topic Re: CC experts, what would you recommend? in Credit Cards

CC experts, what would you recommend?

bass_playr — Thu, 18 Jan 2024 15:32:09 GMT

Hiya,

I'm not interested in getting 50 cards or anything, but I would like to get the best bang for my buck. Here are the cards and CLs I currently have:

Guitar Center, $1K CL, 0 balance

Home Depot, $700 CL, $119 balance

Citi Diamond, $4500 CL, $1100 balance

Cap One QS, $6K CL, 0 balance

Discover, $7K CL, $240 balance

Discover, $9900 CL, 0 balance

Currently, 4.1% utilization on these, but the Citi balance is about to be paid this week. Waiting for my FICO scores to update, as I just paid down a couple of these balances. I have zero lates, zero collections on my credit. Only other open accounts are an auto loan, balance is lower than vehicle's value and that was opened just shy of 2 years ago, and mortgage.

What would be the best cards to go to from here, if any? I don't need $300K in credit or anything but I do want to make the smartest choices to maintain where I'm at--last check on my scores before paid down balances put my FICO 8s all between 710-720. My goal is to get into the 800s and then just maintain what I have. Any thoughts are appreciated.

Re: CC experts, what would you recommend?

Anonymous — Thu, 18 Jan 2024 15:35:54 GMT

As always with this type of questions, we need to know (at least) 2 things:

1) Where is your spend? e.g. do you buy a lot of groceries, or mainly eat out/delivery? Do you use a lot of gas? Travel, and if so, lots more details (plane/train/car, which airport, class of travel, what hotels etc)!

2) Goals. Cash back, or some sort of point system

Re: CC experts, what would you recommend?

bass_playr — Thu, 18 Jan 2024 16:13:23 GMT

Thanks for responding.

1--More groceries than dining out. We both work from home so there's not as much travel as there used to be. When we do travel it's mostly for vacations/visit family 1500 miles away, or to evacuate from an incoming hurricane. Normal transportation is driving, but we do occasionally fly, stay in hotels, rent cars, between 1-3 times per year. I suspect my air travel will increase in the near term as I'm dealing with an elderly relative in a different state who has been diagnosed with cancer. So I expect to be doing some more flying than usual for that situation.

Prefer to fly first class when available, 4 star hotels or better. I fly from MSY (New Orleans).

2--cash back is always preferrable. I guess I just don't really know what other perks are out there. I remember a time when AMEX was the card that meant "you have arrived", lol. I got a card way back when I was 18 and promptly made a mess, thank God it was a low CL. So for a number of years I stayed away from cards completely. Now, with things like cash back, I'm having a good time saving some extra money, and paying off the balance before the end of the billing cycle means no wasted money on interest. I'm open to any education about other perks that you can offer, thanks.

Re: CC experts, what would you recommend?

Horseshoez — Thu, 18 Jan 2024 16:36:40 GMT

@bass_playr, given your current situation, I don't really see the need for any more cards as it sounds like you have more than enough. That said, expanding into the Chase ecosystem might prove to be beneficial if you land either a Freedom Unlimited or possibly even a Sapphire Preferred card.

Re: CC experts, what would you recommend?

Anonymous — Thu, 18 Jan 2024 17:39:05 GMT

@Horseshoez wrote:
@bass_playr, given your current situation, I don't really see the need for any more cards as it sounds like you have more than enough. That said, expanding into the Chase ecosystem might prove to be beneficial if you land either a Freedom Unlimited or possibly even a Sapphire Preferred card.

@Horseshoez is a bit of a minimalist by MyFico standards! If OPs grocery spend is at all significant, a 3+% grocery card would be useful, for the quarters where groceries are not 5% on Discover.

If uncategorized spend is (significantly) large, a 2% flat rate card may be worth the extra 0.5% over the existing Cap One cards. Not sure why the Freedom Unlimited would be my first choice for Chase. I would go with the Freedom Flex (as OP already has 1.5% coverage) but IMO groceries might be the first thing to cover.

Re: CC experts, what would you recommend?

ptatohed — Thu, 18 Jan 2024 21:12:06 GMT

Some pretty good rec's in this thread for groceries.

https://ficoforums.myfico.com/t5/Credit-Cards/Grocery-Rewards/td-p/6731458

Re: CC experts, what would you recommend?

CYBERSAM — Fri, 19 Jan 2024 20:31:03 GMT

I get where OP is coming from, now that your credit is better, you want better cards for the future.

I'll say now Chase and US Bank are top 2 with best CC options and rewards.

Amex is not bad, but lacks selection, same as Citi Bank.

Also some credit unions are offering great cards, see Redstone, Navy and Penfed.

focus on anything better than 2% and a cards that can grow with SP.