Comments on: I can’t handle all these accounts!

By: How to close a bank account | Student Scrooge

How to close a bank account | Student Scrooge — Fri, 22 Aug 2008 21:54:05 +0000

[...] partially inspired by Clever Dude from earlier this year, I have decided to go through and close many of the bank accounts that I am [...]

By: Closing some bank accounts at Clever Dude Personal Finance & Money

Closing some bank accounts at Clever Dude Personal Finance & Money — Tue, 29 Jan 2008 16:42:38 +0000

[...] like I said 6 months ago, “I can’t handle all these accounts!“. It’s simply clutter. So here’s what I [...]

By: I couldn’t help myself. I applied for the AmEx card at Clever Dude Personal Finance & Money

Mon, 16 Jul 2007 11:03:46 +0000

[...] the same guy who complained that he couldn’t handle all his accounts just signed up for the American Express Business Gold Card to get the $250 bonus rewards. I do also [...]

By: MoneyNing

MoneyNing — Mon, 02 Jul 2007 05:41:30 +0000

Ms Broke: Don’t wait. Consolidate them as soon as possible. You are almost throwing money away the more you wait.

By: Ms Broke

Ms Broke — Thu, 28 Jun 2007 09:20:15 +0000

If it makes you feel better, I think I have about… 14 superannuation (retirement) accounts And that’s just stupid! (I’m going to consolidate soon, I swear).

By: Tim

Tim — Thu, 28 Jun 2007 07:30:04 +0000

the problem with cutting up and “forgetting” about them ensures that you may have problems in the future. if you own any account, you need to periodically maintain and look at them. if not, rules change, and suddenly you can be liable for new fees if you “forget” about the accounts, you may have put yourself in an unintended mess.

Tyler, it is situationally dependent. as Rob wrote, if you rent, you are more than likely going to get a credit pull. if you moved and need to start up utilities, get a phone et, you may get a credit pull in these cases, it is the difference between paying a deposit and not. there are many jobs that require a credit pull. if you go through your entire life without having credit, and then suddenly need it, you are going to be in some pain. being a responsible person doesn’t mean you shouldn’t get credit cards or loans. i agree fico shouldn’t be the end all, but if you are responsible and looking to get the best rate on loans, you must. again, it all depends.

having too many checking and savings accounts can lead be overwhelming and be a challenge. if you aren’t using them, then consolidate. no sense in having them unless you are getting some kind of bonus out of them. credit cards, i think if they are under a year old, getting rid of them or consolidating within the same family of credit cards is fine…that is if you aren’t expecting to get a loan within 6-12 months. much of all this stuff is to ensure you are going to get the best rate if you want to get a loan or credit.

By: Baz L

Baz L — Wed, 27 Jun 2007 23:29:14 +0000

I would trade one of the checking acocunts for an ING Account. ING Accounts are sexxxy, plain and simple. You get a checking account with excellent Bill Pay and one that earns 4.00% interest. You, always, and will always need to maintain one checking account from which you can actually write a check (one day you’ll need it). I haven’t for a while though.

Pay off the credit cards accounts and cut them up and forget about them. You can call up the credit card company and tell them put a hold on the account so that no charges can be made.

However, your lil’ calculation shows that it won’t hurt you that much. People like me with $10,000 total credit limit spread over 3 cards don’t dear dream of closing any of them.

BoA savings??? Why??? You just need one, maybe two (if you have the ING account). As one of the guys said up there (can’t remember who) these online savings account bank always battle it out, so rates will vary. Also, there’s the whole “all eggs in one basket thing”, so that’s the only reason I have two.

You might always consider signing up and registering your account at http://www.yodlee.com. It stores all your account information and you can update with one click and it does everything. Gives you a nice overview.

Simplicity has its place, but there’s something ot be said for flexibility. Always have a backup, crap happens at the funniest times.

By: Rob

Rob — Wed, 27 Jun 2007 20:19:11 +0000

Funny,.. every place I ever tried to rent from checked my credit score. Heck, even my cell phone carrier checked my credit score before signing me on. I mean, there may be alternatives, but not caring about a credit score can severely limit your options. I’m not saying that you need to jump through hoops,.. just be responsible.

By: Tyler

Tyler — Wed, 27 Jun 2007 19:55:18 +0000

You guys are seriously being played by the credit card companies and other lenders! WHEN WILL ANYONE REALIZE YOU DO NOT NEED A CREDIT SCORE FOR ANYTHING!!! If you want a car, SAVE UP FOR IT! If you want a house, go to a mortgage company that MANUALLY UNDERWRITES the loan! You’ll probably get a much better rate anyway because credit scores fluctuate so much and it is not the best measure for payment risk anyway! You guys that have over 2 credit cards are seriously delusional and blinded. Fico-this! Fico-that! Screw the credit score! If you really want to live debt free and free from lenders again, you must adopt this mentality. Obviously, being a responsible citizen and consumer, you should make sure you pay back everything on time so that it doesn’t look bad, but to do it just for credit score is mad.

By: Tim

Tim — Wed, 27 Jun 2007 19:25:47 +0000

I’d read the fine print on the Citi $50 promo first, before you close it. Most require you to maintain the account for 6 months, otherwise, you will pay an early closure fee.

credit cards: if it is a one year old, it’s not going to be negative, so long as you aren’t expecting to get a loan within 6-12 months. if you have a few from the same company (i.e. citi), you might ask citi to consolidate the credit limits onto one card and get rid of the other ones.

BofA Visa: since it is one of your oldest, then keep it. Also, if you are a BofA credit card owner, you can open a MyAccess account and get a $100 promo.

if you have savings accounts doing the same thing, then get rid of the rest and keep one. if you have savings that have lower interest rate than another, then get rid of them.

change rewards programs within the same credit card family. if you don’t use miles, then change the reward program to something you use.

i wouldn’t get rid of your wife’s credit card since it is her only one.