topic Re: Got A 761. What Would You Do With It??? in Credit Cards

Got A 761. What Would You Do With It???

CreditEd — Tue, 16 Oct 2012 16:34:35 GMT

Never even cared about my credit score being so high let alone actually achieving it. This Saturday Score Watch reported that my EQ score is at 761. Plus I have two more payments to make this week that will bring my utilization down even more (from 26% to 2%).

I'm so excited that now that I'm here, I don't want to take an inquiry to pull me below 760. But I also have a strategy to add 4 new cards to ensure that all of my low levels can go and I can establish all fully primes.

It's interesting looking at the potential mortgage and car rates to understand the potential savings. If you all could would you do refinancing, new purchasing of continue building more prime credit cards and higher limits?

Your thoughts would be greatly welcomed...

Re: Got A 761. What Would You Do With It???

youngandcreditwrthy — Tue, 16 Oct 2012 16:45:04 GMT

Just keep doing what you're doing :-)

If you don't have any credit card debt lol... then you really have no reason to take advantage of 0% offers.... but you could open a new card to get some points :-)

Re: Got A 761. What Would You Do With It???

Aspireto850 — Tue, 16 Oct 2012 16:46:56 GMT

I'd protect it like a new baby!,

Re: Got A 761. What Would You Do With It???

TheConductor — Tue, 16 Oct 2012 16:56:37 GMT

Unless you're a profligate spender, the rewards of refinancing your home or car at a better rate are likely to greatly exceed the rewards you would earn from any prime credit card.

Shop around for the refis first, then and only then look into some additional credit cards. Your current selection of cards is already pretty prime, and having a solid AAoA and no recent inquiries can only help you in refinancing.

Re: Got A 761. What Would You Do With It???

CreditEd — Tue, 16 Oct 2012 16:59:18 GMT

@youngandcreditwrthy wrote:
Just keep doing what you're doing :-)

If you don't have any credit card debt lol... then you really have no reason to take advantage of 0% offers.... but you could open a new card to get some points :-)

I need (ahem) more utilization room on my consumer cards. I have 16k consumer CL in total. When I pay my kids tuition and a couple dinners during the month, I can run up to 30% easily. I've been fortunate to build back from a dead stall back in 2008. With the help of this board I at least now know how to positively affect my utilization numbers and keep my score over 700. But I have to continually maintain expenses with little head room. Hoping to get to about 50k in total consumer CLs to ensure that I can keep <10% util in all cases.

and yes I want to ensure that I can "protect it like a baby".

Looking for a bit of expertise in maintaining and goal setting/readjusting as well as how to more further.

Re: Got A 761. What Would You Do With It???

Anonymous — Tue, 16 Oct 2012 17:02:27 GMT

have you throught about another AMEX revolver?

do you fly very often? if you do maybe an Delta Skymiles card... you get your first checked back free and it's only a SP if declined....

Re: Got A 761. What Would You Do With It???

CreditEd — Tue, 16 Oct 2012 17:04:07 GMT

@TheConductor wrote:
Unless you're a profligate spender, the rewards of refinancing your home or car at a better rate are likely to greatly exceed the rewards you would earn from any prime credit card.

Shop around for the refis first, then and only then look into some additional credit cards. Your current selection of cards is already pretty prime, and having a solid AAoA and no recent inquiries can only help you in refinancing.

Hoping to add 2 AMEX consumer cards soon. I should be able to do this with a back date of 1998... Haven't yet added a consumer amex because I slipped into their door through a business card 2 years ago. Fortunate enough to have read you guys info about backdating. I hope to heck that they will allow me to obtain a consumer card later this month.

Chase rejected me two months ago with a 695 for a CSP card. Also wondering if I will fly below the rader with them?

Re: Got A 761. What Would You Do With It???

CreditEd — Tue, 16 Oct 2012 17:12:22 GMT

@Anonymous wrote:
have you throught about another AMEX revolver?

do you fly very often? if you do maybe an Delta Skymiles card... you get your first checked back free and it's only a SP if declined....

Directly in my sights. Hope to add the HH Amex and the Delta Amex in another 5-10 days as soon as $3700 worth of balances on two cards is updated. These two cards will hopefully boost my AAoA from just above 4 years to hopefully closer to 7 if AMEX allows me back in to the consumer door.

Re: Got A 761. What Would You Do With It???

TheConductor — Tue, 16 Oct 2012 17:20:50 GMT

Given the additional information you subsequently provided, I think going for the two AmExes you are targeting is a good plan.

