BOA BBR

[Anonymous]

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@Anonymous wrote:

The only other benefit to the Ring is for emergencies.. you never know when you might have to make a large purchase, pay medical bills, etc. so it's a nice low APR card to have just in case.

As for US Bank, I probably wouldn't be approved because they also check IDA and ARS (other credit reporting agencies) and ARS keeps a list of EVERY app you make for a Visa or Mastercard, regardless of the bureau that was pulled for the app, they track them ALL by your ss# and address.. And I've app'd a lot in the last 12 months  

Lots of people love the CSP.

And I do remember your other thread, and I still think you should wait at least 6-12 months. Every lender has an internal limit in regards to how much exposure they're willing to take on for each individual (it depends on your income and credit profile). So with the denial for the Diamond card, I can only assume it's because, for now, you've reached that internal limit. You'll have to give it more time before they'll feel comfortable lending you more. It would probably be best for you to seek cards from other lenders for right now, and work on CLIs from Citi in 6 months or so. Maybe then you can just PC one of your cards you don't use much into one you'd rather have. Does that make sense?

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Wow, I did not know that about US bank. So people who want that card should wait for those inquiries to drop off before applying then?

And also, wrong thread, haha. I have the cap1 journey, discover, and amex trueearnings. No citi cards. But I know what you mean. I'll wait 6-12 months before apping for the citi. Is it okay for a hardpull for a CLI on my discover? 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

The only other benefit to the Ring is for emergencies.. you never know when you might have to make a large purchase, pay medical bills, etc. so it's a nice low APR card to have just in case.

As for US Bank, I probably wouldn't be approved because they also check IDA and ARS (other credit reporting agencies) and ARS keeps a list of EVERY app you make for a Visa or Mastercard, regardless of the bureau that was pulled for the app, they track them ALL by your ss# and address.. And I've app'd a lot in the last 12 months  

Lots of people love the CSP.

And I do remember your other thread, and I still think you should wait at least 6-12 months. Every lender has an internal limit in regards to how much exposure they're willing to take on for each individual (it depends on your income and credit profile). So with the denial for the Diamond card, I can only assume it's because, for now, you've reached that internal limit. You'll have to give it more time before they'll feel comfortable lending you more. It would probably be best for you to seek cards from other lenders for right now, and work on CLIs from Citi in 6 months or so. Maybe then you can just PC one of your cards you don't use much into one you'd rather have. Does that make sense?

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Wow, I did not know that about US bank. So people who want that card should wait for those inquiries to drop off before applying then?

And also, wrong thread, haha. I have the cap1 journey, discover, and amex trueearnings. No citi cards. But I know what you mean. I'll wait 6-12 months before apping for the citi. Is it okay for a hardpull for a CLI on my discover? 

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Ha ha, I just realized that and was coming back to edit my last post.. you beat me to it! Sorry, long day. This was your post  http://ficoforums.myfico.com/t5/Credit-Cards/Best-Cash-Back-Cards/m-p/4164608

I'm so sorry, now that I got the right post, I still think you should go for the Freedom first. It's a good card, I'm just too busy with Discover right now to use it (plus once you get 5 cards its hard to get). After that the Double Cash or BBR, and AARP if you want it... and DONT wait 6-12 months to app. I had the wrong post before, you're good to app whenever you're ready.

And I believe Discover is a SP for CLIs

As for ARS, as far as I know inquiries on that report never drop off, kind of scary.

[Anonymous]

Also, if you really like the US Bank card, you could try for it after the Freedom, before you rack up too many inquiries. I've heard they are tough to get in with, and you might have to start with one on their lower tier cards until you have a history with them. The best advice I can give you is get the cards that will be useful to you. Be careful not to get in over your head (I did when I was young) but get what you feel you will use and that will be beneficial for you. The good thing about getting them now is that in 10-20 years from now you will have a nice thick credit file (as long as you keep them in good standing).

[Anonymous]

No worries mate. The thing is, is that I have already app'd for Freedom and Citi DB. I got denied for both because of too little credit history along with too many inquiries (4). Would 6 months be fine enough? Or should I wait longer? 

[Anonymous]

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@Anonymous wrote:

No worries mate. The thing is, is that I have already app'd for Freedom and Citi DB. I got denied for both because of too little credit history along with too many inquiries (4). Would 6 months be fine enough? Or should I wait longer? 

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Ok gotcha, wait 6 months at the least, but 12 months would be better (hey see, my comment to the wrong poster still fits.. kinda.. lol)

[Anonymous]

Wait 12 months as advised in the other post. Your credit history is much too new.

[kdm31091]

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@Anonymous wrote:

Wait 12 months as advised in the other post. Your credit history is much too new.

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+1 definitely wait. Sometimes we learn about cards and we want them ASAP but the reality is we still need to get our profiles to the right place first. And the cards aren't going anywhere. Patience will reward you not only with better chances at approval but a better limit and APR too!

