cancel
Showing results for 
Search instead for 
Did you mean: 

Next Move?

tag
Temporary_me
Member

Next Move?

Hello Everyone,

 

So I am attempting to figure out what my next credit move should be. For background, I currently have the following:

 

Discover Statement TU Fico: 763

Utilization: 5-20% historically. Currently: ~7%

 

Discover Open Road: $2500 - Opened May 2012 (Two auto CLI's 1500 -> 2000 -> 2500 all in 2013)

Barclay Arrival World Mastercard: $6300 - Opened March 2014, no CLI's so far

 

I've have always paid my balances in full. I do have one other hard inquiry on my CR from US Bank in August 2014 ue to an error.

 

Now, my plan moving forward was this. Request  a SP credit increase from Discover fairly soon. My income has jumped up from 85k to 108k since I applied for the card, and I had applied originally with zero credit history while in college. Thus I think a CLI should be easy enough, hopefully up to at least $6300 to match my Arrival.

 

Wait for my next Discover statement so my new limt is reported, then apply for a new card. This is where I'm really on the fence.  I'm tempted to chase sign up bonuses which arguably offer the best effective %return on spending given my yearly CC expenses of ~$12k. However, I'd like to establish a set of "core" cards. These core cards will be what I build history on, consistently use with good day to day rewards, and maintain a high total credit line with. I can chase bonuses later I suppose.

 

My favorite card for rewards would be the Sallie Mae Barclaycard for the 5% Groceries/Gas, but on the flip side I'd like to bump my credit limits up in general to be in the 15-20k range per card if possible. Given my income and low expenses I don't think this is unreasonable. For credit limits I'm instantly drawn to the AMEX cards for the 3X CLI. The only problem is that the Blue Cash Everyday card is the only card I'd be interested in and the Sallie Mae is really just a better version of it already. I'd eventually get the Sallie Mae and rarely touch the AMEX again. I hate the idea of accumulating unused cards.

 

My final question then: Should I just go for the Sallie Mae or should I try for an AMEX card in order to boost my credit limit and thus set the stage for higher limit cards with future applications?

 

*Side note: my roommate with almost identical situation, 2 cards, roughly same vintage, Discover TU Fico of 758, and exact same income (same company/job), just applied for a Cap1 Venture yesterday and was approved instantly for a $20k limit. Only difference is he has a car loan paid off in his credit history where I do not.

FICO: 763 (Discover Statement March 2015)
Barclay Arrival (no fee) - $6,300
Discover Open Road - $2,500
Message 1 of 6
5 REPLIES 5
B335is
Moderator Emeritus

Re: Next Move?

Why not apply for Sallie Mae now? It sounds like that's the card you have your eye on and I think you would be approved and could recon a higher limit (assuming you don't app for more new TU pull cards beforehand).  

 

Which Amex do you want?  It will pull EX and Barclays will pull TU. I'd go for both now. 

Message 2 of 6
Anonymous
Not applicable

Re: Next Move?


@Temporary_me wrote:

Hello Everyone,

 

So I am attempting to figure out what my next credit move should be. For background, I currently have the following:

 

Discover Statement TU Fico: 763

Utilization: 5-20% historically. Currently: ~7%

 

Discover Open Road: $2500 - Opened May 2012 (Two auto CLI's 1500 -> 2000 -> 2500 all in 2013)

Barclay Arrival World Mastercard: $6300 - Opened March 2014, no CLI's so far

My final question then: Should I just go for the Sallie Mae or should I try for an AMEX card in order to boost my credit limit and thus set the stage for higher limit cards with future applications?

 

*Side note: my roommate with almost identical situation, 2 cards, roughly same vintage, Discover TU Fico of 758, and exact same income (same company/job), just applied for a Cap1 Venture yesterday and was approved instantly for a $20k limit. Only difference is he has a car loan paid off in his credit history where I do not.


Since your credit is good, I personally would go for all 3.

 

Salie Mae

BCE

Venture

 

Sallie Mae would be your daily card but remember that it has relatively low caps.

BCE is to get in with AMEX to lock in your MSD & 3X.  It is a decent card although I prefer the BCP version for the 6% groceries

Venture will get you the crazy limits (along with AMEX down the road)

 

The Venture has an annual fee but just PC it next year to the VentureOne with no AF.

 

A 4th option is the Chase Freedom which should pretty much cover you in bonuses coordinated with the SM card

 

Since it sounds like you're not a credit addict, get those 3-4 cards and just kick off your shoes and garden for the next decade knowing you have achieved most of your credit goals.

Message 3 of 6
Temporary_me
Member

Re: Next Move?


@Anonymous wrote:

@Temporary_me wrote:

Hello Everyone,

 

So I am attempting to figure out what my next credit move should be. For background, I currently have the following:

 

Discover Statement TU Fico: 763

Utilization: 5-20% historically. Currently: ~7%

 

Discover Open Road: $2500 - Opened May 2012 (Two auto CLI's 1500 -> 2000 -> 2500 all in 2013)

Barclay Arrival World Mastercard: $6300 - Opened March 2014, no CLI's so far

My final question then: Should I just go for the Sallie Mae or should I try for an AMEX card in order to boost my credit limit and thus set the stage for higher limit cards with future applications?

