topic Re: 2016 Credit Plans in Credit Cards

2016 Credit Plans

BigBS — Tue, 24 Nov 2015 20:45:13 GMT

Have been thinking about what I want to do with my credit in 2016 over the last week or so and wanted to get the thoughts of the community. It will be the first year since 2008 where there were no baddies on my CR which is a great feeling. Also, looking to find that sweet spot for utilization that maximizes the credit score. It has been pretty consistent in the 5% range for the last 8-10 months and while my scores have gone up it hasn't been due to that. AAoA has climbed back to almost 9 years (8.8 currently) and except for a couple of apps I'm thinking of should continue to grow. Hope those things combined with continued payment history will push my scores higher into the 800 range.

Now the hard part. Can't say that there is much, if anything, that I need but a few things I would like to get. This may seem really odd, but I like to have multiple cards from each institution providing credit, if available. At this point, have that for all except Comenity (will make an exception for multiple here), Discover, Huntington (only card offered), LMCU (possible, but not worth the hassle), NFCU, and USAA. Don't care to have the Miles card, so Discover is off the table and I will focus on NFCU and USAA. Have read a lot on NFCU, but not sure about the reliability/stability of their CC underwriting. Any thoughts on whether a 2nd card ((GoRewards, specifically for the 3% for restaurants) is still a possibility with them? Also plan to get the LOC with NFCU. For USAA looking at the Cashback Rewards Plus AMEX. What are the thoughts on this card and would they pull both EQ and EX? Have had my current card with them for almost 26 years with only a couple of PCs along the way.

Speaking of INQs, the majority of my current ones came in 2014 for CCs and mortgage and are scheduled to fall off by the end of September 2016. Even with these additions I would only be at 4 on EQ, 2 on EX and TU.

Thanks for your input and hope everyone has a great Thanksgiving!

Re: 2016 Credit Plans

Gmood1 — Tue, 24 Nov 2015 22:02:44 GMT

I'm surprised you don't have any Penfed products? Maybe I missed it in your signature.
If not I would hit them up. You seem to have everything else. LOL 😁

Re: 2016 Credit Plans

BigBS — Tue, 24 Nov 2015 23:19:28 GMT

@Gmood1 wrote:
I'm surprised you don't have any Penfed products? Maybe I missed it in your signature.
If not I would hit them up. You seem to have everything else. LOL 😁

Ha, ha. I have 2 CCs and LOC with PenFed.

Re: 2016 Credit Plans

12njoy — Wed, 25 Nov 2015 03:08:55 GMT

I think you're good to go for both NFCU and USAA for 2nd cards. Also with LOC with NFCU. With NFCU they seem to make sure when you have a lot of available credit that you have the income to support all of that with another NFCU card IMO. Good luck

Re: 2016 Credit Plans

Anonymous — Wed, 25 Nov 2015 08:26:03 GMT

Garden until this time next year, go for CSP, Amex EDP and (possibly) Amazon prime (maybe sooner on that last one).

Have at least $1000 each in Savings, 401k and brokerage account.

Keep saving more than I spend.

Re: 2016 Credit Plans

BigBS — Wed, 25 Nov 2015 12:17:19 GMT

@12njoy wrote:
I think you're good to go for both NFCU and USAA for 2nd cards. Also with LOC with NFCU. With NFCU they seem to make sure when you have a lot of available credit that you have the income to support all of that with another NFCU card IMO. Good luck

Thanks, 12. I continue to watch your endeavors in amazement.

Re: 2016 Credit Plans

BigBS — Wed, 25 Nov 2015 12:18:10 GMT

@Anonymous wrote:
Garden until this time next year, go for CSP, Amex EDP and (possibly) Amazon prime (maybe sooner on that last one).

Have at least $1000 each in Savings, 401k and brokerage account.

Keep saving more than I spend.

Good luck to you.

Re: 2016 Credit Plans

Anonymous — Wed, 25 Nov 2015 12:58:18 GMT

You need help mate.

Re: 2016 Credit Plans

Anonymous — Wed, 25 Nov 2015 13:10:36 GMT

I plan to pay down my Citi and Amex and also keep my savings growing. I know you're not supposed to save while paying debt but to me having the savings prevents charges in case of emergency. I want to be able to app for the Marriott card next year(at the end of year).

Re: 2016 Credit Plans

BigBS — Wed, 25 Nov 2015 15:37:03 GMT

@Anonymous wrote:
You need help mate.

Just curious why you would think that?

Re: 2016 Credit Plans

BigBS — Wed, 25 Nov 2015 15:37:31 GMT

@Anonymous wrote:
I plan to pay down my Citi and Amex and also keep my savings growing. I know you're not supposed to save while paying debt but to me having the savings prevents charges in case of emergency. I want to be able to app for the Marriott card next year(at the end of year).

Good for you.

Re: 2016 Credit Plans

12njoy — Wed, 25 Nov 2015 21:30:27 GMT

@BigBS wrote:
@12njoy wrote:
I think you're good to go for both NFCU and USAA for 2nd cards. Also with LOC with NFCU. With NFCU they seem to make sure when you have a lot of available credit that you have the income to support all of that with another NFCU card IMO. Good luck
Thanks, 12. I continue to watch your endeavors in amazement.

