topic Re: My Card Journey in 6 months.. in Credit Cards

My Card Journey in 6 months..

Anonymous — Fri, 11 May 2012 17:13:07 GMT

Soo...Gotten a ton of cards lately. In Nov 2011, go convinced to get FIrestone card for the discount on the tires.. While I knew a ton about how credit worked from my work, never really thought to apply it to myself. Had a pretty thin file with a couple of active credit cards with fairly high limits and one car loan and student loan and a few more closed cards. Decided to work on my credit and here is what I have gotten to last 6 months:

11/11 Firestone $1800 (which I was told was high)

12/11 AMEX Platinum (immediate approval)

12/11 Chase Palladium

02/12 Wells Fargo LOC $400k (convinced by my banker) (really did my research by this point and started to look at credit in earnest after a visit to auto dealer)

03/12 AMEX BCP $8k (waiting message and approved 2-3 days later)

04/12 SF Fire Visa $25k (should have requested for more)

05/12 JFCU LOC $30k

05/12 AMEX TrueEarning ?? (weirdest app, didn't show any application on status as going to costco for confirm on membership, got accept email and then it showed on app. status)

05/12 PenFed Visa 30k (didn't really want card. just wanted to start relationship with them as great lender. although the signup bonus sold me)

Luckily for me, AMEX backdating goes back to 1989 so AAoA hasn't suffered a lot. 9 accounts added. Adding all these cards with the inquiries (including a few auto inquiries on a bored Saturday at dealership) has dropped my FICO by about 30 points or so (although my Equifax is at all time high now). It was well worth it. Updated my cards for more optimal rewards (which I never paid that much attention to) for my purchases. Added 100k+ in revolving credit. The AMEXs should go up to 25k limits soon enough.

The question is go for 1-2 more cards before gardening or not? Really been meaning to do JCB 3% cash back card but they pull Experian where most of my inquiries sit (and its getting high). Maybe another AMEX for AAoA and I kind of like the Starwood card (starwood points are awesome) and the DELTA Reserve to get status from spend, but 3 AMEXs in 6 months feels like I am pushing it. Anyone know good dining/bar card?

Re: My Card Journey in 6 months..

Anonymous — Fri, 11 May 2012 17:15:38 GMT

Or recommendations on any must have cards?

Re: My Card Journey in 6 months..

espnjunkie — Fri, 11 May 2012 18:44:40 GMT

You have opened up nine new tradelines in the past six months with pretty significant limits, why would you need any additional credit? Adding more cards just makes it more confusing for yourself to keep track of it all. Apping and getting approved is fun and all, but there comes a certain point where it gets addictive. Applying for more credit just for the sake of applying is probably not a good idea. Hit the garden modea haha

Re: My Card Journey in 6 months..

oracles — Fri, 11 May 2012 19:04:27 GMT

What is the JCB card with a 3% cash back?

I really think you have great cards and limits right now. The cards that I have that you may want to get that is good is the Amex BCE or the Bank of america 123 card for the rewards but i would probablly go for the amex since they back date.

Re: My Card Journey in 6 months..

Anonymous — Fri, 11 May 2012 19:11:06 GMT

He has the BCP, getting the BCE would be pointless.

To be honest Crashem, do you see yourself putting more money through another cashback card?

The only other one I could think of is the Chase Freedom, but with those cards...

Re: My Card Journey in 6 months..

oracles — Fri, 11 May 2012 19:18:10 GMT

@Anonymous wrote:
He has the BCP, getting the BCE would be pointless.

To be honest Crashem, do you see yourself putting more money through another cashback card?
The only other one I could think of is the Chase Freedom, but with those cards...

your right, i just saw the other amex card. Agreed, pointless to get the BCE. sorry

Re: My Card Journey in 6 months..

espnjunkie — Fri, 11 May 2012 19:20:01 GMT

The best value from rewards cards is normally to have one or two that you use for all of your spending to rack up points/miles/cash back. Spreading this out over different rewards programs dilutes the value of the rewards you are getting and combined with the annual fee of many of those cards you may not be getting all that much bang for your buck in returns.

Re: My Card Journey in 6 months..

Anonymous — Fri, 11 May 2012 19:20:29 GMT

No worries, the only reason I noticed was because I was going to post the same suggestion.

Re: My Card Journey in 6 months..

oracles — Fri, 11 May 2012 19:23:40 GMT

@Anonymous wrote:
No worries, the only reason I noticed was because I was going to post the same suggestion.

lol i am too quick in my reading

Re: My Card Journey in 6 months..

Anonymous — Fri, 11 May 2012 19:50:30 GMT

JCB is Japan Commerce Bank. They have the Marukai Premium JCB card which can be used where ever Discover can be used that gives 3% cash back on everything once you spend 3k in a year. Pretty much the best cash back card I can see. The question is whether worth taking another Experian inquiry.

As for my rewards strategy, I have tried to keep my points to AMEX MR and JP Morgan UR points. Most flexible points that I have seen. My other cards are pretty much cash back cards so don't have to worry about point dilution. The Starwood card is nice as those points can go anywhere for miles. To give you an idea, I have racked up 250k+ in AMEX points and 100k+ in UR points so far.

Re: My Card Journey in 6 months..

espnjunkie — Fri, 11 May 2012 20:01:24 GMT

Your best bet is probably to skip the cash back cards altogether and just try to rack up as many MR/UR points as your can. The platinum/Palladium benefits haveily overlap though, so you are paying a high annual fee twice for alot of the same perks like lounge acces, etc

Re: My Card Journey in 6 months..

Anonymous — Fri, 11 May 2012 21:10:44 GMT

True. But got Palladium to waive the AF and Platinum card AF is paid by business as I am throwing business expenses on it right now.

Re: My Card Journey in 6 months..

espnjunkie — Fri, 11 May 2012 21:41:55 GMT

Ahhhhh you didn't mention that before haha. Once Palladium AF kicks in you can always cancel it since your plat is paid for.