Its ok to put all your eggs in one basket..........
IF your the Easter bunny
IF your the Easter bunny
@AverageJoesCredit wrote:
Its ok to put all your eggs in one basket..........
IF your the Easter bunny
LOL!
But there's a difference between putting all your eggs in one basket and having more than one card with the same lender.
@UncleB wrote:
@Justagirl73 wrote:I personally don't want multiple cards with one lender. Anything could happen to make that lender jumpy....then you would be SOL (till you apped for new cards with another lender). There are a lot of threads where the poster had multiple cards with one lender and they were ALL shut down.
My advice is don't put all your eggs in one basket 😀
+1
I agree... but even with my agreeing and knowing it's 'good business' to have diversity I still ended up with four accounts with Synchrony.
In my case (and probably many others) it's not that we're "in love" with Synch, it's just that they back so many retail cards now it's hard to avoid them. In my case, my Lowe's and Belk cards are my two oldest accounts (12 and 10 years, respectively) and I don't want to close either due to this. My other two cards with them are Sam's Club MasterCard and Care Credit, both of which I am actively using (Sam's Club MC very actively).
I would put Chase in the same category... they back so many 'partners' it's hard to avoid them (especially for a frequent traveler).
With Synchrony (and Chase, to a lesser degree) I would just say to be mindful of your velocity in acquiring new cards with them (or large CLIs), as these two things seem to be common factors with the people who have had issues (with a few exceptions). In my case, both the Amazon store card and JC Penney could be useful, but I mindfully refrain from getting either since "a bird in the hand is worth two in the bush", and the value of my existing cards with Synchrony mean more to me than the possible value of the new additions I have my eye on.
I think you could avoid a negative reaction from Synchrony if you acquired the cards at different times throughout the year or one per year over the next 2 years. For example, apply for JCP in January and Amazon after June or vice versa. Do whatever makes sense to you, UncleB.
All of the information I've read about 'excellent' credit profiles says to not acquire more than 1 or 2 new credit cards/accounts a year. IMHO if the cards add value to your line-up, apply for them but be mindful of frequency.
Everything in moderation...
JcPenney as a company most likely won't be in existence at this time next year, so I wouldn't say that is a card to shoot for at this time.
The company has 5 billion (yes, billion) dollars of long-term debt, and closing 92 stores in the past 2 1/2 years as they have done is not a good sign. They're even selling their headquarters building in a desparate bid to gain cash.
More than 1/3 of its remiaining stores are in struggling shopping centers. It is really statistically impossible for them to generate enough revenue to pay back the 5 billion of debt they borrowed to stay in business, after the failed reinvention years ago cost them billions of dollars in sales.
Not a recipe for continued success.
@Anonymous wrote:JcPenney as a company most likely won't be in existence at this time next year, so I wouldn't say that is a card to shoot for at this time.
The company has 5 billion (yes, billion) dollars of long-term debt, and closing 92 stores in the past 2 1/2 years as they have done is not a good sign. They're even selling their headquarters building in a desparate bid to gain cash.
More than 1/3 of its remiaining stores are in struggling shopping centers. It is really statistically impossible for them to generate enough revenue to pay back the 5 billion of debt they borrowed to stay in business, after the failed reinvention years ago cost them billions of dollars in sales.
Not a recipe for continued success.
I agree... that one is definitely on the warming plate behind the back burner.
I think in my case there's some nostalgia there, as I first got a JC Penney card back in 1992 and it served me well for years. Since I had it PIF when I filed for my 2000 BK7 it survived, but it didn't survive my 2004 job loss. How nice it would be to still have that one reporting!
Realistically, Amazon would be much more valuable, but with Discover providing 5% off for half the year even that would have limited value.
I guess I was really just thinking out loud... I don't have any intentions of applying for any Synchrony-backed cards anytime soon.
That would be sad Humu
. I honestly enjoy my pennies card but unfortunately you are probably right. I guess ill enjoy it while it last
. I honestly enjoy my pennies card but unfortunately you are probably right. I guess ill enjoy it while it last
@Anonymous wrote:JcPenney as a company most likely won't be in existence at this time next year, so I wouldn't say that is a card to shoot for at this time.
The company has 5 billion (yes, billion) dollars of long-term debt, and closing 92 stores in the past 2 1/2 years as they have done is not a good sign. They're even selling their headquarters building in a desparate bid to gain cash.
More than 1/3 of its remiaining stores are in struggling shopping centers. It is really statistically impossible for them to generate enough revenue to pay back the 5 billion of debt they borrowed to stay in business, after the failed reinvention years ago cost them billions of dollars in sales.
Not a recipe for continued success.
Question is.. who will be the first man out? JCP or Sears? 2 train wrecks on a collision course with a bankruptcy liquidation...
As much as i like Sears with a little more diversity of stuff, and for me this card was way harder to obtain than my pennies, id have to pick pennys in only i find they have better deals . But in a perfect world id like both to survive and thrive. Only time will tell
. Only time will tell