topic Re: What are your future credit plans in terms of credit cards? in Credit Cards

What are your future credit plans in terms of credit cards?

Anonymous — Sun, 03 Apr 2016 16:54:22 GMT

How did you decide? I am in the process of analyzing what I have, the credit lines, the type of card it is and so forth. If and when I app for another cards, I will more than likely close a current one.

Last year was a crazy year for me. In May of 2015 my Chapter 13 dropped off my reports and I began apping...and apping.. I have already done some combining of cards and closing.

I am thinking I should wait until next year until my inquiries galore fall off. (Still mad at myself for all those hard inquiries on my car loan.)

I am still interested in credit union cards. RBFCU for sure and perhaps SDFCU.

What about you?

Re: What are your future credit plans in terms of credit cards?

baller4life — Sun, 03 Apr 2016 17:12:46 GMT

The important thing to do first is to strategize your portfolio and see what best fits your lifestyle. Will it be travel cards and if so which would you prefer? Chase UR? Amex MR? Citi Thank you pts? Hotel or airline cards? Then decide if you need cashback cards. And of course a low apr card or two. And definitely a couple or five CU cards thrown in the mix. Once you plan your type of cards then decide which cards best fit that strategy.

I pretty much have my foundation cards. I will add Amex SimplyCash as my hidden business tradeline. Then a few more CUs like Penfed,NASA and possibly Alliant(waiting on final membership approval now). Kind of peeking at Citi Premier as an all round travel card. Diversification is key for me.

Re: What are your future credit plans in terms of credit cards?

jacetx — Sun, 03 Apr 2016 17:18:45 GMT

@Anonymous wrote:
How did you decide? I am in the process of analyzing what I have, the credit lines, the type of card it is and so forth. If and when I app for another cards, I will more than likely close a current one.

Last year was a crazy year for me. In May of 2015 my Chapter 13 dropped off my reports and I began apping...and apping.. I have already done some combining of cards and closing.

I am thinking I should wait until next year until my inquiries galore fall off. (Still mad at myself for all those hard inquiries on my car loan.)

I am still interested in credit union cards. RBFCU for sure and perhaps SDFCU.

What about you?

I think I have what I need for now:

Chase Amazon - 3% Amazon, 2% Dining (can deposit cashback on Chase checking)

Discover - 5% rotating categories (using for Dining this quarter)

BCP - 6% Groceries, 3% Gas, 3% Retail

Care Credit - 0% financing medical emergencies / pets

QS - 1.5% general spending

RBFCU - will PC to Low Rate MC for any BTs

All other cards will probably get the axe sometime at the end of the year (and yes I probably will be closing Sam's, not a fan of waiting a full year for the cashback). Won't be applying for anything else unless the benefits change for these. Focusing of building a stronger profile for house purchase and new lease on February 2018.

Re: What are your future credit plans in terms of credit cards?

kdm31091 — Sun, 03 Apr 2016 17:37:36 GMT

At some point, with "average" spending, there's less and less benefit to adding more and more cards. For awhile, I did the "a card for this, a card for that, etc" thing, and still do to a degree, but I've relaxed considerably. Keeping track of 10 or 15 bills to pay for tiny differences in rewards just isn't worthwhile for me, but if you spend a ton, it can make more of a difference.

So that said, I've been focusing on consolidating and refining more than adding. The only thing I added this year so far was a Cashforward for a random catchall card. I have a Double Cash but really don't care for the structure/system, so I'm willing to give up a little (and again, the difference isn't much for me). I think many people end up with more cards than they really need for their spend but the threshold differs for everyone. It's important to really run the numbers. Yes, getting a new card for 3x on travel may sound appealing, but depending on the spend and how diluted it already is, the benefit may not be much in dollars.

Re: What are your future credit plans in terms of credit cards?

Anonymous — Sun, 03 Apr 2016 17:40:39 GMT

I'm sitting tight for a few months. Only recently graduated to real cards, and I should garden them. I'd like to add a Discover and a BCP later this year, but I might wait longer for some of these inquiries to age. My car loan last August hit all my reports multiple times.

