Hi all, with your great advice, I've just gotten a new Chase Freedom card ($3000), a new Discover It card ($4000), and PC'd my old Capital One Platinum into a Quicksilver card ($3750).
My question for you all now is, how best to use them? I have two goals:
- Build payment history and improve credit profile, looking towards a mortgage in 3-4 years.
- Pay for a wedding.
My fiancee and I are public servants, by which I mean we have great jobs that don't pay so well 
. Thankfully, we're also responsible people. We're capping the wedding budget at $12,000, with $5,000 coming from our parents. We'll split the rest down the middle.
In light of these goals, is there a way I should use the cards? One thing I was considering was using the Quicksilver exclusively for wedding purchases, to net the comparative advantage of 1.5% cash-back, and then balance-transfering to the 0% introductory APR cards. Ideally I would also avoid carrying a balance whenever possible. Is this a good strategy? Are there other, better strategies?
If it helps, the Quicksilver has a minimal balance now -- $500 -- and we're both looking for new, better-paying jobs.
Gardening since May 2015
@ACG23 wrote:Hi all, with your great advice, I've just gotten a new Chase Freedom card ($3000), a new Discover It card ($4000), and PC'd my old Capital One Platinum into a Quicksilver card ($3750).
My question for you all now is, how best to use them? I have two goals:
- Build payment history and improve credit profile, looking towards a mortgage in 3-4 years.
- Pay for a wedding.
My fiancee and I are public servants, by which I mean we have great jobs that don't pay so well
In light of these goals, is there a way I should use the cards? One thing I was considering was using the Quicksilver exclusively for wedding purchases, to net the comparative advantage of 1.5% cash-back, and then balance-transfering to the 0% introductory APR cards. Ideally I would also avoid carrying a balance whenever possible. Is this a good strategy? Are there other, better strategies?
If it helps, the Quicksilver has a minimal balance now -- $500 -- and we're both looking for new, better-paying jobs.
When is this Wedding ? If it is beyond this year I would wait till the Q4 and buy everything with your Chase Freedom and Discover cards since those purchases should bring in 5% back instead of 1.5% with the quick silver. OF course if it is this sumemr then that point is moot
If your planning on getting a mortage or any type of loan really You can hold a Balance but make sure you keep utli below 10% at the time your CC's post
In my opinion whatever makes you the most money. If you aren't applying for anything short term utilization wont be a factor as it holds no memory in your credit file. If you decide that you are going to apply for something then you need ideally have only a balance of from 1%-9% showing on one card when statements close for the month. That doesn't mean you can't use more just have it paid down to that. The best thing I can recommend only apply for cards you need not want. If you need a card for rewards etc great. But if you apply for cards you want you may get turned down for cards you need. Because of to many inquires or new accounts. Congrats on the pending wedding.
edit: Try to avoid applying for anything for one year before applying for a mortgage. Six months at the least.
Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k