New to the Forum, Some advice needed

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Warehouse40
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Location: Pa

New to the Forum, Some advice needed

Postby Warehouse40 » Mon Jan 07, 2013 12:07 am

Hi everyone,

Found this forum a couple days ago and it is wealth of information!

I'm looking for some advice about my current situation. Credit score 755 (Equifax)

I have the following cards:

Capital One Platinum Mastercard: $3000
Chase Freedom: $1000
Barclay iTunes Visa: $1500
Barclay Apple Financing Visa: $3750
Barclay Barnes and Noble Mastercard: $1250

Store Cards:
Target Red Card: $2000 (opened 4 months ago)
Boscov's Charge: $1200
Sunoco Card: $750 (dont use anymore)
American Eagle: $150 (don't use anymore)
Best Buy Card: $2200

So are my questions:

1. I'd like to go to just one Barclay card (iTunes card), merging all the credit line. The Barnes and Noble card is the second oldest card I have but I haven't used it in over two years. The Apple financing card was used for one MacBook Pro purchase (paid off June 2012). Would closing both the Apple Financing and Barnes and Noble cards affect my credit at all? Again, I would only close them if I can merge the CL.

2. In regards to the Store cards, is it worth it to bother closing the ones I no longer use?

3. My oldest card is the Chase Freedom (was a Borders card but was converted to Chase Freedom when they closed). However, I've been an authorized user on my Mom's Mastercard since I was 17 (I'm 27 now). Her account is in good standing and she never uses it anymore. Would removing me as an AU hurt my credit at all?

The only balance I have on any card is on my Best Buy card and it's an 18 month payment plan. At one time I was carrying a balance on almost each of these cards. No more! I'm no longer spending beyond my means and have begun saving even more money. I'm not looking to open any more cards in the near future, I just want to simplify things.

Thanks for any help and please link any threads I might have missed in my search for answers to these questions.


Robrus1
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Joined: Tue Oct 02, 2012 3:25 pm
Location: Texas

Postby Robrus1 » Tue Jan 08, 2013 9:12 am

1 and 2: I don't believe it's possible to merge all the credit lines. Ask for a credit limit increase on the card you want to keep. Closing the Apple Financing and Barnes and Noble cards won't hurt significantly. Personally, I'd close the unused store cards.

3: No.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

FutureBillionaire
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Joined: Sun Jun 19, 2011 2:37 pm
Location: Down South

Postby FutureBillionaire » Tue Jan 08, 2013 9:17 am

You can call to see if they will let you merge. Closing accounts is not a good idea; if you must close an account, be sure to close the newest one. Keep your oldest accounts open.

Store cards are still revolving credit, like any other credit card. They will impact your score the same. If you don't use them and haven't had them for a while, you can close them.

Congrats on changing your spending habits!
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

Warehouse40
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Joined: Sun Jan 06, 2013 11:22 pm
Location: Pa

Postby Warehouse40 » Wed Jan 09, 2013 10:14 pm

The Apple financing card was opened in 2011 along with the Capital One card.

Barclay moved some of the CL from the Apple financing card to my iTunes card a few months ago when I asked for a CL increase. I should have just done it then but I didn't. (D'oh)

What I'd like to do is use my Chase freedom regularly and pay off the balance in full every month. I'm hoping this will boost my CL on the card. Eventually I'd like to go to just an American Express Gold and the Chase Freedom (it's my oldest card) and keep the iTunes card for emergencies, etc.

Would it be foolish if I were approved for an Amex gold to close the Capital One card?

Robrus1
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Location: Texas

Postby Robrus1 » Thu Jan 10, 2013 8:15 am

If it has no annual fee it wouldn't hurt to leave it open just to help utilization, but if it's not one of your older cards then it's not really a big deal either way. If you want to cancel it after applying for Amex, it won't really hurt anything.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K



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