A new month, a new thread! Have you recently finished an app spree and need to sit back and let your accounts age? Or, have you reached the stage where you are content with your CC profile? Well then, collect your complientary garden gloves and watering can, pull up a chair and come in to join the Garden Club meeting!
As I mentioned last month, I went ahead and apped and was approved for the JCP store card and the Dillard's Amex. I thought long and hard about it, but in the end I'm very happy with my decision. I've already enjoyed an impressive amount of savings from the JCP card, as I went on a planned mini-shopping spree for updating DH's wardrobe. Since I plan on having this card for many years, it was well worth the new credit ding. The same holds true for the Dillard's, and getting the Amex version was an unexpected, but very happy, bonus. As a result of getting the Amex version of the card, I chose to cancel a First Premier card. It felt great to be able to "prune" that card from my wallet and move foward with something better in my garden!
This made me think about the idea of a planned, purposeful cc portfolio. Ideally, every card should serve a purpose. And so, I thought that it might make for a good garden club topic for the month. What does your portfolio look like? Are you building, or maintaining? What role do your cards play in your garden? Which ones are weeds that need to be pulled?
As for myself, I'm in rebuilding mode. My cards each play the following roles:
Capital One Visa, 1400 CL - This is my oldest open card. It anchors my AAoA. It also has a higher limit than my rebuilder cards, so I like knowing that it's available for emergencies if I need to make a larger charge. I put a small charge on it once a month to keep it reporting.
Capital One No Hassle Cash Rewards MC, 750 CL - This is my "work horse" card. I run almost everything that I can through it and pay it off several times a month. I've had it since last October, and last month I received my second $50 cash back check! The cash back has more than paid for the AF, and I've never accrued a penny's worth of interest on it. As far as rebulder cards go, I really love this one!
Orchard Bank MC, 300 CL - This card started my rebuild last August. It got the ball rolling for me. It will need to go eventually, but for now it has a spotless payment history so it's helping to build positive reporting. It never sees the light of day, however. I keep it in my sock drawer, but I do place my recurring CRA monitoring fees on it so that it has an official job to do.
First Premier MC, 600 CL - This card is a "weed" that will be pulled out in September. I got it right after the OB card mentioned above. This was before I started reading these forums, when I was feeling pretty depressed about the sad state of my credit. If I could go back, I would have passed on getting this -- a second! -- FP card. Live and learn. But, since I paid the (hefty) AF up front, I'll let it report for the full year before canceling it. It's busy sniffing socks.
Kay Jeweler's, 5100 CL - This is my util "padding" card. I got it because I read that they give easy approvals and large CLs for people with fair credit. I was hoping to get maybe a 2000 CL; my jaw dropped when I saw what I had been approved for! I used it to buy a present for DD, and then 2 months later for a watch battery. I have some repairs that need to be done and will use it for that purpose this month. Other than that, it's happily sniffing socks.
JC Penny, 200 CL - I shop their mostly for DH's clothes and other assorted items. I like the discounts this card offers. Also, I understand that they give nice CLIs on a regular basis, so if I handle it well I should expect it to grow with me. It resides in my wallet.
Dillard's Amex, 700 CL - I make skin care and cosmetic purchases from Dillard's, as well as some of my own wardrobe. Since I get store rewards with this card, it will get used as a major credit card for general purchases during the few days before my Cap1 MC statement; this is the time that I wish to add no further charges to the Cap1 so that it reports a 0 balance. Until I got this card, I had been putting those few days worth of charges on one of my other cards which offered no rewards of any kind.
And so, every card that I have right now is doing something that helps me -- even if it's just util padding or positive reporting. I need to let the JCP and Amex age and hope that their CLs grow. If I stay on course, the new credit ding will fade in a few months. Right now, at this stage of my rebuild, I'm very happy with my latest little seedlings. 
So... what is the make up and purpose of cards in other folks' credit gardens? Please share!
Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
@tinuviel wrote:A new month, a new thread! Have you recently finished an app spree and need to sit back and let your accounts age? Or, have you reached the stage where you are content with your CC profile? Well then, collect your complientary garden gloves and watering can, pull up a chair and come in to join the Garden Club meeting!
As I mentioned last month, I went ahead and apped and was approved for the JCP store card and the Dillard's Amex. I thought long and hard about it, but in the end I'm very happy with my decision. I've already enjoyed an impressive amount of savings from the JCP card, as I went on a planned mini-shopping spree for updating DH's wardrobe. Since I plan on having this card for many years, it was well worth the new credit ding. The same holds true for the Dillard's, and getting the Amex version was an unexpected, but very happy, bonus. As a result of getting the Amex version of the card, I chose to cancel a First Premier card. It felt great to be able to "prune" that card from my wallet and move foward with something better in my garden!
This made me think about the idea of a planned, purposeful cc portfolio. Ideally, every card should serve a purpose. And so, I thought that it might make for a good garden club topic for the month. What does your portfolio look like? Are you building, or maintaining? What role do your cards play in your garden? Which ones are weeds that need to be pulled?
As for myself, I'm in rebuilding mode. My cards each play the following roles:
Capital One Visa, 1400 CL - This is my oldest open card. It anchors my AAoA. It also has a higher limit than my rebuilder cards, so I like knowing that it's available for emergencies if I need to make a larger charge. I put a small charge on it once a month to keep it reporting.
Capital One No Hassle Cash Rewards MC, 750 CL - This is my "work horse" card. I run almost everything that I can through it and pay it off several times a month. I've had it since last October, and last month I received my second $50 cash back check! The cash back has more than paid for the AF, and I've never accrued a penny's worth of interest on it. As far as rebulder cards go, I really love this one!
Orchard Bank MC, 300 CL - This card started my rebuild last August. It got the ball rolling for me. It will need to go eventually, but for now it has a spotless payment history so it's helping to build positive reporting. It never sees the light of day, however. I keep it in my sock drawer, but I do place my recurring CRA monitoring fees on it so that it has an official job to do.
First Premier MC, 600 CL - This card is a "weed" that will be pulled out in September. I got it right after the OB card mentioned above. This was before I started reading these forums, when I was feeling pretty depressed about the sad state of my credit. If I could go back, I would have passed on getting this -- a second! -- FP card. Live and learn. But, since I paid the (hefty) AF up front, I'll let it report for the full year before canceling it. It's busy sniffing socks.
Kay Jeweler's, 5100 CL - This is my util "padding" card. I got it because I read that they give easy approvals and large CLs for people with fair credit. I was hoping to get maybe a 2000 CL; my jaw dropped when I saw what I had been approved for! I used it to buy a present for DD, and then 2 months later for a watch battery. I have some repairs that need to be done and will use it for that purpose this month. Other than that, it's happily sniffing socks.
JC Penny, 200 CL - I shop their mostly for DH's clothes and other assorted items. I like the discounts this card offers. Also, I understand that they give nice CLIs on a regular basis, so if I handle it well I should expect it to grow with me. It resides in my wallet.
Dillard's Amex, 700 CL - I make skin care and cosmetic purchases from Dillard's, as well as some of my own wardrobe. Since I get store rewards with this card, it will get used as a major credit card for general purchases during the few days before my Cap1 MC statement; this is the time that I wish to add no further charges to the Cap1 so that it reports a 0 balance. Until I got this card, I had been putting those few days worth of charges on one of my other cards which offered no rewards of any kind.
And so, every card that I have right now is doing something that helps me -- even if it's just util padding or positive reporting. I need to let the JCP and Amex age and hope that their CLs grow. If I stay on course, the new credit ding will fade in a few months. Right now, at this stage of my rebuild, I'm very happy with my latest little seedlings.
So... what is the make up and purpose of cards in other folks' credit gardens? Please share!
My garden is small......But the scores dicate the CC's
Capital One secured MC $700 CL - Had since 3/15/11.
First Premier secured MC $300 CL - Had since 4/4/11.
Fingerhut Retail Credit Account - Recently Opened.
and 
Time and water will make new flowers!!!
@visorboy1974 wrote:I'm still doing apps, but they're just for CLIs. Does that still count as gardening?
I would think so, as you're tending to what you have. Hopefully, you can get a response with a soft pull. Even if you wind up with a hard pull, a request for a CLI won't muck up your AAoA. Good luck!
Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
My garden is small......But the scores dicate the CC's
Capital One secured MC $700 CL - Had since 3/15/11.
First Premier secured MC $300 CL - Had since 4/4/11.
Fingerhut Retail Credit Account - Recently Opened.
That's a good start! Keep your reported balances low, stay well under your CLs, and never, EVER pay late. Over the coming months, you should see your scores start to grow. Good luck!
Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Here's my garden.
Amex Starwood Preferred Guest $19,600 CL. This is my newest card. I applied April 12, but it is backdated to 1998. I got it for two reasons. One, I wanted to push my AAoA over the 9 year mark to see if I could gain a few more points. I'm still waiting on it to hit my reports to see the effect. Two, I plan to use it for hotel redemptions and to top off mileage accounts for programs that I don't fly too often. Right now, I run everything through it until I clear the bonus spend requirement.
Amex PR Gold NPSL. I apped for this in October 2010. It is also backdated to 1998. This is my main everyday card. For now, until I earn the bonus on the SPG card, I am only using it for airfare and gas/groceries because of the 3x, 2x points structure.
Once I earn the bonus on the SPG card, most of my spend will go back on the PR Gold. Of course, I'll always put my SPG hotel stays on the SPG card and I'll use the SPG card enough to earn at least a couple cash and points nights a year.
Capital One Classic Platinum $2500 CL. This was my first card when I started rebuilding. It has a $39 AF. Right now, it's main purpose is that it is a Mastercard so I have an option where Amex isn't accepted.
The Cap One card is a bit of a weed for me. I no longer need an AF card that has no rewards. I would dump it right now and apply for a different Visa or MC except that I am hoping to move into a larger house at the first of the year. I don't need any more inquiries until my mortgage app. Once the mortgage is squared away, I'm dumping this Cap One card. I'll replace it with a no fee Visa/MC just so I have an option where Amex isn't accepted. The only other thing I am interested in adding to my CC portfolio is a card that has no foreign transaction fees. For that reason, I may consider another Cap One card, although I am aware of the other options.
Well I applied for a mortgage last month, am in the process of that (sign a P&S tomorrow) so I left the Garden to add credit but I will have a Town House to show for it. I am continuing to garden and build relationships with
American Express PR Gold - Opened 10/10 (Just booked my second free flight since I've had it - Love rewards points)
American Express Costco TE - Opened 03/11 - Backdated to 03/10 - Figured I'd have it to go with my Costco membership.
Citi Platinum Select MC - Opened 03/11 - Barely used, wanted to start a relationship with Citi
BoA Visa - Opened 10/10
Discover More - Opened 05/08 - Never use
Plus my Car Loan which I continue to pay off and my student loans on deferrment.
Added two inquires in April to EX and TU (EQ is still untouched) for the two mortgage pulls. Can't wait to get my mortgage and continue to garden my accounts (either that or apply for a Chase BA Card and get 100k miles )
@Smerri1029 wrote:Well I applied for a mortgage last month, am in the process of that (sign a P&S tomorrow) so I left the Garden to add credit but I will have a Town House to show for it. I am continuing to garden and build relationships with
American Express PR Gold - Opened 10/10 (Just booked my second free flight since I've had it - Love rewards points)
American Express Costco TE - Opened 03/11 - Backdated to 03/10 - Figured I'd have it to go with my Costco membership.
Citi Platinum Select MC - Opened 03/11 - Barely used, wanted to start a relationship with Citi
BoA Visa - Opened 10/10
Discover More - Opened 05/08 - Never use
Plus my Car Loan which I continue to pay off and my student loans on deferrment.
Added two inquires in April to EX and TU (EQ is still untouched) for the two mortgage pulls. Can't wait to get my mortgage and continue to garden my accounts (either that or apply for a Chase BA Card and get 100k miles
Need to act fast on that. I think this offer expires this week.