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I'm trying to figure out what are good cc and bad cc? Which one of my cc are considered dead end, never going to upgrade, get a cli,etc.. or which cards are for keeps and will grow with you. Heres a lit of my cc. Any input is needed.
Orchard Bank AF 59 CL 300 opened June 2005
Capitol One AF 29 CL 500 opened December 2007
Capitol One AF 59 CL 750 opened July 2008
Macys CL 100 opened February 2009
Credit One Bank AF 69 CL 250 opened February 2009 DO I EVEN NEED THIS CARD?
I AM TRYING TO REBUILD MY CREDIT AND ESTABLISH A STRONG HISTORY SO ARE ANY OF THESE CARDS WORTH KEEPING?
As a long term perspective, I'd certainly keep Capital One - it's an excellent card if you're going overseas. Try calling customer care/backdoor # and inquiring about the possibility to combine two c1 cards.
Macy's is good, because it's a store card and it contributes to "credit mix".
@shalane85 wrote:I'm trying to figure out what are good cc and bad cc? Which one of my cc are considered dead end, never going to upgrade, get a cli,etc.. or which cards are for keeps and will grow with you. Heres a lit of my cc. Any input is needed.
Orchard Bank AF 59 CL 300 opened June 2005
Capitol One AF 29 CL 500 opened December 2007
Capitol One AF 59 CL 750 opened July 2008
Macys CL 100 opened February 2009
Credit One Bank AF 69 CL 250 opened February 2009 DO I EVEN NEED THIS CARD?
I AM TRYING TO REBUILD MY CREDIT AND ESTABLISH A STRONG HISTORY SO ARE ANY OF THESE CARDS WORTH KEEPING?
Forgive me if this sounds insensitive, that is not my inention, but all the cards you have listed are dead end cards. However, given the current climate and how difficult it is to secure credit, keep them and let them ride out until either they kill it or when you have better credit to replace them. The age of accounts at the very least will help you. Personal recommendation, dead end or not, keep them for now and let them ride out until you have secured better first.
ADD: I missed the Macy's in the list, keep that one because its a store credit and that will always help the mix, but the rest different matter.
@Anonymous wrote:
What makes the cards he listed dead end...the CLs? The companies offering?
Just my opinion, I can't speak for anyone else, its the companies, as well as the category of creditor they are, and also the fact that the cards may or may not grow with you and the interest rates and annual fees could drag down their values. Hope that helps.
Creditcardskeptic wrote:
What makes the cards he listed dead end...the CLs? The companies offering?
-the extraneous fees
-the sub par cs
-limited CLs and limited/unavailable or pay to play CLIs
-they don't necessarily leave the best impression w/ other lenders if you have too many (though it still counts as good history if you treat them right just like other cc)
-cards typically ineligible for product change
-low limits beget low limits = dead end
one or two can serve a useful purpose if other types of accts. are temporarily unavailable to you, but too many can lead to diminishing returns.
in many cases just delaying app for a few months can net better offers and you can avoid these low tier cards altogether.
OK...so just to be clear...a good card:
1. Is one that can grow with you, meaning, CLIs
2. One that has minimal or no feess
3. Doesn't require you to put up a deposit for a CL or a higher deposit for a higher CL
4. A respectable CL
Anything else...Im new to the game here. I have recently acquired 2 cards:
USAA total rewards (MC) , 15,000 limit
Edward Jones Rewards (MC) , 7,000 limit
How do these two rank?