Store Cards Dropping Like Dominos

[Anonymous]

Got to thinking about SCT and I just closed my Overstock that I got approved for on Sunday. I wanted to try the SCT and see for myself how it worked, and I got it first shot. Approved for $4500 and CLI to $4800. Decided why keep it as I am not going to use it. I feel I have use for both Lowe's and BestBuy as both offer great financing and Lowe's does 5% when not using their financing. Can't think of two better store cards to have.

[joltdude]

KDM:. if you have a Amazon Visa, do you have plans for a Chase card like Freedom?... Get the Freedom and you can use the SD'ed Amazon Visa and transfer its credit limit to the Freedom.. to give you a higher CL...

[Anonymous]

I don't see the point in closing any cards unless you have one like Credit One or First Premier that charges you a monthly fee.

What harm does multiple Comenity accounts pose? They help your utilization immensely. Just make a small purchase every year and use sp's to increase your limits.

The more credit lines you have, the higher the amount you can charge on your cash cards and keep a low debt ratio.

We had an 806 Fico score before my mom was victim of elder fraud by her attorney and caregiver who damaged my name too. I had a $33,000 Citibank card which I used at 70-80% utilization much of the time and paid $2000-$3000 a month payments for our business when We needed to carry a balance. They raised the limits all the automatically. We had NO balances on $175,000 in credit lines but the Citibank card and a paid off home equity loan and no mortgage. The probate lawyers closed everything out and I had no say in the matter.Now we have to start over with scores in the mid 600's to 680.

That much credit was a lifesaver and a solid file made it all possible.

[Anonymous]

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@Anonymous wrote:

I don't see the point in closing any cards unless you have one like Credit One or First Premier that charges you a monthly fee.

What harm does multiple Comenity accounts pose? They help your utilization immensely. Just make a small purchase every year and use sp's to increase your limits.

The more credit lines you have, the higher the amount you can charge on your cash cards and keep a low debt ratio.

We had an 806 Fico score before my mom was victim of elder fraud by her attorney and caregiver who damaged my name too. I had a $33,000 Citibank card which I used at 70-80% utilization much of the time and paid $2000-$3000 a month payments for our business when We needed to carry a balance. They raised the limits all the automatically. We had NO balances on $175,000 in credit lines but the Citibank card and a paid off home equity loan and no mortgage. The probate lawyers closed everything out and I had no say in the matter.Now we have to start over with scores in the mid 600's to 680.

That much credit was a lifesaver and a solid file made it all possible.

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Plenty.

[kdm31091]

I don't want a Freedom. I have a discover and they overlap too much for me personally. I find a Freedom redundant.

[Anonymous]

so i just went over my credit reports and found that i have 12 accounts opened in the last year. I have read that barclays in particular (and probably all lenders) frown on such craziness. I was going to apply for a barclay card in 2 weeks but im thinking i should not do that. it was suggested as a good idea b/c they pull TU, and amex pulls ex, so i could split them.

if i wait until may 8th to apply, it will be 6 in the last year.

The question is: if i were to close a couple of the store cards, would that help my approval chances? i'm thinking it wont hurt or help my score, but i am most likely borderline, where I will need a call or 3 to a recon line. and when i call them, they'll cite late payments on student loans 5 years ago, which i can sort of explain, and the new accounts/inquiries, which i can't.

also, is my calculation that the last year would matter correct? is it more like 6 months that they look at? 2 years? in the last 6 months, i've opened up only 3 accounts, and i would have less to worry about.

[Anonymous]

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@Mantis350 wrote:

OK I closed my VS card.  I need to keep my SPortsmans for now because I am taking advantage of a 0% BT right now.  After the intro period (and I PIF) I will close that account as well.  I enjoy my Home Depot and Lowes cards way too much.  The 5% off everyday at Lowes is definitely worth it to me and Home Depot gives some great incentives as well.  But no more toy limit cards for me in the future.  On to bigger and better things.

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Home Depot will match Lowes 5% if you ask. You may need to show them your Lowes card

[dobirdsmommy]

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@Anonymous wrote:

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@Anonymous wrote:

I don't see the point in closing any cards unless you have one like Credit One or First Premier that charges you a monthly fee.

What harm does multiple Comenity accounts pose? They help your utilization immensely. Just make a small purchase every year and use sp's to increase your limits.

The more credit lines you have, the higher the amount you can charge on your cash cards and keep a low debt ratio.

We had an 806 Fico score before my mom was victim of elder fraud by her attorney and caregiver who damaged my name too. I had a $33,000 Citibank card which I used at 70-80% utilization much of the time and paid $2000-$3000 a month payments for our business when We needed to carry a balance. They raised the limits all the automatically. We had NO balances on $175,000 in credit lines but the Citibank card and a paid off home equity loan and no mortgage. The probate lawyers closed everything out and I had no say in the matter.Now we have to start over with scores in the mid 600's to 680.

That much credit was a lifesaver and a solid file made it all possible.

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Plenty.

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+100000000

Because of Chase; Only because I applied for two of their cards in less than 24 hour span had me under a manual review, Questioned my NEED/WANT for all the comenity bank cards. And they are all 2-3 years old now mostly.  I had to explain 19 cards.   The more I thought about it yes I do have almost 19k in credit with them via store cards but I would rather have 19k with Chase.

[taxi818]

Well Nixon. I'm interested in hearing what the plenty harm is. Other than lowering your Aaoa. Which is nothing time can't heal. Even like in credit addict case. It's not killing his score. In fact I'm now in shock when people have 30 cards if any kind. It's not making much difference. Other than toy limits. So you think there's much difference than a ton of store cards. Or a ton of cards period? Hmm. Let them one brew a while.

[Anonymous]

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@taxi818 wrote:
Well Nixon. I'm interested in hearing what the plenty harm is. Other than lowering your Aaoa. Which is nothing time can't heal. Even like in credit addict case. It's not killing his score. In fact I'm now in shock when people have 30 cards if any kind. It's not making much difference. Other than toy limits. So you think there's much difference than a ton of store cards. Or a ton of cards period? Hmm. Let them one brew a while.

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The difference?

I can buy goods and services without the restriction of a brand name store.

Can I put a BT on a non V/MC store card? How about a cash advance? I rest my case.