topic Re: Doing great, but what's my next move? in Credit Cards

Doing great, but what's my next move?

mysterythemoon — Thu, 27 Apr 2017 17:19:52 GMT

Here's what I got:

CSP: 10k, 1,700 balance (they just double my credit limit after my fifth statement without me asking!)

Amex BCE: 4,200, 699 balance (3X my CLI after starting with 1,400 in December)

NFCU: 1,700, 0 balance

Capital One Platinum: 500, 0 balance (Upped my CL from 200 to 500 around Jan after my sixth statement, they still have my 99 dollar deposit)

Discover It: 200, 0 balance (First card I got after my rebuild, they returned my 200 dollar deposit about a month ago)

Total credit available: 16,600... Total util: 14.5%

Here's my thinking: CSP just gave me a CLI, so that will probaby stay there for a while. Same with the Amex, until I can 3X in five months. So that leaves three. When should I request a CLI for NFCU? For the Cap1, will I ever get my 99 bucks back without closing the card? Is there anyway to request a CLI but then roll it over to a better Cap1 card? And which Cap1 should I grab? For the Disco, obviously I need a solid CLI, but how much should I ask for?

And then my final question, I'd like to add 1-2 additional cards. My fico scores should be north of 700 once this month's payments hit. I don't want any cards with an AF, and my EX is always my strongest score. Which cards should I target?

Re: Doing great, but what's my next move?

Anonymous — Thu, 27 Apr 2017 17:25:38 GMT

Do you have an installment loan (auto loan, personal, SSL, etc?) reporting with a balance?

Re: Doing great, but what's my next move?

Anonymous — Thu, 27 Apr 2017 17:26:42 GMT

First, I think you have a great set of cards. They all have huge CLI potential. When did you open your NFCU CC? For discover, if you haven't already hit the request credit limit button online, do it!

Re: Doing great, but what's my next move?

mysterythemoon — Thu, 27 Apr 2017 17:27:19 GMT

Yes, I have my first auto loan. NFCU. Just made my sixth payment. 13.3% though. So wrapped in this is going to be attempt to re-fi that to a lower rate.

Re: Doing great, but what's my next move?

Anonymous — Thu, 27 Apr 2017 17:29:09 GMT

Sounds good, just wanted to make sure -- having an installment loan that is open will help your FICO scores as the balance decreases over time. Having no open installment loan can decrease the FICO score overall.

What are your short term and long term goals overall? Are you just FICO chasing to get a higher score or do you have an actual goal for having a higher score (future mortgage, etc)?

Re: Doing great, but what's my next move?

mysterythemoon — Thu, 27 Apr 2017 17:38:05 GMT

I'm 32 and I'd like to be a homeowner in two years. I have no baddies on my credit (anymore) but I've had the two secured cards since July, and the three nice ones since December. The two secured ones aremy concern now, considering the limits are so meager. I've been lucky enough to not have any huge catastophes in my life, but as I've gone through this journey, I've learned that having a ton of available credit can be key when something does hit. Basically, I don't want to leave any stone unturned when it comes to negotiating the best terms I can, be it better APRs or larger lines of credit This is why I'm looking to avoid the AFs... I know I won't spend enough in normal scenarios to make it worth it. I just want the credit backing. I've heard good things about Citi and Barclay products. Are these ones I should look into.

Re: Doing great, but what's my next move?

HeavenOhio — Thu, 27 Apr 2017 17:39:13 GMT

With the CapOne card, you might want to make sure that you use it every month. That said, it doesn't sound like it's a whole lot older than you other accounts. If you don't want to wait it out and push comes to shove, it probably wouldn't hurt to close it.

Re: Doing great, but what's my next move?

mysterythemoon — Thu, 27 Apr 2017 17:41:11 GMT

Will I ever get my money back WITHOUT closing it?

Re: Doing great, but what's my next move?

