I'm sorry to hear about how Walmart screws people over in PR. I'm wondering if they're pulling this stunt due to the recent earthquake.
Regardless, they're wrong for doing it. There's got to be a better store that will work with you. The lenders can come and go.
No credit news is good credit news!
@AverageJoesCredit wrote:Thank you @Anonymous
Thanks @AllZero maybe it will help in 2 years having less inquiries and less credit . I achieved roughly about $238k on less than $25k income so not to bad lol
.
AJC, what you may lack in salary you more than make up in class and heart. Around here, you're richer than Jeff Bezos.
@redpat wrote:Congrats and welcome to the club AJC. I thinned the herd a while back, dumped disco, edp, amex spg, Prestige, Barclay aa, Venture, Macy Amex and chase fu.
Centurion lounge is now open in CLT now citi aa Exec is on the fence.
I'm finding out that I can live with just having Amex and chase as my credit card providers. All this stuff of having to diversify is crap imo, credit cards are not an investment portfolio. If you have an Amex you need to have a visa or MasterCard card also.
AJC, pick the ones you like and 86 the others, there is nothing to worry about.
I am not sure I would be discounting lender diversity just yet.
True last 8 years or so have been in Credit Candyland but nobody is really sure where this COVID-19 is going to go at this point.
Slept on it, I am just going to idle the tradelines but that might be 1+ years before they get around to whacking me for inactivity. Admittedly this is a pretty passive stance but it gives me the option of course correcting if this winds up being worse for Main Street than expected too. That'll show up in the credit markets unlike the volatility in the stock market currently.
@bizarrocreditworld wrote:
@AverageJoesCredit wrote:Thank you @Anonymous
Thanks @AllZero maybe it will help in 2 years having less inquiries and less credit . I achieved roughly about $238k on less than $25k income so not to bad lol
AJC, what you may lack in salary you more than make up in class and heart. Around here, you're richer than Jeff Bezos.
Thank you for your kind words @bizarrocreditworld you always make me smile
. Looks like i get to buy a billion Kudos for everyone now☺️
@kdm31091 wrote:
@Anonymous wrote:
@redpat wrote:Congrats and welcome to the club AJC. I thinned the herd a while back, dumped disco, edp, amex spg, Prestige, Barclay aa, Venture, Macy Amex and chase fu.
Centurion lounge is now open in CLT now citi aa Exec is on the fence.
I'm finding out that I can live with just having Amex and chase as my credit card providers. All this stuff of having to diversify is crap imo, credit cards are not an investment portfolio. If you have an Amex you need to have a visa or MasterCard card also.
AJC, pick the ones you like and 86 the others, there is nothing to worry about.
Like the stock market, if you are not diverse, you can take a beating. Having all technology stocks is risky. If just the technology sector tanks, you tank. Having 5 cards, and all of them Chase cards is risky. If they decide to close all your accounts, you have no cards. We had some here who had all of their cards from a single issuer closed (Chase/BoA).
I read the small detailed terms of my new CFU. Caught a 1-liner that said to the effect that we can close your accounts at any time, not because of your activity or non-activity, but because of our business needs.
Having all your eggs in the same basket that gets taken from you while you did nothing wrong is too risky.
I agree, although the person you quoted has two lenders not just one. You shouldn't depend on only one bank, but at the same time, these aren't assets or investments. If a bank decides they don't like you, you could open cards elsewhere.
I am not discrediting diversity but I don't think the average consumer needs cards from 5 banks if they don't want to manage that (or even more commonly, spend more than they can afford because of all the credit lines). I think 2 or 3 is probably sufficient. That's just my take on it.
Actually if the proverbial fecal matter hits the air circulation device, you might not be able to open up new accounts. This has been the case a few times in our lifetimes.
If the credit markets tighten generally almost all lenders do so at once, and suddenly you might not be able to get anything from even Synchrony you might be even lower on the chain as liquidity when scarce gets expensive (in terms of APR's and fees) in a hurry... it's another reason I'm going to be re-opening my HELOC after my refinance, non-trivial safety net financially if credit markets tighten.
My personal opinion is two lenders is too few especially when they're the same tier, it's why I am going to keep my 10K C1 QS come hell or high water because I'm far more confident in Capital One not whacking me than even Chase where I'm CPC. Amex can and probably will flush most if not all of my accounts if things really go sideways. They may not as I have some accounts with AF's but if it really gets ugly and things get tight, fact is I'm not using the lines.
Really looking at this pragmatically, Chase + Amex excellent for now, I like having Cap 1 as a different tier lender in case the prime/super prime market goes sideways, and I'm going to keep my relationships with CU's because those are going to be slower to react and *might* not be quite as ruthless when it comes to purging their credit portfolio.
FWIW I think Chase is higher risk than Amex in such a downturn, Chase has a lot of other business lines that they could plow money into whereas Amex is a lot more limited in the products they can market and offer.