topic Re: To fellow 800 Club members (Advice on the last Hoorah) in Credit Cards

To fellow 800 Club members (Advice on the last Hoorah)

tmbr10 — Sun, 15 Apr 2012 16:44:39 GMT

Hello fellow 800 club members. I am new to these forums but have been with MyFICO for quite some time. I've been gardening for longer then I've known the term :smileyhappy:

This is my first new thread but I really jus wanna hear from those with similar credit resumes as mine.... Although all input will be appreciated

Im looking for ONE more credit card. Then I'll probably retire from Apping. I'm really intrigued by DISCOVER as its not in my wallet currently but I also want excellent spending power. In other words, a CL of less then 10000 doesnt really interest me.

With a MyFICO score of 812, >1% utilization, no INQ's, no baddies, AAofA of 9yrs, >2000 total debt...

what, in your opinions, is the ONE last card that will give me the most bang for my buck?

BofA? Not military and have no relationships with Credit Unions.

My main CC is my AMEX Delta Platinum @ 20000 ($100.00 balance).

I also have a C1 @ 5300 (no balance), a bank card @ 5000 (no balance), a CHASE Freedom @ 2000 (no balance), Home Depot 1100 (no balance).

Thanks in advance.

Re: To fellow 800 Club members (Advice on the last Hoorah)

ctb89 — Sun, 15 Apr 2012 05:56:30 GMT

Since you have Freedom, why not go for CSP? (And a Chase checking account if you don't already have one).

Re: To fellow 800 Club members (Advice on the last Hoorah)

ferrari — Sun, 15 Apr 2012 10:03:23 GMT

Discover will never start you off with a 10K CL and it will be like pulling teeth getting them to give you an increase later down the road.

Re: To fellow 800 Club members (Advice on the last Hoorah)

webhopper — Sun, 15 Apr 2012 15:04:32 GMT

What about an amex blue cash preferred or hhonors? Since you're already good and impressed by Alex; just build on your relationship and you wont take the score decrease from opening a new account sinceyour new account will be aged the same as your delta

Re: To fellow 800 Club members (Advice on the last Hoorah)

marty56 — Sun, 15 Apr 2012 16:29:37 GMT

IMHO I wouldn't apply for a thing unless you realy need it.

Re: To fellow 800 Club members (Advice on the last Hoorah)

tmbr10 — Sun, 15 Apr 2012 18:12:31 GMT

marty56 wrote:
IMHO I wouldn't apply for a thing unless you realy need it.

Very good advice. This is typically how I manage my credit. However, looking down the road a little bit, I may be buying another car in the next year to 18 months. I also have plans to get married one of these days (and everything that comes with that). Therefore, I may be leaving the 800 club :smileysad: and want to get a great card while I can still hang this great score.

Also, the advice on doubling up with AMEX is intriguing. I actually haven't thought about that. Im a little concerned with how much more credit AMEX would want to extend me if I already have a 20k CL on my Delta.

Re: To fellow 800 Club members (Advice on the last Hoorah)

webhopper — Sun, 15 Apr 2012 18:21:29 GMT

There are cases of people on this forum who were able to get multiple amex revolvers. You may have to "borrow" from your other cards CL to get started; but you can successfully get cli up to 3x your initial limit on day 61 of having the card. I'm sure Alex would be.more than happy to issue you another card. You can have up to 4 Amex cards I believe; someone correct me if I'm wrong!

Re: To fellow 800 Club members (Advice on the last Hoorah)

Creditaddict — Sun, 15 Apr 2012 18:24:55 GMT

I mena if you follow anything I do I'll apply for anything, half the time with no use!

But the fact that the next highest CL after the $20k with Amex is $5300 and not wanting to apply unless you get $10k plus, although score and everything deserves it some of these automated approval computer systems will kick down the initial CL just based on your average CL on your accounts.

If you know car, marriage, home? are coming in the next couple years you can afford a couple INQ right now, start with Home Depot, get an underwriter and ask for $20k

not sure Chase is worth it or not, sometimes people get very large lines and others can't get out of $1k, it's almost like Cap1 or something!

go ahead and apply for the discover

a 2nd amex would probably be EASY and getting $25k on your current Delta and a new one would probably take very little time.

Then you have an entire year to sit and the new accounts age and inq to go away to then get the car etc.

Re: To fellow 800 Club members (Advice on the last Hoorah)

marty56 — Sun, 15 Apr 2012 22:01:47 GMT

We should never be FICO score poor. If we need to use or credit it and we loose points, so be it. The scores will recover. Just make it count.

LOL even if I was a lotto winner, I would still worry about my FICO score. Yes as Dave Ramsey says, cash is still always king, 800 score or not.

