Colonative
Nice cover story...! You did pay attention. Reminding me of my more successful credit days when I always PIF every month. Used my head. Today caution and restraint are my buzz words and no huge credit lines. Frankly I could afford them but don't really need them.

Colonative
Now that brings back memories. I had a Rocky Mountain Visa Bank Credit Card. Forgot all about it until you mention it. Boy does that go back aways. Now that we are showing age, I got my first $5,000 CL with Michigan National Bank in 1982 when they first came out with gold cards. The Card was all black with a gold visa symbol right in the middle. Frankly it was one of the best looking cards ever. People noticed it as all the Visa cards were white, blue and gold while the Mastercards were white background with Red & Gold circles (similar to Ven diagrams). Now you are pushing history here since most of the readers are way younger and won't have any connection to all this. There were lot's of card issuers then, choice and options. However, the interest rates generally were 15.9% and up and everyone had annual fees. Credit lines of $2,000 were huge so when I got my first $5K CL that was really huge! My biggest ever CL was MBNA at $57,500 and I made $18K in income. GADS! That is where I lost it so banks putting maximums are really helping us even if we don't like it. I BK'd over $200K due to lack of restraint. Today I have reduced my CL's to lower opportunity to exceed rationale earning power.

I remember my dad had a Rocky Mountain Bankcard System Visa. I distinctly remember when he got his replacement card he cut the hologram off the old card and gave it to me. His account number wasn't even 16 digits! So that must have been after the giant Visa logo was the design of the card, I think sometime around 1984 or so they began the hologram. I think that was my parents only major credit card; back then most people had store and gasoline cards. They had a Chevron card I remember, we would go through full service and my mom would give the guy her card and he had a board with a receipt to wright on, and I believe he made an imprint of the card. I guess I am getting old LOL, but I want to point out that I was a kid, I didnt have any of these cards myself.

Colonative
Now that brings back memories. I had a Rocky Mountain Visa Bank Credit Card. Forgot all about it until you mention it. Boy does that go back aways. Now that we are showing age, I got my first $5,000 CL with Michigan National Bank in 1982 when they first came out with gold cards. The Card was all black with a gold visa symbol right in the middle. Frankly it was one of the best looking cards ever. People noticed it as all the Visa cards were white, blue and gold while the Mastercards were white background with Red & Gold circles (similar to Ven diagrams). Now you are pushing history here since most of the readers are way younger and won't have any connection to all this. There were lot's of card issuers then, choice and options. However, the interest rates generally were 15.9% and up and everyone had annual fees. Credit lines of $2,000 were huge so when I got my first $5K CL that was really huge! My biggest ever CL was MBNA at $57,500 and I made $18K in income. GADS! That is where I lost it so banks putting maximums are really helping us even if we don't like it. I BK'd over $200K due to lack of restraint. Today I have reduced my CL's to lower opportunity to exceed rationale earning power.

The Bank Gold Visa is issued by a regional bank system that generally only deals within its own customer base located in very northern Minnesota (14 bank system). I am a customer and they do not solicite outside their market area. No fees for cash advances and or other transactions only the 6.9% interest and no AF also they have a rewards program. Great CL and they are fussy.

Oh cool. I have a Visa Gold from my local bank as well. I remember as a kid the bank that eventually became US Bank had a credit card system called Rocky Mountain Bankcard System (despite being based in MN). It was very popular and to this day some people still have their Rocky Mountain Gold card.

The Bank Gold Visa is issued by a regional bank system that generally only deals within its own customer base located in very northern Minnesota (14 bank system). I am a customer and they do not solicite outside their market area. No fees for cash advances and or other transactions only the 6.9% interest and no AF also they have a rewards program. Great CL and they are fussy.

I follow your thinking and closed four bank credit cards, one bank line of credit (checking overdraft) and paid off one installment loan in the last three months. Had over 15 accounts and could not use them. Also the number of open trade lines and available credit, it was more than I could handle. Hope it helps me to have good accounts that get used and paid off most every month. Today I have a Wells Fargo Rewards Visa, BofA World Points Visa, Chase Freedom Rewards Visa, HSBC American Express, HSBC Mastercard and a Bank Gold Visa (6.9% APR Cash & Purchase with nice CL), two store cards and an auto loan. Oh, one bank line of credit (checking overdraft). Believe I can handle all this but... ?

What is a Bank Gold Visa? Sounds like you have a good mix.

I follow your thinking and closed four bank credit cards, one bank line of credit (checking overdraft) and paid off one installment loan in the last three months. Had over 15 accounts and could not use them. Also the number of open trade lines and available credit, it was more than I could handle. Hope it helps me to have good accounts that get used and paid off most every month. Today I have a Wells Fargo Rewards Visa, BofA World Points Visa, Chase Freedom Rewards Visa, HSBC American Express, HSBC Mastercard and a Bank Gold Visa (6.9% APR Cash & Purchase with nice CL), two store cards and an auto loan. Oh, one bank line of credit (checking overdraft). Believe I can handle all this but... ?

Chase Perfect Card Visa
Chase Cash Plus Rewards Visa
USAA Total Rewards Mastercard
Bank of America BankAmericard Power Rewards Visa Signature(New)
Capital One Platinum Mastercard
Macys Store Card

HSBC Platinum Mastercard (Open but not used)
HSBC Direct Rewards Platinum Discover( Open but not used)

I use the Chase Cash Plus Rewards Visa it has 5% cash back and its gets the most use. I cycle thru the rest for other items by using different card each month. I have closed 3 cards it the last few months due to the changes in agreements that I did not want to continue with that would have started mid December. Overall I have been happy with this grouping with advice from all of you and seeing your own experiences with each bank good or bad.

