Credit Cards

[xelda]

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.

[l9ikjam]

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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.

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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.

[hobojon]

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.

[haulingthescoreup]

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.

[txjohn]

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"   

[mjgray]

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l9ikjam wrote:

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

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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.

[pjohnston2]

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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.

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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). 

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

[txjohn]

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