Too many lines?

Discussion in 'Credit Talk' started by miles, Apr 11, 2001.

  1. miles

    miles Well-Known Member

    I have recently been blessed to FINALLY obtain some prime cards. It has been a long often frustrating journey. However, I now think I have too many lines and I need some advice on what accounts to close. I now have the following cards:

    Providian- $8,000 limit- 5 years

    Department store- $700 limit- 8 years- definately a keeper

    Capital one- $1500 limit- 2.5 years

    Capital one- $1,000 limit- 1.5 years

    Chase- $5,000 limit- just received

    Bank of America- $4,000 limit- just received

    AmEX Blue- just approved. Do not know limit yet.

    Thanks to everyone here for great advice and support. I would NEVER have received any good cards without everyone's help. :)

    I now have 7 accounts. I think this is too many. I think I should consolidate to at least 6, but preferably 5. I'm sure my FICO is going to be affected by these new accounts and the closing of 1 or 2 of them. I just need some expert advice on what to do. I'm thinking of combining my CapitalOne accounts as long as they keep the history of my longest account. I'm also SERIOUSLY contemplating closing my Providian account. I know I've had it for a long time, but they have made me so angry by not at least giving me better account terms. They won't even give me a grace period! They have all but drawn me a picture that this account cannot be given a grace period. If I can't get that, I know I'll never receive a Platinum or even a Smart card for that matter. Do you think if I close this account, it will affect my score a lot? The account is never going to be upgraded. Any advice is appreciated.

    Dogman- Your harrassment forced me to fall off the wagon again. ;-) However, I'm must thank you for the end result!

    Momof3- I can't wait to join your club! :)
  2. Momof3

    Momof3 Well-Known Member

    DAMN Miles

    Dogman will be sooo proud, a blue card, did I miss your post about the approval for the blue?? A big Congrats to you, I am jealous, little ole green card here LOL.

    Anyway I think even though you hate the Providian, I would keep that open until Cap 1 matures a little while longer, they say your points max out at 36 months, so maybe keep Providian but not use it much and combine captial cards and wait til it's hits 3 year mark?? Also if you don't have immediate future plans for mortgage/car loan etc, you seem to have very good lines you can grow with. I am just not sure, since you have had the retail card for 8 years, something just telle me you may want to hold on to Providian??

    But again I am so happy for you:)

  3. miles

    miles Well-Known Member

    Re: DAMN Miles

    Thanks Mom. No, you didn't miss a post. I just found out today. I was so happy I almost passed out! :)
    I am a little worried because I do need a car and need to apply for a loan soon. I don't want to be rejected for too many lines or too much new credit.
    I know Dogman will be proud. I was sooo nervous about applying for the card. I really thought I would be declined. ;-)
  4. Momof3

    Momof3 Well-Known Member

    Re: DAMN Miles

    In regards to lines, I think as long as your ratios are low it really won't hurt you to have that many open. And yes you do loose some points for newly open accounts but I don't think it is by much, I mean they say you lose points for accounts under 6 months, I opened my citi accounts late in Oct and then Nov and when I Pulled my score on March these hadn't reached the 6 month mark and my score was 677, so by that I don't think they will hurt you that much. Refresh my memory what was your Fico??


    P.S. I can't wait for Dogman to see this he will flip:)
  5. miles

    miles Well-Known Member

    Re: DAMN Miles

    My FICO was 743. I only owe about $800. The balance is only on my Chase and BofA accounts. The rest are zero. Thanks for the support. I feel less nervous now.
    You're right, Dogman WILL flip. I hope he gets a commision on new accounts. He works hard for AmEx! LOL
  6. Saar

    Saar Banned


    What can I say, you've earned it.

    When you get the Blue, see if you like the limit. If not, call new accounts and ask for a re-evaluation of your credit line. This can only be done during the first 30 days of the account, and usually prompts a nice increase.

    Your analysis is very good.

    You have to understand that the Providian, your highest-limit and second oldest tradeline, is a major asset to your credit score. I hear you when you say they won't budge. Keep it for another couple of years, even if you make little use of it (once every few months). Here's why. Tradelines of 7 or more years get the best results in the "age of accounts" score factor.

    As much as it hurts, your best bet is to close 1 of the 3 recently approved accounts. NOT THE AMEX :) I personally would prefer keeping the Chase to BofA, but it's a matter of personal taste. Combining the 2 Cap Ones would also help.

    If you do close one of the new ones, be sure to dispute it as soon as they report it was closed. Otherwise this will shorten the "average age of revolving accounts" and lessen your client-profitability score.

  7. Momof3

    Momof3 Well-Known Member


    Interesting about the 7 year account scoring factor.

    I have a question for you, I thin I have the ideal number of accounts or atleast hope I do:

    Aria 5k 6/99
    Citi Plat 1500 11/99
    Sears 450 11/99
    Citi 11K 11/00
    Amex green 3/01

    I also had one installment account opened 3/98 paid off 4/00

    Would you agree to stick with what I have ?? I of course want Amex blue eventually.

  8. miles

    miles Well-Known Member

    Thanks so much for your advice Saar. You are always right on the money! :)
  9. Saar

    Saar Banned


    Mom: Perfect mix.

    The Amex Green will register as "O1". It will only count as a revolving line if you use their Sign & Travel program.