Thanks BigBS. My journey has come to a standstill yet again. Before the choir comes in, I'm okay with that.

Re: 2016 Credit Plans

LadyJEsq — Wed, 25 Nov 2015 22:06:04 GMT

I have no idea what my plans are! Every time I come up with a plan, I learn something new and it changes. Back to the drawing board!

Re: 2016 Credit Plans

Involver — Wed, 25 Nov 2015 23:41:01 GMT

Fund Citigold
App Prestige
Combine Prestige and Premier Limits
Roll CSP limit into Freedom
Close 5/3 account
Add another FIA card to combine to Amex
Combine BCE and Delta Gold, close Delta Gold

That's all I can think of for now.

Re: 2016 Credit Plans

Anonymous — Thu, 26 Nov 2015 00:50:37 GMT

@BigBS wrote:
Have been thinking about what I want to do with my credit in 2016 over the last week or so and wanted to get the thoughts of the community. It will be the first year since 2008 where there were no baddies on my CR which is a great feeling. Also, looking to find that sweet spot for utilization that maximizes the credit score. It has been pretty consistent in the 5% range for the last 8-10 months and while my scores have gone up it hasn't been due to that. AAoA has climbed back to almost 9 years (8.8 currently) and except for a couple of apps I'm thinking of should continue to grow. Hope those things combined with continued payment history will push my scores higher into the 800 range.

Now the hard part. Can't say that there is much, if anything, that I need but a few things I would like to get. This may seem really odd, but I like to have multiple cards from each institution providing credit, if available. At this point, have that for all except Comenity (will make an exception for multiple here), Discover, Huntington (only card offered), LMCU (possible, but not worth the hassle), NFCU, and USAA. Don't care to have the Miles card, so Discover is off the table and I will focus on NFCU and USAA. Have read a lot on NFCU, but not sure about the reliability/stability of their CC underwriting. Any thoughts on whether a 2nd card ((GoRewards, specifically for the 3% for restaurants) is still a possibility with them? Also plan to get the LOC with NFCU. For USAA looking at the Cashback Rewards Plus AMEX. What are the thoughts on this card and would they pull both EQ and EX? Have had my current card with them for almost 26 years with only a couple of PCs along the way.

Speaking of INQs, the majority of my current ones came in 2014 for CCs and mortgage and are scheduled to fall off by the end of September 2016. Even with these additions I would only be at 4 on EQ, 2 on EX and TU.

Thanks for your input and hope everyone has a great Thanksgiving!

Why did you rule out the Discover Miles card? For the first year, one of the best out there IMO!

Re: 2016 Credit Plans

thelethargicage — Thu, 26 Nov 2015 00:56:53 GMT

My plans for 2016? Gardening. Like, for real this time.

Re: 2016 Credit Plans

Anonymous — Thu, 26 Nov 2015 00:58:13 GMT

Miles card IMO is only good for the 1st year for the promo. After that it's what...1.5% right? Please correct me if I'm wrong.

USAA AmEx. I want that card. I hope my Classic will graduate to that option. Only card in the lineup that I want really. They pulled EQ only for me in SoCal.

NFCU GoRewards. I have that card. You can have up to 3 CC's with NFCU. 3x's Restaurants, 2x's Gas! Visa Signature available. I don't think there's any bonus atm, but they're pushing it hard. Love it. Definately give it a thumbs up.

I vow to not app for any credit cards till November 2017. I have made a competitive bet with 2 Members, and I'll be *&^%&^ I'm not losing this gardening mission!!! Killing inquiries.

Re: 2016 Credit Plans

BigBS — Thu, 26 Nov 2015 01:09:15 GMT

@12njoy wrote:
@BigBS wrote:
@12njoy wrote:
I think you're good to go for both NFCU and USAA for 2nd cards. Also with LOC with NFCU. With NFCU they seem to make sure when you have a lot of available credit that you have the income to support all of that with another NFCU card IMO. Good luck
Thanks, 12. I continue to watch your endeavors in amazement.
Thanks BigBS. My journey has come to a standstill yet again. Before the choir comes in, I'm okay with that.

I thought the same thing when I got my Lake Michigan CC 18 months ago. I may feel completely different after the holidays. Since I started this thread I have thought about getting ridnof a couple store cards and building up my business credit in addition to everything else.

Re: 2016 Credit Plans

BigBS — Thu, 26 Nov 2015 01:10:50 GMT

@LadyJEsq wrote:
I have no idea what my plans are! Every time I come up with a plan, I learn something new and it changes. Back to the drawing board!

LadyJ - I understand completely. The best laid plans of mice and men. Sometimes it just comes to you.

Re: 2016 Credit Plans

BigBS — Thu, 26 Nov 2015 01:12:14 GMT

@Involver wrote:
Fund Citigold
App Prestige
Combine Prestige and Premier Limits
Roll CSP limit into Freedom
Close 5/3 account
Add another FIA card to combine to Amex
Combine BCE and Delta Gold, close Delta Gold

That's all I can think of for now.

Looks like a good plan to me.