Master 2021 Account and Relationship Closure/Termination Thread

[hdporter]

On 2/23/2021 at 10:25 AM, cv91915 said:

You dodged a bullet.

 

And when's the last time I smiled in the middle of SeeYou diatribe?  🥏 〽️

 

All I can offer is that given your history with CU's, I earnestly pray that no one over turned you loose on Tinder Grindr...    

Edited June 18, 2021 by hdporter

[cv91915]

4 hours ago, hdporter said:

 

All I can offer is that given your history with CU's, I earnestly pray that no one over turned you loose on Tinder Grindr...    

 

I think all of the cool kids are on Scruff now.  🦄

[MP80]

On 2/23/2021 at 1:57 AM, cv91915 said:

Alliant:  Terminated (awful mortgage experience);

 

Hey, CV!  

 

You might have kept Alliant CU. Recently, they have had their Visa signature flagship card morphed, a 2.5% cashback card, and waive the card annual fee of $99.

 

I'm thinking of becoming a member of SDFCU, but I did a search engine and found that they will HP your credit report, so I just halted my decision.  

 

Maybe, you can be reinstated, just saying...

 

CashbackVisaSignatureProgramTermsConditions-Transition.pdf (alliantcreditunion.org)

 

Edited June 19, 2021 by MP80

[cv91915]

5 hours ago, MP80 said:

 

Hey, CV!  

 

You might have kept Alliant CU. Recently, they have had their Visa signature flagship card morphed, a 2.5% cashback card, and waive the card annual fee of $99.

 

I'm thinking of becoming a member of SDFCU, but I did a search engine and found that they will HP your credit report, so I just halted my decision.  

 

Maybe, you can be reinstated, just saying...

 

CashbackVisaSignatureProgramTermsConditions-Transition.pdf (alliantcreditunion.org)

 

 

That's as worthless as a 1.5% Capital One Quicksilver unless I open and manage a checking account I don't need, maintain a minimum balance, and move a direct deposit.

 

Even if that wasn't the case, I'm already doing better than 2.5% flat cash back with Bank of America.  And my no-AF 2.625% Travel Rewards Visa doesn't have a monthly cap.

 

If I'm going to consort with subprime scum-sucking financial institutions it's not going to be jumping through a bunch of hoops with Alliant.  Hell would freeze over first, and I'd get a Discovery IT Fake Milez card and take their filthy 3% for a year.

 

[MP80]

The big banks are profit-driven entities, and they are scum-sucking financial institutions and can also terminate all your account at any time, 

 

Maybe the $99 annual fee waiver is not appealed to you, but it will attract many people to apply for the Alliant Visa Signature Card.

 

The one thing you are correct in that you must deposit your money in a credit union like PenFed to avoid the $10 monthly checking account service fee. Unless you have a monthly direct deposit of $500 in your checking account or a daily balance of at least $500 parking there.

 

According to many people, Navy Fed is not a subprime financial institution. You may disagree with some of the policies, but not with the freebie that they offer to the members.

Regardless of the amount in your checking account, Navy Fed will not charge a service fee to your checking account. They allow you to order checks and ship them to your address for free. Yes, it is. Although Navy Fed does not require me to deposit money there, I keep the minimum amount below $1000.00 as a backup, the same as PenFed.

 

So, the more credit union I join, the more money I need to park in there. Hehe... I see you have 10 credit unions at one time. Now you down to two?

[cv91915]

5 hours ago, MP80 said:

According to many people,

 

... Olive Garden serves food.  🤷‍♀️

[MP80]

10 hours ago, cv91915 said:

 

... Olive Garden serves food.  🤷‍♀️

 Hahaha. A common pithy saying we can agree to disagree. 

[hegemony]

I just murdered my ~70k Citi prestige card. With Amex Pt and JPMR I find it hard to add value with shiti TYPs.

[MP80]

6 hours ago, hegemony said:

I just murdered my ~70k Citi prestige card. With Amex Pt and JPMR I find it hard to add value with shiti TYPs.

