Close on mtg 2/15, need CC help with new CCs

[Anonymous]

I am requesting all CC experts, specifically with cash back credit cards. I have been following these boards exclusively for about 2-3 years. As advised earlier in the rebuilding process, I have a secured credit card (500), but that is all.  I am to be closing on a mortgage in February, unable to app until after closing. I am hoping to get advice (yes, I have reviewed the credit card excel here in he community), on the BEST cash back cards, as well any new sign up bonuses, or user perks ($), especially cash back.  The home needs some updating, and will need to "charge" most of the updating, as closing will zAp all of my savings. 

I have lived strictly by the rules of this community, as far as rebuild goes. I purchase everything with cash. I'm realizing I'm in the position to start reaping the benefits of using cash back CCs, etc.,  it's been a very long, and difficult journey, and I NEVER want to be where I once was. Which is why, each cc tradeline that I do open, I am shopping for the best cardholder benefits (grocery, gas, sign up, utilities etc). A few big ticket items also.

i may attempt a refinance on a separate rental within a year, will apping  potentially hurt a refi or car loan in the future? I have never went on an app spree and really need some seasoned advice. After the initial app, I will garden for CCs,

Also, which cc pull from whic cra? And if I app all in one day, what order is recommended?

this community is great, thanks so much for the feedback over the years.

Below are CC lending fico scores as of today

EX 738. Fico 3. 783

TU 721 Fico 3.   784

EQ 760.  Fico 3 785

[Anonymous]

Great question, and I'm looking forward to hearing what the experts have to say. I'm not an expert, sad to say, but I have similar goals to yours.

I have an Amazon Store Card, which pays 5% back on every every purchase from Amazon. A majority of my non-groceries, not-utilities spending goes to Amazon, so that's probably my most important card.

Then I have an American Express Blue Cash Preferred Card, which pays 6% back on groceries. It has a $75 annual fee, but the difference between the 6% and the alternative (3%) more than pays the annual fee. That's for groceries.

I have a Discover It Card that pays 5% back on a different category every quarter. It's gas stations and ground transportation this quarter (and you have to enroll each quarter to receive the 5%). And they double your rewards at the end of the first year. So right now gas is effectively 10% back (although I have to wait a year for half of that).

Then I have two cards that we won't talk about. I got them using the Shopping Cart Trick (no hard pull), but they're really not useful for me.

Except for this quarter, I use my debit card for gas. The cash discount is generally about 3% or so. So it doesn't make sense to pay an extra 3% with a credit card to get only 1 or 2% back. But this month is different with Discover.

And I'm patiently looking for one more card. I'm content to wait if my credit needs to improve to get the right card (although my TU FICO 8 hit 798 last week, so I might be good to go). I'll be reading this thread with interest!

[longtimelurker]

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@Anonymous wrote:

The home needs some updating, and will need to "charge" most of the updating, as closing will zAp all of my savings. 

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When you say "charge" does that mean you will be carrying a balance (as you have used up all your savings) or will you be able to pay in full from your income?

If you are going to carry a balance, I really wouldn't worry about the rewards first. focus on getting a card with a 0% intro APR (loads of these) or if you see that you have to carry a balance for a long time, also look for cards with low APRs.

[KSK1912]

Some solid advise you got from all the other posters.

One thing noone has paid attention to is, if you are looking for a card, mainly for the purpose of updating the house, right now Lowes has a really nice financing option at i believe 5% for 24 months or more. Synchrony bank is fairly easy to get approved, and with your socres, provided that your income supports, you could easily get around $12K and up credit in no time, and easily go as high as $35K The only thing that would be better is a card with 0% intro rate, but if not paid in full by the end of the promotional time, you will have to pay interest for the whole purchase from the very beginning. Not knowing the cost of the update you are planning, and with limited information on the rest of your credit report, it is hard to know if you will be able to get approved for one card that will give you enough starting limit to do everything you need for the house and still not be maxed out.

