topic Re: How things stand, seeking advice? in Credit Cards

How things stand, seeking advice?

Anonymous — Fri, 03 Aug 2018 14:14:01 GMT

Friends,

My question is: If I simply stick with the two cards I have now (see below) am I good to go for a while? I feel like I will be, but I just wanted confirmation from the community. Do I need to do anything else?

Thanks in advance, Peter

Background:

Thanks to the considerable help on this board, I now have two open lines of credit:

1) Chase Freedom ($3,400 Line of Credit) Approved yesterday on the phone after pending decision, card on its way rush to me (3-5 biz days). EQ and EXP were pulled.

2) Amex Everyday ($5,000 Line of Credit) card approved online July 5, in my possession. EXP was pulled.

I was doing Dave Ramsey for a year and only recently got back into credit cards. I used to have AXP Plat, Ax Delta Reserve, CSR, CSP, Citi Hilton, WF Rewards & US Bank, but closed them all during Dave Ramsey. I don't entirely regret doing DR's program (I paid off my house, no debt) but I do think he is too strict on cards, so I am back to using them and plan to pay in full every month, as I have always done.

My scores are in the high 600s and low 700s. Oldest account still showing up is 13 years old.

During the process of getting back into CCs, I was also declined a Barclays Uber Card (reason in mail). I don't see a reason to recon that, as I already have been approved for a chase card. Will anything bad happen if I don't recon the Barclays Uber denial? It was a TU pull.

EDIT: One more question: Any harm in calling Chase and asking them to help me setup my online account before my Freedom card gets here? Or should I just wait on it? I don't want to do anything to set off any alarm bells with them, but I would also love to know my online account info to get things started. Happy to wait, just wondering if there is any harm in asking?

Re: How things stand, seeking advice?

Anonymous — Fri, 03 Aug 2018 13:41:28 GMT

@Anonymous wrote:
Friends,
My question is: If I simply stick with the two cards I have now (see below) am I good to go for a while? I feel like I will be, but I just wanted confirmation from the community. Do I need to do anything else?
Thanks in advance, Peter

Background:

Thanks to the considerable help on this board, I now have two open lines of credit:

1) Chase Freedom ($3,400 Line of Credit) Approved yesterday on the phone after pending decision, card on its way rush to me (3-5 biz days). EQ and EXP were pulled.
2) Amex Everyday ($5,000 Line of Credit) card approved online July 5, in my possession. EXP was pulled.

I was doing Dave Ramsey for a year and only recently got back into credit cards. I used to have AXP Plat, Ax Delta Reserve, CSR, CSP, Citi Hilton, WF Rewards & US Bank, but closed them all during Dave Ramsey. I don't entirely regret doing DR's program (I paid off my house, no debt) but I do think he is too strict on cards, so I am back to using them and plan to pay in full every month, as I have always done.

My scores are in the high 600s and low 700s. Oldest account still showing up is 13 years old.

During the process of getting back into CCs, I was also declined a Barclays Uber Card (reason in mail). I don't see a reason to recon that, as I already have been approved for a chase card. Will anything bad happen if I don't recon the Barclays Uber denial? It was a TU pull.

Congratulations!! on paying in full for home and carrying no debt. If I were you I would not care much about the number of cards I have, what would worry me is balances/credit used on each of them, always remember the rule of thumb total credit limit used should be the amount of cash sitting in my bank account. Leverage is good when interest rates are nice but with CC having 24% borrowing money is a joke. Never ever I believe in paying a dime in the name of interest to any credit card company. So I am sure you have a discipline cause you successfully completed DR's program. So just be confident and all the best with your wealth management.

PS recon on Barclays uber if they are not going to do another hp. no harm in having a card for which you already took a shot on TU.

Re: How things stand, seeking advice?

AverageJoesCredit — Fri, 03 Aug 2018 13:44:04 GMT

A home, no debt, and 2 credit cards, sign me up. If less is more than more is enough

Re: How things stand, seeking advice?

xaximus — Fri, 03 Aug 2018 14:16:44 GMT

@ Barclay Uber Denial - I would find out why atleast it was denied. If it is a card that you feel like that you'll be using significantly (not once a month but more like 10x a month), then I would call and recon. Otherwise, leave it be.

@ 2 cards - If the cards you have tackle your major spending (i.e. freedom 5% categories, Amex ED for rewards), then I would say you are good to go. If you have other expenses, then maybe looking into another card in a few months might be something to think about. I'll give you a few examples below of myself.

Groceries - 2 cards (3% CB on one, 3% for warehouses)

Gas - 2 cards (Freedom as it is currently 5%, otherwise 3%)
Hotels/flights - 1 card (travel rewards)
Bills - US Bank for Cell phone, rest are scattered around depending type of bill
Amazon Purchases - Amazon Rewards Visa.

I have other cards too but in reality, do I need them all? No. Would I recommend anyone getting so many? No. You can if it works for you and manage it all. I personally will be cutting down and streamlining them soon. In the end, it's upto you and your finances. If you can justify getting another card and have good usage, sure why not. If not, then I wouldn't.

Re: How things stand, seeking advice?

Anonymous — Fri, 03 Aug 2018 22:48:13 GMT

@Anonymous wrote:
EDIT: One more question: Any harm in calling Chase and asking them to help me setup my online account before my Freedom card gets here? Or should I just wait on it? I don't want to do anything to set off any alarm bells with them, but I would also love to know my online account info to get things started. Happy to wait, just wondering if there is any harm in asking?

I would hold off on that. Card companies usually aren't too fond about changing things so soon. I'd wait until I get the card. You may still have a "shell" account from your old cards. I would try to sign in to it. It may need a password recovery and then you're good to go.

I have three Chase cards. For my 2nd one I had to ask a rep to add it to my online account. That may have been because it was an Amazon card and not one of their "core" cards. I was just approved for a CSP and it showed up on its own in my account a few hours after applying. You may get lucky as well and can just sign in and it's there.