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Time to sit back and relax in the garden!

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Frunkis
Member

Time to sit back and relax in the garden!

So my immediate goals have been met!  I finally have cards from Amex, Chase, Citi and even Crap1...    So I think for the next 6 months now I will be gardening.  A big thanks to this great board for all the advice (primarily as a lurker.).  A big big step up from the days when I didn't know how to handle my credit.  Now my credit is hovering around 700 and only can go up.

 

So where to go from here?  Do I look towards some "Super Prime" cards in a year?    With a joint income of $120k a year... and a utilization of 16% seems like the world is my oyster!

Message 1 of 7
6 REPLIES 6
hayabusa
Member

Re: Time to sit back and relax in the garden!


@Frunkis wrote:

So my immediate goals have been met!  I finally have cards from Amex, Chase, Citi and even Crap1...    So I think for the next 6 months now I will be gardening.  A big thanks to this great board for all the advice (primarily as a lurker.).  A big big step up from the days when I didn't know how to handle my credit.  Now my credit is hovering around 700 and only can go up.

 

So where to go from here?  Do I look towards some "Super Prime" cards in a year?    With a joint income of $120k a year... and a utilization of 16% seems like the world is my oyster!


I'm forced to stay in the garden =\ since I got a mortgage shortsale pending.   Regardless it's great but get your utilization down Smiley Tongue   16% is still high, always under 5%!!!! imo unless you have 0% apr

Message 2 of 7
Rhaeny
Valued Contributor

Re: Time to sit back and relax in the garden!


@hayabusa wrote:

@Frunkis wrote:

So my immediate goals have been met!  I finally have cards from Amex, Chase, Citi and even Crap1...    So I think for the next 6 months now I will be gardening.  A big thanks to this great board for all the advice (primarily as a lurker.).  A big big step up from the days when I didn't know how to handle my credit.  Now my credit is hovering around 700 and only can go up.

 

So where to go from here?  Do I look towards some "Super Prime" cards in a year?    With a joint income of $120k a year... and a utilization of 16% seems like the world is my oyster!


I'm forced to stay in the garden =\ since I got a mortgage shortsale pending.   Regardless it's great but get your utilization down Smiley Tongue   16% is still high, always under 5%!!!! imo unless you have 0% apr


I don't think 16% is high especially if you have a strong credit profile.  Anyway if you're gonna app after 6 months you should toy around with your utilization to see what percent maximizes your score.  I'd say to start at 10% and then go down.  Your sweet spot could be anything between 1 and 10.  Since you'll be in the garden its a good time to get to know what influences your specific credit.


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Message 3 of 7
hayabusa
Member

Re: Time to sit back and relax in the garden!


@Rhaeny wrote:

@hayabusa wrote:

@Frunkis wrote:

So my immediate goals have been met!  I finally have cards from Amex, Chase, Citi and even Crap1...    So I think for the next 6 months now I will be gardening.  A big thanks to this great board for all the advice (primarily as a lurker.).  A big big step up from the days when I didn't know how to handle my credit.  Now my credit is hovering around 700 and only can go up.

 

So where to go from here?  Do I look towards some "Super Prime" cards in a year?    With a joint income of $120k a year... and a utilization of 16% seems like the world is my oyster!


I'm forced to stay in the garden =\ since I got a mortgage shortsale pending.   Regardless it's great but get your utilization down Smiley Tongue   16% is still high, always under 5%!!!! imo unless you have 0% apr


I don't think 16% is high especially if you have a strong credit profile.  Anyway if you're gonna app after 6 months you should toy around with your utilization to see what percent maximizes your score.  I'd say to start at 10% and then go down.  Your sweet spot could be anything between 1 and 10.  Since you'll be in the garden its a good time to get to know what influences your specific credit.


16% is way too high especially if you have a strong credit profile. Why? cause you'll probably have a large credit limit. Let's say $50,000 in credit limits which is reasonable for a strong profile.  Chase Sapphire = 15.24% prime rates (1.24% a month) so if you were at 16% debt  that's a $8,000 balance. You'll be paying just shy of $100 a month just in interest charges! Personally I rather spend $100 on other things like a 2 hour massage.

Message 4 of 7
Frunkis
Member

Re: Time to sit back and relax in the garden!

