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Looking Back, Any Credit Cards That You Regret Going After?

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Contributor

Re: Looking Back, Any Credit Cards That You Regret Going After?

I can honestly say I have no regrets. Any card I have, I got because at the time, I believed it was the right direction to take. Obviously, some cards benefited me more than others, but at the end of the day they all serve the purpose of creating a solid base for my credit file, and that is just invaluable. ❤️
Message 51 of 69
Established Contributor

Re: Looking Back, Any Credit Cards That You Regret Going After?

It's hard to regret most of my accounts because I can't say what did or didn't help. For instance, I have no use for the Self Lender loan now since I have a car loan. But, maybe Self Lender helped me get the car loan. Of course, this thread is asking about "cards", not "accounts," so I guess Self Lender wouldn't be a valid answer anyway.

 

Cards that I do not think did me any good (but I could be wrong) are Primor Green Dot secured and Capital 1 Platinum secured.

 

I think Citi opened the door to Discover and I think Discover made it easier to get some other stuff like the Amazon Store Card, the car loan and the Coastal signature Visa.

 

Overall, I'm fine with how things have gone. But I do shake my head every time I look at my list of accounts and see Primor (which I got only because I was frustrated I didn't get Discover, and then, I got Discover the next day) and to a lesser extent Capital One (didn't realize it never graduates, and it took so long to show up on my reports that by the time it did, I had other stuff that served the same purpose).



But, I wouldn't actually qualify for a lot of stuff right now. Everything listed is new to my profile since April 2019, except the Exxon card. The AU card hasn't reached TU, so no FICO score on TU yet. I have a ton of hard inquiries March-July 2019. No derogs. Numbers shown are FICO 8, but other FICO variants can be a lot different (for example, Experian Bankcard 2 is 642).
Keepers:

Will be closed by March 2020:

Authorized user / Corporate

Closed but still on reports:

Short-term goal: My stuff is in too much of a state of flux to have one that matters ...
Long-term goal: Legit, meaningful 770s across the board.
Message 52 of 69
Frequent Contributor

Re: Looking Back, Any Credit Cards That You Regret Going After?

Hands down my biggest regret is the Barclay Apple Rewards (October 2018)

 

I was buying a new MacBook Pro for myself and an iPad Pro for the wife and it seemed like a good choice. However, the limit I recieved was too small to use for my intended purchase. Recon was unsuccessful so, in the SD it went. That said,  even if I had been able to use to the card, it still would have been a poor choice because the rewards are subpar (3%). I benefitted far better using my Discover card for the purchase.

 

But Wait, There's More! Having recently been denied the Altitude Reserve for "too many new accounts," I can only wonder if it would have turned out differently had I not gotten that d@mn Barclay card.


Message 53 of 69
New Contributor

Re: Looking Back, Any Credit Cards That You Regret Going After?

Yes. I should have app'd for NFCU Cash Rewards instead of the Go Rewards.


7/27/2019


"Not everyone who helps you is a friend, and not everyone who challenges you is an enemy."


Message 54 of 69
Valued Contributor

Re: Looking Back, Any Credit Cards That You Regret Going After?


@EW800 wrote:

Just curious if anyone has any credit cards that looking back you just think, why did I do that!  Smiley Frustrated

 

I have one that I look back on and not sure what I was thinking.  Barclay....  It was somewhat the early part of my rebuild - roughly four or five years ago.  Not sure what had me looking at Barclay, but I went ahead and applied and was approved for $7K, one of my lowest limits.  I have not used the card much at all and really don't think it brings much to the table.  It is probably the least productive card I have, in multiple areas.  

 

Anyone else have a card that you question of the existence of?

 

 


Capital One (no, not Credit One).

 

I was younger, dumber, and I took the bait that I was somehow special because I received a letter in the mail approving me for one of their cards. The rewards were very meh and they're just generally not worth my time or effort. I think part of me was thinking that I needed to work my way up to better banks by dealing with the lower banks, but it turned out Chase and Citi were both waiting for me from the get-go and I could have just started right off with them.

Message 55 of 69
Moderator Emeritus

Re: Looking Back, Any Credit Cards That You Regret Going After?

Used to have a draw full of department store cards (single use) and had to scrub my profile of them as I could not use all of them. Most have dropped off my credit profile but there used to be at least nine. After having come on board with Myfico it became obvious this was not the way to go so I slowly worked them off my credit reports (took ten years in some cases).

