cancel
Showing results for 
Search instead for 
Did you mean: 

Do you have a credit card plan or wing it?

tag
Calculon
Valued Member

Re: Do you have a credit card plan or wing it?

I got my first credit card for a number of reasons.  First was to improve my credit score.  My credit wasn't bad, I was just a cash payer.  Not that I'm likely to need credit in the future, but a good score never hurts in a number of areas.  I wanted the safety that a credit card provides you over a debit card.  I've had my debit card, which I no longer use, stolen a number of times.  I've always gotten my money back, but it was a hassle and the funds came directly from your account.  Lastly, I kept seeing people talking about cashback on various deal sites.  I didn't know what it was, but it sounded like something I wanted in on.  I don't make a ton on it, maybe $500 a year, but it's basically free money since I pay my balance every month and I was going to swipe a card anyway, be it debit or credit, so why not take it?  I started with one and couldn't imagine having more than one, but the cashback pushed me to get more cards cause I can use one or the other, depending on the purchase, to maximze my return.  Now I'm up to six and have most of the best cashback cards, so while I think I'm done getting new cards, you never know.

 

QSD ITAMEXDCFRSM
Message 11 of 26
Anonymous
Not applicable

Re: Do you have a credit card plan or wing it?

Do I have a plan? Yes. 

 

Apply for 1-3 new cards every 4-6 months, whatever bonus is highest at that point. Break this pattern when it makes sense - if there is a obnoxiusly high signup bonus essentially. 

Always PIF, never pay a dime in interest. Only pay annual fees if I can get more than I put in. 

Message 12 of 26
Anonymous
Not applicable

Re: Do you have a credit card plan or wing it?

Wing it. What I wants. I gets.*










*Pending upon approval.
Message 13 of 26
kdm31091
Super Contributor

Re: Do you have a credit card plan or wing it?

While I don't think anyone should "wing it" to the point that they are apping with total abandon, you certainly do not have to be super anal about it to the point of paying before statement cuts or anything like that, or even really think about cards on a day to day basis.

 

I'm in the middle. I have an overall plan, sure; I'd like as high a credit score as I can get, who wouldn't? I plan to pare down to 4 cards by the end of the year or sooner. Do I let it run my life? No. I just use my cards, reap whatever benefits I get, and live my life. Obsessing about anything is never good and credit is no exception.

Message 14 of 26
Anonymous
Not applicable

Re: Do you have a credit card plan or wing it?

I do plan my credit card sprees. Coincidentally, I am planning on apping for three cards within the next two days -- Marriott, IHG, and a second Sallie Mae MC.

 

I'm applying this way for two reasons: 

1) If you apply for new accounts within short periods of time, other lenders can't view the new accounts if they haven't reported yet. 

2) I plan on Chase pulling EX (and maybe EQ) and Barclays pulling TU, so if all goes according to plan Chase and Barclays won't be able to immediately see each other's inquiries.

 

EDIT: Yay! I'm "valued"!

Message 15 of 26
takeshi74
Senior Contributor

Re: Do you have a credit card plan or wing it?


@Anonymous wrote:

Do you decide based on a time generated plan, a list of cards you want,  inquiries  or just wing it and apply for whatever?


It's primarily a matter of rewards on my spend.

 


@Anonymous wrote:

I don't know how much impact a new account will have to my AAoA.  I am at 1 yr 9 mo.


You can do the math.  It's just an average.  You can also use Excel and its date formulas or use an online AAoA calculator.

 


@Anonymous wrote:

NFCU would require 2 pulls. 


I don't recommend fixating so much on pulls.  If you qualify for NFCU they tend to offer better limits for a give credit profile which may help your utilization.  When you're building or rebuildig pulls have more of an impact but they're generally one of the smaller factors and their effect tapers and falls off fairly quickly.

Message 16 of 26
Anonymous
Not applicable

Re: Do you have a credit card plan or wing it?

I have a plan. I don't want to waste any HPs. I analyze my spending habit, my credit situation and the options available.

Message 17 of 26
longtimelurker
Epic Contributor

Re: Do you have a credit card plan or wing it?


@Anonymous wrote:

My plan is simple. If I don't think I'll use it, I don't apply for it. I recently closed three cards precisely because I wasn't using them any more, and there are only two more cards I want. I have to admit, though, that reading the approvals section of this forum sometimes makes it VERY difficult to stick to that plan.


I would strongly encourage NOT reading the approvals section, or at least never browse it.   Once you decide on a target card, search for that in approvals if you must, but otherwise it's just too much temptation with incomplete information!

Message 18 of 26
wmweeza
Established Contributor

Re: Do you have a credit card plan or wing it?


@Anonymous wrote:

I am curious as to how people decide on which cards you apply for.  Do you decide based on a time generated plan, a list of cards you want,  inquiries  or just wing it and apply for whatever?

 


Anyway, how do you decide??  Thank goodness we want a house or I could go over board with credit lol


 

A combo:

I hate inquries so I'll apply next in October when all mine are gone (I have 3 currently).

Time generated? I suppose so since I'm waiting on those to fall off.

I have only one more card I want and oddly enough it's a Macy's card...but I am rethinking that one.

 

It's easy to resist when I know my goals: To buy a second house in the next 4 years and to never have any bad debt. October isn't that far off and that's when I plan to apply


Last App 10/14. FICO's: AMEX Ex 846, BarclayTU08 815.FAKOs:CreditKarma 775,CS score 771.BofA 5400,Target $5000,Barnes $8500,Amex $22k
Message 19 of 26
wmweeza
Established Contributor

Re: Do you have a credit card plan or wing it?

Oh and I try not to look at CAPTOOL's posts because that Seahawks card is tempting me EVERY DANG TIME I see it!


Last App 10/14. FICO's: AMEX Ex 846, BarclayTU08 815.FAKOs:CreditKarma 775,CS score 771.BofA 5400,Target $5000,Barnes $8500,Amex $22k
Message 20 of 26
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.