topic Re: Credit card goals and why? in Credit Cards

Credit card goals and why?

masscredit — Mon, 18 Jan 2016 19:01:32 GMT

Credit goals change with time. My main goal used to be to get a decent number of cards (did that) and have my scores over 700. I pretty much have the second goal covered. Lost some points during a utilization test last month. I'll gain those back in the next few weeks. Next scoring goal is to have my scores in the 720+ range. I believe that is the next scoring point that lenders look at.

When it comes to credit cards, I have the number that I want. Now I'm working on limits. Generally I want all of my cards to have the highest limit possible. But as I look at it deeper, there is a reason for that. I'd like to be able to carry a $5000. balance if a zero % offer comes up and also have my normal monthly credit card spending report with that (about $800.00 on average). So that means I need to increase my total limits from $54,000 to $65,000. I'm currently taking advantage of a 0% offer but I had to cut back on the amount that reports so I'll be just under 9%. There is a reason for the madness sometimes

What are your goals and do you have a reason for them?

Re: Credit card goals and why?

core — Mon, 18 Jan 2016 19:07:27 GMT

Goal: Take as much money from the credit card companies as possible.

Reason: It's the American way.

Re: Credit card goals and why?

Anonymous — Mon, 18 Jan 2016 19:34:15 GMT

For me, my goal is to stay put. I have the credit cards I need and will request CLIs from time to time.

Re: Credit card goals and why?

Anonymous — Mon, 18 Jan 2016 19:28:36 GMT

My original goal really had nothing to do with credit cards. It was to rehab my credit in order to be ready for a new vehicle purchase this coming Summer. Along the way, I learned that maximizing my FICO meant a mix of different types of credit. As my scores started to improve I got a little bit of credit card luv tossed my way. Had a high utilization hiccup which I'm a month away from correcting.

Now, my goals have shifted a little. The new vehicle loan with low interest is still my main priority, but now I have learned about credit cards, how to maximize rewards, travel cards etc. So, along with the vehcile goal, a Venture card is in my sights. Target is locked on and I will be probably be pulling the trigger Feb 15 to March 1st if the score simulator is telling me true.

Re: Credit card goals and why?

Anonymous — Mon, 18 Jan 2016 19:40:45 GMT

My current goal is to keep my finger off the app button. I anticipate failure.

Re: Credit card goals and why?

Ghoshida — Mon, 18 Jan 2016 19:53:52 GMT

Goal: (a) Take the score towards 800 on at least two CRs. TU (08) and EX (08) acting nicely (between 760 and 780); can't figure out why EQ (04) won't budge north of 740.

(b) Garden for 6 months; get the gold spade. Get out of the garden, fish for a good card with some great bonuses, get back in the garden. Rinse and repeat.

This round was PRG. In Fall, I'll probably aim for TY Premier. Also, EX will have just 1 inq ( < 1 year old) by then. Hopefully Citi won't turn me down.

Part (b): the gardening implicitly assumes I'll be hitting CLI buttons every now and then. Except AMEX and Discover (both sitting at 25k) and Chase (no soft CLI option).

Reason: Nothing much. Quite content with my lineup. Didn't need a car so didn't buy one but never know when one will be needed; so keeping my file as clean as possible.

Right now, I've got 40x monthly spending in credit lines across the cards. All credit scores come with the same minus points: accounts too new / no current installment account. So I will just let accounts age.

Re: Credit card goals and why?

sunkissed — Mon, 18 Jan 2016 19:58:38 GMT

Ok…This is probably a “pie-in-the-sky” goal and I’m guessing I’m the only one still foolish enough to hold out hope, but…I plan to apply for the Ritz card when they offer 140k points again. Then I plan to cancel my Marriott card and roll the limit into my CSP. I would like Gold status – currently I’m just Silver. Also, the airline reimbursements would be great. I have a hard time finding a use for my free night every year from the Marriott card. I hate that it’s only good for 6 months (without asking them to extend it). My 6 months is always in the winter when I travel the least. (I tend to hibernate in the winter).

I hope to increase the limits on my Citi Premier, Barclaycard Aviator and Sallie Mae. I’d like the increase on Premier to line up with my other cards and give me the flexibility to use it without worrying about utilization. Although most folks around here shy away from Barclay’s for balance transfers, I’ve been ok so far. I’d like to increase those limits to give myself more room for BTs when I see a good opportunity.

Other than that, I plan to lay low. I’m still a couple of years away from squeaky clean reports.

I am still amazed at how far I’ve come. I never would have been bold enough to try to have credit if I hadn’t found this forum.

Re: Credit card goals and why?

degs138 — Mon, 18 Jan 2016 20:15:44 GMT

My goal build up as many points as I can so I can curb the cost of my anual vacation. I travel for work and charge it to my Arrival. If I spend 30k a year on travel expenses I will earn $600 a year. Plus my spending each year give me around another 400-500. This give me about 1100 a year in travel rewards. I can pay for my vacation and then take a girl with me for free. Women are expensive and they use up all your points!

Re: Credit card goals and why?

Anonymous — Mon, 18 Jan 2016 20:16:24 GMT

My goal is to grow at a rate that will shame Barry Bonds enlarged melon from PED use.

