Plan of attack?

[Anonymous]

Hi all,

I'm a long time lurker but finally signed up to do some posting.  I'm looking for a little advice on what cards are good to apply for, and how I should proceed.  The primary purpose of the endeavor is score boosting through adding accounts and increasing available credit limits, followed by a good long gardening period.

A little background - My oldest open account is my Chase Freedom (1999) followed by BoA (2000).  I bank with BoA and have my mortgage through them as well.  I just paid off an auto loan through Chase.  I haven't really done anything with my credit over the years and haven't apped for many cards.  Most of my credit has been installment loans (auto, personal loans, etc).  That said, I have no missed payments or derogs, and no inquires in the last year.  For installments I have the mortgage, one Lending Club loan, and two Prosper Loans (the latter of which don't report to EQ for some reason).  My revolving util is <1% and my personal loans are all <65%.  AAoA is 7-8 years.  My scores are in the 750's and will go up next month when my accounts report (just paid off some card balances).

I'm interested in primarily cash back cards, although I wouldn't mind having a travel card.  I also really want to get one of those Chase Amazon Rewards cards since I do about 80% of my shopping through Amazon Prime.  Can't believe I missed that one until now!

So, other than the Amazon card, which cards are good to target for me?  How often should I app?  Is there a strategy to apping for multiple cards at once?  Again, I don't particularly NEED this credit I just want to cultivate my scores.

Thanks!

[Anonymous]

Welcome to the forum.

Based on what you have stated, I believe that you have quite a few options. I have a few questions for you. What will the card be used for, purchase wise and monthly amount (other than Amazon)? This will help determine the best possibility on rewards. You also said that you wouldn't mind a travel rewards card, how often do you travel?

If you don't mint providing some of this information, I can give you a little advice, IMO of course.

[Anonymous]

I don't know how much you spend on Amazon but Sallie Mae Mastercard is great for Amazon... you will get 5% cash back for upto $750 spend a month in Amazon; after $750 you will get 1% cash back. Sallie Mae considers Amazon as bookstore. There are some rare cases you will not get 5% back on Amazon if you are buying from  3rd party seller. 

PS you also get 5% back on groceries and gas, but the cap is lower at $250 on each category. For me it works out to be perfect because I spend about $150 in gas and $300 in groceries. 

PS2 did I mention free real TU Fico score. 

[Anonymous]

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@Anonymous wrote:

Welcome to the forum.

Based on what you have stated, I believe that you have quite a few options. I have a few questions for you. What will the card be used for, purchase wise and monthly amount? This will help determine the best possibility on rewards. You also said that you wouldn't mind a travel rewards card, how often do you travel?

If you don't mint providing some of this information, I can give you a little advice, IMO of course.

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Thanks James,

Like I said, I do most of my spending on Amazon - for all sorts of things.  Stuff for the car, stuff for the house, electronics, gadgets, and whatever else.  Otherwise, I eat out a lot so restaraunts are a main spend, and next to that would be gas.  The Freedom card I have is 5% on restaurants so I'm using that at the moment.  The BoA is by merchant rather than category, which proves to be rather worthless most of the time.  The Citi card doesn't do much in regards to rewards - it's just my low APR card at 5.24%.

For spending, I'd say I typically spend maybe $1500-2000 a month.  I don't travel much to be honest...  1-2 times a year, but sometimes more.  A travel card isn't too important really, but it'd be nice to get a discount on flight tickets if it's possible with my travel habits.

[kdm31091]

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@Anonymous wrote:

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@Anonymous wrote:

Welcome to the forum.

Based on what you have stated, I believe that you have quite a few options. I have a few questions for you. What will the card be used for, purchase wise and monthly amount? This will help determine the best possibility on rewards. You also said that you wouldn't mind a travel rewards card, how often do you travel?

If you don't mint providing some of this information, I can give you a little advice, IMO of course.

---

Thanks James,

Like I said, I do most of my spending on Amazon - for all sorts of things.  Stuff for the car, stuff for the house, electronics, gadgets, and whatever else.  Otherwise, I eat out a lot so restaraunts are a main spend, and next to that would be gas.  The Freedom card I have is 5% on restaurants so I'm using that at the moment.  The BoA is by merchant rather than category, which proves to be rather worthless most of the time.  The Citi card doesn't do much in regards to rewards - it's just my low APR card at 5.24%.

For spending, I'd say I typically spend maybe $1500-2000 a month.  I don't travel much to be honest...  1-2 times a year, but sometimes more.  A travel card isn't too important really, but it'd be nice to get a discount on flight tickets if it's possible with my travel habits.

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With 1-2 trips a year most travel cards won't make sense as they have AF they are difficult to justify outside of traveling more heavily than that.

[ParadoxD]

I figured as much.  Scratch that idea then.  I'll stick to cash back cards or some other kind of reward cards.

[Anonymous]

Seems like you have good enough credit. I would get a blue cash preferred or a quicksilver card. Or a us bank cash plus

[Anonymous]

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@ParadoxD wrote:

I figured as much.  Scratch that idea then.  We'll stick to cash back cards or some other kind of reward cards.

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Unless you get Venture or Arrival+. Use it a lot in the first year, 2% back on all spend, get the $400 sign up bonus... redeem everything towatds travel expenses and then before AF hits cancel or downgrade the card. 

PS when i say use it a lot... i dont mean spend more than you would regularly do... spending just for the sake of 2% back would be poor decision. But what i meant is put all your regular expenses on this card, except where you can get 3% or 5% back. 

[ParadoxD]

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@Anonymous wrote:

I don't know how much you spend on Amazon but Sallie Mae Mastercard is great for Amazon... you will get 5% cash back for upto $750 spend a month in Amazon; after $750 you will get 1% cash back. Sallie Mae considers Amazon as bookstore. There are some rare cases you will not get 5% back on Amazon if you are buying from  3rd party seller. 

PS you also get 5% back on groceries and gas, but the cap is lower at $250 on each category. For me it works out to be perfect because I spend about $150 in gas and $300 in groceries. 

PS2 did I mention free real TU Fico score. 

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$750 a month on Amazon would probably cover it.  I had seen the card mentioned, but I thought that limit was per quarter.  I'll have to look into that, thanks!

The free Fico scores are a big plus for me as well.  I get EQ through Citi, but I am looking for cards with EX/TU.  Was possibly considering Discover It for TU - I wasn't aware the Sallie Mae offered that too.

[kdm31091]

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@Anonymous wrote:

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@ParadoxD wrote:

I figured as much.  Scratch that idea then.  We'll stick to cash back cards or some other kind of reward cards.

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Unless you get Venture or Arrival+. Use it a lot in the first year, 2% back on all spend, get the $400 sign up bonus... redeem everything towatds travel expenses and then before AF hits cancel or downgrade the card. 

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It sounds like neither the Venture or Arrival+ would make much sense for OP. Traveling 1-2 times a year doesn't really justify them, and even the bonus is only really useful if you put it towards one of those trips. Which is possible that they could do, but to me not the best use of a HP/ new app.

Go for something that's useful to you long term, not something you will use for a year and then be forced to cancel or downgrade because you can't justify it. That's my advice OP.