Re: What are your future credit plans in terms of credit cards?

icyhot — Sun, 03 Apr 2016 17:45:12 GMT

My goal was to have AF cards that were actually sustainable and get rid of the ones that weren't. So I PCd my Gold AA to a Double Cash, my CSP to a regular CS then the FU, am gonna combine my Venture to my QS, and I'm still teetering on if I want to close my Delta. After which I'll have my PRG, Marriott, and Platinum Select AA as my only AF cards which will get all my spend. That would still leave me with a good amount of non-AF cards that are building history, costing me nothing to keep open and will be there if I ever need them

Re: What are your future credit plans in terms of credit cards?

redpat — Sun, 03 Apr 2016 17:52:14 GMT

@kdm31091 wrote:
At some point, with "average" spending, there's less and less benefit to adding more and more cards. For awhile, I did the "a card for this, a card for that, etc" thing, and still do to a degree, but I've relaxed considerably. Keeping track of 10 or 15 bills to pay for tiny differences in rewards just isn't worthwhile for me, but if you spend a ton, it can make more of a difference.

So that said, I've been focusing on consolidating and refining more than adding. The only thing I added this year so far was a Cashforward for a random catchall card. I have a Double Cash but really don't care for the structure/system, so I'm willing to give up a little (and again, the difference isn't much for me). I think many people end up with more cards than they really need for their spend but the threshold differs for everyone. It's important to really run the numbers. Yes, getting a new card for 3x on travel may sound appealing, but depending on the spend and how diluted it already is, the benefit may not be much in dollars.

+1. I agree, sticking to a rewards plan an not be enticed to leave it because of other offers from other CCCs.

The only thing I may do is tweak my MR and UR rewards by adding PRG only with a 50k offer and add a Freedom card for UR.

I also have been kicking around the Prestige just for the travel benefits and perks but not much spend would be put on it, that would give me the travel perfecta.....

Re: What are your future credit plans in terms of credit cards?

Anonymous — Sun, 03 Apr 2016 18:10:20 GMT

I'm slowly trying to put together what I want my credit future to look like. I'm a traveling man, so I'm aiming more for travel bonuses. I use most of my cards in my signature so I believe I'm "okay". I will end up closing the AmEx Everyday and replacing it with a Blue Cash Preferred. I'll also combine my V1 MC into my QS1 MC at some point in time. The Overstock card I do not use (just got a CLI today to $1700).

I only fly Delta so the Gold is helpful at the moment in coverage baggage fees for me and my wife/family. The Apple Barclay card is good at doing what it does... financing on apple products. I'll never get in a phone contract again lol! The AmEx SPG is my main spend as I cherish those points and (try) to stay at SPG Properties. The Discover is my wife's but that 5% category is where it shines. It's resturant's this period and that's what I'm best at wasting money on!!

I'll eventually app for a C1 QS and a C1 Venture and blend those into my QS1 MC for extra padding later this year.

Re: What are your future credit plans in terms of credit cards?

Anonymous — Sun, 03 Apr 2016 18:20:46 GMT

@Anonymous wrote:
How did you decide? I am in the process of analyzing what I have, the credit lines, the type of card it is and so forth. If and when I app for another cards, I will more than likely close a current one.

Last year was a crazy year for me. In May of 2015 my Chapter 13 dropped off my reports and I began apping...and apping.. I have already done some combining of cards and closing.

I am thinking I should wait until next year until my inquiries galore fall off. (Still mad at myself for all those hard inquiries on my car loan.)

I am still interested in credit union cards. RBFCU for sure and perhaps SDFCU.

What about you?

Sound like a wonderful plan. I still have 1 collection reporting and some lates from the CO account relating to that. Until both are off my report and it is a clean file, I'm pretty much just trying to maintain a good payment history this time around. Long term plans include trying to obtain bank cards from PenFed and SDFCU. I joined each in 2015, but my profile is not credit card worthy yet. I would like for my secured Discover card to unsecure. Other than that, I hope that if my scores improve, Walmart and Sam's Club will convert to MCs.

Re: What are your future credit plans in terms of credit cards?

Anonymous — Sun, 03 Apr 2016 18:29:32 GMT

I'm 37 and I plan on owning a place to live by the time I'm 40!

Re: What are your future credit plans in terms of credit cards?

Anonymous — Sun, 03 Apr 2016 18:30:31 GMT

I just want more plastic.

Re: What are your future credit plans in terms of credit cards?

Anonymous — Sun, 03 Apr 2016 18:55:02 GMT

to slow my roll and really weigh in if the card is right for me. 9 CC and 16 mos later,,, CB 'dilution' happened! lolz half of my cards are now SD coz of it. im thankful i found this forum. gained tons of info in just over 2 mos. i now think my approach to credit is a lot more wiser and productive. im now just semi-chasing bonuses/rewards. lolz

Re: What are your future credit plans in terms of credit cards?

