I really need your advice: I currently have -NextCard @ $700 limit (2/00) -Aria Persona @ $1200 limit (3/00) -Target @ $500 limit (5/00) -AE Outfitters @ $400 limit (8/00) -Citibank @ $2500 limit (10/00) -Chase @ $1500 limit (11/00) In the interest of the highest FICO score, what account(s) should I close? Please consider that my credit started in 12/99 with an auto installment loan, so it's just shy of a year old... Thanks!
I think you should definately get rid of either the Target or the AE Outfitters (depending on which one you use the least). You should probably have at least one retail card. Of the major credit cards, it should probably be between the Nextcard & the Aria. Whatever you decide, definately keep the Citibank and Chase cards. They are viewed as ultra-prime. Good luck!
Here's is what I think, and what I am doing. YOu must keep your oldest account. For you that would be Nextcard, which is a respectable card. Lucky you. You should keep 2 revolving cc and maybe 1 store card. High limits are important also. So I suggest closing the target before the new year. And then closing the aria at its annual renewal. At that point, it will be time to ask for an increase with Chase and Citibank. Our contracts say we will get one at 6 months. Your auto loan is putting the foundation for your score. Of course dont apply for anything in these six months, so you can get full credit for that part of your report. Refinancing your auto loan will put inqs. So, in summary, I say close the AE outfitters whenever you feel comfortable. Then close Aria 3/01, and target before new years. or you might keep target and close AE but one needs to go. Keep Nextcard and ask for an increase now if you havenot gotton one already. Keep Chase and Citibank. Do you need AMEX. sure go for it. Where does that leave you Dave? Citibank Chase Nextcard AMEX (hopefully) AE or Target. That is 3 major cc's and 1 charge card and 1 retail card and 1 autoloan. I like that. AFter 1 year with chase and citibank you can evaluate them both to determine which is beneficial to you. Well, that's what I think Dave. It's also the kind of plan I have for myself. Good Luck always. roni.
No, AMEX denied me Blue 8/00 for "too many recent credit checks." Since I am currently a student and full-time employee, I was thinking about going after their personal charge card for students. What do you think?
sounds good to me. At least you have amex in your wallet and on your report. Debt is something you dont want, especially at your age.
dave. there are 2 kinds of debt. Good Debt & Bad Debt. Credit card debt is bad debt. It is needed to establish credit. But that is all the value it has. Good Debt is student loans debt, mortgages etc. Debt you obtained to make for money or provide wealth to your future. Ok, I 'm done lecturing.
I would dump either Target or AE, Roni mentioning keeping your Nextcard b/c of oldest, but Aria is one month later, which has better terms, Aria's limit is quite higher. Just my thoughts Mom
RE: What's wrong with Persona? My hubby got his 08/99 with 500.00 limit and 23.99 apr, no grace. His limit is now 6000.00 w/16.9 apr and grace. It's all about negotiating, not the name of the card. Just my opinion.
RE: What's wrong with Persona? Wow, that's great. I have never heard of many good stories about them, but your hubby's experience sounds very promising
RE: What's wrong with Persona? And so has my experiences with my Providian Visa Classic. I have the same terms as he do, but with a 7800.00 limit. My account is a year older than his.
My policy on denials. Wait 6 months, make sure you have changed something in your report. Close some of the accounts that are not bringing you a benefit. The Target card. Increase your income and lower your debt. Credit should only be used for major ticket items or to make money. You can make money with credit cards, but it takes credit management skills, patience and discipline. I have built a company with my sister based on credit alone. We now have been in business for over 4 years. Build your credit, deal from strength. http://www.creditsense.com
RE: What's wrong with Persona? I'm going to wait til Feb or March, and ask to be upgraded to Platinum, or I'll cancel. If they don't want to, bye-bye... If I cease to continue to rack up inquiries, I know my credit score will be plenty high for their plat. card. (It was 703 per NextCard 8/15 with 9 inquiries in the past 6 mo., and 12 for the past year.) And besides, they've made a killing off my account @ 23.99% interest, no grace. NextCard hasn't made a dime to date!!
RE: To Dave You may have some success with trying for the Platinum upgrade, however I always deal with the Rentention dept. and I was told that the Platinum upgrades is by ivitation only and they have no authority to give the Platinum upgrades. I really don't know how tur that is, but I would be a definate candidiate for their Platinum and I haven't gotten it, but they are very geneorous with my increases. Last night my limit was 7800, now its 8400. Just think, the beginning of this year, my limit was 2400. If you have success with getting the Platinum, please be sure to let us know. Good Luck.
To LadyCarr Lady, The only reason that I stated persona was because Mom has the platinum. So I felt she was basing her opinion on her situation. Compared to he nextcard, I thought that nextcard was a better bank with better terms than providian. Limits arenot an issue with Dave. If you read his postings, you will see a trend that he likes "flashy" cards for a lack of a better word. Is ultimate goal is a plat or blue AMEX. There is nothing wrong with providian. I am keeping mine. But if one was trying to reduce the # of cards, I suggest letting a providian go before a Chase, Citi or Nextcard. But that is just my opinion. Love always Lady. Roni. LadyCarr wrote: ------------------------------- My hubby got his 08/99 with 500.00 limit and 23.99 apr, no grace. His limit is now 6000.00 w/16.9 apr and grace. It's all about negotiating, not the name of the card. Just my opinion.
RE: To LadyCarr "Flashy" cards: Good way to put it, Roni! Speaking of which, have you seen the need smart cards from Fleet and First USA? Too bad I'm not in the market for a VISA or MC...!
RE: To Roni Roni, I see what you mean about flashy cards, I guess you can call me a card freak, because I love cute and flashy cards. But having a Optima Platinum with a 1000 limit ain't cute at all. So if I wanted to be a balla and pull out a card for a 3000 dollar purchase, I sure as hell can't pull out my Optima Platinum card. And speaking of NextCard, them damn asses, we've been stuck with their crappy 300 limit for a year now. And once again, that card is cute as hell, because it has me and my hubby's picture on it (LoveBirds). So as I see it, my flashy cards don't get flashed often. With the same Love, Lady roni wrote: ------------------------------- Lady, The only reason that I stated persona was because Mom has the platinum. So I felt she was basing her opinion on her situation. Compared to he nextcard, I thought that nextcard was a better bank with better terms than providian. Limits arenot an issue with Dave. If you read his postings, you will see a trend that he likes "flashy" cards for a lack of a better word. Is ultimate goal is a plat or blue AMEX. There is nothing wrong with providian. I am keeping mine. But if one was trying to reduce the # of cards, I suggest letting a providian go before a Chase, Citi or Nextcard. But that is just my opinion. Love always Lady. Roni. LadyCarr wrote: ------------------------------- My hubby got his 08/99 with 500.00 limit and 23.99 apr, no grace. His limit is now 6000.00 w/16.9 apr and grace. It's all about negotiating, not the name of the card. Just my opinion.
RE: To LadyCarr I saw those and immediately thought of you. Lol...And you dont need them. Both of those banks sucks... roni. Dave wrote: ------------------------------- "Flashy" cards: Good way to put it, Roni! Speaking of which, have you seen the need smart cards from Fleet and First USA? Too bad I'm not in the market for a VISA or MC...!
RE: To LadyCarr I would agree that Aria Persona (their indisputably subprime card) should go before NextCard. Any talk about negotiations is speculative, and the whole purpose of Dave's question is to qualify for cards that offer better terms without negotiations. I can't afford to pay off my Providian Visa, so I'm holding on and hoping to negotiate. But I'd prefer not to have to worry about negotiations at all.
