Going to close my Amex revolvers

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MemberSince99
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Going to close my Amex revolvers

Postby MemberSince99 » Mon Jan 06, 2014 6:46 pm

I've done a lot of thinking about it. Since it won't affect my AAoA there is really no reason for me to leave these cards open that I personally care about. So, I am going to close them both.


Still looking for ideally 1 or 2 cards with growth potential. Am considering BofA as I've never burned them, always PIF and on time which I have read they like. Also considering Walmart Discover card due to knowing GE's generosity.


To me the single most important thing with any new card is not getting some toy limit and it having the ability to grow with time. (That rules out a real Discover card for me). I have the rewards cards and types I want so now it's just all about growth potential to have multiple healthy tradelines.


Due to this, CSP is also potentially on the chopping block. I have not fully decided, but I'm not terribly inclined to leave open a card that won't grow, especially a travel card that won't grow, to at least 10k over time. However I put good spend on that card and want to wait until I get the 7% yearly dividend, and once I use that, it's subject to be closed.


If that makes me an entitled unreasonable jerk, then that's what it makes me but that's where it stands.


chas0039
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Postby chas0039 » Mon Jan 06, 2014 7:53 pm

I am relatively new to the forum, but I have had a credit card since BankAmericard. When I was younger, I would rotate cards and make a bundle in interest. I have also had more than my share of points and cash back. One year I cleaned up buying $5-10 k a month of free gift cards, turning them into money orders for a few bucks and then depositing the MOs to pay the bill. That's cash back!

These days, I want life to be simple and I really don't need to chase every good deal. For me, Amex Gold and Amex Blue and Capital One for overseas and the few non Amex merchants. You'll find what works for you.

Welcome to the simple life.

MemberSince99
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Postby MemberSince99 » Mon Jan 06, 2014 9:14 pm

That works - for simple people like me :D

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otter
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Postby otter » Tue Jan 07, 2014 7:57 am

I recently went the other way with Amex (keeping my revolver open and closing the charge card), but we all have different needs and wants. When I closed my Green card, the foreign customer service rep asked why I was closing it. At first I said I declined to answer the question and she said she had to have a reason. Finally I said "Here in America... if a company doesn't meet my needs, I don't have to do business with them."

I've also closed a Capitol One card and I could see a few other cards I have on the endangered list. It's not like a few years back where credit was tight... right now is definitely a consumers market for credit cards, so take advantage of it and get the best deals for you.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

takeshi
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Postby takeshi » Tue Jan 07, 2014 8:38 am

MemberSince99 wrote:To me the single most important thing with any new card is not getting some toy limit and it having the ability to grow with time.

I'm sure you know this but it's not just a matter of cards but your credit as well. I have AmEx revolvers and Chase cards with much higher limits than yours and one of my AmEx revolvers has grown. Both of my AmEx revolvers are now being stunted by bumping against my internal limit. Neither Chase nor AmEx offers my highest limit but they are up there.

That said, certain creditors and products would probably be a better fit for your credit profile.

MemberSince99 wrote:If that makes me an entitled unreasonable jerk, then that's what it makes me but that's where it stands.

Finding what works for you isn't being an entitled unreasonable jerk. Expecting creditor X to change their underwriting just for you, however, is. Sounds like you're doing the former to me.

432521
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Postby 432521 » Tue Jan 07, 2014 4:09 pm

I swear the same conversation comes up every couple of weeks or months from member and I never understand why he is so inclined on canceling a card that he got lucky to get and he knows he got lucky to get them. He was surpassed that Amex even allowed him to get any cards from them at all when he burned them in the past. Yes we understand that you can't get CLIs from them and I am pretty sure that the regulars here all know why. You have explained it to us so many times. You burned them it is not the other way around so you should be glad about even getting anything from them.

Also about your thing against Discover, a lot of people here have no issues with getting CLIs with them here and the people who do understand that they are more conservative. I do believe a couple of times you have mentioned that fact yourself so why do you keep bringing them up every time you talk about whatever bank/credit company not giving you what you feel you deserve. There has to be some reason as to why so many other people are getting high limits on cards and you are not. Everytime I read your posts it seems as if you feel there is some higher power out there that has your name on a list that says "Do not give MemberSince99 a limit higher than xxx and this goes out to all companies".
March 2011- Wellsfargo Cash Back College Card
May 2012- Chase Freedom
May 2012- Discover IT
August 2012- American Express Blue Cash Everyday

MemberSince99
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Postby MemberSince99 » Tue Jan 07, 2014 4:36 pm

Thanks for your opinion. Have a great day.

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djrez4
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Postby djrez4 » Tue Jan 07, 2014 4:38 pm

432521 wrote:I swear the same conversation comes up every couple of weeks or months from member and I never understand why he is so inclined on canceling a card that he got lucky to get and he knows he got lucky to get them.


You aren't used to it by now?

Plenty of people try out different flavors of credit cards to figure out what works best for them. Member just gets a bit more publicly indignant about it. I think he's getting close to finding the right cards, though. When he does, I'm sure he'll find something else to take personally.

It's who he is and why we love him. The darn place wouldn't be the same without him.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
[/RIGHT]

MemberSince99
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Postby MemberSince99 » Tue Jan 07, 2014 4:48 pm

I'm not really indignant about it. I've acknowledged numerous times the reasons why things are as they are. I've said I don't blame them in the case of Chase and Amex (in the case of Discover they are just stingy, but so be it).


I'm not blaming anyone I'm just sharing what I plan to do and what I feel works best for me. If someone doesn't like it, and apparently someone doesn't, I guess that would be their issue, not mine. I don't intend to make it my issue. I have enough of them to deal with.


I don't really care. Everyone is entitled to their opinions. I don't see the point in taking any of it personally really. Not to go into the whole garden thing but not everything you plant is going to bear fruit. So, you just keep at it until you get things set the way you like. Of course we never reach nirvana but that's part of the fun, or what else would we post about here?


If someone doesn't agree with what I do, cool, do it your way with your credit. I'll wish them only the best of success.


But I appreciate the kind words djrez.

samhradh
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Postby samhradh » Tue Jan 07, 2014 7:01 pm

Honestly not trying to add fuel to the fire here but every time I read about your frustration over not getting a CLI, I have the same thought: do you think that if you did just let these cards garden for a while that in a couple years your patience could pay off? I know you've got them backdated and they're not necessarily "new" but I just wonder if you waited year or two to ask for a CLI if maybe that would help.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).



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