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So with the end of the year fast approaching, I am done with new accounts for the next 12 months. I thought it would be interesting to see what people have done for themselves over the course of the year.
Quick background... 3 years ago, my highest limit was $3,000, and that was a store card. I only had a couple Majors, and they were all small limits. With the help of MyFico, I've been able to pull myself back to the point of getting regular 5 figure SL and get to the point where I can start cancelling unproductive cards without effecting my score. Thanks, everyone!
My 2017 Credit Activity:
Cards opened and SL:
Amex BCE: $15,000
Cap1 Venture: $15,000
Cap1 Savor: $10,000
WF Cashwise: $11,000
Cards w/ CLIs:
Amazon Prime: $1,700
Barclay Reward: $1,800
Cap1 PSV: $500
Cap1 QS: $750
Cap1 Venture: $3,000
Discover: $1,500
Elan: $500
Fashion Bug: $300
JCrew: $1,500
NFCU: $700
NRA Visa: $3,800
Paypal: $1,500
Sportsmen's: $1,600
Cards Closed:
Express: $3,300
First Ntl MC: $2,100
Gander Mntn: $700
HSN: $2,500
Overstock: $3,200
Walmart Store: $5,000
Wayfair: $1,800
Cards on the 2018 Chopping Block:
Cabela's MC: $1,000
Cap1 PSV: $2,000
James Allen: $3,500 (TD Bank)
Legacy Visa: $3,250
NFCU MR: $25K | Venture: $21K | Amex ED: $18K | NFCU CR: $18K | Amex BCE: $15K | IT #1: $17.5K | PNC Core: $15K | PPMC: $12K | Wells Fargo: $11K | Savor: 12K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $7.3K | MLife: $9.5K | Sportsman's Guide: $8.7K | PenFed PR: $5.5K | Elan Plat: $2.3K | TRV: $3.6K | BotW: $3K
Current FICO 8 Scores: EQ: 828| TU: 805 | EX: 814
January 1, 2017
Capital One Journey: $4500
January 1, 2018 (projected)
Capital One Journey: $7500
Discover it Chrome: $7300
Bank of America Cash Rewards: $1200
Chase Freedom: $2500
Chase Freedom Unlimited: $2500
Chase Ink Business Cash: $6500
Auto Loan: $606 remaining balance out of $8645 origional loan
Here's my 2017 story as short as I can make it. At the start of the year I was happy using my one and only card and getting 1.25% cash back was great. At the end of January my car gets totaled and I need a loan to get a new one. With only one card I didn't have too much history to qualify for a good loan. Got the loan and then decided to look into this whole credit thing. Realized what I was missing out on and its been a hobby of mine ever since. I'm happy with my cards now and am constantly looking at ways that these and other cards could benefit me. For example the whole cash back thing. In 3 years of having my Journey card I got about $360 back in rewards. Then from June until now, between cash back and signup bonuses I got back around $1500. I'm happy I found this site.
Starting this year I had a single card account with a $1K limit (Synovus). Since then I've acquired everything in my sig, and I've collected enough rewards to send me and my wife on an epic vacation next year.
My credit started this year and I opened nine cards. The active ones are in my signature.
Chase & USAA have been the most generous
2017 was the year I finally (kind of) figured out how to properly handle credit. I had primarily used my debit card for the last 5 years, after buying my house, thinking that I wouldn't be tempted to overspend because I track everything (daily...well...hourly...who's kidding...every minute...) Then I had my card compromised by hackers in Jordan. Whoops, my bad, that'll never happen again! Bank cleared the charges, I was refunded in 2 business days and I had a new card overnighted. Life is good. Then my card is compromised by someone in the UK, who was trying to buy something I would've bought had I been in London at the time! Second time?! Shame on me. Bank clears the charges again. But now, almost every debit I attempt outside of my normal spending is rejected! I call the bank, they approve my card for use for that business day. Umm. I couldn't live like that. So then I wised up.
I paid down my debt to 8% revolving UTIL. My scores jumped. Now I have not been the savviest at figuring out what cards work best for me, but I can say as we head towards 2018 I can comfortably garden until my US Bank 0% APR expires.
Started the year with mainly subprime cards, slightly over $17K CL. I've opened prime accounts, closed many of the subprimes. Of the $17K+ I started with, I parted ways with $11K. When I went to garden at the beginning of November my CL was approximately $60K.
As much grief as Capital One gets around these parts, I received a better than expected CLI. Citi has been showing me some love as well. So I will say that those banks are very good to you if you give them the spend. And given a couple of situations with each bank this year, they were exemplary in their response. I will not leave either bank (voluntarily) My year end revolving is $88.5K.
I have gotten to this point after over 2 decades of poorly navigating credit, thanks to the MyFico community. For anyone who is in a rebuild, or at the finish line, this community is THE BEST source of information around.
CU CC: 10,000
KAYS: 6,000
Barclay: 3,000
Capitol One QS: 750
Nordstrom: 500
2018:
AMEX...
also how do I add credit card images to my signiture bottom? lol
2012-March 2017: One secured local bank credit card with 150D lates but still open.
Today:
2017 has been amazing. Started in the 550 FICO range (probably lower as I didn't pull my scores until March but pulled my 3 credit reports in January and disputed a few tradelines that were definitely wrong and they got removed). Now 700s across the board and FICO estimator and my own calculations tell me I can be at 780-790 by end of 2018 except on TU, thanks to having 1 CC open that will be in the 72 month range then.
2018 is going to be weak sauce for credit seeking. I am aiming for Amex Platinum if I can get a $100K prequal, and maybe Discover IT Miles for the 3% first year. I also really want Chase Sapphire Reserved but going to wait for an in-branch preapproval and don't expect it any time soon as they pull TU in my state and I have that unpaid tax lien still reporting. #1 goal for 2018 is getting that lien released or deleted somehow. It's only $1000 but I won't pay it until they confirm they'll release and withdraw it completely. And the state runs slower than molasses on a winter day.
I also want to move checking to Consumers CU for that 4.8% or whatever interest rate on the first $20,000. Got to do some math to see if it works for me but that's free money sitting on the table.
Goal for 2018: earn up to $4000 in cash back or discounts based on my actual spend from CCs only. I think I can do better than that, but 2017 will end up being about half that.
Goal for 2018: CLIs across the board and get to $100,000 in available credit by year's end. Not sure if it's realistic but I can try.