 

*Side note: my roommate with almost identical situation, 2 cards, roughly same vintage, Discover TU Fico of 758, and exact same income (same company/job), just applied for a Cap1 Venture yesterday and was approved instantly for a $20k limit. Only difference is he has a car loan paid off in his credit history where I do not.


Since your credit is good, I personally would go for all 3.

 

Salie Mae

BCE

Venture

 

Sallie Mae would be your daily card but remember that it has relatively low caps.

BCE is to get in with AMEX to lock in your MSD & 3X.  It is a decent card although I prefer the BCP version for the 6% groceries

Venture will get you the crazy limits (along with AMEX down the road)

 

The Venture has an annual fee but just PC it next year to the VentureOne with no AF.

 

A 4th option is the Chase Freedom which should pretty much cover you in bonuses coordinated with the SM card

 

Since it sounds like you're not a credit addict, get those 3-4 cards and just kick off your shoes and garden for the next decade knowing you have achieved most of your credit goals.


Well, the Venture is a bit redundant with my existing Barclay Arrival card so I don't think I would get that one. Once again, my spending is pretty low in general so most AF cards would not beat out a non-fee version unless I exclusively used that one card.

 

And no, I'm not a credit addict in practice, but I'd just like to set myself up with a good base collection and start building history, then later move to moderate bonus surfing.

 

What I'm really driving at is will waiting to 3X an Amex BEFORE applying for any other cards be likely to make all those applications yield higher limit cards as well?

 

FICO: 763 (Discover Statement March 2015)
Barclay Arrival (no fee) - $6,300
Discover Open Road - $2,500
Message 4 of 6
B335is
Moderator Emeritus

Re: Next Move?


@Temporary_me wrote:

@Anonymous wrote:

@Temporary_me wrote:

Hello Everyone,

 

So I am attempting to figure out what my next credit move should be. For background, I currently have the following:

 

Discover Statement TU Fico: 763

Utilization: 5-20% historically. Currently: ~7%

 

Discover Open Road: $2500 - Opened May 2012 (Two auto CLI's 1500 -> 2000 -> 2500 all in 2013)

Barclay Arrival World Mastercard: $6300 - Opened March 2014, no CLI's so far

My final question then: Should I just go for the Sallie Mae or should I try for an AMEX card in order to boost my credit limit and thus set the stage for higher limit cards with future applications?

 

*Side note: my roommate with almost identical situation, 2 cards, roughly same vintage, Discover TU Fico of 758, and exact same income (same company/job), just applied for a Cap1 Venture yesterday and was approved instantly for a $20k limit. Only difference is he has a car loan paid off in his credit history where I do not.


Since your credit is good, I personally would go for all 3.

 

Salie Mae

BCE

Venture

 

Sallie Mae would be your daily card but remember that it has relatively low caps.

BCE is to get in with AMEX to lock in your MSD & 3X.  It is a decent card although I prefer the BCP version for the 6% groceries

Venture will get you the crazy limits (along with AMEX down the road)

 

The Venture has an annual fee but just PC it next year to the VentureOne with no AF.

 

A 4th option is the Chase Freedom which should pretty much cover you in bonuses coordinated with the SM card

 

Since it sounds like you're not a credit addict, get those 3-4 cards and just kick off your shoes and garden for the next decade knowing you have achieved most of your credit goals.


Well, the Venture is a bit redundant with my existing Barclay Arrival card so I don't think I would get that one. Once again, my spending is pretty low in general so most AF cards would not beat out a non-fee version unless I exclusively used that one card.

 

And no, I'm not a credit addict in practice, but I'd just like to set myself up with a good base collection and start building history, then later move to moderate bonus surfing.

 

What I'm really driving at is will waiting to 3X an Amex BEFORE applying for any other cards be likely to make all those applications yield higher limit cards as well?

 


Well for the best chance of Amex 3x, just get an Amex and be done with it.  I think the more accounts you add will slowly chip away your likelihood of getting Amex 3x.  Just my $0.02

Message 5 of 6
Anonymous
Not applicable

Re: Next Move?


@Temporary_me wrote:

Well, the Venture is a bit redundant with my existing Barclay Arrival card so I don't think I would get that one. Once again, my spending is pretty low in general so most AF cards would not beat out a non-fee version unless I exclusively used that one card.

 

And no, I'm not a credit addict in practice, but I'd just like to set myself up with a good base collection and start building history, then later move to moderate bonus surfing.

 

What I'm really driving at is will waiting to 3X an Amex BEFORE applying for any other cards be likely to make all those applications yield higher limit cards as well?

 


It's not whether or not the Venture is redundant, it's about getting higher limits in the future.  My original prybar was an NFCU 16K, the Venture gave me a 30K prybar and after that I got a 3X on AMEX to 25K.

 

You're currently in the sub 10K CC range.  What works alot of times to get over the hurdle is the prybar.

 

If you have good income along with your high score, Venture is that prybar.  As far as the AF, it's waived the first year.  Just PC it to the VentureOne with no annual fee before the next year.

 

Sure you can wait for 3X CLI but that stalls your credit building over the next few months...why not just get all 3 now and be done with it?  That is why alot of people here app in sprees, it gets all the aging done together.

 

You will get a nice SL with Venture and a decent limit with AMEX to 3X later.

 

The only one that could be trick is the SallieMae, not really sure how much they'd give you but that card is not really well known for high limits.

Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.