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Re: Pending App Spree!


distantarray wrote:

civilitermortuse wrote:

Hello Everyone,

 

I plan to go on an app spree in march.  I will have a utilization of 2% on my cards.  My AAOA is 1 Year and 9 Months.

I have a 750 - TU

I have a 719 - EX

I have a 690 EQ

 

I have 3 Cap 1 Cards with a total of $8,000 in credit.  My income is $125k / Year

 

No Lates and No Negs

 

Please tell me your thoughts on doing this app spree

 

Amex BCP

 

Not very worthwhile imo, it's good if you like Cash back but remember that the best redemptions are points for hotels and travel. 1 point can get redemptions at 9+ cents per point on the best cards in the market. UR points from Chase, United airline cards etc are amazing for international travel. Domestic travel best is Flexperks by US Bank. imo. Starwood is best for hotels.

 

Amex Plat

 

American Express MR points lag way behind for most flights vs United. Although flexibility is nice with any airlines just be warned to get to Asia from America United costs 65,000 on a saver award for round trip, and best way to get that with Amex is to transfer the points to Air Canada / Aeroplan and 75,000 MR points for the same flight. and United miles are MUCH easier to earn with Chase Sapphire, Ink, and Freedom cards. With United Club card you can get 1 free ticket a year to anywhere in Asia for 65,000 for free if you do things right, can't say that with MR points. (Chase UR points transfers 1:1 to United miles)

 

Chase Saphire

 

Great card can't say enough about it, compares to the Platinum minus lounge access and global entry for $95

 

Discover IT

 

Decent card but personally don't like cash back at all. Although it can workout if nice promotions like ANY online purchase at 5% :smileywink: coughgiftcardscough

 

Neiman Marcus (Store Card)

Saks (Store Card)

Target

 

Store cards are a bad idea they give little to nothing in return compared to other cards, for instance I just recently got a Mileage Plus with United for 50,000 miles sign up bonus + 5,000 for adding an authorized user, and 10k points bonus for spending 25k in a year (very easy for most people if you include mortgage) This itself got me enough points to take 1 free trip across the world.

 

If you want cash back how about cash you never needed to spend? Use sites like plasticjungle and cardpool to get a nice discount on saks and neiman marcus gift cards 10-25% usually to buy your merchandise at a nice discount :smileywink:

 

Also you can link up a debit card to Target debit card to get 5% off anyways

 

Amazon

 

If you want a Amazon card just get a Citi Forward card 5 point categories includes restaurants, movies, music stores, bookstores (Amazon is classified as a bookstore)

 

What do you guys think?   Are those good cards to try with my scores?   Thanks!


OVer all with a 125k income I really doubt a a maximum of $100 cash back ($10,000 spending) is really worth your while. Now if you get 10,000 points that's worth atleast $400-900+ for travel with points.

 

With Chase Ink, Sapphire, United Club or mileage plus (if you meet 25k a year), Freedom these 4 would add upto $190 annual fee or $490 pick whichever one you want depending on your spending habits, but my breakpoint would be 65k points a year with 30k spending if you use these cards effectively.

 

 


+1

Hey OP!  I pretty much agree with this assessment excluding the BCP.  I think it's a great Cash Back card especially if you are a cash back person like you stated and you maximize the buying to fit the card's rewards.  Forget the store cards.  Not worth it and the BCP earns you 3% at most of the department stores you shop.  If I were you- I'd get the CSP- Freedom Combo- Amex BCP- Amex PRG or Plat depending on your planned travel and spending habits.  That's my .02.  :-)


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, TotalRewards 20.5K, QuickSilver 20K

Senior Contributor
Posts: 6,242
Registered: ‎08-16-2012
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Re: Pending App Spree!

AVOID Neiman Marcus and Target!!

 

they are HORRIBLE with credit limits!

 

NM is HSBC backed aka Crapital One!! I had a NM account and closed it because they had the nerve to cut a $750 limit to $505 even with all of the prime accounts I have/low util, etc.

 

Target is also notorious for giving low limits that never budge.

Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Valued Member
Posts: 46
Registered: ‎04-16-2012
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Re: Pending App Spree!

Thanks Everyone for your imput,

 

I am going to do a bit more research and update everyone on the Spree!  I was a little worried that I was apping for too many cards but I saw that someone did way more than the amount I am looking to do so I feel good about that.

Valued Member
Posts: 46
Registered: ‎04-16-2012
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Re: Pending App Spree!


youngandcreditwrthy wrote:

AVOID Neiman Marcus and Target!!

 

they are HORRIBLE with credit limits!

 

NM is HSBC backed aka Crapital One!! I had a NM account and closed it because they had the nerve to cut a $750 limit to $505 even with all of the prime accounts I have/low util, etc.

 

Target is also notorious for giving low limits that never budge.


I Was really wanting to add Store Cards to my credit so that I show different types of credit on my report.  I heard that really helps, Which stores cards would you reccomend?