Re: To fellow 800 Club members (Advice on the last Hoorah)

Chris123nTx — Sun, 15 Apr 2012 23:29:38 GMT

First off, get a credit line increase and or change your freedom to the signature freedom. I would think they may very well take you to 10k or more. Then as others mentioned, i might look at the amex blue cash preferred. You have the history with them, and it would give you a different reward structure. Who knows for sure, but with the scores and history you should be good for any of them. I recently changed my plat delta to the bcp. The rewards made more sense for me withthe bcp I dont have one, but the chase saphire pref is supposed to be a great card too. I just dont spend enough for me to justify it. My eq fico floats from 803 to 811, usually for no apparent reason. Being that close to the 800 keeps me from otherwise applying for anything. I like being there, and if i ever decide on getting a lake cabin it would make it much easier, or at least on less thing to worry aboit. Just my opinions for what they are worth.

Re: To fellow 800 Club members (Advice on the last Hoorah)

smallfry — Sun, 15 Apr 2012 23:31:26 GMT

I would go for a Pentagon Federal Credit Union Cash Rewards card.

Re: To fellow 800 Club members (Advice on the last Hoorah)

JusdoNit — Mon, 16 Apr 2012 01:20:37 GMT

Creditaddict wrote:
I mena if you follow anything I do I'll apply for anything, half the time with no use!
But the fact that the next highest CL after the $20k with Amex is $5300 and not wanting to apply unless you get $10k plus, although score and everything deserves it some of these automated approval computer systems will kick down the initial CL just based on your average CL on your accounts.
If you know car, marriage, home? are coming in the next couple years you can afford a couple INQ right now, start with Home Depot, get an underwriter and ask for $20k
not sure Chase is worth it or not, sometimes people get very large lines and others can't get out of $1k, it's almost like Cap1 or something!
go ahead and apply for the discover
a 2nd amex would probably be EASY and getting $25k on your current Delta and a new one would probably take very little time.
Then you have an entire year to sit and the new accounts age and inq to go away to then get the car etc.

Yes, increasing the limits on those other cards is a good move. I'm surprised to read your Home Depot is at $1100 dollars with a $20k Amex in your wallet. You may want to go with PSECU for an initial $10k limit or some other credit union.

Just my cent and a half.:smileywink:

Re: To fellow 800 Club members (Advice on the last Hoorah)

frogfan12 — Mon, 16 Apr 2012 23:22:47 GMT

I'd go for a BCP and look at getting a CLI on some other cards if it doesn't mean a HP.

Re: To fellow 800 Club members (Advice on the last Hoorah)

LS2982 — Mon, 16 Apr 2012 23:31:10 GMT

Have you looked into Simmons First?

Re: To fellow 800 Club members (Advice on the last Hoorah)

tmbr10 — Sun, 06 May 2012 02:58:47 GMT

Thanks to all for posting on this thread and for the advice. Info from these forums is priceless to me. I'll probably work my current cards for soft pull CLI's and see where I stand after that.

Re: To fellow 800 Club members (Advice on the last Hoorah)

BigDaddy18 — Sun, 06 May 2012 03:07:34 GMT

Hey nice scores and good luck!

Re: To fellow 800 Club members (Advice on the last Hoorah)

scottwagnon — Sun, 06 May 2012 05:56:56 GMT

tmbr10 wrote:
marty56 wrote:
IMHO I wouldn't apply for a thing unless you realy need it.
Very good advice. This is typically how I manage my credit. However, looking down the road a little bit, I may be buying another car in the next year to 18 months. I also have plans to get married one of these days (and everything that comes with that). Therefore, I may be leaving the 800 club :smileysad: and want to get a great card while I can still hang this great score.

Also, the advice on doubling up with AMEX is intriguing. I actually haven't thought about that. Im a little concerned with how much more credit AMEX would want to extend me if I already have a 20k CL on my Delta.

Unless you are convinced you need to remain in the 800 club, by all means you are idealy positioned for an app spree. there are members on this site that would be willing to kayak accross the pacific ocean just to have the same credit profile you do. then they would app their tush off.

reward yourself, have a bottle of fine wine and wine app your tush off. you have earned it and no one should stop you. start with discover more, avoid subprime traps, and end with barclaycard ring (so what if they close you for too many apps.) you are doin just fine.

but in all seriousness, the light is super green for you to app. for a discover more. i would apply for a discover miles too if i were you. based on your information, it is very likely that you could get a discover more with a starting limit of 6k or greater.

i however, did my only app spree i will ever do about two years ago. i am a couple of cards to go before i am done long term. i plan on applying for two more cards in the next two years. FNBO discover and BarclayCard Ring mastercard.