Todd

As of November 21st I have these cards.


Firestone $1,400.00
First National CC $450.00
Cortrust Bank $450.00
Kay Jewelers $1500.00
Jared Jewelers $1500.00
JB Robinson $1500.00
Shaw's Jewelers $1500.00
Oster Jewlers $1500.00
JB Robinson $1500.00
Capital One $1000.00
Capital One $1000.00
Orchard Bank Closed
Hooters Mastercard Closed
Dell Financial $1000.00
New Egg $4000.00
HSBC Discover $900.00
Garrett State Bank Visa $500.00
Macy's $500.00
Kohl's $500.00
Wal-Mart $300.00
FingerHut $310.00
Sears Solutions MasterCard $450.00
Tribute Closed
This is a total figure since I started rebuilding in April of 2008!

Fico scores April 2008

TU= 524 Eq= 481 Ex= 576


Fico Scores November 2009

TU= 597 Eq= 672 EX= 588

Total Available Credit $17,760

don't count firestone they don't report the limit the card is useless and a rip off.

Scary...? I went BK in 2001 with around a $200+K Credit lines. Today I have closed $21K (about $45K left open) and am trying to refocus as I had too many accounts to use them all and keep the payments straight in my head. My focus is on the FICO mix of credit cards along with cards I really want and use. Being an older guy not to much I need anymore. Also with retirement this year my income drops by about $50K. Heads up, one has to be able to pay for what is purchased (like we all didn't know that...).

You got too many jeweler cards, I would only keep 1 or two open. Just a thought.

As of November 21st I have these cards.


Firestone $1,400.00
First National CC $450.00
Cortrust Bank $450.00
Kay Jewelers $1500.00
Jared Jewelers $1500.00
JB Robinson $1500.00
Shaw's Jewelers $1500.00
Oster Jewlers $1500.00
JB Robinson $1500.00
Capital One $1000.00
Capital One $1000.00
Orchard Bank Closed
Hooters Mastercard Closed
Dell Financial $1000.00
New Egg $4000.00
HSBC Discover $900.00
Garrett State Bank Visa $500.00
Macy's $500.00
Kohl's $500.00
Wal-Mart $300.00
FingerHut $310.00
Sears Solutions MasterCard $450.00
Tribute Closed
This is a total figure since I started rebuilding in April of 2008!

Fico scores April 2008

TU= 524 Eq= 481 Ex= 576


Fico Scores November 2009

TU= 597 Eq= 672 EX= 588

Total Available Credit $17,760

1st Premier $450 balance $0
1st Premier $350 balance $0
Target $500 balance $150
Tribute $760 balance $350
Salute $0 balance $350 (CL closed from $600)
Orchard $500 balance $0
Orchard $700 balance $0
Hooters $500 balance $0
Cap 1 A/U $1100 balance $950
Cap 1 $1000 balance $409
Fingerhut $550 balance $100
Juniper/BarClay $500 New as of 11/08 balance $0

TOTAL CARDS
12

TOTAL CREDIT LINE
$6910

FICO'S SCORES
TU 646
EX 656
EQ 617

as of 11/19/2009


I only use the Cap1 cards..I think I'm next going to pay off Tribute..Not worried about Salute and Fingerhut at this time. My Cap 1 A/U has a 0% apr till 5/09 so i'll pay that card off by then....I think use Target once every two months....

as of 11/19/2009

1st Preimer $550
1st Premier $450
Target $500
Tribute (closed by company)
Salute (closed by company)
Orchard $500
Orchard $500
Hooters $700
Cap 1 Au/user $1100
Cap 2 $1500
Cap 3 $1500
Fingerhut $550
Juniper $500
line $8,350
about 40% av /credit:cheesing:

I got a Sunoco card limit $800

I am going to stop applying, as I've had a few deny's but I'll wait a while, before I open any more credit, or new accounts..

Should I wait at least, a year or six months, or the two years?


I have a firestone card, I've had it for almost 2 years now, what I don't get is why don't they report the limit, only the high balance, so it don't help your credit, Can you force them to do it, will it hurt to close this card? Which cards are bad to keep open? Is it bad to keep them open if you don't use them often?

You need to wait at least a year if not two. And you need to stop opening these random accounts. A good solid Visa or MasterCard goes a long way. From your other posts it sounds like you have some good cards (Capital One, Macys).

I have never seen a Firestone card reporting on a credit bureau. You are right, not reporting a limit could be bad but only if you carry a balance.

Just fair warning, if you do not use a credit card often enough, the creditor can close it at their request and that could look bad to other creditors. If you are going to have accounts open, it is wise to use them at least once every three months.

I got a Sunoco card limit $800

I am going to stop applying, as I've had a few deny's but I'll wait a while, before I open any more credit, or new accounts..

Should I wait at least, a year or six months, or the two years?


I have a firestone card, I've had it for almost 2 years now, what I don't get is why don't they report the limit, only the high balance, so it don't help your credit, Can you force them to do it, will it hurt to close this card? Which cards are bad to keep open? Is it bad to keep them open if you don't use them often?