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Thoughts on how do you know when your cc collection is complete?

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Anonymous
Not applicable

Re: Thoughts on how do you know when your cc collection is complete?

If your scores are well above 700, you really don't have too much to worry about.  As long as you don't go into debt which you wont.  Trim the fat as needed (like you have planned).  For me it comes down to cc and bank sign on bonuses, making sure all category spend is covered, couponing, investing, arbitrage, and apping in moderation.  If you somehow didn't get a preapproval for CSR in branch, then you could think about amex bonuses for the future.  While they may not be as valuable or flexible as others, its better than nothing.  Amex Plat for a non traveler is basically $1k in gift cards, uber rides, mcd's, etc.  Or think about possibly adding charles schwab amex to redeem at 1.25% cpp.  You don't have to use travel credits 100% as intended. So if you had some or all leftover there are ways to make them useful to you.

 

Speaking of, you have cards with Chase, BoA, Citi, Capital One, Barclays, but nothing backed by Centurion Bank.  Since you are over 5/24 if you did want to go to the dark side of pushing the envelope, Amex might be worth it.  I just don't see these great offers lasting forever, especially since they are quite restricted/limited now.

 

Your scores are soon to be all 800, so I would just relax and enjoy them.

 

I would like to have a US Bank Cash+ card at some point.  I was more interested this summer once they rolled out the Plus to all members (and rightfully so).

 

 

Whats on the horizon for me?  Letting some of these inquiries fall off.  Deciding if I really need another CU/small bank card right now (that 7.5 variable 1% back with two checking accounts that earn 5% apy on 5k each), possibly keeping my platinum and canceling my PRG (if I do get the prequal for CSR, I'd probably cancel the platinum), maybe upgrading the ED to EDP.  Tempted to take the BCE offer I got with $150 free and 5% back on $4k in traveling in next 6 months, 0 for 15 months then 13.24% and moving some of my ED limit to it.  I would love to get that deal that bce deal where they basically give you 6% on groceries without paying the AF.  Having already applied for 2 more amex cards this year I have pause.

 

I have already maxed out this months home improvement category on my discover.  And ended up getting a free $5 amazon gift card too. So basically $85 for next years prime membership :-) (missed out on that $68 dollar deal I dont think I could have gotten it anyway)

 

I should think about expanding some CU's next year for sure.

 

10% back at sams will be nice for the holidays.  Wont be doing the majority of my shopping there but it wont be hard to hit 1500 between sams club and amazon thats for certain!

 

We have both had a great year that is for sure!  I am happy I don't have to micromanage my payments as much as I used to.  Still really happy for your approval!

Message 11 of 23
galahad15
Valued Contributor

Re: Thoughts on how do you know when your cc collection is complete?


@Anonymous wrote:

If your scores are well above 700, you really don't have too much to worry about.  As long as you don't go into debt which you wont.  Trim the fat as needed (like you have planned).  For me it comes down to cc and bank sign on bonuses, making sure all category spend is covered, couponing, investing, arbitrage, and apping in moderation.  If you somehow didn't get a preapproval for CSR in branch, then you could think about amex bonuses for the future.  While they may not be as valuable or flexible as others, its better than nothing.  Amex Plat for a non traveler is basically $1k in gift cards, uber rides, mcd's, etc.  Or think about possibly adding charles schwab amex to redeem at 1.25% cpp.  You don't have to use travel credits 100% as intended. So if you had some or all leftover there are ways to make them useful to you.

 

Speaking of, you have cards with Chase, BoA, Citi, Capital One, Barclays, but nothing backed by Centurion Bank.  Since you are over 5/24 if you did want to go to the dark side of pushing the envelope, Amex might be worth it.  I just don't see these great offers lasting forever, especially since they are quite restricted/limited now.

 

Your scores are soon to be all 800, so I would just relax and enjoy them.

