I was approved for the Household card. I called today to confirm my balance transfer from Citibank to my new GM card and they told me I had another account. I was surprised to get this card. It has a $2K limit. I have no other details now. She said I should get it any day now. So, I have too many credit cards now. I have 7 major credit cards and 3 store cards (spiegel,Victoria Secret and Target). I am getting alittle worried about my mortgage. To combate this problem, I plan to pay off Providian and close my TWO accounts with them. That leaves me 5 (2citi, 1capone, 2household and 1 chase). I also have a car loan and a line of credit with MBNA. roni
Hey Roni.. Glad to see that you've pulled yourself up out the credit gutter! Congrats! My only suggestion is that you get rid of both Providian cards and combine both Citi cards. Then after you get an Am/Ex product, close off another card. Then you'll be in even better shape! Just my opinion....
TWO NEW CC ACCOUNTS? Roni, Just a thought but maybe you would want to cancel the Household card? If what we've been hearing is true...and new accounts have a negative impact on our scores...the one account might be all you want, especially so close to mortgage time. Honestly, Household bank cards aren't that difficult to get...especially with the way your credit has improved...and, after you're all settled into your new place, you could get the card back. Whatever you decide, good luck. Donna
Re: TWO NEW CC ACCOUNTS? Thanks Donna, Jim and MP$40. I know I should close the newest Household card but honestly, I am scared to do that, after being without credit for so long. Since my scores are higher than I need for a fha loan anyway, I hope I will be ok. I constantly have to dodge my Transunion report, I am happy and thrilled to find a bank which is pulling Eq or Ex right now. My credit is going thru major changes with this mortgage and all. I just refinanced my car with State Farms also. I had Household auto finance and State Farms used Valley National Banks out of NJ. So that eliminates my finance account. Thanks for your advise though. I have alot of thinking to do. The card is on it's way too. roni
Quals? So am I understanding you right? the GM card is a Household card? I have a regular household card. Had it for over 1 year now. Do you know the qualifications for it?? Prime or a bit less than prime?
Re: Quals? Yes, the GM mastercard is issued thru Household. It is a nice card with many perks. Check out the website. Since my credit is less than perfect, I would say it is a bit less than prime. It has a 2.9% transfer balance. I like that. They pulled equifax for me. I have an almost 7 year old settled charge off and 2 defaulted paid student loans on it with many inquiries. My score with equifax is high though(702). roni
Re: Quals? I just received the GM card in the mail today. It has a $1,500 line and the terms are as follows: 2.9% fixed for 6 months on balance transfers 16.9% on purchases $1,500 credit line $750 max cash advance I will balance transfer $800 Amex balance to this card and pay it off next month. Amex was opened last year as a secured Optima account. By the way, I also received JC Penny with $1,000 line and Target with a $300 line. Speigel is on the way with a $500 line. For now, I'll cool it with the online applications.
