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Discussion in 'Credit Talk' started by Momof3, Apr 30, 2000.
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I don't know your situation exactly, but I would close all the department store cards.
If I was not using my credit for leverage or as a way to have it for emergencies, I would keep only a couple of cards, just enough to be able to move money around to minimize my credit costs.
If I am reading what you wrote
correctly, part of the problem may be
that you applied for another card with
the same lender. Just to let you know
what happened with me. I have a
Platinum card with MBNA ($7000 limit),
a Classic Card with MBNA ($3000 limit)
and two signature lines of credit
($3000 and $7500). Plus, I have a
Gateway Computer Account ($3000).
Also, I have a MBNA Princess Cruise
line of credit ($4000). I charge about
$500 a month to the platinum card and
about $200 a month to the classic
card, which I pay in full each month.
Two months ago, I received an
invitation to apply for an affiliate
card from my alma mater. It is issued
by MBNA. I was turned down because
they felt that I had "sufficient lines
of credit." Basically, they were
concerned that they had $27,500 of
exposure. I did receive a platinum
card from another lender. So your
credit score may not have dropped, the
lender might be limiting exposure.
As for what cards to close, I concur
with Herb, close out the department
store cards. I don't know of any
department store that doesn't accept
at least on major credit card. The
only reason I would keep any
department store card is if it gives
you some perk that you aren't getting
if you use another card. For example,
the one department store card I keep
and use is Target. The only reason I
keep and use that one is that part of
what I charge goes to my high school
When you close the account, make sure
you do so with a zero balance. Also
write a letter to the creditor
requesting that the account be closed
and that the following notation is
reported to the CRAs "account closed
at consumer request." Then cut the
card up and send the pieces with the
letter. Send it all certified mail,
return receipt requested.
One last thing, lay low for awhile
before you apply for credit again. You
don't have to wait two years, but I'd
go with what Herb has suggested here
before, six months or so.
Thanks, the bank was citbank, i have platinum card from them and saw they had some kind of online card, so I tried it. But just getting worried I might have too much credit so to speak. thanks again I will close most of my department store card asap.
From what I have read about credit scoring, I believe having one department credit card actually raises your score. Having more than five credit cards (in some cases three), on the other hand, lowers your score. I'd keep the one department card that offers the widest selection of goods, most store locations, best interest rate, etc., and close the others.