 

I would like to have a US Bank Cash+ card at some point.  I was more interested this summer once they rolled out the Plus to all members (and rightfully so).

 

 

Whats on the horizon for me?  Letting some of these inquiries fall off.  Deciding if I really need another CU/small bank card right now (that 7.5 variable 1% back with two checking accounts that earn 5% apy on 5k each), possibly keeping my platinum and canceling my PRG (if I do get the prequal for CSR, I'd probably cancel the platinum), maybe upgrading the ED to EDP.  Tempted to take the BCE offer I got with $150 free and 5% back on $4k in traveling in next 6 months, 0 for 15 months then 13.24% and moving some of my ED limit to it.  I would love to get that deal that bce deal where they basically give you 6% on groceries without paying the AF.  Having already applied for 2 more amex cards this year I have pause.

 

I have already maxed out this months home improvement category on my discover.  And ended up getting a free $5 amazon gift card too. So basically $85 for next years prime membership :-) (missed out on that $68 dollar deal I dont think I could have gotten it anyway)

 

I should think about expanding some CU's next year for sure.

 

10% back at sams will be nice for the holidays.  Wont be doing the majority of my shopping there but it wont be hard to hit 1500 between sams club and amazon thats for certain!

 

We have both had a great year that is for sure!  I am happy I don't have to micromanage my payments as much as I used to.  Still really happy for your approval!


Thanks for the outstanding advice and kind compliments jfriend, and also for the very fascinating and intriguing info about your own upcoming credit plans!  Smiley Happy  On your question about not presently having a card backed by Amex's Centurion Bank, the interesting thing is that I have been receiving quite a few Amex pre-approval offers in the mail lately, such as for the ED and BCE, etc., but I have been somewhat reluctant to apply b/c the interest rate they seem be offering has a ceiling of 17.24% V.  Although I know I already have several rewards cards in that APR range or higher, I am trying to avoid applying for any new cards that far outside my APR comfort zone.  I will keep trying to lower the APRs on my Citi DP cards, possibly combine and consolidate my BoA TR card into my Boa Cash Rewards MC, and eventually consolidate all ore most of the Citi cards into the DC.  Plus apping for a new Amex card would put me at 16/24, and I guess I am just a lil worried about possible AA/FR/closures, or similar kinds of adverse action, if I go too far with the new card applications?

 

Good luck on your upcoming credit plans; really hope that everything works out as planned for you!  Smiley Happy


Message 12 of 23
Anonymous
Not applicable

Re: Thoughts on how do you know when your cc collection is complete?


@galahad15 wrote:


Thanks for the outstanding advice and kind compliments jfriend, and also for the very fascinating and intriguing info about your own upcoming credit plans!  Smiley Happy  On your question about not presently having a card backed by Amex's Centurion Bank, the interesting thing is that I have been receiving quite a few Amex pre-approval offers in the mail lately, such as for the ED and BCE, etc., but I have been somewhat reluctant to apply b/c the interest rate they seem be offering has a ceiling of 17.24% V.  Although I know I already have several rewards cards in that APR range or higher, I am trying to avoid applying for any new cards that far outside my APR comfort zone.  I will keep trying to lower the APRs on my Citi DP cards, possibly combine and consolidate my BoA TR card into my Boa Cash Rewards MC, and eventually consolidate all ore most of the Citi cards into the DC.  Plus apping for a new Amex card would put me at 16/24, and I guess I am just a lil worried about possible AA/FR/closures, or similar kinds of adverse action, if I go too far with the new card applications?

 

Good luck on your upcoming credit plans; really hope that everything works out as planned for you!  Smiley Happy


Yes, the amex cards do have a wide rate, but many folks seem to have luck getting it reduced to single digit with ease w/ good/great credit. I know before I had a ton of new apps, I got my delta to 8.49% in a few months of opening it. (but now all my amex rates are in gridlock (15 and 17%)  Certainly don't go out of your comfort zone. I am just thinking about the future.  A penny saved is a penny earned.  A bonus earned, resulting in more cash left in the back, is more interest earned and even more money saved (in moderation).