I will certainly try to bring it down to 10% now heating season is over... (though I do have one more big bill to pay with my CC's)...  

 

 

Should be fun to play with to say the least!

Message 5 of 7
Rhaeny
Valued Contributor

Re: Time to sit back and relax in the garden!


@hayabusa wrote:

@Rhaeny wrote:

@hayabusa wrote:

@Frunkis wrote:

So my immediate goals have been met!  I finally have cards from Amex, Chase, Citi and even Crap1...    So I think for the next 6 months now I will be gardening.  A big thanks to this great board for all the advice (primarily as a lurker.).  A big big step up from the days when I didn't know how to handle my credit.  Now my credit is hovering around 700 and only can go up.

 

So where to go from here?  Do I look towards some "Super Prime" cards in a year?    With a joint income of $120k a year... and a utilization of 16% seems like the world is my oyster!


I'm forced to stay in the garden =\ since I got a mortgage shortsale pending.   Regardless it's great but get your utilization down Smiley Tongue   16% is still high, always under 5%!!!! imo unless you have 0% apr


I don't think 16% is high especially if you have a strong credit profile.  Anyway if you're gonna app after 6 months you should toy around with your utilization to see what percent maximizes your score.  I'd say to start at 10% and then go down.  Your sweet spot could be anything between 1 and 10.  Since you'll be in the garden its a good time to get to know what influences your specific credit.


16% is way too high especially if you have a strong credit profile. Why? cause you'll probably have a large credit limit. Let's say $50,000 in credit limits which is reasonable for a strong profile.  Chase Sapphire = 15.24% prime rates (1.24% a month) so if you were at 16% debt  that's a $8,000 balance. You'll be paying just shy of $100 a month just in interest charges! Personally I rather spend $100 on other things like a 2 hour massage.


More goes into a credit decision other than your score and utilization.  If this person you just made an example of with $8K in balances makes $100K then that changes the picture to a more favorable one.  If that person makes $50K now that $8K is going to look unfavorable.  So its not one size fits all for credit approval and more of general guidelines as this board has proved over and over again.  


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Message 6 of 7
hayabusa
Member

Re: Time to sit back and relax in the garden!


@Rhaeny wrote:

@hayabusa wrote:

@Rhaeny wrote:

@hayabusa wrote:

@Frunkis wrote:

So my immediate goals have been met!  I finally have cards from Amex, Chase, Citi and even Crap1...    So I think for the next 6 months now I will be gardening.  A big thanks to this great board for all the advice (primarily as a lurker.).  A big big step up from the days when I didn't know how to handle my credit.  Now my credit is hovering around 700 and only can go up.

 

So where to go from here?  Do I look towards some "Super Prime" cards in a year?    With a joint income of $120k a year... and a utilization of 16% seems like the world is my oyster!


I'm forced to stay in the garden =\ since I got a mortgage shortsale pending.   Regardless it's great but get your utilization down Smiley Tongue   16% is still high, always under 5%!!!! imo unless you have 0% apr


I don't think 16% is high especially if you have a strong credit profile.  Anyway if you're gonna app after 6 months you should toy around with your utilization to see what percent maximizes your score.  I'd say to start at 10% and then go down.  Your sweet spot could be anything between 1 and 10.  Since you'll be in the garden its a good time to get to know what influences your specific credit.


16% is way too high especially if you have a strong credit profile. Why? cause you'll probably have a large credit limit. Let's say $50,000 in credit limits which is reasonable for a strong profile.  Chase Sapphire = 15.24% prime rates (1.24% a month) so if you were at 16% debt  that's a $8,000 balance. You'll be paying just shy of $100 a month just in interest charges! Personally I rather spend $100 on other things like a 2 hour massage.


More goes into a credit decision other than your score and utilization.  If this person you just made an example of with $8K in balances makes $100K then that changes the picture to a more favorable one.  If that person makes $50K now that $8K is going to look unfavorable.  So its not one size fits all for credit approval and more of general guidelines as this board has proved over and over again.  


i think you read things wrong, I was talking about credit limits not income..... regardless paying $100 a month just in interest rates is never a good idea unless you have  better investments to do wiith that money that'll recoup your losses in interest.

Message 7 of 7
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