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How are my Parents doing??

Established Member

How are my Parents doing??

 
Message 1 of 21
20 REPLIES 20
Regular Contributor

Re: How are my Parents doing??

How old are your parents? (yes relevant)

Message 2 of 21
Regular Contributor

Re: How are my Parents doing??

I know you should only post to be helpful, but I cannot help it.  This is like one of the most ridiculous thing I have seen in a while. With all does lines of credit already open why would they need to apply for more credit?

 

Starting 4/23/2011:EQ 628 TU 581 EX 640
Current 5/27/2011 EQ 671 TU 679 EX 666
Message 3 of 21
Frequent Contributor

Re: How are my Parents doing??

Why do they need more credit cards?  Most of those aren't even past the intro APR period anyway.


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Message 4 of 21
Established Member

Re: How are my Parents doing??

I know they have alot,  each one has a specific purpose they travel alot, so the platinum and the continental card are esential, the cap one cards are primarily balance transfer, citi cards are bt and back up cards, pnc is overdraft, bofa bt and primary card for now, amex blue they got like 100000 MR points when they got the card so we use it to get 100 dollars off when we buy a ticket. Once they get the better cards ex-amex sky preferred and the other cards i will ned up closinng hte small limit cards.

Message 5 of 21
Regular Contributor

Re: How are my Parents doing??

I asked how old they are because if pushing 70 or later, they should really close those accounts now and just keep a few open.

 

Times can change in a flash... to have that much outstanding credit, and their son/daughter managing it smells... scary. 

 

Are you a money manager by trade?  If so, this makes sense as to why you are helping them.  If not, that seems like a lot of responsibility to lay on a child...

 

Okay, so now that I've cleared that:

 

How do you propose to get them better cards when it appears to me, they're already extended pretty far?

Message 6 of 21
Established Member

Re: How are my Parents doing??

Well,

 

they are 49-50 of age

 

I am not a money manager

 

They will end up closing a bunch of those cards, HHONORS, CAPONE, PNC PLATINUM and a few others.

 

Message 7 of 21
Established Member

Re: How are my Parents doing??

should i close the chase saphire card for them and put the credit limit on the continental card?

Message 8 of 21
Regular Contributor

Re: How are my Parents doing??

K - ty Smiley Happy

 

I'm their age.  Smiley Sad

 

<edited part of this>

 

They carry a balance on their cards too?

 

 

Anyway, my gut instinct says to have them close their lower limit cards now. 

 

They've gone on an app spree this past year+ and it could hurt them with inquiries and outstanding credit.  Because of the app spree, after reading other threads here, it seems like that could really hinder them getting better cards despite their outstanding credit scores.

 

I had a 780 at one point in my life and carried only 4 cards with a max of $50,000 total CL.  I traveled 100% of the time for work (okay, 90% work, 10% fun, fun, fun).  Despite the rocky past 3 years, I have no intention of ever carrying more than 4-5 cards and each one will have a very specific purpose (Nordstrom, AMEX, VISA, MC, and maybe another VISA).

 

There are a few on here that have several cards, hopefully, one of them will chime in soon.  If it were my parents (or my son) with that many cards, I'd start coaching them now on the culling process, figuring out which ones would affect AAoA, etc.

 

They're very lucky to have you for a child!!

Message 9 of 21
Established Member

Re: How are my Parents doing??

I am in in my upper teens and i really like the finance industry and plan on choosing it as a career, they are really glad i am doing this for them because my dad dosent want to look at them and my mom use to but she works alot now, the chase saphire card was opened in  2000 but it is the worst card ever. I really dont know what to do, i  know it will stay on there CR for 10 more years but that will be 10 years of lost history. The only reason they are carrying the balance is because we just paid for my brothers shcool and we have been traveling a ton. I am thinking of closing the Platinum Card even though my dad just got it, we just never use it and the limit is very small.

Message 10 of 21
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