OK-My Turn! Too many accounts

Discussion in 'Credit Talk' started by JacquiG, Jan 2, 2001.

  1. JacquiG

    JacquiG Well-Known Member

    Happy New Year, everyone! Time to start looking at the financials again (thanks, Doris K!)...

    I'm trying to decide if I should close any of my accounts. This is what I've got:
    Home Depot $1,250 12/00
    Citibank Plat $12,500 11/00
    Universal Plat $5K 8/00
    Wells Fargo Plat $8500 7/00
    Chase $4K 7/00
    Discover Plat $5K 5/00
    Office Depot $1500 5/00
    AMEX Green 12/99
    Sears $450 11/99
    Direct Merchants $3100 1/99
    MBNA Plat $7K 4/98
    Credit Union VISA $2K 1/97
    FNANB VISA $8K 10/96

    Ignoring the "major" cards, which I don't plan to get rid of, I would like to keep Home Depot for the 6-month deferred washer/dryer financing at the end of this month. Office Depot is at 0% for my computer until May, but I don't know if it's worth keeping after that. The only two that are 'useless' at this point are Discover and FNANB, and Citibank says they can't combine my Universal and Plat Select accounts.

    Does anyone have any thoughts? Thank you!
     
  2. Doug

    Doug Well-Known Member

    RE: OK-My Turn! Too many acco

    I would keep them all. Like you said Home Depot first 6 months is 0%. Just sent me another 6 months 0% offer. Only 1 maybe Sears because of the low limit. Most are fairly new, give it some time to see what kind of deals they might send you.
     
  3. Momof3

    Momof3 Well-Known Member

    RE: OK-My Turn! Too many acco

    Well you may want to keep the FNANB since this is your oldest account?? Maybe close Sears since you have the home depot as a retail card. Posters have suggested keeping credit union cards for future business with them later. Your Direct merchants seems rather small to your other cards, maybe dump that. And you citi at 12,500 seems plenty from them maybe dump Univerisal card?? What are your rates on these cards any annual fees??
     
  4. JacquiG

    JacquiG Well-Known Member

    RE: OK-My Turn! Too many acco

    Hi Mom,

    I didn't think about closing Universal; good idea. Both cards have 2.9% rates, but Universal's ends in May (Citi in July). The only thing is that Universal's final rate is 14.49%, Citi is 16.4. I don't want to do anything until the promo rate expires, though. Do you think Citibank will bring my Plat card rate down later?
     
  5. JacquiG

    JacquiG Well-Known Member

    Oops...sorry

    The only card that has an annual fee is FNANB, but it's waived if you charge $2000 the previous year. I'm good through October.

    Also, I agree with Doug - since Home Depot has appliances now and 'home' stuff, I don't really need Sears. That's all I've bought from them anyway!

    Thanks for your responses.
     
  6. Kevin Yaeg

    Kevin Yaeg Guest

    RE: Oops...sorry

    Who is FNANB?
     
  7. Doug

    Doug Well-Known Member

    First North American National

    Bank is a subsidiary of Circuit City
     
  8. Momof3

    Momof3 Well-Known Member

    RE: OK-My Turn! Too many acco

    I think Citi may lower it, I mean they have been really different with their credit cards as of late. Approvals are very high for the AA series cards and they let people upgrade these cards to Platinum, the platinum cards used to be harded to obtain. I would wait out your promos of course and then ask for the lower rate.
     
  9. Doug

    Doug Well-Known Member

    question for JacquiG?

    I read you said Discover Platinum approved you instantly on line. Went to creditmania which said they pull trans union or equifax. Who did they pull on you back in May? I get an offer from them every month for the last year, they always go in to my experian file. Thank you in advance.
     
  10. Kev

    Kev Guest

    RE: What are your balances?

    Are credit limits based on income alone? Why do you believe some are given twice the amounts of others?
     
  11. JacquiG

    JacquiG Well-Known Member

    TransUnion

    Could have sworn it was Equifax, but not there, or Experian either. Finally found it in my worthknowing report!
     
  12. JacquiG

    JacquiG Well-Known Member

    RE: What are your balances?

    0 balances on Home Depot, Wells, Discover, Sears, FNANB, Credit Union;
    Citibank/Universal $11500 combined, Chase $3900, MBNA $2500, Office Depot $1150, DMB $2300. Approx 37% ratio.

    Don't know how they determine credit limits. Received Citibank approval for $5000, offered $12,500 with transfer; Kmart Mastercard $300 (cancelled immediately). My total credit lines almost match my salary.
     
  13. average jo

    average jo Guest

    RE: OK-My Turn! Too many acco

    Don't close these 2 accounts after their promotional rates expires.Why?Because later on down the road they will offer you more chances at the promotion rate breaks.Now they do offer different rates,and some of these offers are good until balances are paid in full.Just be patient as long as you got good credit they will keep offer these low attractive interest rates.
     
  14. mj

    mj Well-Known Member

    RE: First North American Natio

    FNANB is pretty good about limit increases every 3 months ... I went from $1000 to $6000 in 1 1/2 years. They also negotiated the interest rate down to 15.9 (still kinda of suck-ey, but not bad for an "almost subprime". I keep 'em just because they were the first "pre-approved" card I received and didn't have to apply for ... plus the generous and frequent limit increases. Purely emotional ("they like me, they really like me").
     
  15. Brandon

    Brandon Guest

    RE: OK-My Turn! Too many acco

    The one thing you might want to remember is that Sears is not an easy place to get a credit card any more and they are always offering zero% offers. Pretty much pick up your paper and they are there. Plus they are at least 6 mos or longer. Plus your account may qualify for an increase since it has been open at least nine months.
     

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