 

Like I said you're just about ready to cross 800 on all 3 so that would be my next milestone move.

 

I still think theres a high liklihood of you being able to get a significant increase on the CR or TR though.  Then once a week or when you have a moment, call or chat to get that TR PC'd to a BBR.  Obviously with 2 theres a huge incentive to do the free savings and leave 300 parked there.  Then if rumors float that the BBR is going to be 86'd in 2017 then you could consider applying for that in november/december and be prepared that some of the former CLI to be moved to the newly opened BBR.

 

I still have this gut feeling if you PC'd that no hassle miles card to a quicksilver your CLI requests would get approved.

 

I also am anticipating your new PACU to arrive with a CL higher than 2k or grow soon. I am still mad at myself for missing out on that delicious fnbo 6.5% amex WITH 1.5% rewards.  That is all time favorite card.  Next would be Amex Zync w/ packs.

 

I wonder if FNBO will ever offer anything like that again? ?????????????

Message 13 of 23
sarge12
Senior Contributor

Re: Thoughts on how do you know when your cc collection is complete?

I would like to say I'm done, but in evidence against that is the never used TD cash rewards card. It took a 200 dollar bribe for me to accept that card. My past history suggests I can be bribed, it is only the amount that is negotiable. A few hundred dollars in exchange for another piece of plastic in the sock drawer is hard to resist. Any creditors wishing their plastic to be included in my coveted SD collection can PM me the details. Please only $250 plus offers. I am still for sale, but my price should increase with inflation.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 14 of 23
galahad15
Valued Contributor

Re: Thoughts on how do you know when your cc collection is complete?

@Anonymous wrote:

 

Yes, the amex cards do have a wide rate, but many folks seem to have luck getting it reduced to single digit with ease w/ good/great credit. I know before I had a ton of new apps, I got my delta to 8.49% in a few months of opening it. (but now all my amex rates are in gridlock (15 and 17%)  Certainly don't go out of your comfort zone. I am just thinking about the future.  A penny saved is a penny earned.  A bonus earned, resulting in more cash left in the back, is more interest earned and even more money saved (in moderation).

 

Like I said you're just about ready to cross 800 on all 3 so that would be my next milestone move.

 

I still think theres a high liklihood of you being able to get a significant increase on the CR or TR though.  Then once a week or when you have a moment, call or chat to get that TR PC'd to a BBR.  Obviously with 2 theres a huge incentive to do the free savings and leave 300 parked there.  Then if rumors float that the BBR is going to be 86'd in 2017 then you could consider applying for that in november/december and be prepared that some of the former CLI to be moved to the newly opened BBR.

 

I still have this gut feeling if you PC'd that no hassle miles card to a quicksilver your CLI requests would get approved.

 

I also am anticipating your new PACU to arrive with a CL higher than 2k or grow soon. I am still mad at myself for missing out on that delicious fnbo 6.5% amex WITH 1.5% rewards.  That is all time favorite card.  Next would be Amex Zync w/ packs.

 

I wonder if FNBO will ever offer anything like that again? ?????????????


Good info to know about the possibillty for Amex APR reductions after receiving receiving Amex cards; thanks for the great advice there.  Now that you mention it, I do seem to recall coming across a few posts where some forum members had reportedly been able to reduce their Amex cards to as low as 6.xx% V or thereabouts, which is certainly very, very impressive, so I may give the Amex cards another glance, preferably or ideally after I get the current 15/24 card apping stats down just a bit.  Also congrats on getting your Amex Delta APR reduced to the excellent 8.49% V rate; that is fabulous!  Sorry to hear though that Amex is not being more open or amenable to lowering your other Amex cards -- you would think that with your FICO scores being in the solid 740 ranges across the board, that they would be less stingy with the APR reduction offers?

