topic Re: 6 card maximum. in Credit Cards

6 card maximum.

hawkins — Tue, 10 Jul 2018 23:07:58 GMT

Hello FicoForums,
I am not really new here but have spent a considerable time reading many of these fine cards on FicoForums. I have learned a lot from many of you here. Anyways to the point I am looking for a 6 card maximum setup for me. To be more specific 2 with Capital One, 2 with USAA and 2 with PenFed. I have now a Cap 1 quicksilver with a $500 limit (crappy I know) for some reason I like Capital One. I want a Venture One with them in a few months time as well. 1 cash rewards card and one travel card. With USAA I have a classic which I want to replace with the Amex card in a few months and already have the cash rewards visa. For the motherload I have already 2 PenFed cards both with large limits 10k. PenFed has been like no bank or CU I have ever come across. I asked originall for a Promise visa which I figured would get me started with them but through a bit of recon which I learned from many of you I got both the power cash rewards and the pathfinder. Now honestly I will never turn down a CLI if they offer it but I am not looking for it anymore. PenFed filled my wishes in a couple days time. Wild. I don’t believe in putting all my eggs in one basket though. As much as I love PenFed I am nervous about what I have read a lot about making payments to them, etc... I just got the cards the other day so have not even used them yet. I plan to do a couple of test on them making a couple small purchases and then paying it off as soon as it’s posts. Mostly to see if what I read is indeed happening and how I need to figure out the best way to do it. Once the so called training wheels come off I should have a good hang of it but I am not leaving anything to chance. Cap 1 I never expect to get close to those limits but if I can reach half that I will be happy. USAA I trust a lot and think they in time will also grow again probably not PenFed style but well enough. I don’t know what do you guys think? I am not really a big 20+ or even 10 + card kind of guy. If and that’s a big if some pre-approvals come along for cards not related to what I described above I will certainly consider it but I don’t know. I consider myself lucky already no reason to push it too far.

Re: 6 card maximum.

Kforce — Wed, 11 Jul 2018 00:03:42 GMT

I am also a keep it simple, small number of cards guy.

Nothing wrong with just a few.

Re: 6 card maximum.

Anonymous — Wed, 11 Jul 2018 00:11:50 GMT

Why the Venture One? It's not really a travel card, just a restricted cash back card offering a worse rate than the Quicksilver. Only advantage currently is the hotels.com promotion. If you plan to use that, then it makes sense, but not otherwise.

Re: 6 card maximum.

woodyman100 — Wed, 11 Jul 2018 01:18:32 GMT

@Anonymous wrote:
Why the Venture One? It's not really a travel card, just a restricted cash back card offering a worse rate than the Quicksilver. Only advantage currently is the hotels.com promotion. If you plan to use that, then it makes sense, but not otherwise.

Maybe OP feels it’s the next logical step up the ladder. That was my thinking several years ago.

OP should just go for the QS in my opinion.

Re: 6 card maximum.

Anonymous — Wed, 11 Jul 2018 01:34:36 GMT

What ever floats your boat.

Not need to fill it with useless cards and make the ship sink.

6 should be plenty... and use well, keep em active and pay on time.

All that is necessary, no sweat! Good Luck!

Re: 6 card maximum.

wasCB14 — Wed, 11 Jul 2018 01:52:22 GMT

@woodyman100 wrote:
@Anonymous wrote:
Why the Venture One? It's not really a travel card, just a restricted cash back card offering a worse rate than the Quicksilver. Only advantage currently is the hotels.com promotion. If you plan to use that, then it makes sense, but not otherwise.
Maybe OP feels it’s the next logical step up the ladder. That was my thinking several years ago.
OP should just go for the QS in my opinion.

Or climb a different ladder.

Re: 6 card maximum.

Anonymous — Wed, 11 Jul 2018 02:09:05 GMT

@woodyman100 wrote:
@Anonymous wrote:
Why the Venture One? It's not really a travel card, just a restricted cash back card offering a worse rate than the Quicksilver. Only advantage currently is the hotels.com promotion. If you plan to use that, then it makes sense, but not otherwise.
Maybe OP feels it’s the next logical step up the ladder. That was my thinking several years ago.
OP should just go for the QS in my opinion.

