Advice?

[Anonymous]

Hello,

I found this forum last month while researching the US Bank Cash+ card and have been lurking quite a bit since then. I'd like to say that it seems there is a lot of very useful information here and was hoping I could get some advice from the credit veterans that post.

I have two new cards this year. The Citi Forward (which I use for Amazon and Dining to give me 5% back toward my mortgage) and the US Bank Cash+ (which I use for Bill Payment and Home Improvement (have been getting BP gift cards at Lowe's to also get the 6.25% back on Gas)). I also have the American Express Costco TrueEarnings card (which I use at Costco and for Gas when not using a BP gift card) and the Capital One Cash Rewards card (which I use when a purchase doesn't earn more than 1.5% on another card or when I am outside of the United States), both of which I received last year. Other than these four, I've had the Chase Freedom since 2003 and use it for the 5% rotating categories. My worry is that four of my five active cards were issued in the last 15 months or so (two in the last 12 months). I closed a couple cards (Best Buy and Sears Mastercard) last year when I opened the American Express and Capital One cards because I never used them and have closed others over the years that I didn't use...was that a bad move? Outside of the five cards I currently have, are there any others that I should be looking at to maximize reward benefits?

I added my cards and credit limits to my signature (I'm hoping it works since this is my first post). To help get accurate information, I'm 32 and have had credit cards since I was 18 with no late payments and I always pay in full every month. My credit scores last year when I refinanced my house ranged from 785-795 but that was before applying for and receiving my four newest cards.

Thank you!

[LS2982]

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@Anonymous wrote:

Hello,

I found this forum last month while researching the US Bank Cash+ card and have been lurking quite a bit since then. I'd like to say that it seems there is a lot of very useful information here and was hoping I could get some advice from the credit veterans that post.

I have two new cards this year. The Citi Forward (which I use for Amazon and Dining to give me 5% back toward my mortgage) and the US Bank Cash+ (which I use for Bill Payment and Home Improvement (have been getting BP gift cards at Lowe's to also get the 6.25% back on Gas)). I also have the American Express Costco TrueEarnings card (which I use at Costco and for Gas when not using a BP gift card) and the Capital One Cash Rewards card (which I use when a purchase doesn't earn more than 1.5% on another card or when I am outside of the United States), both of which I received last year. Other than these four, I've had the Chase Freedom since 2003 and use it for the 5% rotating categories. My worry is that four of my five active cards were issued in the last 15 months or so (two in the last 12 months). I closed a couple cards (Best Buy and Sears Mastercard) last year when I opened the American Express and Capital One cards because I never used them and have closed others over the years that I didn't use...was that a bad move? Outside of the five cards I currently have, are there any others that I should be looking at to maximize reward benefits?

I added my cards and credit limits to my signature (I'm hoping it works since this is my first post). To help get accurate information, I'm 32 and have had credit cards since I was 18 with no late payments and I always pay in full every month. My credit scores last year when I refinanced my house ranged from 785-795 but that was before applying for and receiving my four newest cards.

Thank you!

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Welcome to the forums!!!

IMO if you don't use them it's not a bad thing to close them as long as your AAoA is strong and it's not going to kill your overall utilization if your carrying balances.

I would say with your scores and history if you want the Cash + go for it!

[SnackTrader]

I see no issues with anything in your profile.  You would be surprised how far a good payment history, low utilization, and a solid mix of credit will go.  You have the best of all worlds, since you have perfect payments, a ton of available credit, and multiple types of credit reporting.  Your average age of accounts is probably fine since all of your closed accounts continue reporting for 10 years.  Your credit report reflects the fact that you have had a long credit history, and obviously creditors are okay with that given your limits.

Congratulations on all your hard work, and go for whatever card you want.  As far as I can tell, you are exactly the type of borrower creditors are looking for.

[bahbahd]

It does not sound like you are mortgage or loan shopping either right now. I think you are pretty good to go at the moment.

[Anonymous]

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@Anonymous wrote:

Hello,

I found this forum last month while researching the US Bank Cash+ card and have been lurking quite a bit since then. I'd like to say that it seems there is a lot of very useful information here and was hoping I could get some advice from the credit veterans that post.

I have two new cards this year. The Citi Forward (which I use for Amazon and Dining to give me 5% back toward my mortgage) and the US Bank Cash+ (which I use for Bill Payment and Home Improvement (have been getting BP gift cards at Lowe's to also get the 6.25% back on Gas)). I also have the American Express Costco TrueEarnings card (which I use at Costco and for Gas when not using a BP gift card) and the Capital One Cash Rewards card (which I use when a purchase doesn't earn more than 1.5% on another card or when I am outside of the United States), both of which I received last year. Other than these four, I've had the Chase Freedom since 2003 and use it for the 5% rotating categories. My worry is that four of my five active cards were issued in the last 15 months or so (two in the last 12 months). I closed a couple cards (Best Buy and Sears Mastercard) last year when I opened the American Express and Capital One cards because I never used them and have closed others over the years that I didn't use...was that a bad move? Outside of the five cards I currently have, are there any others that I should be looking at to maximize reward benefits?

I added my cards and credit limits to my signature (I'm hoping it works since this is my first post). To help get accurate information, I'm 32 and have had credit cards since I was 18 with no late payments and I always pay in full every month. My credit scores last year when I refinanced my house ranged from 785-795 but that was before applying for and receiving my four newest cards.

Thank you!

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Where is your low APR card when PIFing isn't an option?

[Anonymous]

Thanks to you all for your comments/advice. As to the low APR card question...that's probably a good point. To be honest I'm not even sure exactly what the APRs are on my cards since I've never paid interest and hope to never have to. I think my Chase Freedom was a fixed 7.9% or something like that when I got it but a few years ago they changed it to a variable rate I believe. What are some of the best cards for low interest rates? Are there any that also offer rewards?

Another question I have is what is the likelihood that I'd be able to get Capital One and Citi to increase my limits to 15k? I've never had (or requested) an increase from Capital One and only got an automatic $1,500 @ 6 months on the Citi. Better chance if I wait until May when the Citi is over a year old and I'd only have the Cash+ being <1 year?

[webhopper]

I think you should have no issues with getting them to increase your limit. My advice would be to funnel more spending through those cards in a month prior to asking for the increase... I mean if you aren't running at least 1k through them a month why would they increase your limit... that's my 2 cents worth.

[daybreakgonesXe]

A good card for a low APR (one of the lowest I've seen for a non credit union credit card) is the Barclaycard Ring Mastercard. 8.00% variable! And though it doesn't have a set rewards program, it has this Giveback program where you receive money back for good credit performance. Not a bad deal

If you're looking for a little more rewards w/ low APRs, try CapitalOne's Venture or VentureOne card. Lowest APR is 11.99% variable you can qualify for. Also CapitalOne's Prestige Platinum has a 10.9% variable as the lowest you can qualifty for.

If you're part of a credit union or looking to join one, many of them have great cards with high limits and ridiculously low APRs!

Congrats on your excellent credit saga! I started acquiring credit cards at 18 as well and being extremely responsible with them! Hope to hit the 800s by the time I'm 30!