04-14-2012 09:55 PM - edited 04-15-2012 09:44 AM
Hello fellow 800 club members. I am new to these forums but have been with MyFICO for quite some time. I've been gardening for longer then I've known the term
This is my first new thread but I really jus wanna hear from those with similar credit resumes as mine.... Although all input will be appreciated
Im looking for ONE more credit card. Then I'll probably retire from Apping. I'm really intrigued by DISCOVER as its not in my wallet currently but I also want excellent spending power. In other words, a CL of less then 10000 doesnt really interest me.
With a MyFICO score of 812, >1% utilization, no INQ's, no baddies, AAofA of 9yrs, >2000 total debt...
what, in your opinions, is the ONE last card that will give me the most bang for my buck?
BofA? Not military and have no relationships with Credit Unions.
My main CC is my AMEX Delta Platinum @ 20000 ($100.00 balance).
I also have a C1 @ 5300 (no balance), a bank card @ 5000 (no balance), a CHASE Freedom @ 2000 (no balance), Home Depot 1100 (no balance).
Thanks in advance.
04-15-2012 03:03 AM - edited 04-15-2012 03:03 AM
Discover will never start you off with a 10K CL and it will be like pulling teeth getting them to give you an increase later down the road.
04-15-2012 08:04 AM
04-15-2012 11:12 AM
IMHO I wouldn't apply for a thing unless you realy need it.
Very good advice. This is typically how I manage my credit. However, looking down the road a little bit, I may be buying another car in the next year to 18 months. I also have plans to get married one of these days (and everything that comes with that). Therefore, I may be leaving the 800 club and want to get a great card while I can still hang this great score.
Also, the advice on doubling up with AMEX is intriguing. I actually haven't thought about that. Im a little concerned with how much more credit AMEX would want to extend me if I already have a 20k CL on my Delta.
04-15-2012 11:21 AM
04-15-2012 11:24 AM
I mena if you follow anything I do I'll apply for anything, half the time with no use!
But the fact that the next highest CL after the $20k with Amex is $5300 and not wanting to apply unless you get $10k plus, although score and everything deserves it some of these automated approval computer systems will kick down the initial CL just based on your average CL on your accounts.
If you know car, marriage, home? are coming in the next couple years you can afford a couple INQ right now, start with Home Depot, get an underwriter and ask for $20k
not sure Chase is worth it or not, sometimes people get very large lines and others can't get out of $1k, it's almost like Cap1 or something!
go ahead and apply for the discover
a 2nd amex would probably be EASY and getting $25k on your current Delta and a new one would probably take very little time.
Then you have an entire year to sit and the new accounts age and inq to go away to then get the car etc.
04-15-2012 03:01 PM
We should never be FICO score poor. If we need to use or credit it and we loose points, so be it. The scores will recover. Just make it count.
LOL even if I was a lotto winner, I would still worry about my FICO score. Yes as Dave Ramsey says, cash is still always king, 800 score or not.
04-15-2012 04:24 PM - edited 04-15-2012 04:29 PM
First off, get a credit line increase and or change your freedom to the signature freedom. I would think they may very well take you to 10k or more. Then as others mentioned, i might look at the amex blue cash preferred. You have the history with them, and it would give you a different reward structure. Who knows for sure, but with the scores and history you should be good for any of them. I recently changed my plat delta to the bcp. The rewards made more sense for me withthe bcp I dont have one, but the chase saphire pref is supposed to be a great card too. I just dont spend enough for me to justify it. My eq fico floats from 803 to 811, usually for no apparent reason. Being that close to the 800 keeps me from otherwise applying for anything. I like being there, and if i ever decide on getting a lake cabin it would make it much easier, or at least on less thing to worry aboit. Just my opinions for what they are worth.