Close Store Card? (Kay’s)

Mar 092011
 

In the process of rebuilding my credit I opened a Kay Jewelers store card (5k limit). Recently I heard Clark Howard say a store card can actually HURT credit score. Should I close it?

Should I cxl $200CL secured card after a while?

Nov 012010
 

Jan, 2010 I couldnt get approved and had to get a secured cc to get life back on track.

 

Now I just got my first unsecured Orchard. I heard low credit limits can hold you back so should I cancel this secured card? My only other revolving is a store card, $800cl and a Orchard $300cl.

 

At what point do you cancel these low limit secured cards?

thanks

DSNB – Macy’s and Bloomindales

Aug 042010
 

Has anyone had any luck with GW letters to either Macy’s or Bloomindales? I paid both 4/2006 before they were sent to a CA. I currently have a Macy’s Elite store card opened 3/2007 with perfect pay history.

Related Blogs

  • Related Blogs on DSNB – Macy’s and Bloomindales

What to do? CA sent settlement letter, do I still PFD?

Apr 062010
 

Hi all!  I’m asking for your advice yet again!  National Enterprise Systems (NES) sent me a settlement letter yesterday for a Target store card that I had.  it was for $552.82 to settle a $742.40 debt (thanks to crazy interest fees and various charges).  Should I accept this offer or see if they can do better?  And if I accept a settlement offer, can I send them a letter saying that I’ll accept if the pfd (am I asking to much? lol).

 

Thanks in advance!

re-opening a Macy’s account, any recent experience?

Apr 012010
 

I have been reading many posts regarding old Macy’s accounts being re-opened.  I am looking to add a store card and thought it may be possible to just re-open mine that I had and was in perfect standing with (which I had closed without thinking…it was actually my first piece of credit).  The posts I found were from the last few years…I figured I’d ask if anyone’s had any luck with this recently.  I’d rather try and do it this way, then to have to re-apply and add an inquiry. Thanks!

Nordstroms

Feb 262010
 

Anyone got approved for a nordstroms card lately? what were your credit scores? And how many inquires did u have? WAs it a store card or Visa?

Any GOOD CC companies out there anymore?

Feb 182010
 

Now that my credit is in a much better place I’d like to find a card that has a substantially higher limit than what I have now, at a better rate. My highest non-store card CL is $750 through Chase, and all my APRs have been jacked into the 20-25% range. My highest CL overall is $1200 from Best Buy (HSBC).

 

If possible I want a card with around a five thousand dollar limit. Asking for a lot, I know, but I plan on putting everything except my rent on my cards now (paying in full monthly), and I really don’t want to do so on a $750 limit.  Lower utilization and all that.

 

My EQ score is 751 right now.

 

Could anyone recommend a card company that might give me what I’m looking for? I was thinking about going through AMEX but I’ve heard a lot of horror stories and I don’t know if I could get the limit I’m seeking through them.

Store card closed for inactivity

Feb 132010
 

I have had a Lane Bryant store card for almost 10 years.  I had sd’d it and forgotten about it.  They closed it for inactivity and I lost $950 credit limit from it, but my scores didn’t change.  Whew!

Huge CC Debt and still need $25K more

Feb 092010
 

I’m near the end of a huge drain on my finances. It was caused by multiple factors:

 

- I have a small business where the entire industry has been going downhill since late 2000. It has now been hit really hard by the current economic conditions. The gross is currently off 75% from the peak in 2000.

- I have another small business that has been hit by the current economy.

- My ex embezzled money from both business and dug a big financial hole.

- I’m at the end of a 5+ year divorce that has cost a fortune. When filing for divorce, my ex maxed out all accounts to which she had access.

- I’ve become a single parent as my ex does not contribute to any expenses of my son. I have also had huge legal expenses as a result of her being convicted of criminal charges including Willful Child Cruelty but still wanting conpletely unrestricted visitation.

 

I started with very good credit and substantial savings but now have substantial debt. I now need $25K more for final property settlement in divorce. My CC are now:

 

Account         Rate%   Balance     Limit     Notes
 
Personal Accounts:        
Amex            15.24         $0    $3,100   
BMW             13.24         $0   $15,000   
HomeDepot       25.99         $0   $13,500    Store Card   
Kohl’s          21.90         $0    $1,500    Store Card    
Sears MC        14.49         $0    $8,000   
       
HELOC            4.63    $30,000   $30,000       
CapOne           5.99    $16,380   $18,000   
Chase#1          4.99     $7,450   $13,500    BT Promo Rate, goes to 24.24 2/1/2011 
Chase#2          2.99    $18,390   $20,000    BT Promo Rate, goes to 14.24 3/1/2011 
       
Business Accounts:
BofA             0.00    $30,567   $46,000    BT Promo Rate, goes to 8.49 7/1/2010 
CapOneBus        9.99     $3,939   $20,000   
Disc             0.00    $11,392   $15,000    0% Short Term Promo, goes to 18.24 4/1/2010 
—————————————————————————————- 
Total Revolving on CRs  $118,118  $203,600    58% utilization on Credit Reports   

       
Business Accounts that don’t appear on Personal CR      

       
Advanta         10.99     $7,000    N.A.      Advanta cancelled all CC so no new charges 
Amex-LOC         9.49     $2,700    N.A.      Amex cancelled all LOC so no new charges  
BofA MC          7.99     $7,100    $7,400   
BofA Visa       16.49         $0   $56,000   
Lowes Bus       21.00         $0    $7,500    Store Card  
       
       
TotRevolving            $134,918  $274,500

Average Interest Rate on actual balances:      3.91%    
(Rate*Balance) / Balance    

 

My current FICO has dropped to 708 and current FAKO from EX is now 744. I’m afraid that any more debt might start the landslide where creditors see too much debt and lower my limits, leading to further AA. As you can see I have a current effective interest rate on this debt of only 3.91%. Charging the $25K on the BofA visa at 16.49% would be a killer from the standpoint of average interest rate AND I would then owe BofA a total of $65K, which seems it would catch their attention.

 

I’m using the temporary Discover 0$ promo to pay the CapOne Business to $0 by next reporting so I should get a slight score boost when I have one more CC reporting $0.

 

Any great ideas that I’m missing?

Message Edited by GregB on 02-09-2010 08:20 AM
Sony Vaio Pcg-grx530k Battery