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[Anonymous]

🙏

[Anonymous]

Some very good ideas here.

i have not heard much of the Synchrony Card. Can you tell me why you like it? Is it the zero Interest high credit line? That actually might be helpful. Depending on your and or others feedback from scyncrony.

I have not received formal estimates As of yet, but a rough estimate, will be Around 15000.

[Anonymous]

Thanks so much for posting! Does the Amazon post 5 percent cash for each purchase? I shop Amazon a lot, that would be very interesting.

i also researched the American Express blue card option, the 6% On groceries, certainly has my attention. I'm not to keen on the AF. It does seem to beat the competition that is out there to date.

[Anonymous]

No, I'm hoping not to carry a balance. If I have to a zero APR would be ideal. Although, I do want to maximize my tradelines with CCs that I will use, and will eventually reap,the benefits with, In forms of CB, etc.

i am open to all ideas, though, and you are correct, if I have to carry a large balance, I should also be looking into zero interest.

lobe this community!

[KSK1912]

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@Anonymous wrote:

Some very good ideas here.

i have not heard much of the Synchrony Card. Can you tell me why you like it? Is it the zero Interest high credit line? That actually might be helpful. Depending on your and or others feedback from scyncrony.

I have not received formal estimates As of yet, but a rough estimate, will be Around 15000.

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Synchrony is the bank that backs several store cards as well as credit cards for those stores. Just to give you a few example, Walmart, Sam's club, Lowes, Amazon, HH Gregg, Paypal MC, Ebay, American Eagle, just about anything you can think of. What makes synchrony cards different from the other lenders or banks is, their cards grow so quickly that it is almost ridicilious. For example, i am a rebuilder since june, so i have been working on my credit and coming from 500 credit scores, and $1000 credit line to 700's and almost $60K unsecured credit in about 6 motnths. I opened my Lowes account end of september and they only gave me $300 starting limit, i purchased a dishwasher for $295, paid it off, and on 10/05/15 asked for cli and went from $300 to $5000, then on 10/11/15 from $5000 to $8000 and 4 days later i called again and went from $8000 to $12,000. pretty much the same for amazon, $800 to $6000 in less than 2 months, and walmart $150 to $6000 in 2 months and sams club $637 to $8000 in 6 weeks.

And remember i am rebuilding my credit at this point so i did not even have an established credit, all accounts under 6 months old except 1, and scores around mid 600's. So synchrony is a very generous creditor and for a home remodeling, i can not think of any other credit card besides lowes, because right now they have a promotion on their consumer credit card purchases, for 84 months 5.99% fixed rate. And Lowes credit accounts go as high as $35K and you should have no problem getting close to it with your transunion score. They use Transunion and all of their cli's are soft pull, so no damage to your credit score when you ask for credit limit increase on almost any of their accounts. We are about to buy a house too, next few months, and that's the whole reason i applied for the lowes card in the first place. And synchrony also has regular credit cards too, such as Lowes consumer credit card, Sam's club MasterCard, Walmart Credit card. And the credit limits are much better than a traditional card such as chase or citi or whichever, and asking for credit limit increase is very easy, and a soft pull. Definitely something to look in to. As i said before if the main purpose is home improvement, that would be a great deal.

[Anonymous]

If your looking for a great bonus and improving your credit, while also having a useful card down the road, I would suggest applying for a Cap One Venture! Assuming you PIF, put $3,000 through the card and get $460 in rewards! After that, it becomes a 2%cb card assuming you do a little bit of travel, or plan to at some point. If you don't travel at all, you can use the points you earn for full value gift cards to just about any major retailer/restaurant chain, plus Amazon and more.
If you don't want the AF, you might be able to get them to waive for it, or you can always change the card over to the Quicksilver and get 1.5%cb with no AF.
Assuming you have a reasonable income, expect a large credit line from Capital One! Great rewards, plus it will help your credit and lead to large limits from other lenders!