Anonymous — Thu, 27 Apr 2017 17:41:52 GMT

At this point, it might be better for you to analyze your real spending and figure out what rewards cards will give you the best return on that spending. With rewards cards offering anywhere from 1-10% cash back based on categories and spending limits, you can be earning cash for your spending -- as long as you're not carrying balances.

I don't look at credit in terms of emergencies because that's how I blasted my FICOs from 800s to 500s. Right now I don't allow myself higher CLs without having more than that in liquid savings.

For you, I'd say focus on getting the other FICOs up past 700 and try to find the best reward card solution for your spending.

Re: Doing great, but what's my next move?

sarge12 — Thu, 27 Apr 2017 17:51:40 GMT

@mysterythemoon wrote:
I'm 32 and I'd like to be a homeowner in two years. I have no baddies on my credit (anymore) but I've had the two secured cards since July, and the three nice ones since December. The two secured ones aremy concern now, considering the limits are so meager. I've been lucky enough to not have any huge catastophes in my life, but as I've gone through this journey, I've learned that having a ton of available credit can be key when something does hit. Basically, I don't want to leave any stone unturned when it comes to negotiating the best terms I can, be it better APRs or larger lines of credit This is why I'm looking to avoid the AFs... I know I won't spend enough in normal scenarios to make it worth it. I just want the credit backing. I've heard good things about Citi and Barclay products. Are these ones I should look into.

Really....you have heard good things about Barclay...Where? I have a Barclay card sitting securely in my sock drawer. I have read much more bad reviews of Barclay than good. It actually amazes me that they have the Luxury Gold Mastercard with a 995 dollar AF, and nowhere near the benefits of the Chase Sapphire Reserve...I do not care if it is 24k gold plated. Barclay also has a reputation of AA of people with good payment history, often lowering CL as balance is payed down. Read these forums...they have a bad reputation.

Re: Doing great, but what's my next move?

AverageJoesCredit — Thu, 27 Apr 2017 17:54:00 GMT

With Navy the next AR is up very soon, could be tomorrow or the first few days of May. If youve had your card for at least 3 statements and 90 plus days , now might be a good chance to try to get that sp luvin.

With Chase, Navy, Amex and Discover you have some real quality cards to grow with you. Perhaps if you like a card with good growth potential and very easy to use for any BT needs that may arise, id suggest a BOA BBR , which youll also get $100 free a year for just carrying s small balance monthly. Ive had this card a year now havent gotten 3 cli, hp for sure though, and constant bt offers. I always choose direct to my checking as this is fast snd easy. Good luck, your doing great

Re: Doing great, but what's my next move?

HeavenOhio — Thu, 27 Apr 2017 18:07:01 GMT

@mysterythemoon wrote:
Will I ever get my money back WITHOUT closing it?

It looks like you opened it around last July. I think you're still in the time frame where a bit of patience is in order, whether it's CapOne or any other secured card.

Re: Doing great, but what's my next move?

sarge12 — Thu, 27 Apr 2017 18:18:04 GMT

@mysterythemoon wrote:
I'm 32 and I'd like to be a homeowner in two years. I have no baddies on my credit (anymore) but I've had the two secured cards since July, and the three nice ones since December. The two secured ones aremy concern now, considering the limits are so meager. I've been lucky enough to not have any huge catastophes in my life, but as I've gone through this journey, I've learned that having a ton of available credit can be key when something does hit. Basically, I don't want to leave any stone unturned when it comes to negotiating the best terms I can, be it better APRs or larger lines of credit This is why I'm looking to avoid the AFs... I know I won't spend enough in normal scenarios to make it worth it. I just want the credit backing. I've heard good things about Citi and Barclay products. Are these ones I should look into.

If you wish to be a homeowner in two years, I would suggest getting all credit cards payed to zero and only let 1 report a balance. Credit cards have high interest, and are best to PIF which will also lower your DTI which is not in the credit score, but is a large consideration for mortgages.