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@AverageJoesCredit wrote:
ABCD, if you think i had it bad, Dad had at&t and couldnt get on to pay his bills properly for well over a month. Im pleased that i was able to get as far as i did credit wise and i owe alot to this board for helping me push for more than i ever would have pushed for living in the outside world.
Yep, I can't imagine at all!
I'm switching my lifestyle slowly from being on the water just 50-60 days a year to maybe full-time, so I am now starting to step into the "find the absolute greatest checking account ever" mode. Instead of doing autopays for the minimum, I want to be able to do autopays for the full balance each month, but I also demand that I get a great APR on interest on that checking account. Right now I keep 120% of my current credit card balances in my "payment" checking account that earns a whopping 0.001% or some such thing. If I can get 1.2% APR in checking I'd just move my savings account balance into checking and aim for 6 months of spend and set up autopay for the full balance in case I'm ever trapped again.
That situation was a lesson for me -- the FICO drop wasn't all that horrible mostly because I was still in the 650s so I was below any good approval number, but while rebuilding it was annoying. I wish credit cards offered a "pay before statement cut" autopay method!
Interesting read, and good for you, AJC.
I'm at the combine/compress stage in the game...open one "good" CC, close three or four lesser ones.
@AverageJoesCredit wrote:
One curious thing ill add and im sure many have different feelings is about reapping what you decided to close. In example Discover. They are like should you ever decide to reapply and so on. I understand you might get another year of rewards etc maybe even a better sl, but i just dont see myself apping for another Disco in the future. If my first experience wasnt enough to entice me to keep it long enough why would i ever feel the need to reapply for same card. Just a thought i guess
While you certainly are not "wrong", I can see the other side of this conversation as well.
Thus far in my journey, I've applied for two capital one products. As capital one continues to buy out other banks, I am now up to SEVEN capital one cards... all of which are....um...not the best card that they offer.
All seven are on the chopping block for next year, and I WILL have no relationship with Capital One.
I can see me applying for a Venture or some such nonsense in the future tho.
Yeah if I close my Discover I wouldn't put them on blacklist. Their 3% first year Miles card is cashback and that's competitive since no AF. Plus you can get the free Kohl's cash deal regularly in Discover Deals, and you can also do the $2 statement trick to get $24 a year back. So it's a negative annual fee, lol. All said and done, they do have some good products for those who like to churn in order to get back every dollar possible.
I know of quite a few creditors that you can get locked into the naughty pile.. and the only exit is closing and re-apping ..They put you in a box that you cant get out of... Cap One is a great example... folks get stuck on their cards all the time... it might look and feel like a Quicksilver, but behaves like a starter Platinum.... or its a card they bought out.. that card is usually on a road to nowhere. And sometimes the only way out of toy limit or APR hell is reapplying..
Get some years under your belt, distance yourself a bit further from the BK... and do some trimming... know your slighted a bit but wait and see.. Really think as you slowly peel off sync/commenty cards you might see your other cards take notice in a good way...
-J
@tcbofade wrote:All seven are on the chopping block for next year, and I WILL have no relationship with Capital One.
I can see me applying for a Venture or some such nonsense in the future tho.
Cap1 and been good to me, but I totally understand where you're coming from. If my limits weren't already so high with them, I would combine a couple cards and app for a new Venture right now... $500 bonus on $3,000 spend. If you redeem it to gift cards, you get the full $500, and their gift card selection is perfect for my shopping habits currently.
But, I'll probably end up closing my Cabela's and PSV from them this coming year. Basically useless cards that don't really grow, and I'm about 10 years past where I'm excited about cashing in points for credit on the Playstation Network.
NFCU MR: $25K | Venture: $21K | Amex ED: $18K | NFCU CR: $18K | Amex BCE: $15K | IT #1: $17.5K | PNC Core: $15K | PPMC: $12K | Wells Fargo: $11K | Savor: 12K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $7.3K | MLife: $9.5K | Sportsman's Guide: $8.7K | PenFed PR: $5.5K | Elan Plat: $2.3K | TRV: $3.6K | BotW: $3K
Current FICO 8 Scores: EQ: 828| TU: 805 | EX: 814