Re: Matty's cards (er, MY cards, so what was your score and what CRA did they pull for the Tennessee card? I probably am not anywhere near eligible <<< YET !!!!! >>>> but I have hopes for the future. by the way, can you clone yourself and send the clone to my city as an eligible bachelor? I love your sense of humor !!! We all need to be around someone who can admit that maybe maybe maybe they weren't totally correct in a previous whatever, and state that they'd like to backtrack, graciously of course. What a deal...to admit that and have an audience smile and laugh while it's happening... You made me choke on my coffee this morning but that's okay, it was already lukewarm...
Re: Matty's cards (er, MY cards, so KHM, you're right of course, but I've caught the obsessive compulsive credit tinkering addiction, and if FICO says I need to close a few cards BY GOD THAT HAS BECOME ONE OF LIFE'S PRIORITIES! Lol... I'm clearly not living life according to any rational scheme. I just feel compelled to do it and see what happens next (argh). Richard612, good data... not very promising, though... well, at least I'll be able to provide another data point for the mix here, and maybe we'll get a better sense of the true impact of closing accounts. Thanks to Butch and everyone else I've managed to not mention by name in this thread so far for the great feedback. Monica and Maggie75: First Tennessee Bank is a local bank we use for checking and savings for both personal and commercial accounts. The "First Resource Line VISA" is offered to those who maintain at least one commercial account with First Tennessee and who have good credit. First Tennessee pulls Equifax for me; this was a post-lawsuit credit application. I'd have never been able to qualify before. By November when I applied for the card, my Equifax scores were in the high-mid 700s. I did a Google search just now and came across an article from 1998 regarding the "First Resource Line" product (I'd spelled it wrong by making Resource and Line one word earlier in this thread). Here's the link: http://www.bizjournals.com/memphis/stories/1998/12/14/story7.html One thing that strikes me about the article is that someone at First Tennessee is quoted as saying that $35,000 is the maximum extended LOC under this product. Obviously I'm proof that the limit has been increased since 1998. That's really all I could find on the net regarding this First Tennessee offering; the other 6 Google results were unrelated. Here's the First Tennessee web page, though: http://www.firsttennessee.com/ft_do...=small_biz&body=sm_app_choices_first_resource That's about it. Doc P.S. Maggie75, if you could clone me today you would have a screaming infant in your arms who knew nothing about credit or apologizing. (Sorry, I'm a smartass at heart, lol.)
Re: Matty's cards (er, MY cards, so Doc- Well I would definately close one at a time, who knows maybe you close one and that reason code will go bye bye. So when you call Providian tell them "it's been real, it's been fun, but I can't say it's been real fun".
Re: Matty's cards (er, MY cards, so If your score is in the high 700s, who cares about too many bankcards? A score in the high 700s will get you the best rate in for a mortgage and you'll qualify for any special incentives that an automaker is offering. Also after a few years (as you and your credit ages--no offense), the too many bankcard issue ceases to be important. Example my mother has heaven only knows how many bankcards, but she has a long and stable credit history. Score in the 800s. The number of bankcards isn't a problem. That said. I would ditch the Providian (just because it is Providian) and the Cap One cards. Here are the provisos: if they are your oldest trade lines, hang on to them. Banish them to the sock drawer for 11 months and then pull them out and make a purchase that you pay off immediately, just to record account actvity. Second proviso regards Cap One: will Cap One combine the trade lines into a more desirable product with no inquiry? Cap One is hit and miss on this procedure. Cheers.
