Help me justify or not justify keeping Sallie Mae

[Anonymous]

If you don't use the card and you're sick of the APR, close the account. I couldn't care any less about APR as lowering it could encourage unnecessary debt.

[kdm31091]

Doesn't sound like there's much reason for you to keep it. Yes it's a highly coveted card on here but doesn't mean it's the best or works for everyone. I'd just cut it loose in your case.

Yes, it's gone forever if you close it, but since you don't get much use out of it anyway, not sure why it really matters. It's not like it's the end of the world if closing it turns out to be a mistake. It sounds like you've already weighed this.

These types of threads always only go two ways. Those who have the card will tell you to just SD it because they personally like it, and those who don't will tell you to cancel. Ultimately it's your choice and what we think probably doesn't matter. You know what you're doing.

[RonM21]

IF you end up closing t because you were unhappy with their steps to keep you, then I think there is no issue there. It seems you've been in the game long enough that you're not going to do something that would hurt your situation dramatically and you know what you're doing!

[pizza1]

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@kdm31091 wrote:

Doesn't sound like there's much reason for you to keep it. Yes it's a highly coveted card on here but doesn't mean it's the best or works for everyone. I'd just cut it loose in your case.

Yes, it's gone forever if you close it, but since you don't get much use out of it anyway, not sure why it really matters. It's not like it's the end of the world if closing it turns out to be a mistake. It sounds like you've already weighed this.

These types of threads always only go two ways. Those who have the card will tell you to just SD it because they personally like it, and those who don't will tell you to cancel. Ultimately it's your choice and what we think probably doesn't matter. You know what you're doing.

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LOL..Thats so true!! 

I dont know...a part of me wants to keep it because 2 yrs ago when my rebuilding from BK really started taking off, I wanted this card, and eventually got it. Like all my cards, they are all "challenge/goal cards", lol.

Barclays was good to me approving me 6 mo post BK with the rewards card, and when I got approved for SM, I closed Rewards, and moved the line to SM. Ive survived 2 yrs of crazy app sprees, mega INQ and new accts, score drops,  and a few manual reviews with an UW asking me "why did I need or want a CLI on my SM card, when I opened up 12 new cards in the last 4 months  adding an add'l $62k???"  My answer my simple and honest to him...."Because I can".  I think he was more shocked at my answer than the new accts, LOL!!  Anways, my point to that is  they didnt bat an eye at me,, and Ive NEVER had any AA from them.  I feel partially loyal now, lol...

On the other hand....they arent the only lender who has "taken a chance on me", and extended credit post BK.  Its just business...

Thanks for your input, appreciate it! 

[joltdude]

I'd think SD it... Theres no AF and its still a decent card...

-J

[Credit_hawk]

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@pizza1 wrote:

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@northface28 wrote:
I'm actually going to roll my SM into my cash forward card. The caps are too low and I'm more into cash back not "points", besides, the caps are low anyway.

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intersting....Thank you NF! You are right about the low caps. I mean..for a family, who ONLY spends $250 in groceries a month?

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Oh wow, I'm unfamiliar with the SM as it was before my time here but are the caps really at $250 a month on gas and grocery?

[kdm31091]

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@Credit_hawk wrote:

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@pizza1 wrote:

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@northface28 wrote:
I'm actually going to roll my SM into my cash forward card. The caps are too low and I'm more into cash back not "points", besides, the caps are low anyway.

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intersting....Thank you NF! You are right about the low caps. I mean..for a family, who ONLY spends $250 in groceries a month?

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Oh wow, I'm unfamiliar with the SM as it was before my time here but are the caps really at $250 a month on gas and grocery?

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Yes, this was a card marketed/intended for students that took off due to the forum effect. The caps are in line with a student's spend level.

[pizza1]

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@kdm31091 wrote:

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@Credit_hawk wrote:

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@pizza1 wrote:

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@northface28 wrote:
I'm actually going to roll my SM into my cash forward card. The caps are too low and I'm more into cash back not "points", besides, the caps are low anyway.

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intersting....Thank you NF! You are right about the low caps. I mean..for a family, who ONLY spends $250 in groceries a month?

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Oh wow, I'm unfamiliar with the SM as it was before my time here but are the caps really at $250 a month on gas and grocery?

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Yes, this was a card marketed/intended for students that took off due to the forum effect. The caps are in line with a student's spend level.

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+1 what kdm said....

Not realistic for a modern family 

[Anonymous]

Pizza I just cancelled this and my rewards MC with them. I'm pairing down cards I accumulated over the past few years of my aggressive rebuild. For me, if it's not a card I use at least weekly I'm canceling it. Opening up room for better cards down the line once all my inquiries are gone.

[Anonymous]

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@Anonymous wrote:
Opening up room for better cards down the line once all my inquiries are gone.

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I never thought of it this way. I have 6 bank credit cards; is that too many for credit card analyst? I don't really use my Capital One QS and QS1 because I have better cash back cards; perhaps I should terminate them.