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hegemony

2019 Credit Recession (self induced)

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I was mostly successful with my 2018 culling (see https://creditboards.com/forums/index.php?/topic/607585-2018-credit-recession-self-induced

 

but I plan to be more aggressive this year; this includes closing banking and investment accounts.

 

My goal is to simplify my credit and financial life. A lot of what I will target this year involves accounts associated with my rebuilding. While I might have a sentimental place in my heart for the CUs and banks that helped me rebuild, sentimentality is no longer enough for me to justify all the relationships.

 

For self-accountability I will document my 2019 efforts here. Please feel free to provide feedback; including constructive or funny criticism. :wave:

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in 2018 I stated I would close, but didn't follow through on closing, the following (sometimes I'm weak as water :) ) :

 

Crap1 Savour 

I now plan to keep it due to its 2018 enhancements)

 

 

 

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Last year I closed BBVA (my former NBA 5% card) but in the last two months I've gotten BT checks and other offers from BBVA. On my reports it shows closed by consumer. I can;'t log in anymore so I called them this morning. According to the CSR the account is still open!!! WTH, I asked him to close it. I also asked if the letter I received noting the closure dated Feb 2018 is imaginary!

 

Of course before the CSR would close this (already closed) account he insisted on reading me all kinds of (crappy) BT offers.

 

amateur hour at BBVA!

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In Feb I requested a sizable but not unreasonable CLI from DCU. My limit has been the same for 10 years. I also have the max in savings for the 5% APY promo rate. DCU pulled EQ, score 818.

 

today I received the denial.

 

The ROSEFACTOR UW I talked to last week would not let me send anything other than my last two pay stubs. I offered tax forms, proof of spousal income, notarized statement of LNW from our CPA, banking records, left kidney, etc but she insisted she only need my paystubs. Denial states my revolving balances are too high (<3% reported overall util!! ). I think they really mean they don't like my competitive limits with other issuers. I did not bother to call again.

 

so DCU is next on my list to close the Visa and the savings account. The Visa is nothing special for me now (it was a rebuilding godsend when I joined in 2006) and the 5% promo APY isn't worth having to keep track of a 1099-int every year without some other compelling reason (e.g., a decent limit of a ho-hum visa).

 

 

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Some FI's see $ amount of revolving owed as opposed to overall utilization %? I can't remember if Bobwang discussed this, but I've always wondered about it.

 

In the mycrappo simulator, there's a question...

pREcoyQ.jpg?1

I realize this includes all debt (except mortgages), but still, there appears to be thresholds.

 

Thoughts?

 

 

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1 hour ago, hegemony said:

in 2018 I stated I would close, but didn't follow through on closing, the following (sometimes I'm weak as water :) ) :

Don't be shy.  Tell the class what the requested CLI was for DCU.  I want to know what limit I should reserve a kidney based bribe for.   

And......

weak-as-water-weak-as-water.jpg

 

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17 minutes ago, Allkindabroke said:

Don't be shy.  Tell the class what the requested CLI was for DCU.  I want to know what limit I should reserve a kidney based bribe for.   

And......

weak-as-water-weak-as-water.jpg

 

50k

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26 minutes ago, Kat58 said:

Some FI's see $ amount of revolving owed as opposed to overall utilization %? I can't remember if Bobwang discussed this, but I've always wondered about it.

 

In the mycrappo simulator, there's a question...

pREcoyQ.jpg?1

I realize this includes all debt (except mortgages), but still, there appears to be thresholds.

 

Thoughts?

 

 

what? you seem to be in the wrong thread. if you're lost I can tell you where to go :lol:

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Ok, I'll try a different angle. For an experiment (or just for fun), pay off all CC's with the exception of ~$3000 and request another CLI on your DCU CC.

 

 

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24 minutes ago, Kat58 said:

Ok, I'll try a different angle. For an experiment (or just for fun), pay off all CC's with the exception of ~$3000 and request another CLI on your DCU CC.

 

 

nah. not my kind of fun. I have no need for a 50k card I never use because the rewards and benefits are ho hum.

 

but for fun, how about before I close cards this year I'll first request a CLI from the issuer? That might be interesting.

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This should be an interesting ride, Hege.

 

But this time I am NOT following you.  I ain't closing a mutherfooking thing.  😜

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9 hours ago, hegemony said:

in 2018 I stated I would close, but didn't follow through on closing, the following (sometimes I'm weak as water :) ) :

 

Crap1 Savour 

I now plan to keep it due to its 2018 enhancements)

 

 

Is there something to this card beyond 4% cb on dining and perhaps the restaurant delivery perks?

 

I would think that Chase Reserve would handily supplant most, if not all, of the benefit of holding this card (assuming that you can absorb credits via airfare purchase, giving a 50% cb kicker.

 

Have I missed something?

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9 hours ago, hegemony said:

so DCU is next on my list to close the Visa and the savings account. The Visa is nothing special for me now (it was a rebuilding godsend when I joined in 2006) and the 5% promo APY isn't worth having to keep track of a 1099-int every year without some other compelling reason (e.g., a decent limit of a ho-hum visa).

 

 

Whether a CL of $1k or $100k, any DCU credit card is a waste of resources.  It's pure chaff, and deserves treatment as such.

 

I'm glad it proved an asset in your rebuilding.  But it should have been kicked to the curb ages ago ;)

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6 hours ago, hdporter said:

 

Whether a CL of $1k or $100k, any DCU credit card is a waste of resources.  It's pure chaff, and deserves treatment as such.

 

I'm glad it proved an asset in your rebuilding.  But it should have been kicked to the curb ages ago ;)

Almost universally true of all credit cards issued by credit unions. 

 

For the life of me I don't understand how credit unions aren't expected to make a profit, have no income taxes to pay, and still manage to issue among the worst rewards credit cards on the market.  

 

As a group they also pay terrible interest rates on savings compared to the best rates out there.  All of my highest APYs are from greedy, for-profit banks that put shareholders before customers.

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