I just checked my credit reports (TRU, EXPERIAN, and EQUIFAX) and I have waaaaaay to many cards: Discover Platinum Citibank Platinm AT&T Universal Platinum American Express Gold Bank of America Platinum Radio Shack Card (I think that one needs to go) American Express Platinum Optima Total Credit Lines: $62,000 (+ AmEx Charge) AT&T & Citibank won't let me combine.... Experts, your advise please!!!
Well, actually, that's part of the problem-- none of the APRS are over 15%, they're all about the same...same credit lines (give er take about $1000) and the only one with an annual fee is AmEx gold- there's no way I'm dropping that one though...so I need to make a judgement call...and THAT'S where the problem lies...Discover I've only had for about 4 months but if I close that one, I lose the several hundred I have in the Cashback Bonus Award...same with Citibank...don't wanna lose my $100 in calling w/AT&T Univ. Platinum, can't close AmEx Plat Optima- that's the card that gets the most recognition (regarless of the fact that it's an Optima- the words "platium" and "American Express" imply success)...BofA has the highest credit line, *AND* they swallowed a *HUGE* amount on a dispute I filed, so I feel some loyalty. HELP ME GUYS!!!
B of A Dispute? I'm curious as to know some info in the dispute that you did with B of A? Why did they eat the cost? Do you bank there also? My boyfriend and I were just talking about 'charge backs' on credit cards. He works for an auto body shop and people try to do charge backs when they're not happy with the work. They just go ahead and charge it to their credit card and then when they get the bill, they dispute it mainly to try and catch the disputee sleeping (I guess they have 72 hours to reply after they receive the charge back notice). If they don't repsond in time, I guess their stuck! I would just definately give Radio Shack the boot and then the next one in line I guess would be At&T :- Do you really use the $100 in calling?
Jo; Why close any of them? I have lines in excess of $140,000, I just closed a Providian account, simply because they would not lower their rate of 23%, but all my other accounts become profitable the moment they give a "teaser rate". There is no need to waste good credit. I constantly use mine to make money on their money. Profit from the experience. http://www.creditsense.com
I AGREE I was going to tell you the same as Credit works. Why close any? You stated you have to close some, WHY? Did the credit card police tell you to do so? The only reason to close some would be that no one else (who could give you BETTER terms) would extend more credit to you. This hardly seems the case as all of your credit is prime at great rates. You've got great credit and if it ain't broke don't fix it!
RE: B of A Dispute? BofA ate about $3,000 in unauthorized charges- but I've charged over $150,000 on the card in the last 2 years so they proably thought it was better to eat that and make money off of me in the long run-- even though I don't carry balances.
RE: I AGREE LOL...well, what made me want to close them was that I'm applying for a mortgage in about 6 months and my girlfriend's sister was declined for having too many cards (we have give or take the same credit lines and nearly identical income)...that was Wells Fargo, the bank I think I'm gonna go with... My income can totally support my credit lines, but as I said, so can my girlfriend's sister's....
RE: I AGREE It's possible you won't have to close any of your accounts, but you should pay special attention to your credit/debt ratio. If it's low, you're most likely okay. However, a high credit/debt ratio and a large number of open accounts can spell disaster. Definately, lose the Radio Shack card! That little high-interest hunk of plastic can do a lot to suck your credit rating down. Also, the credit analyzer on the Carreon and Associates website might help you and give you some ideas. You can find it at http://www.carreonandassociates.com/freetools.htm After analyzing your current credit situation, try experimenting with it to see how keeping some cards and removing others can affect your score. Of course, it's not the real thing, but it should give you a good idea as to what you'll need to do in order to maximize your credit rating. Good luck with the mortgage!
RE: I AGREE If your credit score is high enough (700+) they won't care about how much open credit you have because they know that if you close the cards for the mortgage, you can just turn around and get that all back right after you close the loan, especially since the new mortgage will bump up your score some, assuming that you pay it on time. I'd also try out a mortgage broker. They get mortgage money from many sources, where as a bank only gets it from one place. A broker can get you better terms on ratios, down payment, etc.
RE: I AGREE Exactly! There's no bigger pain in the -ass than purchasing a home and shopping for a loan. It can be so frustrating and confusing that most people will settle for damned near anything just to get it over with. You'd be amazed at how much money a mortgage broker can save you! Not to mention all the headaches you'll save yourself. He/she can provide you with the best advice in credit and legal matters.
No Problem We should all have problems like yours. All those platinum cards! The mortgage should be no problem if you just charge the house on your Bank of America card. Then if the house is a lemon, you can just do a chargeback. If that advice seems farfetched, then I say listen to our buddy MP and close the Radio Shack and AT&T cards.
No Problem We should all have problems like yours. All those platinum cards! The mortgage should be no problem if you just charge the house on your Bank of America card. Then if the house is a lemon, you can just do a chargeback. If that advice seems farfetched, then I say listen to our buddy MP and close the Radio Shack and AT&T cards.
No Problem We should all have problems like yours. All those platinum cards! The mortgage should be no problem if you just charge the house on your Bank of America card. Then if the house is a lemon, you can just do a chargeback. If that advice seems farfetched, then I say listen to our buddy MP and close the Radio Shack and AT&T cards.
No Problem We should all have problems like yours. All those platinum cards! The mortgage should be no problem if you just charge the house on your Bank of America card. Then if the house is a lemon, you can just do a chargeback. If that advice seems farfetched, then I say listen to our buddy MP and close the Radio Shack and AT&T cards.
Sorry Sorry, this mouse seemed stuck and I clicked it several times. And it really was stuck, because I clicked it more than four times.
