topic Re: First Post! Need some feedback on wallet diversity in Credit Cards

First Post! Need some feedback on wallet diversity

Anonymous — Tue, 19 Jun 2012 01:46:03 GMT

Hello everyone! Long time lurker, first time poster! I am 22 years old and have always wanted to have good credit sinse before I was able to apply for a card. Now that I've got decent credit for someone my age, I want to work on diversifying my wallet yet keep it trim. One of the reasons I decided to finally register is because I had a few questions and wanted to share some of my findings with other members.

1- My BankAmericard is a Platinum Visa, should I convert it to a Signature Visa once my upgrade to a 5k credit limit is reported? (was at 2.5k). I understand that Signature cards dont report credit limits but if I wait until my card reports the 5k limit once THEN convert it, would I be able to have my cake and eat it too?

2-I want an Amex just because I dont have one. Im big into social networking and would like to experiment with their Twitter deals and what not. Not sure if I should go with zync or green. But with 6 inquiries in 2 years (4 being from Amex and one of the 4 about to drop). Do you guys think i will qualify?

3- Any tips or tricks?

Equfax: 705

BankAmericard Visa Cash Rewards: 5k

Discover Cash Back Bonus: 1.5k

Bank of America Platinum Plus Master Card: 1.5K

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Figured ive been asking a bunch of questions nad havent been contributing much so here is my mini contribution...

Ive gotten the best rewards from by BankAmericard 321, Not only do I get the 1% on Everything 2% on Groceries and 3% on gas but when you add the BankAmerideals I've been able to get up to 10% off on groceries and other household necesseties. Additionally, today I just registered that card with Visa Reward's beta (will report results). And to top it off, depending on the feedback I get from you guys, if I convert to Signature status, I will get even more rewards!

Re: First Post! Need some feedback on wallet diversity

Anonymous — Tue, 19 Jun 2012 02:37:24 GMT

IMO, convert to signature for the rewards and other perks. It may affect your utilization but you can control that with the other cards if you are concerned about that.

Re: First Post! Need some feedback on wallet diversity

Anonymous — Tue, 19 Jun 2012 02:47:14 GMT

When I convert, does it remove my origional limit of 2,500 (or 5,000 if it reports on time) and replace it with my "high limit"?

Re: First Post! Need some feedback on wallet diversity

laboi_22 — Tue, 19 Jun 2012 03:16:30 GMT

So here is my take on your situation. First I would get an AMEX. Only I would be a little concerned about why you've been denied with them in the past? Maybe check the pre approvals? Otherwise my suggestion is to wait on the signature conversion until you get your AMEX. When you convert to signature you will take a hit on UTL. This is temporary and will balance out. If you have all the cards you want then convert but wait until you get approved for any cards you want to add into your collection first. Signature is great. I love the benefits it carries.

I would suggest the Zync only because the AF is less expensive. Also the Zync is a great card. It will also assist with ULT if you want to let a balance report. Also there is no difference in Zync and green except for the ability to convert MR points into airline programs. I would suggest green only for people who travel frequently. Zync is a great card for us young people Nd was designed and marketed that way.

To answer your question regarding balance reporting. Once you convert to signature it will report your highest balance ever on the card. You will keep account history but you will get a new card and number. If your highest balance is 2100 then that will report as your limit. So if you have a balance this month of 2000 it will look as if you are maxed out at 2100. This won't cause a problem if you pay your balance before the statement cuts.

Hope this helps. Please update us on your progress.

Re: First Post! Need some feedback on wallet diversity

ztnjpv — Tue, 19 Jun 2012 03:29:34 GMT

what was your last score when you were denied the Amex? What was the reason?

I'm assuming that 705 EQ score is FICO from here, correct?

Do you know your Experian FICO score by some chance? If not, do you know what's on your Experian report via some other source? And are there are any differences between that report and your Equifax? Just trying to approximate what your EX FICO MIGHT be since Amex generally pulls EX if they do one hard pull.

I applied for and was approved for an Amex Plum Card with an EX FICO of 702. But being a business card, it's possible that the approval criteria varies a little. I can't say. It's entirly possible I'd have been approved for a personal card as well but I cannot say for sure.

Re: First Post! Need some feedback on wallet diversity

Anonymous — Tue, 19 Jun 2012 03:40:59 GMT

I won't convert to signature now. because:

1. I GUESS having a credit line of at least 5k is one of the positive factors on your score

2. Some lenders will match your highest CL when you apply for a new CC.

so, it may be better to wait until you got some other CL as high as this one before changing to signature

Re: First Post! Need some feedback on wallet diversity

Revelate — Tue, 19 Jun 2012 06:37:18 GMT

@Anonymous wrote:
I won't convert to signature now. because:

1. I GUESS having a credit line of at least 5k is one of the positive factors on your score
2. Some lenders will match your highest CL when you apply for a new CC.

so, it may be better to wait until you got some other CL as high as this one before changing to signature

Maybe Ron1 or RockinRay will see this thread, I believe they both have (or had) BOFA Visa Sig products, and they (or possibly someone else) will know if BOFA is one that reports CL's on those. Some lenders do, I vaguely remember something about it but it was months ago and my memory has been going downhill the past few years sadly.

Re: First Post! Need some feedback on wallet diversity

Anonymous — Tue, 19 Jun 2012 07:31:12 GMT

..................Signature should report as 5k, talk to your bank.

Re: First Post! Need some feedback on wallet diversity

Anonymous — Tue, 19 Jun 2012 07:32:08 GMT

BCF, just talk to the bank; see how they report the card...simple.

Re: First Post! Need some feedback on wallet diversity

laboi_22 — Tue, 19 Jun 2012 14:03:18 GMT

I have a Visa Signature from BofA. It DOES NOT report the credit limit. I can assure you of that. It reports high balance only. If you search through the forum for signature I have posts regarding BofA and their reporting practices including snap shots of what it looks like on my credit report.

Re: First Post! Need some feedback on wallet diversity

RockinRay — Tue, 19 Jun 2012 15:58:20 GMT

@Revelate wrote:
@Anonymous wrote:
I won't convert to signature now. because:

1. I GUESS having a credit line of at least 5k is one of the positive factors on your score
2. Some lenders will match your highest CL when you apply for a new CC.

so, it may be better to wait until you got some other CL as high as this one before changing to signature
Maybe Ron1 or RockinRay will see this thread, I believe they both have (or had) BOFA Visa Sig products, and they (or possibly someone else) will know if BOFA is one that reports CL's on those. Some lenders do, I vaguely remember something about it but it was months ago and my memory has been going downhill the past few years sadly.

Ours did not report the limit. They AA'd us back in Jan. Softed us and saw small balances on cards used for different things. Even though they got PIF each month, BofA got scared and "suspended" our accounts. I have not looked back as I feel there are now some better cards to have.

Re: First Post! Need some feedback on wallet diversity

Anonymous — Tue, 19 Jun 2012 16:12:35 GMT

Thanks for the feedback! I think I will hold off for now on the Signature upgrade.

My ultimate goal is to have my cards work hard for me. Not only am I doing this to establish relationships with different banks and creditors (want to buy a house within 5 yrs), but Ive been doing allot of research on how your CC can help you save money if used properly. Check out my first post on this thread and you will see what I mean.

BTW, anyone on here make any mentions about this? I may want to put together a guide for Visa / MC / Amex / Discover and how they can use the creditiors resources to help save money (ie: Amex twitter deals)