It sounds like you are managing your monthly spending well and paying in full....you just need larger credit lines so your utilization will stay in the "green zone".

The beauty with the AmExes is they won't harm (and will probably help) your AAoA, so it's only costing you a couple of HPs if you succeed in getting them both.

At that point, though, I would focus on laying low on credit cards and shop for refinancing as I originally suggested.

Re: Got A 761. What Would You Do With It???

webhopper — Tue, 16 Oct 2012 18:39:34 GMT

@CreditEd wrote:
Never even cared about my credit score being so high let alone actually achieving it. This Saturday Score Watch reported that my EQ score is at 761. Plus I have two more payments to make this week that will bring my utilization down even more (from 26% to 2%).

I'm so excited that now that I'm here, I don't want to take an inquiry to pull me below 760. But I also have a strategy to add 4 new cards to ensure that all of my low levels can go and I can establish all fully primes.

It's interesting looking at the potential mortgage and car rates to understand the potential savings. If you all could would you do refinancing, new purchasing of continue building more prime credit cards and higher limits?

Your thoughts would be greatly welcomed...

I have reached the 700 club.... since reaching the 700 club, here are the things I have done in the past year. Prior to reaching 700, I had:

1) a discover card 3600 limit opened in 1999 (this was my only major CC).

2) a mortgage at 6.125% closed in April 2008.

3) A JCPenny card, inactive with a $124 limit (had not used the card since 2003).

4) Auto loan with Tulsa Federal CU at 7.5% 2007 Ford Explorer Sport Trac

I reached the 700 club in Dec 2011 after my mortgage broker fought hard to remove inaccurate reporting by Santander Consumer USA, who I never had a loan with (they were inaccurately reporting a CO in 2010)

January 2012: Closed on a new principle residence. 163k at 4.125%

February 2012: Applied and approved for Amex Zync NPSL, and Chase Amazon 5k limit (had to recon and explain that all the inqs were from mortgage process)

March 2012: Applied for NFCU membership. Refinanced the Ford to 4.05%, shaved one year off the payments; Pre-approved for NFCU cash rewards card. got approved for 22k, holy crap.

March 2012 Resurrected the JCPenny and CLI to 600.

March 2012 - July 30, 2012 Intense Gardening, got married , Auto CLI on JCPenney to $1100

July 30 2012 - Applied to refinance the first house from 6.125% to 3.5%

August 29, 2012 - Car (2008 Volvo s40 that was paid for) is totalled

Sept 2012 - Opened Navcheck 15k limit, to use for my contractor who is remodeling bathrooms in the first house. Auto CLIs have brought Discover to 5k

Oct 2012 - Approved for NFCU new auto loan 45k at 1.79%.. will be purchasing a volvo xc90 using European Delivery Program, have 60 days to give the 45k check to the dealership; No documentation required.

Re: Got A 761. What Would You Do With It???

webhopper — Tue, 16 Oct 2012 18:45:58 GMT

@CreditEd wrote:
Never even cared about my credit score being so high let alone actually achieving it. This Saturday Score Watch reported that my EQ score is at 761. Plus I have two more payments to make this week that will bring my utilization down even more (from 26% to 2%).

I'm so excited that now that I'm here, I don't want to take an inquiry to pull me below 760. But I also have a strategy to add 4 new cards to ensure that all of my low levels can go and I can establish all fully primes.

It's interesting looking at the potential mortgage and car rates to understand the potential savings. If you all could would you do refinancing, new purchasing of continue building more prime credit cards and higher limits?

Your thoughts would be greatly welcomed...

Basically I have done all of the above, adding new cards with higher limits, refinancing debt, purchasing a house and a car, adding a revolving LOC

Re: Got A 761. What Would You Do With It???

CreditEd — Tue, 16 Oct 2012 19:14:52 GMT

At that point, though, I would focus on laying low on credit cards and shop for refinancing as I originally suggested.

thx for the advise. To be a bit more candid, We bought my house with the wife on the mortgage alone due to my credit situation at the time. I'm actually now in the position to get that corrected as well.

Re: Got A 761. What Would You Do With It???

CreditEd — Tue, 16 Oct 2012 19:18:15 GMT

@webhopper wrote:
@CreditEd wrote:
Never even cared about my credit score being so high let alone actually achieving it. This Saturday Score Watch reported that my EQ score is at 761. Plus I have two more payments to make this week that will bring my utilization down even more (from 26% to 2%).

