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Decided to close my Neiman Marcus card, and did so last week. I've had the card for about two years. It's kind of similar to saying goodbye to an old friend - really enjoyed using the card and love the store, but part of my overall strategy is reducing credit I do not need and strategically increasing certain other cards.
My Neiman Marcus credit limit was $18,000 and although it's a nice limit, it just doesn't fit into the plan. Part of the plan is to also close all store cards and only have major cards. Right now my only store card is Barneys, and I have a soft spot for that little guy, so he may stay around for another year or so.
Pleased that I am progressing along with my strategic plan of reducing overall credit while increasing certain lines.
It's been fun, Neiman Marcus. Nice to know you.
Parting ways is not always easy but sometimes needs to be done. It looks like you thought this out well for what's best.
However with BarneysNY?
You don't want to forget how SWIFT their delivery system is on orders.
I too also have a sweet spot for them. A $43K sweet spot.
@CreditMagic7 wrote:Parting ways is not always easy but sometimes needs to be done. It looks like you thought this out well for what's best.
However with BarneysNY?
You don't want to forget how SWIFT their delivery system is on orders.
I too also have a sweet spot for them. A $43K sweet spot.
Good thoughts, CM7! And I'm not sure I can get rid of Barneys New York - I love the store and everything about my card!
I snuck mine up to $45,750 recently but it will stay there.
@Anonymous wrote:
@CreditMagic7 wrote:Parting ways is not always easy but sometimes needs to be done. It looks like you thought this out well for what's best.
However with BarneysNY?
You don't want to forget how SWIFT their delivery system is on orders.
I too also have a sweet spot for them. A $43K sweet spot.
Good thoughts, CM7! And I'm not sure I can get rid of Barneys New York - I love the store and everything about my card!
I snuck mine up to $45,750 recently but it will stay there.
Very Nice on nudging it up even higher.
I'm completely content to leave mine as is at least until the dust settles from this summer's spree.
@CreditMagic7 wrote:
@Anonymous wrote:
@CreditMagic7 wrote:Parting ways is not always easy but sometimes needs to be done. It looks like you thought this out well for what's best.
However with BarneysNY?
You don't want to forget how SWIFT their delivery system is on orders.
I too also have a sweet spot for them. A $43K sweet spot.
Good thoughts, CM7! And I'm not sure I can get rid of Barneys New York - I love the store and everything about my card!
I snuck mine up to $45,750 recently but it will stay there.
Very Nice on nudging it up even higher.
I'm completely content to leave mine as is at least until the dust settles from this summer's spree.
Thanks, CM7. Robolady and I became friends one day last week and I just could not turn her 3k CLI down.
I totally agree with your decision to let yours sit as is. I should have done the same, but fortunately it worked out ok.
@Anonymous wrote:
Congrats OP! It's always good to trim the fat and get rid of lower tiered cards.
Thanks, 12velectronics! I completely agree! And with a 23% APR, that made the decision not too difficult (even though I don't carry a balance). It's not really a card to keep in the event that I ever did need to carry a balance.
@Anonymous wrote:
@Anonymous wrote:
Congrats OP! It's always good to trim the fat and get rid of lower tiered cards.Thanks, 12velectronics! I completely agree! And with a 23% APR, that made the decision not too difficult (even though I don't carry a balance). It's not really a card to keep in the event that I ever did need to carry a balance.
Agree.
We never really know what goes on behind the scenes sometimes but if you read your Privacy Statements card lenders SHARE data even with their competitors in exchange for the same sometimes.
This is my own Theory but I would be willing to bet credits to navy beans that INTEREST RATES if not shared are well known during those type examinations?
Aside from that, we never know when carrying over a balance might help someone stretch a budget or in my case I do it on occasion and sometimes periodically for the purpose of building a firewall so to speak. to strengthen my internal profile with various lenders.
It is been a strategy that has yielded and continues to yield excellent results with various lenders.
What lender don't lick their lips over free money just like we do on rewards cards. So for those times it becomes necessary it's better to do it on low interest rate cards so at the very least it is bare minimum.
@CreditMagic7 wrote:
@Anonymous wrote:
@Anonymous wrote:
Congrats OP! It's always good to trim the fat and get rid of lower tiered cards.Thanks, 12velectronics! I completely agree! And with a 23% APR, that made the decision not too difficult (even though I don't carry a balance). It's not really a card to keep in the event that I ever did need to carry a balance.
Agree.
We never really know what goes on behind the scenes sometimes but if you read your Privacy Statements card lenders SHARE data even with their competitors in exchange for the same sometimes.
This is my own Theory but I would be willing to bet credits to navy beans that INTEREST RATES if not shared are well known during those type examinations?
Aside from that, we never know when carrying over a balance might help someone stretch a budget or in my case I do it on occasion and sometimes periodically for the purpose of building a firewall so to speak. to strengthen my internal profile with various lenders.
It is been a strategy that has yielded and continues to yield excellent results with various lenders.
What lender don't lick their lips over free money just like we do on rewards cards. So for those times it becomes necessary it's better to do it on low interest rate cards so at the very least it is bare minimum.
Very true, CM7. I agree with you 100% here.
I always call this store Needless Markup store.