CreditMagic7 — Sun, 03 Apr 2016 19:06:24 GMT

Pretty much the same here. Looks like after a hectic SCT beginning some 2 years ago and then cutting them loose at (1 year), the better cards (Rewards/Bonus) have accumulated and better approvals advanced faster then i thought they would. No need for any new additions that i could honestly say might be of some benefit, (for awhile) so it's time to simply consolidate where available and sit tight for that next new FRENZY to surface this summer.

Re: What are your future credit plans in terms of credit cards?

Anonymous — Sun, 03 Apr 2016 19:15:44 GMT

A great goal that will keep you busy and productive!

Re: What are your future credit plans in terms of credit cards?

Anonymous — Sun, 03 Apr 2016 19:52:48 GMT

@Anonymous wrote:
How did you decide? I am in the process of analyzing what I have, the credit lines, the type of card it is and so forth. If and when I app for another cards, I will more than likely close a current one.

Last year was a crazy year for me. In May of 2015 my Chapter 13 dropped off my reports and I began apping...and apping.. I have already done some combining of cards and closing.

I am thinking I should wait until next year until my inquiries galore fall off. (Still mad at myself for all those hard inquiries on my car loan.)

I am still interested in credit union cards. RBFCU for sure and perhaps SDFCU.

What about you?

Don't know that there is anything that I want to add for several years. Just concentrating on getting scores up to get a mortgage before year's end.

Re: What are your future credit plans in terms of credit cards?

Anonymous — Sun, 03 Apr 2016 23:52:59 GMT

For me, i think i am pretty good for now. I would like to add a few Chase products (CSP & CU) and maybe another CU (NASA) to go along with RBFCU and PenFed. So, unless some crazy offer comes along i will be in the garden for the foreseeable future.

Re: What are your future credit plans in terms of credit cards?

Kidcat — Mon, 04 Apr 2016 02:42:57 GMT

I'm at that point too @Musiclover

Ended up getting some of my goal cards sooner than I thought possible.

I travel a fair amount, and have 2 kids across the country, so the airline cards I love. Since I've gotten the bonuses for spending I'm pretty much just letting them sit until I decide what to do with them. Same with the hotel cards.

Right now my daily drivers are: Sallie Mae (gas), BCP (groceries), SPG (general spend until I hit bonus and maybe more depending on outcome of the merger), Cash+ (cell phone, fast food).

I have Discover and Freedom for rotating categories.

I haven't decided if I want to focus on travel rewards and really pile up the SPG, or MR points (I have the PRG) or go for the CSP when eligible and stockpile UR points.

I have a written credit plan and I've been tweeking it. I have various cards SD, and I will likely let them die on the vine, vs closing them. I have a co-worker who is a credit geek and she has never closed a card in her life. She just lets them close for inactivity. Scores +/- 780. A good person to bounce around ideas.

Re: What are your future credit plans in terms of credit cards?

Anonymous — Mon, 04 Apr 2016 03:49:52 GMT

I'm going to let the current inquiries on my credit reports go away and try to get in the habit of regularly using the credit cards I just got. If that ends up working out, in a couple years I may get the Citi DoubleCash & Amex Blue Cash Everyday. Those would provide higher cashback than my current cards and would allow me to see my FICO scores from all 3 credit bureaus for free!

Re: What are your future credit plans in terms of credit cards?

Anonymous — Mon, 04 Apr 2016 04:08:06 GMT

I'm currently thinking about the Southwest Premier, because I should be flying SW a lot more in the future with it now having gates at Long Beach. I also really want a CU card ... thinking WSECU. And once I get through 5/24 (halfway there), the Freedom Unlimited and CSP.

Other than that, I will wait for Comenity to close my Eddie Bauer card and continue working with the cards I currently have.

Re: What are your future credit plans in terms of credit cards?

EdMan63 — Mon, 04 Apr 2016 13:31:17 GMT

Think I'm in a pretty good place CC wise. Before finding this forum a year ago I only had 2 CC's for 20+ years. While I realize now that I left a lot on the table rewardwise I still don't want to have lots of CC's just ones that make sense and fit my lifestyle. The only card I still want to add at this point is a Discover It. I PC'd my Freedom to a Unlimited but afterwards thought I should still have one 5%er in the stable. Other than that I'm just gardening and waiting for my last report to be free of that nagging CO. We want to move in the next year or so and I'm doubtful I will app before then however if my scores allow I may just go ahead and get it out of the way this summer.