OP already has the QS.

Re: 6 card maximum.

woodyman100 — Wed, 11 Jul 2018 02:17:58 GMT

@Anonymous wrote:
@woodyman100 wrote:
@Anonymous wrote:
Why the Venture One? It's not really a travel card, just a restricted cash back card offering a worse rate than the Quicksilver. Only advantage currently is the hotels.com promotion. If you plan to use that, then it makes sense, but not otherwise.
Maybe OP feels it’s the next logical step up the ladder. That was my thinking several years ago.
OP should just go for the QS in my opinion.
OP already has the QS.

My mistake. I saw the 500 limit and immediately thought QS1

Re: 6 card maximum.

fittiger — Wed, 11 Jul 2018 14:07:15 GMT

@hawkins wrote:
Hello FicoForums,
.....
As much as I love PenFed I am nervous about what I have read a lot about making payments to them, etc... I just got the cards the other day so have not even used them yet. I plan to do a couple of test on them making a couple small purchases and then paying it off as soon as it’s posts. Mostly to see if what I read is indeed happening and how I need to figure out the best way to do it.

What is this all about? never heard of issues here?

Re: 6 card maximum.

Anonymous — Wed, 11 Jul 2018 14:52:23 GMT

I believe the OP is referring to the 10 day hold on payments until you have had the card for 6 months and the so called training wheels come off.

Re: 6 card maximum.

Anonymous — Wed, 11 Jul 2018 16:42:51 GMT

Capital One is nice for starting out (either initially or after a rebuild) but doesn't really offer anything that makes them worth keeping long term IMO.

Not sure what you've heard about PenFed that is making you scared. I have no issues with them whatsoever. 2% cash rewards card and a 4x points on travel AMEX with no annual fee that carries benefits most AF cards have.

I like Discover a lot . . rotating 5% categories (that turn into 10% your first year when you get a double match) and frequent flexible balance transfer offers.

I also think a good credit card goal for ANYONE is to have one card with the absolute lowest standing interest rate you can find in case you ever need to carry a balance. Mine currently is 10.65% but I have seen folks here with 6.9% cards.

Re: 6 card maximum.

hawkins — Wed, 11 Jul 2018 17:35:39 GMT

Yea I understand Cap 1 will probably never give me much in terms of growth. As far as PenFed goes I have not even used the cards yet so I can only go by what I have read a lot here on Ficoforums. I do very much hope you are right and I am wrong. But when I get at least 7 out of say 10 people on here all saying to watch it the first 6 months what am I to think? I will use both cards here soon and see how the payment goes. If it goes good like you have described then trust me when I say thank you! I also know that every person has different things that happen to them so I guess I will see soon. I like PenFed a lot and very much want to stay and grow with them so let it begin.

Re: 6 card maximum.

Shooting-For-800 — Wed, 11 Jul 2018 23:14:47 GMT

@hawkins wrote:
I like Capital One. I want a Venture One with them in a few months time as well. 1 cash rewards card and one travel card. With USAA I have a classic which I want to replace with the Amex card in a few months and already have the cash rewards visa. For the motherload I have already 2 PenFed cards both with large limits 10k. As much as I love Cap 1 I never expect to get close to those limits but if I can reach half that I will be happy.

Venture One is pointless.

I would do Venture or QuickSilver but not Venture One.

QuickSilver pays more than Venture One and Venture pays more than QuickSilver.

As far as Cap One credit lines - Yes, you can build a serious credit file with Cap One if you are loyal and spend a lot and make a lot.

I went from 3k to 80k in 4 years and was just prequal'd for another card of my choice which I would assume is another $30k since my last one was. This would put me over $100k in unsecured credit and a $35k car loan at 2.49% in secured credit with Cap One.

Dont sell Cap One short. Just because they help out people when they have questionable credit, it does not mean they don't reward those with good credit.

GL - YMMV.