Should I cancel a store credit card?

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
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charliebravo
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Should I cancel a store credit card?

Postby charliebravo » Mon Apr 23, 2012 1:40 pm

I have a Banana Republic card with $3,800 credit limit, but with a crazy APR!!! I've look on other relating threads about store cards and they say they're actually not good for you.

So my question is that should I cancel the card or should I just leave it there?

My EX is 702 and credit history had been on a year with my Wells Fargo secured. My WF rep told me that April is the month they graduate secured cards.

Thinking to get a Amex green after, any suggestion???


CC Deville
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Postby CC Deville » Wed Apr 25, 2012 7:08 pm

APR is only a problem if you pay it. There is nothing wrong with having one or two retail cards to stores that you frequent. Many offer decent coupons or special sales that you cannot get with using a bankcard. But, those coupons and discounts are only worth it if you pay the balance in full.

I would not suggest closing the BR card as it has a very healthy credit line that you will need for your overall utilization. Why do you have a secured card with a 702 bureau score?

With a 702 I would suggest getting a Visa or MasterCard from BofA, Citibank or Chase in addition to the Amex (provided you never charged any of them off in the past). Wells Fargo is a joke and even if they unsecure the card, it will have a toy limit for years to come. They are so conservative that if the world ever runs out of diamonds, we only need to place coal in the Wells Fargo executives' rears to replenish the diamond supply.

Money card
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Postby Money card » Sat Apr 28, 2012 11:07 pm

Charliebravo do you actually work for the store? Do you have trouble getting credit cards?

The Banana republic charge card can be a great card for certain people.

Since this isn't a jewelry store card, being that it doesn't have an annual fee, you could leave it open. Over the summer you might want to make a purchase with that card.

My thoughts on you getting a green card are which cards do you have other than the Banana republic charge card? The Green card is for people who have excellent credit and they pay bills in full, they have at least 1 major bank card. Like a Citibank card, not M&T or suntrust, key bank. It doesn't have to be the thank you cards but a major bank card.

I have been turned down at least 5 times for different American express cards. My first one was the green applied around 1987 or so and I was turned down. I didn't get the card until 2010.

PopiLopi
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Postby PopiLopi » Sun Apr 29, 2012 9:23 am

If you have no balance on the card or you pay of the balance APR's shouldn't be a problem. You also have a pretty good limit so you might want to leave it open. It looks like your credit history is not too long and closing a card at such and early stage will most likely hurt your credit score.
Amex: Business Platinum (09/12) BCP $10,500 (03/13)
Visa: Capital One Journey $750 (04/11) Chase Freedom $1,800 (04/12)
MasterCard Citi AAdvantage Platinum Select $8,500 (05/13)
Discover: Discover It $2500 (07/11)
Store Cards: Amazon $3900 (12/11) Macy's $500 (04/11) Kohl's $500 (05/12) Victoria's Secret $750 (11/12)

charliebravo
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Postby charliebravo » Sun Jun 10, 2012 8:16 pm

Wells Fargo still didn't care if I have good credit score or not...they've told me they can't not graduate and want me to apply for unsecured card instead.

I've turn it down. Went to apply for a Zync, approved...don't know what WF is thinking.

By the way, now my credit is 766....which will suck that I can't get my deposit back.

charliebravo
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Postby charliebravo » Sun Jun 10, 2012 8:18 pm

Got the Zync.

Not that i can't get any other CC, I just want my deposit back since I have good credit.

charliebravo
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Postby charliebravo » Sun Jun 10, 2012 8:20 pm

Yeah, that's why i'm still keeping it.

I'll close it after three years.......sucks

LKGG18
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Postby LKGG18 » Sun Jun 17, 2012 4:09 am

If your credit score bumped again, I suggest getting a reconsideration of graduating you from your secured credit card. That score will make them feel ridiculous of not graduating them. If you tell them that if they don't reconsider, tell them you will close the account and want your money back. Most the time banks will approve your graduation of your secured credit card. They should of done a soft pull of your credit report to check and see if you were ever late (Which your score shows your not).

You need to be aggressive on your reconsideration requests. Banks will give in soon enough or if they don't their loss.



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