topic Re: best plan? in Credit Cards

best plan?

afbar1114 — Fri, 20 Apr 2012 13:24:36 GMT

i have a few plans in mind and just need some where to lay them out and see what is best and any advice is helpful. I plan on gaining one to two more credit cards either another AMEX and will be BCE/BCP, Discover, and CSP. I would like to know what rewards are best and what my chances of getting these cards will be. My scores are all FICO and are as follows EQ:650 EX: 671 LP3/22 TU:643. UTL right now is around 25%. I know this is all too soon to tell but is an idea. I plan on having no more then 10% UTL in six months. In the end I would like no more then six cards in total. So here are some options I have been thinking about:

No apping for Six months. Then ask for a CLI on Slate and BoA 123 cash rewards card. Then in 4/2013 app for BCE/BCP. During this time I will be closing some cards like CAP1’s if I gain CLI’s. Then app for CSP in 10/2013. In 2/2013 I will do a PC from Slate to Freedom.

2.No apping for six months. App for Freedom and CLI on BoA card. Close cap1’s, app for BCE/BCP in 4/2013, 10/13 Slate>CSP.

3.No apping for six months. CLI on BoA card. App for discover. 2/13 Slate>Freedom. Close cap1’s. CLI on freedom.

4. No apping for 12 months App for BCP, CLI on BoA, PC slate>freedom and CLI.

5. Any other options not thought of

I have been thinking about discover as it will almost cover all cards then. I may ask for slate to be changed to a MasterCard so then I will have all cards. AMEX, Discover, Visa, and MasterCard. But as I have found all places taking MasterCard.

I would like a good group to grow with me for years to come I would like a final set to look something like this:

ZYNC

BoA

Freedom

BCP or Discover or CSP

Kohls

(one more card maybe)

thanks again for any advice

Re: best plan?

clocktick — Fri, 20 Apr 2012 03:07:14 GMT

@afbar1114 wrote:
i have a few plans in mind and just need some where to lay them out and see what is best and any advice is helpful. I plan on gaining one to two more credit cards either another AMEX and will be BCE/BCP, Discover, and CSP. I would like to know what rewards are best and what my chances of getting these cards will be. My scores are all FICO and are as follows EQ:650 EX: 671 LP3/22 TU:643. UTL right now is around 25%. I know this is all too soon to tell but is an idea. I plan on having no more then 10% UTL in six months. In the end I would like no more then six cards in total. So here are some options I have been thinking about:

No apping for Six months. Then ask for a CLI on Slate and BoA 123 cash rewards card. Then in 4/2013 app for BCE/BCP. During this time I will be closing some cards like CAP1’s if I gain CLI’s. Then app for CSP in 10/2013. In 2/2013 I will do a PC from Slate to Freedom.

No apping for six months. App for Freedom and CLI on BoA card. Close cap1’s, app for BCE/BCP in 4/2013, 10/13 Slate>CSP.

No apping for six months. CLI on BoA card. App for discover. 2/13 Slate>Freedom. Close cap1’s. CLI on freedom.

No apping for 12 months App for BCP, CLI on BoA, PC slate>freedom and CLI.

Any other options not thought of

I have been thinking about discover as it will almost cover all cards then. I may ask for slate to be changed to a MasterCard so then I will have all cards. AMEX, Discover, Visa, and MasterCard. But as I have found all places taking MasterCard.

I would like a good group to grow with me for years to come I would like a final set to look something like this:

ZYNC - why do you want this card?
BoA - why do you want this card?
Freedom - why do you want this card?
BCP or Discover or CSP - these 3 are very different cards - what do your normally charge on your credit cards and which things do you charge the most?
Kohls - store card, got it
(one more card maybe) for what?

thanks again for any advice

From your options, it seems as if you're not going to apply for anything until 6-12 months. What kind of rewards are you looking for? Why do you want the above listed cards? What do you spend the most on?

Re: best plan?

afbar1114 — Fri, 20 Apr 2012 03:26:29 GMT

ZYNC - why do you want this card? I have this now
BoA - why do you want this card? i have this now
Freedom - why do you want this card? i have slate a month 13 i will be doing a PC to it
BCP or Discover or CSP - these 3 are very different cards - what do your normally charge on your credit cards and which things do you charge the most?
Kohls - store card, got it
(one more card maybe) for what?

thanks again for any advice
From your options, it seems as if you're not going to apply for anything until 6-12 months. What kind of rewards are you looking for? Why do you want the above listed cards? What do you spend the most on?

i spend a lot on gas and food. i am looking for the best card for certain items. my 123 card is for gas now. BCP seems like they give good limits and good CLI's so it seems like a nice choice. CSP will be the super chase combo. discover seems like a good card for each quater bonus

Re: best plan?

clocktick — Fri, 20 Apr 2012 03:34:50 GMT

I know you have those now but I'm wondering why you want them or want to keep them? Not saying I disagree, just curious what you want and why. Gas and grocery are good with the Chase Freedom. Discover's okay - nice CS, seem to have low and infrequent CLIs, but good for the 5%. BCP is fantastic with the 6% groceries/3% gas and dept. stores and 1% everything else.

What kind of rewards are you looking for? With the Chase combo, how would you use the UR points?

Re: best plan?

afbar1114 — Fri, 20 Apr 2012 03:43:13 GMT

Hopefully for travel at some point or gift cards. Im leaning more toward bcp at this point right now but unsure still. Rewards mostly cash back.

Re: best plan?

afbar1114 — Fri, 20 Apr 2012 03:49:51 GMT

The boa card gives me 3% CB on gas. Zync i like because of packs. Freedom is awesome because of the 5%. Bcp will ve both gas and food stores. Csp unsure of because of high af and idk if ill be able to use it for full advtange

Re: best plan?