 

Thanks for the advice on the TR, I am currently considering whether trying to PC it into a BBR would be the best route, or to consolidate onto my Cash Rewards card.  The BBR route certainly seems very appealing and I know that some forum members have had luck with PC'ing their BoA cards into BBRs despite the apparent official BoA freeze on BBR PCs, and so it definitely couldn't hurt for me to try that.  If they will not budge on the BBR PC request, I can always consider consolidating onto the Cash Rewards card as a backup plan, since that would ultimately increase the Cash Rewards CL to almost $20k.  Apping for a new BBR before they discontinue it could be another great route to go as you had helpfully mentioned --- I guess I will have to check if by the Nov/Dec timeframe any of the oldest apps as part of my 15/24 stats will have dropped of the 24-month radar by then, hopefully.  I did go to the BoA prequal site and they are still offering me a range rather than a set APR for BBR, although with BBR, I am not as concerned with APR in general as with some of my other cards, b/c of the generous rewards the BBR offers.

 

The PC of the Cap1 NHM card to a Quicksilver is appealing if I could obtain a significant CLI by doing so, although the tradeoff is that I would be going from 2% cashback on all travel-related purchases, which I am currently heavily making use of, to 1.5% on all purchases.  Cap1's pre-qual site is offering me a pre-approved Quicksilver offer for a set APR of 13.24% V (the lowest-available rate AFAIK), so I have been toying with the idea of apping for that at some future point, and then attempting to consolidate and combine that into the NHM card.  The risk of course with that strategy for me is that Cap1 may deny combining a Quicksilver into a NHM as ineligible, since the NHM was discontinued from the Cap1 product line around 2014-2015, IIRC, and all existing NHM cards were PC'd by Cap1 into Quicksilvers or Ventures (the only reason I still have one myself is because of the loophole in which I had the then-closed NHM card re-opened, after NHM had already been discontinued).

 

Here's hoping as well that the Premier America card may possibly come with a SL of more than the $2k SL I had asked for when apping, and/or have the ability for a near-future CLI; I know that within about 4-6 months or so after receiving my Unify Fixed-Rate VISA, Unify was willing to increase the CL from the $2k SL to $7.5k, so maybe Premier America may be open to a similar CLI avenue?  As far as the FNBO card, no worries, I am optimistic that if the history of the time-limited card promotions they offered over 2015 is any guide, they may very well offer additional similar promotions in the future   Smiley Happy  (Since only a few months after offering and then closing the apping window for the 1.5% cashback Amex then at 6.25% V, they turned around and offered the 2% cashback BucksBack card at a then-rate of 11% V.)  Worst-case scenario is that even in the event that FNBO doesn't renew those kinds of special app promos, you can still apply for the 6.50% V LMCU card that you had mentioned earlier right?  Smiley Happy  In any event, I have a very good feeling that with your outstanding FICO scores, you would be an excellent candidate for any card that you want, whether for a future new FNBO offer, the 6.50% V LMCU card, or another card. 


Message 15 of 23
kdm31091
Super Contributor

Re: Thoughts on how do you know when your cc collection is complete?

I think like any other interest in life, your involvement in it tends to be stronger at first and wane over time. This is the case for me with CC and rewards. I just don't care as much anymore. Adding another card for 0.5% more on something is just a waste to me with my spend and lifestyle. I prefer spending on mostly one or two cards. Much easier to track what I am actually spending. The amount I'm giving up in rewards is neglible for my spend.

 

If something really wonderful comes along and has a nice sign on bonus I'd be open to it but for everyday use I'm done. Depending on your spend there are only so many cards you can really get use out of at one time. I'm not into having cards laying around for totally niche/specific circumstances that occur once a year or something.

Message 16 of 23
galahad15
Valued Contributor

Re: Thoughts on how do you know when your cc collection is complete?


