How many of my cards are sub-prime?

[Anonymous]

Hi all, I have been in rebuild mode for almost a year. My CH7 BK discharged in May of 2016.  I'm trying to figure out which of my cards are cosidered sub-prime, and then figure out a way to get beyond those cards to bigger and better, IE prime time cards.  

Here's my list of bank cards.

NFCU Platinum $18k

Discover IT $1.6k

Cap 1 QS1 $300

Merrick $550

Walmart MC $1k

Marvel MC $2k

[Anonymous]

You have no need for that Merrick or the tiny Cap One both with all the fees with other cards on your line up. Especially with that huge NFCU limit. Best of luck!

[Loquat]

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@Anonymous wrote:

Hi all, I have been in rebuild mode for almost a year. My CH7 BK discharged in May of 2016.  I'm trying to figure out which of my cards are cosidered sub-prime, and then figure out a way to get beyond those cards to bigger and better, IE prime time cards.  

Here's my list of bank cards.

NFCU Platinum $18k

Discover IT $1.6k

Cap 1 QS1 $300

Merrick $550

Walmart MC $1k

Marvel MC $2k

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Subprime is subjective...its all in the eyes of the beholder sorta speak.  As for cards you may have out grown, that's a little different.  I would say that of the list you've provided, I'd consider ridding yourself of Merrick as the card in itself only has so much potentional.  The other cards in your line up can grow quite nicely...even the CapOne with its current small limit has the potential to grow and also have the potential to be changed to the no annual fee version of QuickSilver.  For just slightly over a year since BK7, I think your line up is pretty good and unless you feel the need to add more, I'd think you're good with what you currently have.  Use them responsibly, request and increase as needed, and continue on your road to a successful rebuild.  Good luck!

[HeavenOhio]

The NFCU and Discover cards are keepers.

Merrick is a lousy bank. You should move on from them as soon as you feel you can.

Capital One is a good bank, but due to its fee, the QS1 isn't a good product. It's something that can be kept in the short term, i.e. as long as you can stand to pay the fee. As mentioned above, you should be able to grow it. Product-changing it into a no-fee Quicksilver is difficult, but it's been done. An option would be to acquire a better Capital One card and combine the QS1 into it. But if you have no interrest in more Capital One cards and you're not successful at product-changing it, you should eventually close it.

Synchrony is Synchrony. They give, and they take away. You can likely grow their limits, but you should also be prepared to use the cards and pay in full. It's something I'd evaluate on an ongoing basis. If they're working out, fine. If you feel that you're well covered by other cards and you have no further use for them, get rid of them.

[AverageJoesCredit]

Your cards are fine, minus Merrick. You are past the need for that. The only thing missing is an Amex lol. You got Wally but the MC so you can use it everywhere. Marvel is a great card in my eyes. As your TU grows, so shall their limits!. Disco and Navy grow nicely. The Cap One card is nice but if it has an af and you dont use it much, may be hard to grow and it might be bracketed to when you got the card. Later on you might a different C1 card like Venture to get a bigger cl.

[Anonymous]

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@Loquat wrote:

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...even the CapOne with its current small limit has the potential to grow and also have the potential to be changed to the no annual fee version of QuickSilver.

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I disagree with the ability of this card to grow.  Capital One cards that start out on unfavorable terms (which this one did, hence the $300 SL) normally do not grow much at all.  The OP could have 800+ scores a year or two from now and that card will never grow past say $1000 or $2000 since it began as a starter account.  There are very few exceptions to this rule.

[simplynoir]

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@Anonymous wrote:

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@Loquat wrote:

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...even the CapOne with its current small limit has the potential to grow and also have the potential to be changed to the no annual fee version of QuickSilver.

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I disagree with the ability of this card to grow.  Capital One cards that start out on unfavorable terms (which this one did, hence the $300 SL) normally do not grow much at all.  The OP could have 800+ scores a year or two from now and that card will never grow past say $1000 or $2000 since it began as a starter account.  There are very few exceptions to this rule.

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Agreed. I would just keep an eye out for a PC to the QS so you don't have to handle the AF. As for growth it's a longshot but stranger things have happened.

[joltdude]

I think its time to let go of Merrick.... 

My question to you.. are you in a place where you might want to app for a quicksilver (not a one)....

or would you like to let it ride for a bit?

Depending on how old that QS1 is, id be tempted to see if i am preapproved for another Cap One card (if id like a card from them).. But theres always the three pulls

If i were a betting man, id say that your current QS1 is going to be stuck .. even if it grows a bit.. its going to be stuck for awhile/indefinitely..

None of your cards are what id consider subprime.. Merricks the closest to what id fall in that category but i consider it more of a rebuilder than sub p....

Though that does not mean you might want to prune and let a few cards go....

Congrats on moving up...

-J

[K-in-Boston]

KittenBreath, have you tried MyLoFICO's link for Capital One upgrades?  May be a quick and easy way to get rid of the annual fee by changing your existing card to a QuickSilver or VentureOne.

I'll second that Merrick Bank, while not a prime lender, shouldn't necessarily be lumped in with Credit One and comparable lenders.  It really depends on which offer you get from them.  I had a $2500 line with 19.7% APR and no annual fee.  It had no rewards and the limit wasn't usuable (to me), so there was no reason for me to keep it but it certainly wasn't an offensive card.  You have "real" credit cards now with rewards and growth potential, so certainly if you can't justify a reason for having it, let it go.

[Loquat]

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@Anonymous wrote:

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@Loquat wrote:

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...even the CapOne with its current small limit has the potential to grow and also have the potential to be changed to the no annual fee version of QuickSilver.

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I disagree with the ability of this card to grow.  Capital One cards that start out on unfavorable terms (which this one did, hence the $300 SL) normally do not grow much at all.  The OP could have 800+ scores a year or two from now and that card will never grow past say $1000 or $2000 since it began as a starter account.  There are very few exceptions to this rule.

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Then I'm the exception to the rule because my CapOne card started out with the same $300 limit as the OP.  Within 2 years I grew it to $9k and this is all while my BK13 (which still is) alive and well on my report.  Again, could I be the exception, maybe...but just to put a blanket answer out there that their is very little pontential for this card to grow its limits may be a stretch.  I think in situations of such, it'd be best to maybe clarify with a "in my opinion" or "potentially" so that the poster can make an educated decision on how he or she would like to proceed.