Nothing new, already purged (1) card this year.

Re: Credit card goals and why?

CH-7-Mission-Accomplished — Mon, 18 Jan 2016 21:56:02 GMT

@degs138 wrote:
My goal build up as many points as I can so I can curb the cost of my anual vacation. I travel for work and charge it to my Arrival. If I spend 30k a year on travel expenses I will earn $600 a year. Plus my spending each year give me around another 400-500. This give me about 1100 a year in travel rewards. I can pay for my vacation and then take a girl with me for free. Women are expensive and they use up all your points!

Ain't that the truth.

Re: Credit card goals and why?

Anonymous — Mon, 18 Jan 2016 21:59:07 GMT

@CH-7-Mission-Accomplished wrote:
@degs138 wrote:
My goal build up as many points as I can so I can curb the cost of my anual vacation. I travel for work and charge it to my Arrival. If I spend 30k a year on travel expenses I will earn $600 a year. Plus my spending each year give me around another 400-500. This give me about 1100 a year in travel rewards. I can pay for my vacation and then take a girl with me for free. Women are expensive and they use up all your points!
Ain't that the truth.

In my case, it is the men that are expensive and use all the points.. Twice the cost of women.

Re: Credit card goals and why?

Mattopotamus — Mon, 18 Jan 2016 22:38:09 GMT

My goal this year is to crack a Fico score of 810. I have hovered 790-low 8s all last year. I also want to garden until something really great comes along. I use a sapphire preferred, double cash, and Amex everyday regularly. All have limits over 15k. I just want that one card that can do it all!

so be disciplined and garden. I always try to and fail...mostly out of being board.

Re: Credit card goals and why?

Anonymous — Tue, 19 Jan 2016 00:30:49 GMT

Obtain an obscene amount of credit and blow it all on (Mod Cut). (Joking completely about the latter part of this statement, I think)

Re: Credit card goals and why?

Anonymous — Mon, 18 Jan 2016 22:46:58 GMT

When I started rebuilding about 2 years ago, my first goal was to simply find a lender that would give me a credit card, and Capital One was gracious enough to approve me for a QuicksilverOne card with a $300 limit. After that I focused on using the card responsibly, paying my bills on time, and completing the Credit Steps program. After a slight misstep, I completed the program and they raised my limit to $2300.

My next goal was to get a card with a prime lender, specifically Chase Freedom, as I have my checking account with Chase. I got an online prequal, pulled the trigger, and was approved for $3500 in June 2015.

My biggest goal to date, which I had set for EOY 2015, was to get in with Amex, and I was approved for a BCP with a $4000 limit on Christmas night 2015.

My next goal is to pay off the $1000 balance on my Freedom card by March, which won't be a problem.

After that, provided everything is at a zero balance, I'd like to go for a 3x CLI on my Amex.

My final goal is to add a Citi DC as a daily-driver card, sometime this summer. I just recently got a prequal, but with a 23% APR, so I'm going to wait on that for a while.

Re: Credit card goals and why?

OMW2_HighAcheiver — Mon, 18 Jan 2016 22:51:41 GMT

My goal was just to get an unsecured major! Did that. Next goal, unsecure Discover. After that, acquire an American Express with a decent limit. Finally, garden to high achievement!

Re: Credit card goals and why?

Anonymous — Tue, 19 Jan 2016 00:32:42 GMT

@Anonymous wrote:
Obtain an obscene amount of credit and blow it all on (Joking completely about the latter part of this statement, I think)

You can practice by obtaining a small amount of credit and blowing that all on.....

Re: Credit card goals and why?

Anonymous — Tue, 19 Jan 2016 00:33:07 GMT

@Anonymous wrote:
@Anonymous wrote:
Obtain an obscene amount of credit and blow it all on (Joking completely about the latter part of this statement, I think)
You can practice by obtaining a small amount of credit and blowing that all on.....

Haha, practice makes perfect... :/

Re: Credit card goals and why?

Anonymous — Mon, 18 Jan 2016 23:49:55 GMT

My goals are to reduce utilization and raise my scores plus stay in the garden until most or all of my inquiries fall off. During the course of that I would like to do some more combining of accounts and get cli's to at least 10k.

Re: Credit card goals and why?

Imperfectfuture — Tue, 19 Jan 2016 00:00:35 GMT

@Anonymous wrote:
For me, my goal is to stay put. I have the credit cards I need and will request CLIs from time to time.

Same. Maybe a Chase Ink Cash beginning 2017. Right now sick, so not getting much work done. Maybe cull some cards. Dunno why have not been charge AF for BCP yet.

Re: Credit card goals and why?

Anonymous — Tue, 19 Jan 2016 00:40:11 GMT

@Imperfectfuture wrote:
@Anonymous wrote:
For me, my goal is to stay put. I have the credit cards I need and will request CLIs from time to time.
Same. Maybe a Chase Ink Cash beginning 2017. Right now sick, so not getting much work done. Maybe cull some cards. Dunno why have not been charge AF for BCP yet.

I hope you feel better.... And that is a good card to garden for.