@kdm31091 wrote:

I think like any other interest in life, your involvement in it tends to be stronger at first and wane over time. This is the case for me with CC and rewards. I just don't care as much anymore. Adding another card for 0.5% more on something is just a waste to me with my spend and lifestyle. I prefer spending on mostly one or two cards. Much easier to track what I am actually spending. The amount I'm giving up in rewards is neglible for my spend.

 

If something really wonderful comes along and has a nice sign on bonus I'd be open to it but for everyday use I'm done. Depending on your spend there are only so many cards you can really get use out of at one time. I'm not into having cards laying around for totally niche/specific circumstances that occur once a year or something.


Thanks for your fascinating feedback and comments.  I guess one of the major reasons I tried to build up and/or beef up my present collection is because I was trying to get as close as possible to the strong profile I had before CARD Act, where I had multiple cards in the 5.xx% APR range (i.e., former Citi DPR at 5.99% F, Discover More at 5.24% V, and Citi DP at 5.74% V), only to see them closed out or RJ'd by the cc issuers, which was an extremely disappointing experience for me.  I'm a lot happier now with where the current collection is because the APRs (while not exactly as low as before) are definitely a lot closer to my previous cards that were closed during CARD Act.   This time around, I tried to build in a few extra backups, if another future CARD Act-like event or major recession happens later, so that even if some of the low-APR cards are RJ'd or closed out, I still have enough backups to hopefully prevent the loss of all low-APR cards, that occurred for me during the time of CARD Act.  Also before CARD Act, I wasn't chasing rewards that much, so the other half of the new collection in the rewards cards with higher APRs complements the low-APR half quite nicely in terms of the amount of cash back rewards received thus far to date.


Message 17 of 23
grillandwinemaster
Valued Contributor

Re: Thoughts on how do you know when your cc collection is complete?

If you have to ask, your probably "done!" 😁


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 18 of 23
wasCB14
Super Contributor

Re: Thoughts on how do you know when your cc collection is complete?

Really, for any serious points enthusiast, the idea of being totally and completely finished would be rather heretical.

Personal spend: Amex Gold, Amex Schwab Plat., BofA PR+CCR(x2), Costco
Business use: Amex Bus. Plat., BBP, Lowes Amex AU, CFU AU
Perks: Delta Plat., United Explorer, IHG49, Hyatt, "Old SPG"
Mostly SD: Freedom Flex, Freedom, Arrival
Upgrade/Downgrade games: ED, BCE
SUB chasing: AA Platinum Select
Message 19 of 23
longtimelurker
Epic Contributor

Re: Thoughts on how do you know when your cc collection is complete?


@kdm31091 wrote:

I think like any other interest in life, your involvement in it tends to be stronger at first and wane over time. This is the case for me with CC and rewards. I just don't care as much anymore. Adding another card for 0.5% more on something is just a waste to me with my spend and lifestyle. I prefer spending on mostly one or two cards. Much easier to track what I am actually spending. The amount I'm giving up in rewards is neglible for my spend.

 

If something really wonderful comes along and has a nice sign on bonus I'd be open to it but for everyday use I'm done. Depending on your spend there are only so many cards you can really get use out of at one time. I'm not into having cards laying around for totally niche/specific circumstances that occur once a year or something.


I was going to post something similar, but obviously KDM has a way of stealing my thoughts and doing it first.    Just to expand a little, I think the slow down can come when

you look at all your goals, not just rewards

 

1) Cashback/travel/perks

2) APR

3) CLI

4) Card color/material  (included for those with, um, different, metrics)

 

and determine what additional benefit any extra effort will bring, and whether the gain is worth it.      Eventually, many will see the light "It's just some credit cards" and realize that an additional $100 a year really isn't going to change anything, and that other things may be more enjoyable and/or profitable.

 

See: Monty Python Royal Society for Putting Things on top of other things, https://www.youtube.com/watch?v=5ixeRWrg0yg

Message 20 of 23
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