Cards I regret ever opening...

[melikey]

I opened these store cards to in an effort to rebuild after BK7. The problem is now they are my oldest accounts and I don't frequent these places, or care to. Firestone is OK I guess and I use them from time to time. However, I have absolutely no use for the Kay and Tractor Supply cards. Now to keep the Kay open I go to the clearance page on their website and buy some <$25 trinket that I'll probably throw away as soon as it arrives. As far as Tractor Supply goes, when purchasing online they allow you to split the amount due across multiple cards so I buy something useful and charge a couple of dollars to my Tractor Supply card and charge the rest to a rewards card.

 

I only have a couple of "regrettable" store cards so I'm thankful for that. I read that long running WFNB thread here and see people picking up all those toy store cards and I wonder how smart are their strategies? Am I missing something?...

[jonson]

I'm sure there are many others in your shoes.

 

I was tempted to open a bunch of Comenity cards like those people in the WFNNB thread. Fortunately, I restrained myself to only the J. Crew card. I never shopped at J. Crew before, but their clothes are nice. I usually shop at Banana Republic, and J. Crew seems targeted towards the same crowd. My issue is that there is only one store in my town that sells men's clothing, and they do not have a lot of good deals. Fortunately, they generally have at least one free shipping day on their website within my billing cycle. So I am able to purchase at least one small item online and have it shipped for free.

 

When I am done rebuilding, it shouldn't be too difficult for me to buy something twice a year to keep the card open. Now, if it was a Tractor Supply card.... that would be much more difficult for me to use!

[Burgerwars]

As an example, I've kept my Lowes card open by buying a $5 gift card online and giving it as a gift.

[melikey]

As an example, I've kept my Lowes card open by buying a $5 gift card online and giving it as a gift.

Now imagine having to do that with 10 store cards with an average credit limit of $250

[up&climbing]

When you've been through BK, and considering how many people experience a slew of rejection, finally getting those words "Approved" from anybody is a thrill!! WFFNB makes that much easier than other CC's by using the shopping cart trick. So the addiction to getting those cards can get out of hand.

 

I was on the kick too so I know. Most of those cards I wish I hadn't got because they are by far my lowest limit CC's by over 10 times, meaning that I have a CC with WFFNB for $750 and a major CC for $7500 and much higher than that.

 

I just figured what the heck, I might as well keep them open until they decide to close them up. I don't have much that I would buy from those stores but at the time I was just glad somebody said yes to me. Hindsight is always 20/20 and if I could go back in time, I wouldn't have opened them.

Edited May 26, 2013 by up&climbing

[Allisson0605]

Target .

 

 

only retail card I have , only card at 1 k.

 

It's pathetic.

 

Closed chevron years ago and paypal smart connect as we.. P

 

Alliant platinum Visa is the one I am regretting lately, as its stuck at 2 k and they won't budge.

[TheChosenOne]

Hey, it could be worse. I used to have household bank and first premier as my credit builders (oldest positive tradelines). Not only were they low limit/high fees, but underwriters seemed to turn their noses up at them upon manual review. Thank god for Target who was my first card in the 4 digits.

[encoder]

Closing these cards isn't that bad. It won't affect your AAOA. In 10 years they may fall off, which could potentially drop your average age. But by then you'll have at least 10 years of age on other cards.

 

I wouldn't close them ALL. Maybe keep one open if it doesn't have an AF. But no need to keep them all.

[Guest]

 

Hey, it could be worse. I used to have household bank and first premier as my credit builders (oldest positive tradelines). Not only were they low limit/high fees, but underwriters seemed to turn their noses up at them upon manual review. Thank god for Target who was my first card in the 4 digits.

 

 

Hey, it could be worse. I used to have household bank and first premier as my credit builders (oldest positive tradelines). Not only were they low limit/high fees, but underwriters seemed to turn their noses up at them upon manual review. Thank god for Target who was my first card in the 4 digits.

 

Househild Bank is the one that might be chopped. Maybe also that $700 "Purple Monster" FPB card. That was my highest CL for 3 years.. Capital One is my first 4-digit CL.

 

Household Bank is a no-rewards, discontinued, generic "vanilla" credit card, and unless Executive Office does something about it (raises my limit? Waives AF? Product Conversion to something else? This card started as HSBC) then it is "fairy useless".. except maybe for use in the revolving "buy a car part on it every month and pay it off in full" mode.

Household Bank now reports as Capital One so its not so bad. Just another Capital One TL so that should be worth it to keep.

Capital One is also my first 4-digit CL!!

