Too Much Open Credit Cards ?

[FinStar]

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@PointsBonus wrote:

@FinStar I did not know. So ..... do I close a bunch of cards ? I am so confused lost and feel helpless. 

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I wouldn't, as I mentioned upthread. How often are you even using the 3 TRUIST cards you currently have?  What product are you laser-focused from TRUIST that would give you pause for doing so? Is it that critical or are there other comparable products in the market that you could try for? A metal card isn't worth closing some of your established or existing tradelines in case your going for the Beyond card. Just sayin'

[FinStar]

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@PointsBonus wrote:

@FinStar  Beyond became Beyond Denied and their HELOC.

I currently have a HELOC but Truist banker convinced me to apply for the loan. 
Beyond Ridiculous 

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Their bank, their rules, though. Gotta keep that in perspective. In hindsight, another item to consider is the current economic climate. Where in the past it was a lot easier to obtain or qualify for some products, it isn't as easy these days as FIs continually adjust UW algorithms.

[PointsBonus]

@FinStar 

Valid point and great advice. I will just close the Truist and leave the rest along. Forgot about trade line times. Guess Truist can have their $20,000 in exposure back ! Lol

[FinStar]

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@PointsBonus wrote:

@FinStar 

Valid point and great advice. I will just close the Truist and leave the rest along. Forgot about trade line times. Guess Truist can have their $20,000 in exposure back ! Lol

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If you find any use for the TRUIST business card, keep that one open. Typically a bit difficult to obtain for some individuals.

Honestly, the Enjoy Beyond is nothing to write home about since I have the card. I mean, sure the SUB was decent, but for the $195 AF, I'm sure you could find better value elsewhere. I understand your fascination with metal bling, but often times some cards aren't really worth their weight -- no pun intended.

Also, you can find better HELOC options and rates with other lenders. I would shop around.

[SUPERSQUID]

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@PointsBonus wrote:

@FinStar I did not know. So ..... do I close a bunch of cards ? I am so confused lost and feel helpless. 

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Personally I would not let it get to me. You have some very nice cards, just let this experience roll and change nothing. Truist is the loser here in my view.

[12njoy]

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@FinStar wrote:

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@PointsBonus wrote:

@Jnbmom  

yes word for word - Truist

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Yup, I can see that coming from TRUIST depending on what they're looking at (i.e. percentage of income vs unsecured exposure with all your lenders in aggregate).

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That would explain why I can never get a preapproval from them, despite having four low limit cards from them already

[12njoy]

If no annual fee, I would let them sit.  If you have an annual fee then I would weigh that against any specific reasons for keeping (i.e. padding, higher limit, etc.).  I had four BB&T cards all of which were about 6,500 each and I closed them because I thought they should have given me more.  I thought closing them and reapplying after a while would work for me.  Fast forward a couple of years and I applied again, I again have four now Truist cards (2 @4,500, 1 @9k and 1@6,500).  I'm pretty much right back where I was in the first place (4 inq's later).  The 9k card has a AF which I pay but the rest have no AF.  

[FinStar]

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@12njoy wrote:

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@FinStar wrote:

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@PointsBonus wrote:

@Jnbmom  

yes word for word - Truist

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Yup, I can see that coming from TRUIST depending on what they're looking at (i.e. percentage of income vs unsecured exposure with all your lenders in aggregate).

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That would explain why I can never get a preapproval from them, despite having four low limit cards from them already

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Yup. Maybe one day they allow account combinations or CL reallocations. SunTrust did pre-merger, but those policies went out the window once system platforms were integrated 🤷‍♂️ I have some overlap from both BB&T + SunTrust and ended up with 7 🥴, but since the limits are pretty decent, I'm just biding my time until they can update policies. Otherwise, I can cut a few of them. Same with PNC with BBVA's acquisition as far as overlap goes.

[Adkins]

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@PointsBonus wrote:

Fellow team members,

I was today to do something which I am confused by a bank.

"You are declined because you have way too many OPEN CREDIT CARDS WITH 0 BALANCE, too much open exposure, you should close some and reapply"

Seems like the complete opposite to f what I have been doing. More CC More CLI helps utilizations.

should I close my CC or was I told wrong info ? 
Thank you all in advance 

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I had the representative from Langley tell me this when I applied for one of their cards. Needless to say I didn't get their card and I haven't closed any of mine. 🤷 

[PointsBonus]

Closed all 3 Truist. Closing them was interesting. So I called the 800 number from the Truist App, and after pressing the correct buttons, the representative was very nice and was able to CLOSE the Legacy SunTrust one, but she had to transfer me to BB&T to close the other 2 BB&T Visa. She informed me that the credit cards are still under two different systems. Glad I closed them, imagine having issues wit the cards ?

** And updated my signatures **