It's a good day for apps... :)

[Sevenfeet]

Ok, five weeks ago after reading a lot of posts here and elsewhere, I put together a plan for my wife and I's financial situation.  It had three goals:

1.  Get a 0% card to consolidate about $28K of our existing credit card debt

2.  Convert our existing Mastercard to a cash rewards visa and do a CLI if possible

3.  Apply for new cash rewards cards to save money on our top purchases as defined by our spending patterns.

So on 1/16/13, our porfolio looked like this:

1.  Amex Platinum (I travel a lot)

2.  Chase Slate (AU, my wife had this before we were married, $13.5K CL)

3.  Bank of America World Mastercard ($13.5K CL)

Total CL = $27K

Of these cards, the Amex was oldest (beginning in the Green days of 1989, then the Slate was next at 1998 and finally the BofA card at 2008.  So we'd been in the garden for a long time.  Time to make it pay off.  But there was a problem.  Our budget was out of whack and we were up to 95% on the two credit cards, and nearly $9K on the Amex (pay over time).  So we needed an assist from one of the vendors.  That assist came from Chase, where we found a very understanding CSR who raised our limit to $25K and upgraded the card to a Freedom.  I then went to BofA and asked them to CLI me to $20K and covert me to their Cash Rewards Mastercard...which they did!

So on 1/17/13, our portfolio looked like this:

1.  Amex Platinum

2.  Chase Freedom Mastercard ($25K CL)

3.  Bank of America Cash Reward Mastercard ($20K CL)

Total CL = $45K, Utilization = 67%

Next stop was finding a 0% card to migrate all non-Chase debt (it has a super low rate) to a new card...but which?  Thanks to these forums, I discovered Penfed and the Platinum Rewards Visa.  I thought I had a sporting chance to get that card with my income and better utilization.  Two weeks ago, Penfed came through and gave me the card and the CL I asked for..$28K.  

Immediately I balance tranferred the BofA, the Amex and a small $7K line of credit in my wife's name to it to fill that card up.  But then something interesting happened.  Penfed hasn't reported to the agencies that my card exists, but the agencies do know that the money from the other cards is now "gone".  This is a window of opportunity.

So next stop was the American Express BCP card, which I wanted for groceries, and the Fidelity Amex, which I wanted as a 2% catch all card.  I was concerned that being a FIA card that the Fidelity card would be an issue since I already had a BofA Mastercard.  And indeed, FIA already had all my information at hand when I called to apply this morning.  But I was instantly approved for $17.5K.  I've asked them to make it an even $20K...we'll see what they say in the mail.  Finally, I had an itch to finish the job with the Amex BCP card..after all, they had to approve a Platinum card holder, right?  Sure enough, I got approved this afternoon for $20K CL after having to negotiate some web site problems getting the $250 reward offer from creditcards.com to go through (but it did).

So, I'm back in the garden with these cards:

1.  Amex Platinum

2.  Chase Freedom Mastercard ($25K CL)

3.  Bank of America Cash Reward Mastercard ($20K CL)

4.  Penfed Platinum Rewards Visa ($28K CL)

5.  Fidelity Amex ($17.5K CL)

6.  Amex BCP ($20K CL)

Total CL = $110.5K, Utilization now just 40%

But wait, that's not all.  I'm in the garden, but my wife is not.  The last part of the plan is to get the remaining cards we want but allow use her inquiries, not mine.  But we needed to get her scores up since she has a stupid baddie from 4 years ago...a $19 charge off we're still disputing (not sure how it got there).  When I got the Penfed, I didn't add my wife to it yet as an AU, so all the money showing on her cards (except Chase) have now vanished.  What I'm waiting for now is for all reporting to happen with her credit lines.  Once that settles out in a week or so, she'll apply for:

US Bank Cash + Visa

Discover IT

Amex BCP

Yes, she will get her own BCP to get around the $6K a year cap on categorized items which will give us $12K total a year on groceries (we spent $20K last year).  Penfed can be used for the rest at 3%.  Not a bad run for five weeks.  But more importantly it had gotten me in better control of our credit product situation and we now have a lot more flexibility than we began with this year.  Thanks to all of you who post for helping me put together this plan.