I'm so excited that now that I'm here, I don't want to take an inquiry to pull me below 760. But I also have a strategy to add 4 new cards to ensure that all of my low levels can go and I can establish all fully primes.

It's interesting looking at the potential mortgage and car rates to understand the potential savings. If you all could would you do refinancing, new purchasing of continue building more prime credit cards and higher limits?

Your thoughts would be greatly welcomed...

I have reached the 700 club.... since reaching the 700 club, here are the things I have done in the past year. Prior to reaching 700, I had:
1) a discover card 3600 limit opened in 1999 (this was my only major CC).
2) a mortgage at 6.125% closed in April 2008.
3) A JCPenny card, inactive with a $124 limit (had not used the card since 2003).
4) Auto loan with Tulsa Federal CU at 7.5% 2007 Ford Explorer Sport Trac

I reached the 700 club in Dec 2011 after my mortgage broker fought hard to remove inaccurate reporting by Santander Consumer USA, who I never had a loan with (they were inaccurately reporting a CO in 2010)

January 2012: Closed on a new principle residence. 163k at 4.125%
February 2012: Applied and approved for Amex Zync NPSL, and Chase Amazon 5k limit (had to recon and explain that all the inqs were from mortgage process)
March 2012: Applied for NFCU membership. Refinanced the Ford to 4.05%, shaved one year off the payments; Pre-approved for NFCU cash rewards card. got approved for 22k, holy crap.
March 2012 Resurrected the JCPenny and CLI to 600.
March 2012 - July 30, 2012 Intense Gardening, got married , Auto CLI on JCPenney to $1100
July 30 2012 - Applied to refinance the first house from 6.125% to 3.5%
August 29, 2012 - Car (2008 Volvo s40 that was paid for) is totalled
Sept 2012 - Opened Navcheck 15k limit, to use for my contractor who is remodeling bathrooms in the first house. Auto CLIs have brought Discover to 5k
Oct 2012 - Approved for NFCU new auto loan 45k at 1.79%.. will be purchasing a volvo xc90 using European Delivery Program, have 60 days to give the 45k check to the dealership; No documentation required.

WOWWWWWWWWWWWWWWWWWWWWWWWW You've had a busy year. Much in this writeup for me to emulate. THANKS and CONGRATS!

Re: Got A 761. What Would You Do With It???

webhopper — Tue, 16 Oct 2012 19:31:35 GMT

@CreditEd wrote:
@webhopper wrote:
@CreditEd wrote:
Never even cared about my credit score being so high let alone actually achieving it. This Saturday Score Watch reported that my EQ score is at 761. Plus I have two more payments to make this week that will bring my utilization down even more (from 26% to 2%).

I'm so excited that now that I'm here, I don't want to take an inquiry to pull me below 760. But I also have a strategy to add 4 new cards to ensure that all of my low levels can go and I can establish all fully primes.

It's interesting looking at the potential mortgage and car rates to understand the potential savings. If you all could would you do refinancing, new purchasing of continue building more prime credit cards and higher limits?

Your thoughts would be greatly welcomed...

I have reached the 700 club.... since reaching the 700 club, here are the things I have done in the past year. Prior to reaching 700, I had:
1) a discover card 3600 limit opened in 1999 (this was my only major CC).
2) a mortgage at 6.125% closed in April 2008.
3) A JCPenny card, inactive with a $124 limit (had not used the card since 2003).
4) Auto loan with Tulsa Federal CU at 7.5% 2007 Ford Explorer Sport Trac

I reached the 700 club in Dec 2011 after my mortgage broker fought hard to remove inaccurate reporting by Santander Consumer USA, who I never had a loan with (they were inaccurately reporting a CO in 2010)

January 2012: Closed on a new principle residence. 163k at 4.125%
February 2012: Applied and approved for Amex Zync NPSL, and Chase Amazon 5k limit (had to recon and explain that all the inqs were from mortgage process)
March 2012: Applied for NFCU membership. Refinanced the Ford to 4.05%, shaved one year off the payments; Pre-approved for NFCU cash rewards card. got approved for 22k, holy crap.
March 2012 Resurrected the JCPenny and CLI to 600.
March 2012 - July 30, 2012 Intense Gardening, got married , Auto CLI on JCPenney to $1100
July 30 2012 - Applied to refinance the first house from 6.125% to 3.5%
August 29, 2012 - Car (2008 Volvo s40 that was paid for) is totalled
Sept 2012 - