Looking for some guidance

[Vegas247]

Chase Freedom! Also it has No Annual Fee!

[youdontkillmoney]

I have both. Both don't have an annual fee. Interest rate is about comparable. I'd go with Citi Diamond Preferred because they have a 0% APR grace period for at least 6 months (when I got it it was 18 months no interest, in fact, I still have 0% interest in purchases through August 2014 but don't need it)

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youdontkillmoney financial stats:

22 years of credit experience without EVER being late or missing a payment.

Experian FICO score: 798

Total 17 credit cards: $210,110:

AMEX Platinum ($85,000 with $450 annual fee plus an extra $175 for up to three additional member cards for $625 total each year);  Barclay's Black Card Stainless Steel Visa card ($10,000 with $495 annual fee and the last time I use this card the reaction is "wow, your card is heavy" and I just smile); Diners Club Carte Blanche ($15,000 with $300 annual fee); AMEX Business Platinum ($3,000); Bank of America Visa Signature ($5,000); Capital One ($2,000); Citibank MasterCard ($13,000); Discover ($3,000); Capital One Quicksilver (formerly HSBC) $20,000; JCB Card ($3,000); Juniper MasterCard ($5,000); Merrill Lynch Visa Signature ($5,000); US Bank Visa ($3,500); Wells Fargo Visa ($9,000); Credit Union Visa ($7,500); Chase Freedom Visa ($8,000); Citi Diamond Preferred ($13,200) 

Total 4 Lines of Credit: $45,200

Wells Fargo Line of Credit: $11,200 ($25 annual fee with 13.75% APR)

Credit Union: $20,000 ($0 annual fee with 15% APR)

US Bank Premier Plus Line of Credit: $5,000 ($0 annual fee with 13% APR)

Citibank Custom Line of Credit: $9,000 ($50 annual fee waived first year, and if used once a year, annual fee waived with 12.99% APR)

[Vegas247]

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@youdontkillmoney wrote:

I have both. Both don't have an annual fee. Interest rate is about comparable. I'd go with Citi Diamond Preferred because they have a 0% APR grace period for at least 6 months (when I got it it was 18 months no interest, in fact, I still have 0% interest in purchases through August 2014 but don't need it)

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youdontkillmoney financial stats:

22 years of credit experience without EVER being late or missing a payment.

Experian FICO score: 798

Total 17 credit cards: $210,110:

AMEX Platinum ($85,000 with $450 annual fee plus an extra $175 for up to three additional member cards for $625 total each year);  Barclay's Black Card Stainless Steel Visa card ($10,000 with $495 annual fee and the last time I use this card the reaction is "wow, your card is heavy" and I just smile); Diners Club Carte Blanche ($15,000 with $300 annual fee); AMEX Business Platinum ($3,000); Bank of America Visa Signature ($5,000); Capital One ($2,000); Citibank MasterCard ($13,000); Discover ($3,000); Capital One Quicksilver (formerly HSBC) $20,000; JCB Card ($3,000); Juniper MasterCard ($5,000); Merrill Lynch Visa Signature ($5,000); US Bank Visa ($3,500); Wells Fargo Visa ($9,000); Credit Union Visa ($7,500); Chase Freedom Visa ($8,000); Citi Diamond Preferred ($13,200) 

Total 4 Lines of Credit: $45,200

Wells Fargo Line of Credit: $11,200 ($25 annual fee with 13.75% APR)

Credit Union: $20,000 ($0 annual fee with 15% APR)

US Bank Premier Plus Line of Credit: $5,000 ($0 annual fee with 13% APR)

Citibank Custom Line of Credit: $9,000 ($50 annual fee waived first year, and if used once a year, annual fee waived with 12.99% APR)

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youdontkillmoney, I must say you have 1 of the most impressive lineup of cards and credit..... 

[youdontkillmoney]

Thanks, one of the reasons is because when there is another financial crisis/recession, what will happen as did in 2008-2009 is banks will cut/cancel your credit cards or reduce your available credit.

So I have all these cards/lines of credit to prepare for if/when that happens. I will still have financial options and having options is a good thing since I am in a position to pick and choose lines with the lowest rate IF I need to borrow. (I don't amass cards and lines just for fun, there is this reason plus it seems to be doing my credit file good as I am responsible with it knowing that running up all the lines will get me in deep financial trouble).

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youdontkillmoney financial stats:

22 years of credit experience without EVER being late or missing a payment.

Experian FICO score: 798

Total 17 credit cards: $210,110:

AMEX Platinum ($85,000 with $450 annual fee plus an extra $175 for up to three additional member cards for $625 total each year);  Barclay's Black Card Stainless Steel Visa card ($10,000 with $495 annual fee and the last time I use this card the reaction is "wow, your card is heavy" and I just smile); Diners Club Carte Blanche ($15,000 with $300 annual fee); AMEX Business Platinum ($3,000); Bank of America Visa Signature ($5,000); Capital One ($2,000); Citibank MasterCard ($13,000); Discover ($3,000); Capital One Quicksilver (formerly HSBC) $20,000; JCB Card ($3,000); Juniper MasterCard ($5,000); Merrill Lynch Visa Signature ($5,000); US Bank Visa ($3,500); Wells Fargo Visa ($9,000); Credit Union Visa ($7,500); Chase Freedom Visa ($8,000); Citi Diamond Preferred ($13,200) 

Total 4 Lines of Credit: $45,200

Wells Fargo Line of Credit: $11,200 ($25 annual fee with 13.75% APR)

Credit Union: $20,000 ($0 annual fee with 15% APR)

US Bank Premier Plus Line of Credit: $5,000 ($0 annual fee with 13% APR)

Citibank Custom Line of Credit: $9,000 ($50 annual fee waived first year, and if used once a year, annual fee waived with 12.99% APR)

[Vegas247]

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@youdontkillmoney wrote:

Thanks, one of the reasons is because when there is another financial crisis/recession, what will happen as did in 2008-2009 is banks will cut/cancel your credit cards or reduce your available credit.

So I have all these cards/lines of credit to prepare for if/when that happens. I will still have financial options and having options is a good thing. (I don't amass cards and lines just for fun, there that reason plus it seems to be doing my credit file good as I am responsible).

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youdontkillmoney financial stats:

22 years of credit experience without EVER being late or missing a payment.

Experian FICO score: 798

Total 17 credit cards: $210,110:

AMEX Platinum ($85,000 with $450 annual fee plus an extra $175 for up to three additional member cards for $625 total each year);  Barclay's Black Card Stainless Steel Visa card ($10,000 with $495 annual fee and the last time I use this card the reaction is "wow, your card is heavy" and I just smile); Diners Club Carte Blanche ($15,000 with $300 annual fee); AMEX Business Platinum ($3,000); Bank of America Visa Signature ($5,000); Capital One ($2,000); Citibank MasterCard ($13,000); Discover ($3,000); Capital One Quicksilver (formerly HSBC) $20,000; JCB Card ($3,000); Juniper MasterCard ($5,000); Merrill Lynch Visa Signature ($5,000); US Bank Visa ($3,500); Wells Fargo Visa ($9,000); Credit Union Visa ($7,500); Chase Freedom Visa ($8,000); Citi Diamond Preferred ($13,200) 

Total 4 Lines of Credit: $45,200

Wells Fargo Line of Credit: $11,200 ($25 annual fee with 13.75% APR)

Credit Union: $20,000 ($0 annual fee with 15% APR)

US Bank Premier Plus Line of Credit: $5,000 ($0 annual fee with 13% APR)

Citibank Custom Line of Credit: $9,000 ($50 annual fee waived first year, and if used once a year, annual fee waived with 12.99% APR)

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How do you use all those cards without having them CLD or closed.....do you try to use all the cards every month...What's the longest you let cards sit in the sock drawer before having to spend on it (in general)

[youdontkillmoney]

I have two main credit cards I use:

AMEX Platinum for 99% of purchases and pay it off in full each month

The other 1% is for businesses that do not accept AMEX, then I use the Barclay's VIsa Black card which I pay in full also

That's what I carry everyday.

The other credit cards and lines of credit I will use once every six months (equates to twice a year), such as cup of coffe at Starbucks or charge a dollar on gas for each card to show a transaction, then pay them all off in full. For the lines of credit, I'll transfer $100 once every sixx months into my checking and use it to keep it active, but pay it off right away the next month. This keeps them active.