[ryanbush]

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@Sevenfeet wrote:

Ok, five weeks ago after reading a lot of posts here and elsewhere, I put together a plan for my wife and I's financial situation.  It had three goals:

1.  Get a 0% card to consolidate about $28K of our existing credit card debt

2.  Convert our existing Mastercard to a cash rewards visa and do a CLI if possible

3.  Apply for new cash rewards cards to save money on our top purchases as defined by our spending patterns.

So on 1/16/13, our porfolio looked like this:

1.  Amex Platinum (I travel a lot)

2.  Chase Slate (AU, my wife had this before we were married, $13.5K CL)

3.  Bank of America World Mastercard ($13.5K CL)

Total CL = $27K

Of these cards, the Amex was oldest (beginning in the Green days of 1989, then the Slate was next at 1998 and finally the BofA card at 2008.  So we'd been in the garden for a long time.  Time to make it pay off.  But there was a problem.  Our budget was out of whack and we were up to 95% on the two credit cards, and nearly $9K on the Amex (pay over time).  So we needed an assist from one of the vendors.  That assist came from Chase, where we found a very understanding CSR who raised our limit to $25K and upgraded the card to a Freedom.  I then went to BofA and asked them to CLI me to $20K and covert me to their Cash Rewards Mastercard...which they did!

So on 1/17/13, our portfolio looked like this:

1.  Amex Platinum

2.  Chase Freedom Mastercard ($25K CL)

3.  Bank of America Cash Reward Mastercard ($20K CL)

Total CL = $45K, Utilization = 67%

Next stop was finding a 0% card to migrate all non-Chase debt (it has a super low rate) to a new card...but which?  Thanks to these forums, I discovered Penfed and the Platinum Rewards Visa.  I thought I had a sporting chance to get that card with my income and better utilization.  Two weeks ago, Penfed came through and gave me the card and the CL I asked for..$28K.  

Immediately I balance tranferred the BofA, the Amex and a small $7K line of credit in my wife's name to it to fill that card up.  But then something interesting happened.  Penfed hasn't reported to the agencies that my card exists, but the agencies do know that the money from the other cards is now "gone".  This is a window of opportunity.

So next stop was the American Express BCP card, which I wanted for groceries, and the Fidelity Amex, which I wanted as a 2% catch all card.  I was concerned that being a FIA card that the Fidelity card would be an issue since I already had a BofA Mastercard.  And indeed, FIA already had all my information at hand when I called to apply this morning.  But I was instantly approved for $17.5K.  I've asked them to make it an even $20K...we'll see what they say in the mail.  Finally, I had an itch to finish the job with the Amex BCP card..after all, they had to approve a Platinum card holder, right?  Sure enough, I got approved this afternoon for $20K CL after having to negotiate some web site problems getting the $250 reward offer from creditcards.com to go through (but it did).

So, I'm back in the garden with these cards:

1.  Amex Platinum

2.  Chase Freedom Mastercard ($25K CL)

3.  Bank of America Cash Reward Mastercard ($20K CL)

4.  Penfed Platinum Rewards Visa ($28K CL)

5.  Fidelity Amex ($17.5K CL)

6.  Amex BCP ($20K CL)

Total CL = $110.5K, Utilization now just 33%

But wait, that's not all.  I'm in the garden, but my wife is not.  The last part of the plan is to get the remaining cards we want but allow use her inquiries, not mine.  But we needed to get her scores up since she has a stupid baddie from 4 years ago...a $19 charge off we're still disputing (not sure how it got there).  When I got the Penfed, I didn't add my wife to it yet as an AU, so all the money showing on her cards (except Chase) have now vanished.  What I'm waiting for now is for all reporting to happen with her credit lines.  Once that settles out in a week or so, she'll apply for:

US Bank Cash + Visa

Discover IT

Amex BCP

Yes, she will get her own BCP to get around the $6K a year cap on categorized items which will give us $12K total a year on groceries (we spent $20K last year).  Penfed can be used for the rest at 3%.  Not a bad run for five weeks.  But more importantly it had gotten me in better control of our credit product situation and we now have a lot more flexibility than we began with this year.  Thanks to all of you who post for helping me put together this plan.