Re: Matty's cards (er, MY cards, so Great advice, curiouser. Well, regarding Capital One, I did talk with Mr. Cooke, and here's what he's willing to do: 1) He said he couldn't combine the Kmart-cobranded card with the regular Cap One card straight out. 2) He said that if I applied and qualified for the "No Hassle" card, he would then combine all three cards (EVEN THE KMART ONE!) as one credit line on the "No Hassle" card. 3) An inquiry would be required if I went the "No Hassle" application route. For me, Cap One has only ever pulled Experian, so if my past experience provides a guide, I don't think I would be in danger of this costing me more than that single inquiry. 4) He said that I was running out of room for expansion with the two present Cap One cards but that the "No Hassle" card would mean he would be able to help me further down the road. My conclusions based upon Mr. Cooke's feedback follow: Under the underwriting approvals I received for my two present cards, my line of credit is hitting a ceiling. Applying for a "No Hassle" card would remove that ceiling. I'm wondering, though, why he can combine the Kmart card under the second circumstance and now now, but Mr. Cooke was too nice to ask that one. Perhaps it's the ceiling thing again rather than the usual excuse that combining the Kmart card is simply not allowed. Finally, I would like their "No Hassle" card, and I love Capital One as a company... but... a) I'd rather not incur an inquiry, b) I don't NEED more bank cards (which was the point of this anyway), and c) Capital One doesn't report LOC to the bureaus which may negatively impact scores. For these reasons, I think I'm going to pass on Mr. Cooke's great suggestion and simply give up Capital One. I'm not entirely settled on the matter to tell the truth. Anyway, when I start obsessing about stuff like this, it means I'm procrastinating with other stuff -- which is exactly what I'm doing now, lol. Doc
Re: Matty's cards (er, MY cards, so Doc, I read somewhere here on the board that they don't report their No Hassle card to any of the CRA's. If that's true...it would be a nice hidden loc. L
Re: Cloning, Hypocrisy, etc. Doc, Regarding cloning: the hidden assumption of some is that all behavior is genetic in origin. And while the screaming of an infant actually is genetic in origin, a true smartass attitude can only be developed through a lifetime of intensive training, preferably academic. Regarding hypocrisy: everyone's a hypocrite, except for those who admit they are, but they admitted they were, so they are...it gets complicated. No need to close retail accounts, since your scoring report mentioned only bankcards, right? On the other hand, two firms I would prefer to avoid myself are QVC and Household Bank. Those other aged accounts are priceless, though. Credit histories demonstrate the truism that life consists of all the things you do while you're waiting for something else to happen. Providian must be dumped, preferably in such a way as to avoid a fine. And any K-mart MasterCard with a limit over $500 must be a mistake, and any day now some teenage clerk will tell you that your card is invalid and you can't have it back. About Citibank: are you SURE it's 6.64%? That would be prime+1.89%, which I've never seen anywhere before. How about 6.65% (prime+1.9%) or 6.74% (prime+1.99%) as more likely alternatives? Best Wishes, RichGuy
Re: Cloning, Hypocrisy, etc. Hey, Rich, all good observations regarding cloning, hypocrisy, QVC, et. al. You're right, my Citibank account is prime + 1.9%. I just took your advice and closed Providian. It felt so good. Their retention guy was very nice but literally could offer me nothing except for reminding me of their "award-winning" customer service. Who gives those awards? whyspers: if that's true that the "No Hassle" card doesn't report, then that would be a nice hidden line indeed. I'd like to confirm that. Doc
Re: Cloning, Hypocrisy, etc. "Our goal is 100% customer satisfaction. Have I answered all your questions today?" You mean, some of the 30% APR you're charging me is used to pay people so they can answer my questions? Wow! Saar
Re: Cloning, Hypocrisy, etc. The funny thing is, the deadbeats who constitute the excuse for raising the interest rates never pay the higher rates. Only the good cardholders pay them. Like me. I agreed that Doc should close a 15.9% account, but I myself would keep it for life if they lowered my rate from 30% to 15.9%.
Re: Cloning, Hypocrisy, etc. Mine reports. But mine was converted to "no hassle" terms from earlier accounts that have been reported. I don't know anyone on this board who applied outright for the "No Hassle" card and got it. They would be the ones to confirm that it isn't reporting.
