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Pitching cards

Discussion in 'Credit Talk' started by needhelp, Dec 9, 2001.

  1. Dec 9, 2001 #1
    needhelp

    needhelp New Member

    I am a long time lurker and I need to figure out what cards to get rid of.

    Cross Country Bank: $750 (opened 7/01)
    Target: $200 (opened 7/01)
    CapOne: $500 (opened 9/01)
    CapOne: $500 (opened 10/01)
    Citibank: $1000 (opened 10/01)
    First USA: $1500 (opened 11/01)
    Fingerhut: $150 (opened 9/01)
    Sterling: $600 (opened 7/01)
    Orchard: $300 (opened 7/01)
    BP: $200 (opened 10/01)
    Citgo: $200 (opened 9/01)
    MBNA: $500 (opened 12/01)

    I'd like to keep my Target, Citibank, FirstUSA, Citgo, MBNA, and at least 1 CapOne. But is this a bad idea? Should I keep all the cards?

    I paid out $168 in non-refundable opening/application fees and Target, Citibank, Fingerhut, BP, Citgo, and MBNA have no annual fee. CapOne is $39 a piece, as well as Sterling. FirstUSA is $25. CCB is a whopping $50 and I still don't have a credit increase.

    Thanks.
     
  3. Dec 9, 2001 #2
    matty61184

    matty61184 Well-Known Member

    Ok, here's my advice on what to do:

    Cross Country Bank: $750 (opened 7/01)
    *Ditch this card. I have read many bad things about them, and you are simply throwing your money away with that annual fee.

    Target: $200 (opened 7/01)
    *I would keep this card. You could call and try to geta line increase or even see if they'd upgrade you to the visa, if that's what you want. Otherwise, you could keep it as a retail card, and you could keep the "credit mix" of 1 retail, and a couple visa/mc's.

    CapOne: $500 (opened 9/01)
    CapOne: $500 (opened 10/01)
    *I would attempt to get these accounts combined and have the annual fees removed. Eugene Cooke is an excellent person to talk to. He's in their executive offices. Call him M-F 8A-5P (PST). His number is 1-800-955-1455. When the phone is answered, just ask to speak to Eugene Cooke.

    Citibank: $1000 (opened 10/01)
    *I'd keep this card, and work on a credit line increase around the 6 month mark (04/02). You could also inquire about getting this card upgraded down the road.

    First USA: $1500 (opened 11/01)
    *I would call to have them cancel the annual fee. If they don't do so, I'd close the account. There's no reason you should have to pay a fee to have credit card.

    Fingerhut: $150 (opened 9/01)
    *It would be optional to keep this card if you wanted, as it carries no annual fee. Work on getting that credit line increased.

    Sterling: $600 (opened 7/01)
    *I'd get rid of Sterling. Nothing worth keeping with them.

    Orchard: $300 (opened 7/01)
    *I'd get rid of this card unless you can get a line increase. It's an optional card.

    BP: $200 (opened 10/01)
    Citgo: $200 (opened 9/01)
    *I'd choose between one of these two cards, and get rid of one.


    MBNA: $500 (opened 12/01)
    *I'd keep this card, and sometime around May or June 2002 call to get a credit line increase.



    The cards I'd definitely keep are the Target, MBNA, Capital One, Citibank, and BP or Citgo, and possibly Fingerhut. Good luck! Any more questions, just ask.
     
  4. Dec 10, 2001 #3
    author_22

    author_22 Well-Known Member

    bumpity bump bump bumpity yay!
     
  5. Dec 10, 2001 #4
    Dani

    Dani Well-Known Member

    I agree with matty and LK. Close Cross Country, Orchard, and Sterling. Contact Cap One on combining the two accounts. If customer service won't help write a letter to them at Planetfeedback. I would suggest closing Fingerhut (unless you truly want to keep it). Get rid of one of the gas cards.
    Don't apply for any new credit for 6-12 months. Let the accounts you plan to keep age and then call their customer service departments and ask for a credit line increase (I do this faithfully every six months). Good luck.

    Dani
     

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