Wow! Are you chopping cattle?  I mean, the annual fee is quite expensive, but American Express and Citigroup’s fees are already considerable. Although, I don't know much about the annual fee of the JPMR card. It's not like a centurion card, is it? 

[hegemony]

4 hours ago, MP80 said:

Wow! Are you chopping cattle?  I mean, the annual fee is quite expensive, but American Express and Citigroup’s fees are already considerable. Although, I don't know much about the annual fee of the JPMR card. It's not like a centurion card, is it? 

JPMR is $595 but I have always more than  broken even, even during the pandemic.

 

 

[MP80]

4 hours ago, hegemony said:

JPMR is $595 but I have always more than  broken even, even during the pandemic.

 

 

As of now, the JPMR card is higher than the Amex Platinum card. 

 

It's worth noting Amex Platinum anecdotally going to raise it AF to $695 soon. You chopped it just in time. 

[CTSoxFan]

On 6/19/2021 at 2:38 AM, cv91915 said:

 

... Olive Garden serves food.  🤷‍♀️

I believe this is debatable...

[TheVig]

Closed my Amex green today. Was set to renew tomorrow.

 

That leaves me with just three cards with a  AF.

 

Amex Gold $250 (on probation)

Amex Delta Gold $99 (on probation)

Amtrak World MC $79

[brainchasm]

Did I mention I closed all my Citibank cards?

 

Because I closed all my Citibank cards.

 

Also, somewhat more recently, Alliant closed my card.  I suppose it was about time.  It was one of my first (if not the first) cards I got during my first credit recovery in 2009/2010.  So between Citi and Alliant, I've lost probably $40k in limits, but oh well.  More room for more better cards!

 

When I say first, that's not to imply there has been a second.  In fact, I still consider myself as riding the wave of my first recovery.  I've just run out of meaningful things to do, besides make more money.

 

 

[MP80]

Actually, If you are a Transactor with no intention of carrying balances, 5-8 cards are plentiful to keep track of.

[cv91915]

For some reason I can't bring myself to close my perpetually-unused $20,000 Synchrony / Rackyewten Visa.

 

And it's sitting here, now, right next to my phone.

 

 

 

[centex]

On 10/26/2021 at 6:41 PM, MP80 said:

Actually, If you are a Transactor with no intention of carrying balances, 5-8 cards are plentiful to keep track of.

Why stay in the minor leagues? 

 

An excel spread sheet has FAR more than 8 lines...

[TheVig]

6 hours ago, cv91915 said:

For some reason I can't bring myself to close my perpetually-unused $20,000 Synchrony / Rackyewten Visa.

 

And it's sitting here, now, right next to my phone.

 

 

 

 

It's okay, I'm not sure why I can't close my Walmart MC. They tried to entice the other day with an email for a travel promo. lol

[cv91915]

5 hours ago, TheVig said:

It's okay, I'm not sure why I can't close my Walmart MC. They tried to entice the other day with an email for a travel promo. lol

 

2% back on travel?  I got that one too.  How could you go wrong?

[brainchasm]

9 hours ago, cv91915 said:

For some reason I can't bring myself to close my perpetually-unused $20,000 Synchrony / Rackyewten Visa.

 

And it's sitting here, now, right next to my phone.

 

 

 

I wonder if the cashback on the Rakuten Visa shows up as cash back when you have a MR AMEX attached to the account for the cashback-to-MR trick, or if it shows up as MRs.

 

[MP80]

9 hours ago, centex said:

Why stay in the minor leagues? 

 

An excel spread sheet has FAR more than 8 lines...

This is merely my perspective... 

 

The point is, all you want is a card with better cashback, no annual fee. Therefore, every purchase is paid in full every month, and if used as a debit card, this will keep you away from debt.

 

Now, I can see that some people don't think so! The more cards they collect, the more credit they hoard. There are more conceited desires, and everything is for a better point of view. To me, tracking 20 cards is crazy, and you will see greedy lender like Capital One doing their best to force you to use their cards more, otherwise! In any case, the credit world is getting harder and harder to get approval every day. 