 

BBRZ started off as HSBC $100 club, or "100 club." Is now at $700, and will test the waters for a CLI soon. Need to wait for zero balances to report. See my next thread.

 

Kays = CLOSED. Reason: Flashy, sure, but useless. I would buy ONE item I liked from their site.. without their store card.

Jareds = SEE ABOVE

 

American Eagle = SEMI useless; they cost a LOT, their sales are good (mall only store. Go figure! YOU pay that rent to Simon, and whoever else big downtown pricey public area they set up shop. Like Hollister,) but I DO shop there. (I am their largest size; size 36 or so. Got a little bit more fat.)

 

First Premier Bank MIGHT have to go, I may pay the balance off and close them. Might happen. Especially since I salvaged Household Bank.

[PumpkinPrettyFace]

So I understand the argument against "toy cards" - BUT -

 

Something to consider while rebuilding - Myfico EQ a few months ago was about 535.

 

A bunch of toy cards later all PIF each month and Myfico EQ @ 685.

 

These toy cards alone rasied my score that much!

 

Which was enough to get a brand new 2013 Sentra @ 3.45 APR with zero down - no fuss, no muss - treated like a prime borrower - only showed DL.

 

So again, I understand the argument against them - but IMHO they are working quite nicely, for me anyways.

[Andromeda76]

I agree. I use to regret all of my "toy" cards as well. But it has helped with my credit score.

 

 

So I understand the argument against "toy cards" - BUT -

 

Something to consider while rebuilding - Myfico EQ a few months ago was about 535.

 

A bunch of toy cards later all PIF each month and Myfico EQ @ 685.

 

These toy cards alone rasied my score that much!

 

Which was enough to get a brand new 2013 Sentra @ 3.45 APR with zero down - no fuss, no muss - treated like a prime borrower - only showed DL.

 

So again, I understand the argument against them - but IMHO they are working quite nicely, for me anyways.

[melikey]

Time in itself will help with your credit score also. Therefore, you could do nothing and say that helped. In the long run I think most will be better off without all the toy store cards. Sure you'll see quick bumps in scores ( just as you will probably see when adding a first Premier card) however, once you have a great score it's still tougher to get off the toy card circuit and get great limits. YMMV

 

I guess it depends on what your long term goals are. If you want to finance a car in a few months with a good rate adding any card will help, heck add several First Premier cards

[up&climbing]

Time in itself will help with your credit score also. Therefore, you could do nothing and say that helped. In the long run I think most will be better off without all the toy store cards. Sure you'll see quick bumps in scores ( just as you will probably see when adding a first Premier card) however, once you have a great score it's still tougher to get off the toy card circuit and get great limits. YMMV

 

I guess it depends on what your long term goals are. If you want to finance a car in a few months with a good rate adding any card will help, heck add several First Premier cards

 

I agree as well especially having been down that road. However I do understand the points from Pumpkin and Andromeda that they feel that toy limits has helped them.

 

But for long term success, think about it from another creditors stand point of view. If you only have $250, $300 or $500 CL's, why should I give you a $2K or $5K CL?

 

So my point is if you're going to get toy limits, get them from creditors that will grow to eliminate that issue from the list of reasons why you can't get other CC's.

[hrguy]

+1. I got caught in the cycle, and did not get out of it until I kept applying and the newest wanted to out-do the last.

 

For example:

 

Got Sears HSBC - 400

Best Buy HSBC came next, did 600

Gap was next - 650

Old Navy - 800

Then HHGregg came along and this was when I finally got out of toycard land when they went to 1200.

 

There were more before them, but that is how I had to climb out of toycard land, by the newest creditor wanting to one-up the other.

 

This time around since BK, same thing just much bigger limits:

 

Started 2 - 1K secured cards.

Barclay's system see's this when I apply, automated approval @ 2.2K - how did they arrive at this limit? Combining my 2 secured lines, and giving me just a little more to make me prefer to use that card.

NFCU comes behind Barclay 2 months later - approves me at 2.5K to make me defer to their card....

 

The cycle will continue I am sure with each newer card taking it a step higher.

[up&climbing]

+1. I got caught in the cycle, and did not get out of it until I kept applying and the newest wanted to out-do the last.

 

For example:

 

Got Sears HSBC - 400

Best Buy HSBC came next, did 600

Gap was next - 650

Old Navy - 800

Then HHGregg came along and this was when I finally got out of toycard land when they went to 1200.

 

There were more before them, but that is how I had to climb out of toycard land, by the newest creditor wanting to one-up the other.

 

This time around since BK, same thing just much bigger limits:

 

Started 2 - 1K secured cards.

