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Member
Posts: 14
Registered: ‎12-01-2012
0

Next step?

Hey members!

So I have a credit score of 747. Just bought a new ford fusion. My cards that I have are: PNC Bank with 22, 000 limit, auth user, and no balance + Wells Fargo with 3, 800 limit and no balance. After I have auto loan established what should be my next step to get my credit on the path to 800? This is my first auto loan so I am working on a well round credit. I believe I will need another card since my wells fargo I got 2 years ago. Just looking for tips

Thanks Smiley Happy
Current myFICO Score: 747 as of 12-1-2012
Valued Contributor
Posts: 1,569
Registered: ‎11-10-2012
0

Re: Next step?

A prime card seems like a good addition. Amex BCE, US Bank Cash plus, or the CSP to name a few, or perhaps a different one.



My Wallet:
WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k|| Discover it: ||6.5k|| SG Visa: ||11k||
USAA World MC: ||23k|| US Bank Cash+ Siggy: ||7.5k|| Citi TYP World MC: ||12k|| Barclays Arrival World MC: ||13k||Citi Double Cash World MC ||25k||Sallie Mae World MC ||18.8k||Fico Scores (3 Fico Monitoring): EQ 751,TU 749, EX 743. Last app: 9-12-14 Sallie
Blogger
Posts: 3,360
Registered: ‎10-19-2012
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Re: Next step?


Cox0924 wrote:
Hey members!

So I have a credit score of 747. Just bought a new ford fusion. My cards that I have are: PNC Bank with 22, 000 limit, auth user, and no balance + Wells Fargo with 3, 800 limit and no balance. After I have auto loan established what should be my next step to get my credit on the path to 800? This is my first auto loan so I am working on a well round credit. I believe I will need another card since my wells fargo I got 2 years ago. Just looking for tips

Thanks Smiley Happy

How much money do you spend on groceries, dining, travels, online shopping, and bills each year? The answers to these questions will determine the optimal credit card choice.

 

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Member
Posts: 14
Registered: ‎12-01-2012
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Re: Next step?

I think its more gasoline and dining. I drive 80 miles to work and home a day. I spend very little on other things
Current myFICO Score: 747 as of 12-1-2012
Blogger
Posts: 3,360
Registered: ‎10-19-2012
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Re: Next step?


Cox0924 wrote:
I think its more gasoline and dining. I drive 80 miles to work and home a day. I spend very little on other things

Sounds like you're mainly looking for cash back on gasoline and dining. If so, the PenFed Cash Rewards should be on your list thanks to the 5% cash back on gas. As for dining, I'm not sure which one would be the best in terms of rewards. Can someone else chime in on this?

Valued Contributor
Posts: 1,738
Registered: ‎08-13-2012
0

Re: Next step?

what do you want your credit score to be 800 for ??? Show off ??? lol........Get some gas card or walmart card. They offer pretty decent gas price and its $0.15 cent off each gallon till DEc 31, 2012.


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Member
Posts: 14
Registered: ‎12-01-2012
0

Re: Next step?

Because I want to Smiley Happy
Current myFICO Score: 747 as of 12-1-2012
Valued Contributor
Posts: 1,673
Registered: ‎11-11-2012
0

Re: Next step?

[ Edited ]

HiLine wrote:

Cox0924 wrote:
I think its more gasoline and dining. I drive 80 miles to work and home a day. I spend very little on other things

Sounds like you're mainly looking for cash back on gasoline and dining. If so, the PenFed Cash Rewards should be on your list thanks to the 5% cash back on gas. As for dining, I'm not sure which one would be the best in terms of rewards. Can someone else chime in on this?


Unless you absolutely must get gas cash back on every statement, PenFed Platinum Rewards is  proabably a better choice than Cash Rewards, as it gives 3% on groceries and 1% on everything else, as compared to Cash Rewards which is 0.25% on everything apart from gas.   The only disadvantage to the Platinum Rewards is that you collect points and have to save enough (e.g. 5,000 = $1000 of gas) to redeem for a $50 visa debit card.  Non-cash rewards can be redeemed at lower levels, but many prefer cash.

Valued Contributor
Posts: 1,673
Registered: ‎11-11-2012
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Re: Next step?

[ Edited ]

For dining options include:

 

1) US Bank Cash Plus.  You can choose 5% off restaurants all the time (as compared to rotating quarters)  Disadvantage is that unusually this card has different categories for restaurants and fast food, so if you tend to go to a mixture, you will use both of the allowed 5% categories on this (giving up bill pay for example)

 

2) Citi Forward.  5 Thank You points per $.  Thank You points aren't always regarded as worth 1c, but for some redemptions than can be

 

3) Chase Freedom/Some Discover cards/others: these have rotating 5% categories, frequently including dining at least 1 quarter a year.  Generally capped to $75 a quarter back on all 5% categories ($1500 spend).  Cash Plus isn't capped, and Citi Forward probably isn't either.

Regular Contributor
Posts: 223
Registered: ‎12-08-2012
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Re: Next step?

[ Edited ]

bs6054 wrote:

For dining options include:

 

1) US Bank Cash Plus.  You can choose 5% off restaurants all the time (as compared to rotating quarters)  Disadvantage is that unusually this card has different categories for restaurants and fast food, so if you tend to go to a mixture, you will use both of the allowed 5% categories on this (giving up bill pay for example)

 

2) Citi Forward.  5 Thank You points per $.  Thank You points aren't always regarded as worth 1c, but for some redemptions than can be

 

3) Chase Freedom/Some Discover cards/others: these have rotating 5% categories, frequently including dining at least 1 quarter a year.  Generally capped to $75 a quarter back on all 5% categories ($1500 spend).  Cash Plus isn't capped, and Citi Forward probably isn't either.


Re: Citi Forward

It technically has a point cap of 75,000 ThankYou points per year (or $15,000 at 5%), so it might come into play if you eat out a lot and/or dine at very expensive restaurants.*

Also, TY points earned with this card expire after 5 years.

Almost a year into having the card though, and I haven't spent enough for either to be an issue. YMMV

 

_____

 

*The 5 % also applies towards bookstores and movie theaters. It just so happens that Amazon is categorized as a bookstore, so I would recommend using it there if do any online shopping. Everything else gets 1 TY point (max 1%) per dollar, but many other cards will offer you a better value.

EX: 758 (10/12), TU: ???, EQ: ???

BankAmericard Travel Rewards // Citi Forward // Amex Blue Cash Preferred // Gap Visa
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† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

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