  10. Momof3

    Momof3 Well-Known Member

    Re: Mom

    Thanks Saar:) It's about time I got something right LOL

  11. miles

    miles Well-Known Member

    Mom & Saar

    I just called CapitalOne about combining my accounts. The rep I spoke to stated that they could not be combined at this time. What?? I asked why and he stated that the system will not allow him that option at this time. That is a bunch of crock if ever I heard it. I am so fed up with these companies with whom I have been with for years. I could understand if I was consistently late, overlimit or close to my balance all the time. None of these have applied to me. I have used my accounts frequently. My balances on both accounts is zero as of this month. I just told him to close the shortest history account even though it has a higher credit limit. I don't understand why no one is working with me. Maybe I am just whining too much, but I thought if you have been a great customer, they would fall over backward to keep you! Apparently not CapitalOne or Providian. Ughh!! I verifyed the account would be "closed at consumer request" and told him to send me a confirmation letter. He was nice, but had the nerve to remind me that if I wanted to open the account again, a credit report would have to be ran. Thanks, but no thanks!
    Maybe they are angry that I now have other cards to choose from? When I called last night, the rep I spoke to knew that I had a total of 6 accounts (before AmEx). I don't know, this is just all beyond me. Sorry to ramble. I just needed to vent. Thanks!
  12. mimi

    mimi Guest

    Re: Mom & Saar

    Is Providian considered a "sub-prime" credit card? What minimum score do I need to graduate to the "prime" world? I didn't mean to butt into ya'lls conversation.
  13. miles

    miles Well-Known Member

    Hi, mimi

    You are NOT butting in. I only mentioned Mom & Saar's name because they were responding to my posts. You are MORE than welcome to ask any questions. I will always answer if I can help.
    Providian has both subprime & Prime products. I have a subprime product. I have actually be happy with the customer service I received from them and would still recommend them to anyone who is trying to build or rebuild their credit. Their interest rate is high, but after a period of good payment history, that can be negotiated. It does appear to be difficult to move from the subprime arena to prime though (maybe it's just my "type" of account). The "newer" accounts seem to have better terms than mine (ie: no annual fee at inception & a grace period). From what I can understand, my account was opened under a different process or something. Not being able to receive these features is what has frustrated me the most. However, some people who opened their account after me have been able to obtain a grace period. I don't understand this, but thanks to Saar, Momof3, LizardKing and others, I will have to stop whining and just accept these terms for a while longer. I will benefit more from keeping my account open longer.
    If you have been considering opening an account with Providian, I would actually urge you to. They report to all three bureaus monthly and are very generous with credit limit increases. They have good customer service and the online account maintenance is excellent. Good luck with your decision! Let me know if you need any more info. :)
  14. mimi

    mimi Guest

    Thanks Miles for the welcome

    Thanks Miles. I currently have a Providian Visa. I have managed to decrease the APR, and get an increase, thanks to this board, but it's still secured. They told me I had to wait 120 days for my next request. So I gues I'll wait. Thanks for the kind words and inspiration. I hope to reach primeland soon. After 2 weeks of reading this board, I joined Junum. So I'm just waiting for my positive results.
  15. miles

    miles Well-Known Member

    Re: Thanks Miles for the welco

    You're doing great! My account started as secured also. Keep paying your account on time and don't go over the limit. They will unsecure your account, but keep asking every so often. I think my account could have been unsecured sooner. I had a very nice rep who told me I could unsecure my account. If she had not told me, I would probably still be waiting for unsecured status. LOL...I had actually called in for something else completely. Try not to pay for the increases. Just call customer service every 120 days and ask for one. If you receive an offer to increase your limit for a fee, don't pay it and don't tell them you received one. They will most likely increase your limit without a fee.
    I think you made a good choice with Junum. They have helped many. You will be prime in no time. :)
  16. Momof3

    Momof3 Well-Known Member

    Hye Miles

    Damn Cap 1, and that isn't a good damn. I am sorry you couldn't combine your cards that seems unbelievable. Well then I guess it was best to close them, you have the 2 older tradelines anyway. Plus I know your balances are low, and since Cap 1 doesn't reports limits, not sure how much they were helping you anyway??

  17. jen

    jen Well-Known Member

    Re: Hye Miles

    Miles, Congratulations on getting the Blue card! That is great news. I received the green a couple weeks ago and blue is going to be my next goal. I have hired Junum for the couple baddies I have left and am keeping my fingers crossed! :)
  18. miles

    miles Well-Known Member

    Re: Hye Miles

    Mom- Thanks for the help. BTW, I only closed the newest CapOne account. I was upset, but I kept the 2.5 year one open. I thought about what you said regarding the 36 month maturity. I will wait until then to close that one.

    Jen- Thanks. Congrats on your green card. That is NOTHING to sneeze at. It is also a great card, actually with better reward programs. I kinda wish I had applied for that one.

  19. dogman

    dogman Well-Known Member

    Way to Go Budster!

    Miles - YEAH - you did it. NOw when you get the Card-
    go to and sign up for the free internet access.

    THEN go to and enter your card and you will have access to Platinum and Centurion magazines and offers.

    You good man :) :)
    Hi Mom!

    c ya Dogman
  20. miles

    miles Well-Known Member

    Re: Way to Go Budster!

    Thanks Dogman. I hope I finally made you proud. I would NEVER have applied if not for you. Thanks!!! ;-)

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