Barclay's system see's this when I apply, automated approval @ 2.2K - how did they arrive at this limit? Combining my 2 secured lines, and giving me just a little more to make me prefer to use that card.

NFCU comes behind Barclay 2 months later - approves me at 2.5K to make me defer to their card....

 

The cycle will continue I am sure with each newer card taking it a step higher.

 

Word

[melikey]

So I understand the argument against "toy cards" - BUT -

 

Something to consider while rebuilding - Myfico EQ a few months ago was about 535.

 

A bunch of toy cards later all PIF each month and Myfico EQ @ 685.

 

These toy cards alone rasied my score that much!

 

Which was enough to get a brand new 2013 Sentra @ 3.45 APR with zero down - no fuss, no muss - treated like a prime borrower - only showed DL.

 

So again, I understand the argument against them - but IMHO they are working quite nicely, for me anyways.

Congrats on the new car!

 

Don't get me wrong, if your only goal is buying a house or car by all means do what you gotta do.That dealer or lender may have treated you as if you were a prime buyer but card issuers may have a different viewpoint when they see a sub-prime toy portfolio (prime borrowers don't need a ton of store cards because their "real" cards offer better rewards and limits) and lets face it, cards are the real "work horses" of credit repair and building.

 

I consider credit goals to be a moving target. Now that you have the house or car what's next? It's best to predict, a few milestones in advance where the target will be and then ensure that moves that you're making now are not detrimental to your long term or even your stretch goals.

 

A long time ago, before the BK, someone told me I was messing up by adding all the crappy toy cards and I didn't listen. Then came the great recession and I was trapped in the toy card circuit. I needed more credit to weather the storm but the toy cards hurt me. Who knows, I probably would have went down anyway because credit was tight for everyone, but at least I would have had more of a fighting chance.

Round two (after the BK) I started down the same path again, applying for every card that I knew would say YES. For my New Year's resolution I took a step back and accessed my goals. My goal for 2013 was to get to 50K in available credit. I then looked at my portfolio and asked myself how were these stupid little toy cards helping me achieve that. I proceeded to strategically add credit lines and request CLI's. Now I've blown my initial goal away and the year isn't even half over yet! Now the goal is 100K by the end of the year.

 

OK, I'm stepping off my soapbox now

[BDK]

 

So I understand the argument against "toy cards" - BUT -

 

Something to consider while rebuilding - Myfico EQ a few months ago was about 535.

 

A bunch of toy cards later all PIF each month and Myfico EQ @ 685.

 

These toy cards alone rasied my score that much!

 

Which was enough to get a brand new 2013 Sentra @ 3.45 APR with zero down - no fuss, no muss - treated like a prime borrower - only showed DL.

 

So again, I understand the argument against them - but IMHO they are working quite nicely, for me anyways.

Congrats on the new car!

 

Don't get me wrong, if your only goal is buying a house or car by all means do what you gotta do.That dealer or lender may have treated you as if you were a prime buyer but card issuers may have a different viewpoint when they see a sub-prime toy portfolio (prime borrowers don't need a ton of store cards because their "real" cards offer better rewards and limits) and lets face it, cards are the real "work horses" of credit repair and building.

 

I consider credit goals to be a moving target. Now that you have the house or car what's next? It's best to predict, a few milestones in advance where the target will be and then ensure that moves that you're making now are not detrimental to your long term or even your stretch goals.

 

A long time ago, before the BK, someone told me I was messing up by adding all the crappy toy cards and I didn't listen. Then came the great recession and I was trapped in the toy card circuit. I needed more credit to weather the storm but the toy cards hurt me. Who knows, I probably would have went down anyway because credit was tight for everyone, but at least I would have had more of a fighting chance.

Round two (after the BK) I started down the same path again, applying for every card that I knew would say YES. For my New Year's resolution I took a step back and accessed my goals. My goal for 2013 was to get to 50K in available credit. I then looked at my portfolio and asked myself how were these stupid little toy cards helping me achieve that. I proceeded to strategically add credit lines and request CLI's. Now I've blown my initial goal away and the year isn't even half over yet! Now the goal is 100K by the end of the year.

 

OK, I'm stepping off my soapbox now

I like that statement.

 

IMHO, in the VERY beginning, "toy cards" as well as a couple of secured cards got me off and running. Fortunately, I happened to choose GECRB-cards which kept giving me consistent and increasingly larger CLI's and most of them are 5-digit CL's now. But they were only a small part of my focus - 5K and above credit cards were what I had my eye on. Especially cards that rewarded ME for my spending. Sometimes they even make me money.