[Anonymous]

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@Anonymous wrote:

I don't have this card (I want it though) but from my understanding you have to pay more than the minimum every month to qualify for the $25 back each quarter, so you wouldn't be able to do this with only a $10 charge because the minimum would be $10 so how could you pay more than that? You'd have to have say a $30 charge, and since usually the minimum payment for most lenders is $25, then by paying $30 you'd be paying more than the minimum. Does that make sense?

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No.  As someone who's been rolling four of these cards for over a year, you do not have to spend $25.  Per the terms, you need to have a statement balance and then pay more than the minimum *or* the full statement balance.  I spend between $1 and $5 each month on each card and have them all set to PIF on statement date, and I get the quarterly credit each time.  So I could just stop by McDonalds once per month (per card), buy a McDouble and throw it in the trash on the way out, and come out ahead ~$25 each quarter.  The only things that can trip you up is if you fail to make the charge for a month (note that BofA does move your statement date around from time to time) or if a credit posts to your account which wipes out your purchase, like a BankAmeriDeals credit or the quarterly credit itself.  If you have a BofA checking account, you can direct your credits to the checking account so they don't interfere with your purchases, and you'll gain an extra $5 per quarter as well.

Chris.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I don't have this card (I want it though) but from my understanding you have to pay more than the minimum every month to qualify for the $25 back each quarter, so you wouldn't be able to do this with only a $10 charge because the minimum would be $10 so how could you pay more than that? You'd have to have say a $30 charge, and since usually the minimum payment for most lenders is $25, then by paying $30 you'd be paying more than the minimum. Does that make sense?

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No.  As someone who's been rolling four of these cards for over a year, you do not have to spend $25.  Per the terms, you need to have a statement balance and then pay more than the minimum *or* the full statement balance.  I spend between $1 and $5 each month on each card and have them all set to PIF on statement date, and I get the quarterly credit each time.  So I could just stop by McDonalds once per month (per card), buy a McDouble and throw it in the trash on the way out, and come out ahead ~$25 each quarter.  The only things that can trip you up is if you fail to make the charge for a month (note that BofA does move your statement date around from time to time) or if a credit posts to your account which wipes out your purchase, like a BankAmeriDeals credit or the quarterly credit itself.  If you have a BofA checking account, you can direct your credits to the checking account so they don't interfere with your purchases, and you'll gain an extra $5 per quarter as well.

Chris.

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Thanks for the information Chris. I just got the card. I am taking advantage of the 0% introductory period on BT offers. How did you end up with 4 cards?

[Anonymous]

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@beautifulblaquepearl wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I don't have this card (I want it though) but from my understanding you have to pay more than the minimum every month to qualify for the $25 back each quarter, so you wouldn't be able to do this with only a $10 charge because the minimum would be $10 so how could you pay more than that? You'd have to have say a $30 charge, and since usually the minimum payment for most lenders is $25, then by paying $30 you'd be paying more than the minimum. Does that make sense?

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No.  As someone who's been rolling four of these cards for over a year, you do not have to spend $25.  Per the terms, you need to have a statement balance and then pay more than the minimum *or* the full statement balance.  I spend between $1 and $5 each month on each card and have them all set to PIF on statement date, and I get the quarterly credit each time.  So I could just stop by McDonalds once per month (per card), buy a McDouble and throw it in the trash on the way out, and come out ahead ~$25 each quarter.  The only things that can trip you up is if you fail to make the charge for a month (note that BofA does move your statement date around from time to time) or if a credit posts to your account which wipes out your purchase, like a BankAmeriDeals credit or the quarterly credit itself.  If you have a BofA checking account, you can direct your credits to the checking account so they don't interfere with your purchases, and you'll gain an extra $5 per quarter as well.

Chris.

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Thanks for the information Chris. I just got the card. I am taking advantage of the 0% introductory period on BT offers. How did you end up with 4 cards?

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np.  I got in early, when BofA was allowing PC's.  I had four old BofA cards in my sock drawer, which I had gotten for good reason (0% balance transfer, $200 intro cashback, 6% on certain categories for 6 months, 2% on everything unlimited, etc.) but whose programs had ended and had morphed into useless 3%/2%/1% cards or worse.  The only use they ever got was when BofA would send a targeted 5% offer for some collection of categories.  And the max on those was $25.  I already had BofA checking, so I figured, why not get $30 every quarter on each card instead of $25 on a card *if* they offered something special and *if* I actually used it.  So I converted them all into BBR cards.  Too bad BofA doesn't offer conversions anymore (at least from what I've heard).

One additional warning, however, I did just hear someone mention that they charged <$2 on their BBR card last month and when their bill cut they got a "small balance credit" which wiped out the purchase.  I can't confirm that, but to be on the safe side, I'm making sure to charge $2+ each month on each card.

Chris.