 

If you have enough savings, no debts, and a good income, what is the purpose of using more cards to create management difficulties for yourself?

 

I think once you understand what credit is, how to use it, and how to protect your credit, then the whole credit game is irrelevant. FICO is a real-life game with score numbers that shift up and down. You only need 5 cards in total, just like some existing members. This will be relevant, easy to manage, uncomplicated, and safe. 

 

Some prime borrowers want to do this, using fewer than 10 cards or fewer to manage the herd. These people don't think they are playing in the minor leagues, do they?  

[cv91915]

6 hours ago, MP80 said:

If you have enough savings, no debts, and a good income, what is the purpose of using more cards to create management difficulties for yourself?

 

If one credit card company wants to hand me $20 and another wants to hand me $50 for the same purchase, I'll take the $50.

[MP80]

6 hours ago, cv91915 said:

If one credit card company wants to hand me $20 and another wants to hand me $50 for the same purchase, I'll take the $50.

Only a stingy person (not saying you) cares about nickel and dime, and carrying a balance would forfeit all that cashback, true?

 

Use your time every day to make a purchase decision on which card itself costs money, and time equals money.

 

A pile of credit cards will only cause time fatigue. Think about how much time consumption a person spends every day thinking about his 20 cards?  

[hdporter]

8 hours ago, MP80 said:

Only a stingy person (not saying you) cares about nickel and dime, and carrying a balance would forfeit all that cashback, true?

 

Use your time every day to make a purchase decision on which card itself costs money, and time equals money.

 

A pile of credit cards will only cause time fatigue. Think about how much time consumption a person spends every day thinking about his 20 cards?  

 

To each their own, but I largely side with the camp that maintains that if you watch your nickels and dimes (within reason), the dollars take care of themselves.  (And I'm not sure where the idea of "carrying a balance" entered into the discussion.)

 

I'm not sure of the actual tally, but between Bev and myself, I imagine we have 40+ open revolving accounts.  90%+ of credit purchases are split between something like 6 cards, and there's no more than a split second of deliberation as to what card gets what purchases.  I suspect we spend more time managing our Keurig coffee pod and cat food delivery orders than we do managing daily credit purchases.

 

Of course, I don't micro-manage our cards to show activity every 6 months.  I typically take note of when a card hasn't been used in over a year's time and ensure it doesn't hit the 2 year mark.  In 40 years, I've only had one card closed because of 6-12 mo inactivity (and that was a "good riddance" situation in the end).

[MP80]

8 hours ago, hdporter said:

 

To each their own, but I largely side with the camp that maintains that if you watch your nickels and dimes (within reason), the dollars take care of themselves.  (And I'm not sure where the idea of "carrying a balance" entered into the discussion.)

 

I'm not sure of the actual tally, but between Bev and myself, I imagine we have 40+ open revolving accounts.  90%+ of credit purchases are split between something like 6 cards, and there's no more than a split second of deliberation as to what card gets what purchases.  I suspect we spend more time managing our Keurig coffee pod and cat food delivery orders than we do managing daily credit purchases.

 

Of course, I don't micro-manage our cards to show activity every 6 months.  I typically take note of when a card hasn't been used in over a year's time and ensure it doesn't hit the 2 year mark.  In 40 years, I've only had one card closed because of 6-12 mo inactivity (and that was a "good riddance" situation in the end).

Let me clarify the deficiency of precision on nickel and dime, haha... I apologize if the way I wrote lacks ambiguity by encapsulation.  

 

If you have 20 or more cards, most of your cards are dormant, and these inactive cards are used periodically on a gap of a few times a year. I will give you the edge advantage of managing a few cards on regular usage. 

 

Many people play the cards in a controlled way by rotating them for 3 to 6 months, thus manipulating these cards your way. The consequences of this strategy ultimately succumbed to the potential CLD of some annoying creditors.