddict wrote:
Clear your cookies and history log out and log back in you should be able to apply

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Tried then tried with another browser, no go.  This happened to me with VS but it popped up again several hours later.  Thanks

[Anonymous]

I did a cold app with wayfair last week and got $8,000 CL was so shocked did not think they give out credit limits that high starting out I had about 20 pulls on experian and Equifax and like 12 on transunion at the time and my score was 650-655 dont know if this helps at all but yeah sorry bout spelling mistakes dam iPhone and just got done with buying a house to.