Expanding my CC issuers

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credit-utopia
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Expanding my CC issuers

Postby credit-utopia » Wed Oct 22, 2014 9:20 am

After browsing this forum for a while (great place btw) I dug out all my stashed credit cards and grouped them by issuing bank. I then realized that GE/Synchrony owns me lol. 80% of my cards are issued by them.

I decided to expand on CC issuers so I didn't have all my eggs in one basket. I applied for the AMEX Everyday card and got approved. Does it look better to future lenders when you have more cards from different issuers, or does it even matter?


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Vattené
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Postby Vattené » Wed Oct 22, 2014 10:59 am

As far as I know having different issuers shouldn't matter too much. The TYPE of debt is a factor. All else equal, having a car loan, mortgage, and credit cards will put a lender to ease more than all credit cards. If you are applying for a lot of cards just for the sake of getting different issuers this could hurt you. Not saying you shouldn't apply for other cards, just to go for what best suits you and not to worry about getting in with as many issuers as possible.
-Vattené
FICO-8:
EX - 827 (4/17) | TU - 812 (4/17)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

TheSwarm
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Postby TheSwarm » Wed Oct 22, 2014 11:05 am

I agree with Vattene. I don't think the issuer matters as much as the types, age, and payment history.

That being said, I do think there is value with establishing a relationship with Chase, AMEX, and Citi.... Some would also say Discover.

If you don't plan on applying for a mortgage soon, then might as well try to get established.

Congrats on the Everyday card by the way.

credit-utopia
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Postby credit-utopia » Wed Oct 22, 2014 11:08 am

If you are applying for a lot of cards just for the sake of getting different issuers this could hurt you. Not saying you shouldn't apply for other cards, just to go for what best suits you and not to worry about getting in with as many issuers as possible.


I see what you are saying. Another reason behind the AMEX app was to pad my total available credit so I can close out some old store cards. Other than the occasional financing deals, I have no use for a card I can only use at one place. I decided my Best Buy store card is the first on the chopping block and I will be cancelling it tonight.

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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Oct 22, 2014 11:23 am

Congrats on the Amex approval!

As to your question - I can see situations in which it would matter, but the consequences would differ.

If you have a great history on Synchrony cards and have a great corresponding FICO, then the computer that initially looks at your application for a new card probably won't care who your existing creditors are.

On the other hand, if you need to contact a human for reconsideration, then you might be in better shape and more persuasive if you already have a few cards with prime lenders. I don't think GECRB/Synchrony is prime, but it looks better on a credit report than First Premier.

There is anecdotal evidence that Discover will approve, but give a low limit, to someone who already has several (as in 6+) other prime cards.

Getting an Amex is a good step. With more info on your credit background and spending, we can give you advice about which cards to consider with other lenders, and when to possibly apply.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red

credit-utopia
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Postby credit-utopia » Wed Oct 22, 2014 11:56 am

With more info on your credit background and spending, we can give you advice about which cards to consider with other lenders, and when to possibly apply.


I would appreciate any advice. Not sure what info is needed. I plan on closing out most, if not all, of my store cards. I will probably close one every few months so my credit doesn't take a big hit and scare off my current creditors.

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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Oct 22, 2014 12:08 pm

credit-utopia wrote:I would appreciate any advice. Not sure what info is needed. I plan on closing out most, if not all, of my store cards. I will probably close one every few months so my credit doesn't take a big hit and scare off my current creditors.


So you have around 30-40 cards, total? I was expecting to see 4 or 8 GECRB cards and 1 or 2 others.

Which issuers you have cards with is not the concern here. More likely, your AAoA, inquiries, your number of open accounts, and your available credit could be areas of concern. How many cards have you opened in the last two years?

Do you really need all of them? It seems like a big headache to monitor.

Edit: You may find that using a Discover for special discounts and ShopRunner through Amex for free shipping renders many GECRB store cards of little value.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red

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PlyrStar93
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Postby PlyrStar93 » Wed Oct 22, 2014 12:12 pm

credit-utopia wrote:Not sure what info is needed.

Usually what cards do you have, and when you opened them. You may provide CL's also.

Generally if you open a lot of accounts within a short period of time, then the general advice would be refrain from apping for some months. If there are a lot of costly useless cards, then you may close them down eventually.

Within your current card portfolio, you do have pretty good cards with Discover and Amex, but you might consider entering Chase after closing several Sync bank cards. Do you feel any value with your Citi Diamond Preferred? If not, then you may either do a product change or shut it down.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
All EMV.

credit-utopia
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Postby credit-utopia » Wed Oct 22, 2014 2:08 pm

So you have around 30-40 cards, total? I was expecting to see 4 or 8 GECRB cards and 1 or 2 others.


I actually didn't count my cards, but I will tonight though. Probably more like 20 cards. I stacked them all up by issuer and that was the tallest pile. The 80% was just an estimate based on the stack size in comparison to the other stacks. And I didn't count the Amex since I applied for it after the fact.
All of my Synchrony cards are store cards besides the Walmart/Sam's Mastercards. I also have a Walmart store card, and a Sam's store card, Discount Tire, Ashley Furniture..and more that I can't remember right now since I never use them. Most were opened for financing offers.

Do you feel any value with your Citi Diamond Preferred? If not, then you may either do a product change or shut it down.


No. How do I go about getting a product change?

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PlyrStar93
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Postby PlyrStar93 » Wed Oct 22, 2014 4:21 pm

credit-utopia wrote:How do I go about getting a product change?

You can simply
  • call the customer service number and get to a rep and ask for a product change to the card you want;
  • or, send a secured message to request the change
Choosing either one should get the job done, and if one doesn't work then you can use the other as backup method.

Not all products may be changed to, and it can be YMMV. Someone else here has just changed Diamond Preferred to ThankYou Preferred very recently. Since you already have TY Preferred, you may change DP to Double Cash. It can earn you 2% plain cash back, which sounds like a good deal, so good luck out there.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
All EMV.



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