Starting Score: 000
Current Score: 850
Goal Score: 850


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Message 56 of 69
Valued Member

Re: Looking Back, Any Credit Cards That You Regret Going After?

A few. I got a bunch of store cards to increase my utilization instead of figuring out a way to decrease the balances I already had. Now I have a bunch of hard inquiries on my report, and a bunch of cards with low 500-1500 limits that I never use because they have no benefits anyway besides 0% financing.

 

Also, complete opposite of the question, but one card I regret GETTING RID OF.... my Chase Freedom. I recently decided I'd like to go for the "trifecta" and now that's just one more card I have to worry about getting again.




Message 57 of 69
Established Contributor

Re: Looking Back, Any Credit Cards That You Regret Going After?

I am always interested to see the difference in what people get approved/denied for even with the same scores. It's constant evidence that not only is there more to it than scores ... in many cases, scores even all that important. I have about the same scores as you, but I would only qualify for a handful of your cards, and then, at lower credit limits. Of course, I know the reason (account age, credit-seeking behavior, a vast number of hard pulls in the last three months), just makes me wonder why have a number if the number is going to be perceived vastly differently based on data that could have been included in the score if Fair Isaac chose to do so.



But, I wouldn't actually qualify for a lot of stuff right now. Everything listed is new to my profile since April 2019, except the Exxon card. The AU card hasn't reached TU, so no FICO score on TU yet. I have a ton of hard inquiries March-July 2019. No derogs. Numbers shown are FICO 8, but other FICO variants can be a lot different (for example, Experian Bankcard 2 is 642).
Keepers:

Will be closed by March 2020:

Authorized user / Corporate

Closed but still on reports:

Short-term goal: My stuff is in too much of a state of flux to have one that matters ...
Long-term goal: Legit, meaningful 770s across the board.
Message 58 of 69
Established Contributor

Re: Looking Back, Any Credit Cards That You Regret Going After?

Most of the store cards I got via the SCT.  The first one (Fashion Bug) was actually helpful because shortly after that, I was finally approved for a "real" card, the Legacy Visa.  But I fell into the trap of thinking that more accounts was good, so I at one point had EIGHT store cards, six of which I basically never used.

 

Although I wouldn't exactly say I regret getting them, because they did help me at the time in terms of increasing my available credit, which eventually led to Big Boy limits on the major cards, having all those inquiries in a short period of time probably delayed my rebuild to Big Boy limits.

 

Currently, the one card I have that I think was stupid of me to get is the Wells Fargo Cashwise.   Nice limit, but there is NOTHING special about it that makes me want to pull it out since I met the sub.

Venture: $21K | Amex ED: $18K | Amex BCE: $15K | NFCU CR: $18K | IT #1: $15K | Wells Fargo: $11K | Savor: 12K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $6.8K | MLife: $6.5K | Sportsman's Guide: $8.7K | NRA: $5.5K | Elan Plat: $2.3K | Cap1 PS: 2K | TRV: $2.8K | Cabela's: $1K


 


Current FICO 8 Scores: EQ: 735 | TU: 741 | EX: 733


Message 59 of 69
Contributor

Re: Looking Back, Any Credit Cards That You Regret Going After?

Walmart Store Card. I thought I should get a couple of store cards, and thought about where I shop the most so went with the Walmart store card. Not only did they start me off with a $150 CL they made me send them a notarized affidavit of identity. Then I realized I was only going to get 1% off in store. I’ve never used the card and it’s currently sitting at an $800 CL. I don’t even think I remembered to add it to my signature which shows you what I think of the card. I’m not going to cancel it though. One of these days, maybe Christmas, I’ll shop on Walmart.com and get some use out of it.
FICO 8 Scores 4/1/2018: 694 EX 714 EQ 740 TU FICO 8 Scores 6/16/2019 770 EX 798 EQ 791 TU

WF Cash Wise $18,800 [] PenFed Power Cash $20,000 [] BOA $4,900 [] HSBC Cash Rewards $2,750 [] Discover It $4,600 [] Maurice’s $5,000 [] CO Savor $15,000 [] NFCU Flagship $10,000 [] Amex Rose Gold [] Walmart $800
Message 60 of 69
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