When you need them..,that's the best time. 
@SSA_2013 wrote:Well, I've looked over my accounts and I like the cards I have. My issue is I decided that I should probably add a financing card/account for larger purchases.
1) Bill Me Later (I like the hidden utilization factor + different stores accept it... but don't like that you really don't know what you have as a credit line)
2) Amazon Store Card (I do shop quite a bit at Amazon and would benefit from the 6,12, 24 months of financing when I decide to make a large purchase + GE credit limit increases)
I don't know if it would be beneficial to have both or just one. Any advice or recommendations?
PS: myjourney + lexie: I'm still in the garden. I'm just curious as to what I should pick up in a few months
Do both... BML doesn't report to the CB, Amazon does. So regardless of which way you go, IT still benefits you... I have both as well.
So here's my thought on all of this:
You say the only type of "card" that you expect to need is one for financing large purchases. Which means that you don't even really need a "card", you just need a low interest rate financing vehicle. So here is what I have found to be the best options for this scenario.
1. Obtain financing at the time of purchase from the retailer in question. Many stores (assuming this is for a retail purchase) maintain special financing options when you purchase a large enough product. Furniture stores, for example, constantly run 0% for 3-5 year deals. You can't get much better than that.
2. Get a new card with a prolonged 0% initial APR offer right before purchase. 9, 12, 18 months at 0% gives you a long time to work off that debt. If you can't get rid of it by the end of that time period, you probably shouldn't have purchased the item anyway. Again, that is assuming some sort of retail purchase like a small appliance, not major home/car repairs, or furnishing an entire kitchen
3. Use a Home Equity Line of credit. These interest rates are favorable compared to credit cards, and can have very flexible repayment terms.
4. Call an existing creditor and ask if they can give some sort of interest rate promotion for a large purchase that you plan to make with their card. You would be surprised how often a bank will say yes to this if you have been a reliable customer and you are assuring them a large transaction.
I would say that holding onto a tradeline for the purposes of "I might need it later" is likely not the way to obtain the best rates or help your score in the long term. Especially when we are talking about credit cards, which have awful interest rates. As long as you manage your credit appropriately, the option to finance a large purchase should be there when you need it. In fact, this might be the only scenario where getting credit when you "need" it, is actually preferable.
You say the only type of "card" that you expect to need is one for financing large purchases. Which means that you don't even really need a "card", you just need a low interest rate financing vehicle. So here is what I have found to be the best options for this scenario.
1. Obtain financing at the time of purchase from the retailer in question. Many stores (assuming this is for a retail purchase) maintain special financing options when you purchase a large enough product. Furniture stores, for example, constantly run 0% for 3-5 year deals. You can't get much better than that.
2. Get a new card with a prolonged 0% initial APR offer right before purchase. 9, 12, 18 months at 0% gives you a long time to work off that debt. If you can't get rid of it by the end of that time period, you probably shouldn't have purchased the item anyway. Again, that is assuming some sort of retail purchase like a small appliance, not major home/car repairs, or furnishing an entire kitchen
3. Use a Home Equity Line of credit. These interest rates are favorable compared to credit cards, and can have very flexible repayment terms.
4. Call an existing creditor and ask if they can give some sort of interest rate promotion for a large purchase that you plan to make with their card. You would be surprised how often a bank will say yes to this if you have been a reliable customer and you are assuring them a large transaction.
I would say that holding onto a tradeline for the purposes of "I might need it later" is likely not the way to obtain the best rates or help your score in the long term. Especially when we are talking about credit cards, which have awful interest rates. As long as you manage your credit appropriately, the option to finance a large purchase should be there when you need it. In fact, this might be the only scenario where getting credit when you "need" it, is actually preferable.
I hear they Bork'd the Citi Forward so it doesn't give 5% on Amazon purchases anymore.
You might consider the Sallie Mae World Mastercard. 5% on bookstores upto $750 purchases/month, so that should cover some of your Amazon transactions. And 5% on upto $250 Gas, and 5% upto $250 grocery store purchases. This card is on my short-list of cards I want.
So the Forward would cover your fast food/restaurants, and the Sallie Mae would cover grocery stores. Seems like a good fit. You gotta eat something...
Have you considered switching the Discover More to a Discover IT?
@SSA_2013 wrote:
@hutchj wrote:
@SSA_2013 wrote:Well, I've looked over my accounts and I like the cards I have. My issue is I decided that I should probably add a financing card/account for larger purchases.
1) Bill Me Later (I like the hidden utilization factor + different stores accept it... but don't like that you really don't know what you have as a credit line)
2) Amazon Store Card (I do shop quite a bit at Amazon and would benefit from the 6,12, 24 months of financing when I decide to make a large purchase + GE credit limit increases)
I don't know if it would be beneficial to have both or just one. Any advice or recommendations?
PS: myjourney + lexie: I'm still in the garden. I'm just curious as to what I should pick up in a few months
What cards do you have now?
Chase Sapphire Preferred, Chase Freedom, Citi Forward, Citi Dividend, Discover More, Lowes, Capital One, and the Ring.
I think you need Amex 
I appreciate the detailed response, SSA. I'm glad to see you have thought it over, and that's really what is most important. Impulsive credit decisions are the only bad ones.
How two people accomplish the same goal will frequently differ, so my attempts at financing large purchases will not likely involve the same methods you are using. But if, in the end, we both get to the same place with minimal financial impact, then it was worth it.
Good luck with any app you end up completing!
How two people accomplish the same goal will frequently differ, so my attempts at financing large purchases will not likely involve the same methods you are using. But if, in the end, we both get to the same place with minimal financial impact, then it was worth it.
Good luck with any app you end up completing!