Thanks,

Established Member
Posts: 106
Registered: ‎04-07-2011
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Re: Pending App Spree!

[ Edited ]

civilitermortuse wrote:

youngandcreditwrthy wrote:

AVOID Neiman Marcus and Target!!

 

they are HORRIBLE with credit limits!

 

NM is HSBC backed aka Crapital One!! I had a NM account and closed it because they had the nerve to cut a $750 limit to $505 even with all of the prime accounts I have/low util, etc.

 

Target is also notorious for giving low limits that never budge.


I Was really wanting to add Store Cards to my credit so that I show different types of credit on my report.  I heard that really helps, Which stores cards would you reccomend?


Thanks,


Store cards hardly help in the credit mix category. Store cards are weighed a step below traditional bank credit cards. You need an installment loan like a car loan, personal loan etc along with your revolving lines of credit to have a healthy credit mix. If you have a mortgage that's even better as you get optimal fico scoring.

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Posts: 27,203
Registered: ‎09-13-2012
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Re: Pending App Spree!


civilitermortuse wrote:

youngandcreditwrthy wrote:

AVOID Neiman Marcus and Target!!

 

they are HORRIBLE with credit limits!

 

NM is HSBC backed aka Crapital One!! I had a NM account and closed it because they had the nerve to cut a $750 limit to $505 even with all of the prime accounts I have/low util, etc.

 

Target is also notorious for giving low limits that never budge.


I Was really wanting to add Store Cards to my credit so that I show different types of credit on my report.  I heard that really helps, Which stores cards would you reccomend?


Thanks,


If you want a store card, i would get WalMart for the free TU score. Plus the limit will grow fast!

Valued Member
Posts: 46
Registered: ‎04-16-2012
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Re: Pending App Spree!


NewYorkGuy wrote:

civilitermortuse wrote:

youngandcreditwrthy wrote:

AVOID Neiman Marcus and Target!!

 

they are HORRIBLE with credit limits!

 

NM is HSBC backed aka Crapital One!! I had a NM account and closed it because they had the nerve to cut a $750 limit to $505 even with all of the prime accounts I have/low util, etc.

 

Target is also notorious for giving low limits that never budge.


I Was really wanting to add Store Cards to my credit so that I show different types of credit on my report.  I heard that really helps, Which stores cards would you reccomend?


Thanks,


Store cards hardly help in the credit mix category. Store cards are weighed a step below traditional bank credit cards. You need an installment loan like a car loan, personal loan etc along with your revolving lines of credit to have a healthy credit mix. If you have a mortgage that's even better as you get optimal fico scoring.


I actually have a Personal Installment Loan of $1,000.00, was given 2 years to pay it off, due to lack of credit history the amount was low, I was told to let it report for 6months and it will be month 6 in march and the loan currenlty only has a balance of $10.00.

 

I was thinking about applying for a Revolving Line of Credit.  Would that be better?

 

Thanks,

Valued Member
Posts: 46
Registered: ‎04-16-2012
0

Re: Pending App Spree!


youngandcreditwrthy wrote:

AVOID Neiman Marcus and Target!!

 

they are HORRIBLE with credit limits!

 

NM is HSBC backed aka Crapital One!! I had a NM account and closed it because they had the nerve to cut a $750 limit to $505 even with all of the prime accounts I have/low util, etc.

 

Target is also notorious for giving low limits that never budge.


I wonder if I could contact the EO for the Neimans card since Cap one owns it now for an increase if I don't like the limit..

Community Leader
Valued Contributor
Posts: 1,406
Registered: ‎07-12-2011
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Re: Pending App Spree!

[ Edited ]

civilitermortuse wrote:

youngandcreditwrthy wrote:

AVOID Neiman Marcus and Target!!

 

they are HORRIBLE with credit limits!

 

NM is HSBC backed aka Crapital One!! I had a NM account and closed it because they had the nerve to cut a $750 limit to $505 even with all of the prime accounts I have/low util, etc.

 

Target is also notorious for giving low limits that never budge.


I Was really wanting to add Store Cards to my credit so that I show different types of credit on my report.  I heard that really helps, Which stores cards would you reccomend?


Thanks,


 


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, TotalRewards 20.5K, QuickSilver 20K

Established Member
Posts: 106
Registered: ‎04-07-2011
0

Re: Pending App Spree!

Yes having revolving lines of credit in addition to a history of managing installment loans responsibly provides optimal fico scoring. My situation is the opposite of yours... I currently do not have any installment loan on my file. However I have several credit cards and a couple store cards. My credit mix scoring is below what it should be. I plan to get a car loan next month for a used car. I know it will ding my score at first with the inquiry and the new account showing but paying off the loan over time will be benifical to my score.

 

Then once I get a mortgage, I will have maxed out the credit mix potentional of my score. :smileyhappy:

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