Re: Matty's cards (er, MY cards, so Normally I don't blindly aggree with people, but MP40 nailed it right down the line. As regards Doc Being Da Man (which I agree with), ya gotta see this: http://www.gotlaughs.com/humor/mansong.swf
Re: Matty's cards (er, MY cards, so Doc, I have always had a soft spot in my heart for a smartass...guess it's because it's a lot like looking in a mirror. (same reason my son drives me crazy !) However, at this moment, any extended mention of infants, particularly those that make loud, unrelenting, piercing noises ( as opposed to soft gurgles and coos ) sends chills down my spine. Guess I'm in that in-between stage...my two children are #1) JR in college and #2) middle of finishing high school. And I have begged #1 to please give me a few years break in between getting them out and on their own... Just not ready yet to becoming a Mimi or Nana to their offspring. <<<#1 has had same boyfriend for last 5 years, plans to marry in two.>>> I'm just not able to handle anyone under the age of 12 at this time, or anyone with a mentality of someone under 12. When we go out to eat, and hostess says "smoking or non-smoking?" I ask to be seated with no one younger than 12 in a three table radius. And after my daughter assures them that I am quietly serious, it always has been honored. I'm really not being Cruella Deville, I am just not in that mode right now. ( I do however attend baby showers and will be on my best behavior around children of friends, because they are my friends.) Can you clone me a smartA who's also in this mode? Your sense of humor does brighten the day !!! From one smartA to another, thank you.
Re: Matty's cards (er, MY cards, so LOL re Maggie's quite humorous account of her attitude toward other people's children. At the old age of 41, I've still got a lifetime of child care ahead of me -- we have a delightful 4 year old son and a delightfully effervescent 1 year old daughter. (Yeah, we got a *LATE* start, lol.) Anyway, I've finally resigned myself to the idea that toys strewn about the house is a normal way to live. Doc
Re: Matty's cards (er, MY cards, so hey, at least you can justify a reason for those middle of the night, really early AM posts. "Awww, I was up anyway with the baby, may as well log on and see what's up on the board..." I think toys across the floor are wonderful, mine just happen to be for the two weinie dogs, Tyler & his niece, Abbey. Are you familiar with Mr. Giggles? I am certain that your children are the very high point of your existence for you and for your wife. Certainly a treasure that must be fully appreciated ! Keep those insightful observations coming. I love the information and the cybersmiles that accompany the posts. And, gee, I wish I were at the point of assessing which cards to retain, which to ditch, and what LOC's have the best APR's. You and others are what I wanna be !!! Just give me another 9 mines for the 13BK's to fall off, and then a year or two from there...
WAIT WAIT WAIT Before you close anything Doc. I was getting that exact message on FICO. Not only did I not CLOSE anything, I opened 2 new accounts and (drumroll) My score went UP (781) and The reason code vanished!!! I'm not joking. Remember that when you get in the high 700s the reason codes can become useless.(FI, I get "not enough retail cards" on TU (I have 2) and my friend with the high 800s score has only 1 and doesn't get that code.) If you want to close something anyways, go ahead, but I would not do it for FICO. Just my HO
Re: Matty's cards (er, MY cards, so Hmm, Calypso, great warning, much appreciated. Well, I did close the Providian, and frankly that's something that brought me just a tremendous amount of unexpected pleasure. There's a really good feeling that goes along with telling that company to go jump in a lake. I had no idea, LOL, but I have no postpartem remorse about closing that account yesterday whatsoever. I'm free! I'm free! No more of their patronizing contempt! No more having to reluctantly lie and say "yes" to their obnoxious "My goal is complete customer satisfaction, have I answered all of your questions today?" queries. No more dealing with a company who devalues their customers every chance they get. Celebration! Ok, sorry for that little fit. I'll take your advice and hold off on closing anything else until I see what the impact of this Providian closure is on my reports next month. (I'll wait a billing cycle to see the full impact.) Doc
And one more thought---- I have never seen an 800+ FICO, but I am holding in my hand my good friend's 797 That is as high as I've ever seen, and he kindly has loaned it to me over the weekend so that I can analyze it. (Yes-- we are all compulsive here) He has MORE cards than you and here are his reason codes: (shortened) Positive: No late payments Demonstrate relatively long credit history Low proportion b/cl on rev/ch accts Negative The amount owed on your non-mortgage related accounts is too high The total amount owed on your nmrco is 7342. Comparatively, the national average of total amount owed on nmro by US consumers is around $11,000. Nothing about his many cards. The reason codes get quirky when you get close to 800. Ironically, if you went out and bought a brand new Porsche, they would probably go up. The other thing you could do, is just give everything a few more months of aging and the score will probably tip over the magic line on its own.
