topic Re: Help with next steps... in Credit Cards

Help with next steps...

john1701d — Fri, 27 May 2016 22:40:56 GMT

First, thanks so much for this board. I rarely post, but have read it religiously for years.

I'm at the point where my credit is actually good and want advice what I should close, if any and also what cards I should be applying for if any.

My scores:

Exp 817

Trans 803

Equi 762

My cards & limits

Cap 1 Plat. 2k

Cap 1 Qkslvr 4.75k

Cap 1 Journey 5k

Merrick Bank 2.5k

Discover it 6.5k

Walmart store 3k

Fingerhut 1.5k

Express store 1.2k

I have a vehicle loan with my cu with an 8k balance. My total cc utilization is at 7%.

I want to get higher limits, lower apr, and just in general make sure I'm doing what's right to grow with an eye on a home in a few years.

Thanks for any advice!!!

Re: Help with next steps...

RonM21 — Sat, 28 May 2016 05:30:02 GMT

With your.scores, generally it is in your hands. It will be more of a matter of what cards you want. I'd also say for your scores you should have higher limits, based on the average limits you see reported from others on here with those scores. Unless you have low income?

I'm not sure you want to.close any cards unless you are sure it won't really hurt your utilization or scores. From the list you have, you might want to look into some more prime cards that you can do more with.

But remember, you are already well positioned, so don't do anything you aren't sure you can handle.

Re: Help with next steps...

Anonymous — Sat, 28 May 2016 13:42:07 GMT

@john1701d wrote:
First, thanks so much for this board. I rarely post, but have read it religiously for years.

I'm at the point where my credit is actually good and want advice what I should close, if any and also what cards I should be applying for if any.

My scores:

Exp 817
Trans 803
Equi 762

My cards & limits

Cap 1 Plat. 2k
Cap 1 Qkslvr 4.75k
Cap 1 Journey 5k
Merrick Bank 2.5k
Discover it 6.5k
Walmart store 3k
Fingerhut 1.5k
Express store 1.2k

I have a vehicle loan with my cu with an 8k balance. My total cc utilization is at 7%.

I want to get higher limits, lower apr, and just in general make sure I'm doing what's right to grow with an eye on a home in a few years.

Thanks for any advice!!!

I am Jelly of your scores! So I am in no position to offer advice !

However the Capital Ones seem duplicative... you may want to see about combiing those after your trying to get credit increases on them so that it gives you a nice giant total.

But you may want to continue reading the boards and follow those with portfolios you wish to achieve.

There are far far far better people on here with portofolios better than my rebuilding one.

Wish you Well!

Re: Help with next steps...

john1701d — Sat, 28 May 2016 14:05:53 GMT

I'm not rich but I'm ok. Last year I made 65k. I was thinking mainly about the starter credit I used like the Merrick and Fingerhut. I don't use them and thought maybe it makes me look less attractive? I'm getting mailers every day from Citibank, Chase, and Amex.

Re: Help with next steps...

Anonymous — Sat, 28 May 2016 20:16:12 GMT

@john1701d wrote:
First, thanks so much for this board. I rarely post, but have read it religiously for years.

I'm at the point where my credit is actually good and want advice what I should close, if any and also what cards I should be applying for if any.

My scores:

Exp 817
Trans 803
Equi 762

My cards & limits

Cap 1 Plat. 2k
Cap 1 Qkslvr 4.75k
Cap 1 Journey 5k
Merrick Bank 2.5k
Discover it 6.5k
Walmart store 3k
Fingerhut 1.5k
Express store 1.2k

I have a vehicle loan with my cu with an 8k balance. My total cc utilization is at 7%.

I want to get higher limits, lower apr, and just in general make sure I'm doing what's right to grow with an eye on a home in a few years.

Thanks for any advice!!!

It's simple:

1. Combine the Journey and Platinum, and then combine that new card into the QS. This will give you almost $12,000 on one card.

2. Get rid of Fingerhut and Merrick. Seriously.

3. Now decide which rewards you want, and that will determine which prime cards to apply for.

Re: Help with next steps...

Anonymous — Sun, 29 May 2016 00:43:03 GMT

@john1701d wrote:
First, thanks so much for this board. I rarely post, but have read it religiously for years.

I'm at the point where my credit is actually good and want advice what I should close, if any and also what cards I should be applying for if any.

My scores:

Exp 817
Trans 803
Equi 762

My cards & limits

Cap 1 Plat. 2k
Cap 1 Qkslvr 4.75k If you can PC those into one card after a CLI on each one that would be good.
Cap 1 Journey 5k
Merrick Bank 2.5k Those CLI/PC would offset closing this
Discover it 6.5k
Walmart store 3k Call credit solutions to see if you can get a CLI on this
Fingerhut 1.5k Those CLI/PC would offset closing this
Express store 1.2k See if you can get a CLI on this

I have a vehicle loan with my cu with an 8k balance. My total cc utilization is at 7%.

I want to get higher limits, lower apr, and just in general make sure I'm doing what's right to grow with an eye on a home in a few years.

Thanks for any advice!!!

With the notes I made if you close those two starter cards, then your Utli will raise if the other cards are getting a CLI to counteract it, might give you a slight dip in scores in that case. Getting the CL raised on the other cards before closing the starter cards will offset you.

Re: Help with next steps...

john1701d — Sun, 29 May 2016 01:42:08 GMT

Thanks for the tips folks! I'm not familiar with the term pc regarding the cards. Would I just call up Cap One and ask them to be combined?

Re: Help with next steps...

Anonymous — Sun, 29 May 2016 01:54:57 GMT

@john1701d wrote:
Thanks for the tips folks! I'm not familiar with the term pc regarding the cards. Would I just call up Cap One and ask them to be combined?

PC means product change. Yes you would just call them to request this but apply for credit limit increases on each of the Capital One cards before combining the credit limits.

Re: Help with next steps...

Anonymous — Sun, 29 May 2016 04:10:12 GMT

Chase has the 5/24 rule. If you want any chase cards get them first.