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New Member
CrediblyCreditable
Posts: 2
Registered: ‎11-23-2012
0

Re: So, what next?

[ Edited ]

distantarray wrote:

 

1. Any baddies on your report?

2. Not enrolled in any kind of debt management programs

3. Have more than 2 years of credit history (not required but nice)


  1. No.
  2. No.
  3. Yes.  In addition to the 1986 card on which I'm an AU and still is reported on my credit report, my Discover turned 4 years old this September.  My AAoA according to the USAA credit monitoring is 8.0 years.

distantarray wrote:

 

imo get the house you can afford with a reasonable budget left over, and minimum downpayment and keep more for emergency funds, always make the lowest payment amounts possible never do 15 year, always do 30. Never pay more and save all the money and pay it off in one lump sum at the end (as long as you have control and don't splurge into it)

 

also remember if your making payments over your mortgage amount each month you have to define ADDITIONAL AMOUNTS ARE TO BE APPLIED TO PRINCIPLE. otherwise some banks like bank of America loves to apply it towards interest and your principle will never go down. 



Hmm... Well, this is all a little down the road until my job situation becomes more stable (I unpredictably spend long periods of time on the road, and would rather not worry about my house burning down while I'm sitting in a hotel in New Jersey for 2 months), but I would have thought it best to grab a 15 year, lower cost home that could be refinanced to 30 if needed.  Or, again if needed, sold more easily with less "wasted interest" if I chose to move after 5 years or so.

 

 

To everyone else,

Thanks for the responses.  I apologize I didn't explain more in depth all of my details and whatnot, I just wanted to make sure that I asked the question gnawing on my mind before I forgot about it.  Here are some more details:

  • Total available credit: $39,000
  • Balance: $464 (this isn't carried, just whatever was pending between paying the bill and the statement posting, I haven't paid interest on a credit card in two years)
  • Util: 1%
  • AAoA: 8.0 years
  • Inquiries: Exp, 1; EQ, 2; TU; 2

Generally speaking I don't have any specific purposes in mind.  No pending marriages, no need for a car loan, and certainly no need for a personal loan.  I just wanted to check with you all to see if there was anything I hadn't thought of, any money I had left on the table.  After all, reading on this forum is what lead me to the BCP, which is great for my reward spending.  I also have no desire in paying interest just for the sake of boosting credit score.  If having a higher number doesn't help me at this point, I don't want to throw money away at it.  I did mention above that I do sporadic travel, and while that's true, I have no need for a travel card because I have to put my major travel expenses (flight, hotel, and rental car) on my employer's card, so I can't gain any of the perks other than frequent flier miles.  Other than that, wanted to make sure that I was putting myself in the best financial position possible in regards to credit use and to prepare myself for the future, whatever it may hold.  Also, in a roundabout way, wanted to figure out if people are using this board to truly make good decisions, or as some sort of braggadocio or app addiction.

 

 

EDIT: I clearly was having massive issues with the HTML on this, and my original post being eaten by formatting.  Everything from "To everyone else" was re-typed.

 

Valued Contributor
rootpooty
Posts: 1,772
Registered: ‎10-28-2011
0

Re: So, what next?

Amex will not backdate an AU's card all the way back to the original card members open date.  Amex will back date your current card to the date you became an authorized user.  In the op's case amex will not backdate his card all the way back to 1983.

 

There is no such thing as equifax 04.  If a credit union is pulling your report 99% chance it will be equifax beacon 5 model.

 

I dont know of any place you can get your Transunion 04 score.  You can get the 98 model sold here.  Or the 08 model provided when you enroll in paperless statements with walmart.

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Established Contributor
Cdnewmanpac
Posts: 767
Registered: ‎01-16-2012
0

Re: So, what next?

So the two rewards cards that you don't have that would seem to benefit you are the US Bank Cash + (which, with the right selections, can really compliment your existing bonus categories) and the Penfed Platinum (for the 5% on gas plus typically a very low interest rate). Both of these have pretty high underwriting criteria, but your profile makes it reasonable to try.

 

If you can't get the Penfed Platinum, I would still recommend a basic low interest card. S*** happens, and having the ability to pay something off over time for a reasonable interest rate is valuable. Since you have a USAA membership (assuming not a limited member), why not get the Rate Advantage: rates as low as 6.9%, no annual fee, give good limits.

 

Finally, the Chase Sapphire Preferred gets you 2% on restaurants, 2% on any personal travel (I get that you use your corporate card for work, but what about a vacation to Bora Bora?) and makes your Freedom points transferable to united, sw, ba, hyatt and marriott miles at 1:1.

 

You could go through life without adding another card and get all the mortgages, loans, auto leases, etc. you could ever need. But if you are looking to maximize your rewards and give yourself a measure of security should bad things happen, adding a low interest card and one or more of the cards I mentioned should put you in a stronger position long term.

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
New Contributor
Posts: 58
Registered: ‎01-10-2009
0

Re: So, what next?


Cdnewmanpac wrote:

So the two rewards cards that you don't have that would seem to benefit you are the US Bank Cash + (which, with the right selections, can really compliment your existing bonus categories) and the Penfed Platinum (for the 5% on gas plus typically a very low interest rate). Both of these have pretty high underwriting criteria, but your profile makes it reasonable to try.

 

If you can't get the Penfed Platinum, I would still recommend a basic low interest card. S*** happens, and having the ability to pay something off over time for a reasonable interest rate is valuable. Since you have a USAA membership (assuming not a limited member), why not get the Rate Advantage: rates as low as 6.9%, no annual fee, give good limits.

 

Finally, the Chase Sapphire Preferred gets you 2% on restaurants, 2% on any personal travel (I get that you use your corporate card for work, but what about a vacation to Bora Bora?) and makes your Freedom points transferable to united, sw, ba, hyatt and marriott miles at 1:1.

 

You could go through life without adding another card and get all the mortgages, loans, auto leases, etc. you could ever need. But if you are looking to maximize your rewards and give yourself a measure of security should bad things happen, adding a low interest card and one or more of the cards I mentioned should put you in a stronger position long term.


myFICO.com now offers a sponsored credit card search feature which includes a few excellent values from lenders Iberia Bank, SimmonsFirst Bank and PenFed.

 

CDnewmanpac offers excellent advice. An additional point to consider when shopping for low rate cards is pay attention to the amount that can be borrowed is the same as for purchases. Some cards offer lower amounts for cash advances. Look at State Department FCU for a 6.99 APR and includes rewards.

 

Good luck shopping.


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