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Established Member
Posts: 15
Registered: ‎08-12-2008
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What does your credit gardening consist of?

I've pretty much gotten all of my goals:  PenFed, Alliant, and UMB (pending approval).  I don't want to be applying for any new credit if I can help it, but that leaves me wondering what to do now.

 

I've been looking at my current cards with the major banks (Citi, Chase, Discover, Amex), trying to optimize the rewards and maximize CLs.  But what else is there to be done?  I feel like I'm always going to be wanting and waiting for a new card, but I'd prefer to stop and maintain what I already have.

Established Contributor
Posts: 662
Registered: ‎09-07-2007
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Re: What does your credit gardening consist of?


xelda wrote:

I've pretty much gotten all of my goals:  PenFed, Alliant, and UMB (pending approval).  I don't want to be applying for any new credit if I can help it, but that leaves me wondering what to do now.

 

I've been looking at my current cards with the major banks (Citi, Chase, Discover, Amex), trying to optimize the rewards and maximize CLs.  But what else is there to be done?  I feel like I'm always going to be wanting and waiting for a new card, but I'd prefer to stop and maintain what I already have.


Personally I'm just letting my cards age and watching my score go up. I think the only thing hurting my score is the over all average of all of my accounts. Everytime u open a new account that average drops. It was at 1 years for the longest but now it's working it's way up to 2 years. Instead of getting that thrill of opening new accounts I get it from CLI's.

Advice is what we ask for when we already know the answer but wish we didn't.
Frequent Contributor
Posts: 261
Registered: ‎01-20-2009

Re: What does your credit gardening consist of?

Since you have a Discover card, whenever you want a new card in the mail go online and pick a different design. They arrive in 4 or 5 dys and there are 150 designs to choose from. You can order it as an additional card or a replacement card.
Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007

Re: What does your credit gardening consist of?

I'm now in the stage of looking out my window at my garden, sipping my coffee, and smiling, knowing that every year, it will be a little more mature, a little more filled-in.

And alas, I know that I also have some plants, er, accounts, whose days are numbered --closed accounts whose time is running out.

Oh well, that's the good thing about gardens --they do keep regenerating themselves if you just give them the attention they need.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008

Re: What does your credit gardening consist of?

Practical gardening tips:

 

1.  No new apps, let accounts age & accumulate history

2.  Responsible use, but use none the less (gotta exercise them)

3.  Low utilizations reported, with only 1 or occassionally 2 balances reported

4.  PIF most, 4-5x of mins or more if can't PIF

5.  Maximize the rewards programs by charging everyday/month expenses then PIF

6.  Pay installment or auto loans down over time (once below 65% original balance, additional FICO gains)

7.  Possibly prune any builder cards that are not needed, low limit, have AF and aren't big AAoA contributors

8.  Look for opportunities of CLI with only soft pulls (research out best timing, whether 6 months, 1 year, etc)

9.  rinse a repeat

 

And I liked hobojon's idea on how to get new Discover cards for the "new card fix"  Smiley Happy 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Regular Contributor
Posts: 224
Registered: ‎02-04-2008
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Re: What does your credit gardening consist of?


l9ikjam wrote:

Personally I'm just letting my cards age and watching my score go up.


 

Same here.

 

The last of my negatives will fall off in early 2010, so until then I'm going to do exactly what txjohn suggested in his response to this thread.

 

My three main cards (Amex, Chase, Barclays) will get use, but won't carrying balances, and I will absolutely not request any CLIs in the next year or so.    Trying to stay off all radars.

 

Contributor
Posts: 78
Registered: ‎02-18-2009
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Re: What does your credit gardening consist of?

[ Edited ]

hobojon wrote:
Since you have a Discover card, whenever you want a new card in the mail go online and pick a different design. They arrive in 4 or 5 dys and there are 150 designs to choose from. You can order it as an additional card or a replacement card.

hobojon, that is sheer genius!

I'm not generally a "credit card ho" but I was looking longingly at some pretty pretty cards earlier. 

You've named a great way to get that new card smell w/o any cost.

 

 edited to say:  oh curse you hobojon (kidding).  Smiley Wink

I've spent at least 30 mins now looking at Discover Card designs.  errrr...is there a limit to how many times I can request a new design?

Message Edited by pjohnston2 on 05-05-2009 01:22 AM
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Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
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Re: What does your credit gardening consist of?

CapOne has a "design" your own card center also.

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
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