Re: To fellow 800 Club members (Advice on the last Hoorah)

scottwagnon — Sun, 06 May 2012 05:49:36 GMT

Creditaddict wrote:
I mena if you follow anything I do I'll apply for anything, half the time with no use!
But the fact that the next highest CL after the $20k with Amex is $5300 and not wanting to apply unless you get $10k plus, although score and everything deserves it some of these automated approval computer systems will kick down the initial CL just based on your average CL on your accounts.
If you know car, marriage, home? are coming in the next couple years you can afford a couple INQ right now, start with Home Depot, get an underwriter and ask for $20k
not sure Chase is worth it or not, sometimes people get very large lines and others can't get out of $1k, it's almost like Cap1 or something!
go ahead and apply for the discover
a 2nd amex would probably be EASY and getting $25k on your current Delta and a new one would probably take very little time.
Then you have an entire year to sit and the new accounts age and inq to go away to then get the car etc.

there you go. invite creditaddict over for an app spree party, he will be able to make your apping experience a perfect adventure! im sure CD will even provide the chabis! :smileyhappy:

Re: To fellow 800 Club members (Advice on the last Hoorah)

logan_720 — Sun, 06 May 2012 06:00:24 GMT

tmbr10 wrote:
Hello fellow 800 club members. I am new to these forums but have been with MyFICO for quite some time. I've been gardening for longer then I've known the term :smileyhappy:

This is my first new thread but I really jus wanna hear from those with similar credit resumes as mine.... Although all input will be appreciated

Im looking for ONE more credit card. Then I'll probably retire from Apping. I'm really intrigued by DISCOVER as its not in my wallet currently but I also want excellent spending power. In other words, a CL of less then 10000 doesnt really interest me.

With a MyFICO score of 812, >1% utilization, no INQ's, no baddies, AAofA of 9yrs, >2000 total debt...

what, in your opinions, is the ONE last card that will give me the most bang for my buck?

BofA? Not military and have no relationships with Credit Unions.

My main CC is my AMEX Delta Platinum @ 20000 ($100.00 balance).

I also have a C1 @ 5300 (no balance), a bank card @ 5000 (no balance), a CHASE Freedom @ 2000 (no balance), Home Depot 1100 (no balance).

Thanks in advance.

First of all, being in the 800 club isn't that hard, as your credit score is very minor compared to a whole portfolio, and can flucuate from month to month :smileylol: Also, you've only been a member for under a month :smileysurprised: Anyway, theres some tough love from me...And I would say that a Chase Saphire Preferred would compliment your credit portfolio very, very nicely. It seems like its a very sophisticated card, available to those who have earned, like yourself and I don't see why you would have a problem getting a reasonable credit limit, or reconning for a higher one in the case you are given one you can't work with. Though I doubt they would do that.

Re: To fellow 800 Club members (Advice on the last Hoorah)

tmbr10 — Sun, 06 May 2012 19:07:34 GMT

logan_720 wrote:
tmbr10 wrote:
Hello fellow 800 club members. I am new to these forums but have been with MyFICO for quite some time. I've been gardening for longer then I've known the term :smileyhappy:

This is my first new thread but I really jus wanna hear from those with similar credit resumes as mine.... Although all input will be appreciated

Im looking for ONE more credit card. Then I'll probably retire from Apping. I'm really intrigued by DISCOVER as its not in my wallet currently but I also want excellent spending power. In other words, a CL of less then 10000 doesn't really interest me.

With a MyFICO score of 812, >1% utilization, no INQ's, no baddies, AAofA of 9yrs, >2000 total debt...

what, in your opinions, is the ONE last card that will give me the most bang for my buck?

BofA? Not military and have no relationships with Credit Unions.

My main CC is my AMEX Delta Platinum @ 20000 ($100.00 balance).

I also have a C1 @ 5300 (no balance), a bank card @ 5000 (no balance), a CHASE Freedom @ 2000 (no balance), Home Depot 1100 (no balance).

Thanks in advance.

First of all, being in the 800 club isn't that hard, as your credit score is very minor compared to a whole portfolio, and can fluctuate from month to month :smileylol: Also, you've only been a member for under a month :smileysurprised: Anyway, theres some tough love from me...And I would say that a Chase Saphire Preferred would compliment your credit portfolio very, very nicely. It seems like its a very sophisticated card, available to those who have earned, like yourself and I don't see why you would have a problem getting a reasonable credit limit, or reconning for a higher one in the case you are given one you can't work with. Though I doubt they would do that.

Thanks for the "tough love" :smileyhappy:

However, I've actually been MyFico member for a few years. I decided the become a contributor and not just a browser of these boards about a month ago.

I respectfully disagree with your opinion that an 800 FICO isn't that hard. I've fought a long hard battle with my credit and have utilized a terrific amount of patience, discipline, restraint, common sense and overall dedication. Needless to say, it wasnt easy for me.

There's my "tough love" response :smileyhappy:

Back on topic... The Chase Sapphire Preferred is squarely in my sights. Hopefully, I can get through a backdoor and get someone to consider upgrading my Freedom based on a soft pull.