Since Equifax says I have too many active bank card accounts, I have made the heartwrenching decision to eliminate some cards from my "portfolio". I can't bear to pull the trigger myself, so I was hoping for some CN insight on the best card(s) to get rid of. I'll probably get rid of at least three of them. Here's the list, feel free to chime in with any suggestions. MBNA 35k elite rewards 8.9% Citi PS 30k 8.7% Fleet 9k 9% Wells Fargo 12k 9% Wells Fargo 30k loc 8.5% ATT 15k 11%? ATT 20k 11% BofA 30k 8.9% AMEX Blue 27.5k 9.9% Delta Sky Biz 50k Chase Cont. 20k 12.65% Chase Plat 15k 10% Citi Illum 25k 13% FUSA Mileage Plus 20k 14% FUSA 20k 12% I don't really revolve many balances, so the interest rates aren't that critical, but I do LOVE a good bt offer. FUSA really seems to suck on so many levels, but I'm a sucker for United miles, and that's my everyday card. Of course if United goes chap. 11, I can ditch FUSA. This is really tough, but Equifax has spoken, and I must obey.
I'd say - first of all - as you don't usually revolve balances anyway - the apr is not critcal - say goodbye to Fleet - your lowest line and a sucky bank anyway. Secondly - another one of your lower lines - ATT - the 15K one. (what's the deal with 2 ATTs? Are they the same card?) Lastly - i'd say give up the regular fusa - and keep the mileage one.
What are the annual fees? Do the grace periods vary at all? Which ones have been open the longest/shortest amount of time? Hawg Hanner
TRY THIS ON FOR SIZE...(3) GONE MBNA 35k elite rewards 8.9% Citi PS 30k 8.7% + Citi Illum 25k 13% = CITI P/S @ $55,000 close Illum Fleet 9k 9% Wells Fargo 12k 9% Wells Fargo 30k loc 8.5% ATT 15k 11%? + ATT 20k 11% = $31,000 close newest card BofA 30k 8.9% AMEX Blue 27.5k 9.9% Delta Sky Biz 50k Chase Cont. 20k 12.65% Chase Plat 15k 10% FUSA Mileage Plus 20k 14% + FUSA 20k 12% = FUSA M/P @ $40,000 close non M/P card
What are you scores? Just because FICO says you would have a better score without a few, doesn't mean you need it. If you're already in the mid 700s or higher, what would you need a higher score for?
With that many tradelines why would you even need to apply for more credit? What's with EQ telling you that you have too many tradelines?
They think your score is too high so they're hoping they'll coax you into doing something stupid and get it to plummet.
I'll take these........ Hm, I'd like these. How long is your credit history? how long did it take to acquire that much credit? What I don't understand is if you have a long history of managing it, why on earth would it be a bad thing to have so many revolving accounts? I thought I had heard several people report that they had boo-coo's (how does one spell that anyway?) of tradelines and good credit scores. Maybe they (the eq bosses) don't like that you don't really revolve many balances. They have to have something bad to say right??? I mean how much fun would it be for the cra's if they said....hey you have perfect credit and we love ya man!!
I'll take these........ Some lenders get worried that if you maxed them all out would you be able to make the payments. It's none of Equifax's business. It's up to the bank underwriters.
ATT 15k 11%? ATT 20k 11% --------------------------------------- Chase Cont. 20k 12.65% Chase Plat 15k 10% --------------------------------------- FUSA Mileage Plus 20k 14% FUSA 20k 12% -------------------------------------- Maybe you should combine these into 3 cards ?? less tradelines, higher average limits......
NOTHING POSTED FOR 6 MONTHS...we are talking to ourselves... Last Post: 01.14.2003 19:51 Experian investigating Inquiries
I wonder if wolverine maxed them all out at $358,000 and went into hiding. Wolverine has not posted here since 01-14-03. Maybe $358,000 was enough to do something like that. At least I would think about it to be honest.