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Wow, awesome progress... you must have a pretty high income to get those credit lines!

[tinuviel]

A great day, indeed! Those are great cards with great limits... CONGRATULATIONS!!!

[gpfirestone]

What?  You're spending $1800/mo on groceries?  Are you buying lobster and filet at publix or something????  Even to feed a family of 5 buying gourmet from whole foods or some organic co-op should only run you $250/week....what the hell....

[Sevenfeet]

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@gpfirestone wrote:

What?  You're spending $1800/mo on groceries?  Are you buying lobster and filet at publix or something????  Even to feed a family of 5 buying gourmet from whole foods or some organic co-op should only run you $250/week....what the hell....

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Yes, this is a place my wife wants to cut the budget.  We spend a fair amount of money in Harris Teeter, which is a great store but not the cheapest place to shop (their meat and fish counter is awesome). We also have two growing kids and I'm not a small man myself.  I promised her that we would spend more money in Kroger going forward, and Publix as a second choice.  We'll probably do Harris Teeter for meats, fish and other hard to find things.  Fortunately, our nearby Kroger's produce department has gotten a significant upgrade in recent months.

Also, we spend about $1500 a year on wine as a part of that total.  This will, alas, get cut too.

[Sevenfeet]

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Wow, awesome progress... you must have a pretty high income to get those credit lines!

---

Low six figures, so I guess I'm doing ok but considering out debt and fixed budget items, it doesn't feel like I'm swimming in it.

One edit to my post...my utilization should be 40%, not 33%.  I forgot that some money going to Penfed is on a line of credit solely in my wife's name...so it's been invisible to my credit report until now.  I'm hoping with my wife doing the next three apps, we can get the total utilization down to 30% before we begin our debt repayment plan to Penfed in March.

[Epcot]

That's great, Congrats!

[myjourney]

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@Sevenfeet wrote:

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@gpfirestone wrote:

What?  You're spending $1800/mo on groceries?  Are you buying lobster and filet at publix or something????  Even to feed a family of 5 buying gourmet from whole foods or some organic co-op should only run you $250/week....what the hell....

---

Yes, this is a place my wife wants to cut the budget.  We spend a fair amount of money in Harris Teeter, which is a great store but not the cheapest place to shop (their meat and fish counter is awesome). We also have two growing kids and I'm not a small man myself.  I promised her that we would spend more money in Kroger going forward, and Publix as a second choice.  We'll probably do Harris Teeter for meats, fish and other hard to find things.  Fortunately, our nearby Kroger's produce department has gotten a significant upgrade in recent months.

Also, we spend about $1500 a year on wine as a part of that total.  This will, alas, get cut too.

---

Costco has a great meat dept. nice grade and cuts and in your case bulk pricing.

[Sevenfeet]

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@myjourney wrote:

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Costco has a great meat dept. nice grade and cuts and in your case bulk pricing.

---

We shop in Costco already and maybe I'm a snob but I've never been that happy with their beef.  It's ok, but I cook for a hobby and I've gotten very spoiled by Angus meats.  I do my best to wait for sales at Harris Teeter but it's a big problem for our budget.  Typically I buy pork at Costco and occasionally lamb.  I don't do much chicken there either.

I stay away from Whole Foods....the food is great but that place will bankrupt me.

My wife, the PhD in environmental sustainability wants oru family to start buying locally produced grass fed beef.  I have no idea what that costs but I have a feeling its in the wrong direction for our budget.

[BearsAndTurtlesRtheBest]

AWESOME CARDS!! and success!! btw are seven feet tall? since you did meantion that you arent a small man.