Adalen — Fri, 20 Apr 2012 03:55:32 GMT

I think your best option is to not think about credit (other than paying on time) for the next six months, period! Out of sight, out of mind? Maybe easier said than done..

Re: best plan?

afbar1114 — Fri, 20 Apr 2012 03:57:26 GMT

That doesnt work for me i need a goal to work towards

Re: best plan?

Anonymous — Fri, 20 Apr 2012 04:12:03 GMT

@Adalen wrote:
I think your best option is to not think about credit (other than paying on time) for the next six months, period! Out of sight, out of mind? Maybe easier said than done..

+1111111

Re: best plan?

Revelate — Fri, 20 Apr 2012 06:16:24 GMT

@afbar1114 wrote:
That doesnt work for me i need a goal to work towards

Make the goal your FICO score than individual credit cards, or anything else really. Setting a goal of a specific card that's going to take a while (read, 2+ years), is a pretty depressing expectation and there's much more important things a quality credit profile is good for than some piece of plastic... regardless of how pretty or prestigious. Life's too short.

By the time you or I are at the CSP approval level, it's unlikely to be the same card anyway, so setting your expectations to a specific card is simply setting yourself up for disappointment.

Re: best plan?

afbar1114 — Fri, 20 Apr 2012 12:16:51 GMT

I know but if i can still set a one year goal for a card ill be good.

Re: best plan?

android01 — Fri, 20 Apr 2012 13:09:51 GMT

As someone mentioned, don't make getting a new card your goal, make improving your FICO score a goal. The biggest "rush" if you will, at least for me, is seeing my scores go higher and higher and doing what i have to do to keep them that way - which usually means leaving everything ALONE, and paying my bills on time. This game is long term, afbar, not short term. Even having a goal of a new credit card in a year is short term thinking for a short term desire. Focusing on improved FICO scores allows you to think long term. There are long term credit decisions like mortgages, better insurance rates accorss the board, funding a new start up business, buying a brand new car, continuing education, and other life goals that you should consider which will require better FICO scores. A new 3-5% revolving category credit card where you can save a few pennies is not a life goal. It's rubbing two nickels together to try and make a quarter that (minimally) benefits you short term, and the rewards are negligible at best.

Think how cool it would feel to be able to know that when you walk into any financial institution in the country with a 760+ FICO score, all else considered, you could get the best rates available for loans for the big things in life. The cards you desire are likely to require higher FICO scores than you have currently. A new credit card is merely instant gratification, whether it is applied for now or a year from now, and doesn't contribute (much) to your longer term financial and credit stability short term, especially since you already have a few prime cards. Am I saying not to get another card later? No. I'm just saying improving your score is a more complete goal to set that will benefit you more for life, rather than just focusing on the latest greatest plastic to add to your wallet.

Re: best plan?

ppiresny — Fri, 20 Apr 2012 13:18:15 GMT

^ GREAT RESPONSE..I AGREE

Re: best plan?

Anonymous — Fri, 20 Apr 2012 13:25:51 GMT

The problem with this thread is that even if we helped you choose a "plan", in about two weeks, you will have drummed up another three plans that you want to think about as well.

You're still suffering from the "DO SOMETHING" syndrome where you feel that you need to be doing something, even if there is nothing to do right now.

Since you can't really do anything today, you feel you can control the situation by at least planning what to do next. It's nice to set goals, but the goals you are setting is to "apply for a card" in a year. You've got plenty of living to do in the meantime as well, other than just thinking of what cards to app for.

So I'll echo the sentiments of a few others, in that you need to worry more about your score than the next cards.

Even if you're not apping, just talking about apping seems to be feeding into your itch and people's suggestions seem to be giving you somewhat of the satisfaction of an "approval".

I know you want to set goals, but right now, the only goal you need to set is garden and work with it as you go. Sometimes opportunities will just present themselves. The general consensus from people has always been to just garden the cards you have now and sit tight for a while. Because the plan you might have TODAY, could very well change within a year, let alone a few months from now.

Re: best plan?

webhopper — Fri, 20 Apr 2012 13:26:00 GMT

@android01 wrote:
As someone mentioned, don't make getting a new card your goal, make improving your FICO score a goal. The biggest "rush" if you will, at least for me, is seeing my scores go higher and higher and doing what i have to do to keep them that way - which usually means leaving everything ALONE, and paying my bills on time. This game is long term, afbar, not short term. Even having a goal of a new credit card in a year is short term thinking for a short term desire. Focusing on improved FICO scores allows you to think long term. There are long term credit decisions like mortgages, better insurance rates accorss the board, funding a new start up business, buying a brand new car, continuing education, and other life goals that you should consider which will require better FICO scores. A new 3-5% revolving category credit card where you can save a few pennies is not a life goal. It's rubbing two nickels together to try and make a quarter that (minimally) benefits you short term, and the rewards are negligible at best.

Think how cool it would feel to be able to know that when you walk into any financial institution in the country with a 760+ FICO score, all else considered, you could get the best rates available for loans for the big things in life. The cards you desire are likely to require higher FICO scores than you have currently. A new credit card is merely instant gratification, whether it is applied for now or a year from now, and doesn't contribute (much) to your longer term financial and credit stability short term, especially since you already have a few prime cards. Am I saying not to get another card later? No. I'm just saying improving your score is a more complete goal to set that will benefit you more for life, rather than just focusing on the latest greatest plastic to add to your wallet.

I agree completely! Think of how nice it will be when you have all the credit you need, with the ability to get more, but you don't need it so why bother with the hassle