11-16-2012 07:56 AM
if he got rid of cards that he isn't using doesn't mean it'll hurt him and utility, since he makes very good money utility shouldn't be that much of an issue. regardless I personally think it's stupid to have too many cards, especially gets every store card known to man just to get their credit up... when all it's doing is making the potential for an oversight that much easier. Personally just get cards you KNOW you will or could use.
Personally I don't think I want more than 5-7 cards max and they all serve a purpose.
1.Amex BCP (groceries gas department store)
2.Chase Freedom and
3.Sapphire (restaurants hotel everything else and categories gas)
4.Navy Federal Platinum (oh dang back up card for balance transfers if I ever get in trouble , Convience check feature potentially made me 10's of thousands this year cause I was able to use it to ensure me to get a house that was on the market as CASH ONLY)
5.US Bank Cash+ Restaurants and billpay
I'm rather obsessed lol, but I believe those 5 will do most stingy people with a middle class income just fine. You won't need a gas card as 4.625% is easily obtained betweenfreedom and bcp
Now if you travel a lot you could get Starwood and Platinum by Amex
i agree, he has a AMEX Platinum and a Citi AA card. But thats it, no store cards, notting.
11-16-2012 10:19 AM
All I can say is he just like that lol. He wants an 800 score, I told him your rates won't change. Well I was going to get him another credit card because right now he has an amex charge card and a citi credit card. We all know the amex isn't helping him with credit utilization and his citi card he kindof max's out each month. He pays it full but get very close to his limit. Should we open another card or raise his limit on the citi? I mean both of them will result in a hard pull but at least he have a backup card just in case citi want to credit crunch again and cut everyone limits. Open to all suggestions?
I think I'd call Citi for a CLI.
I'd also wait for the ppl who have experience with Amex to chime in (as I have none), but is PC from charge to revolver possible? And if he already has an Amex and applys for revolver, is it SP or HP?
Either way, I still wouldn't advise him to get credit if he doesn't want/need credit.
As far as him just wanting an 800+ FICO, i guess there's no changing his personality. But having a high or really high FICO doesn't translate into status or wealth. Its just a number that anyone can obtain -- rich or poor, fancy clothes or goodwill clothes. Its just a number.
His bank account says more about him than his FICO
As for the above, if no one has answered the question yet. You can not PC from an AMEX Charge to a Revolver, you have to apply for a revolver with them. As for the HP vs SP, if a current AMEX member, it's a SP (soft pull) if denied and will be a HP (Hard Pull, Inquiry) if approved.
11-16-2012 12:11 PM
I would recommend he apply for an Amex Blue Cash Preferred and a Chase Sapphire Preferred. For the Amex, its a soft pull if he's denied (he won't be) and a hard pull if he's approved. He should get nice credit lines on both of those cards and they cover nearly any type of reward. BCP is great for cash back and CSP is great for airline miles or hotel points. Your friend shouldn't really worry about a couple inquiries - the effect on his score will not be much and the score will bounce back quickly.
11-16-2012 12:23 PM
It might be more of a wish to get an 800 credit score and not a real desire to spend time on doing it. Almost everyone that obsesses over getting an 800 is going to learn enough about credit scores that they wouldn't just close a bunch of cards thinking that will improve their scores.
Assuming this is a recent desire do you know why your friend took such abrupt action? The fact his score was so high indicates he/she is generally prudent in their affairs so it does seem rather odd.
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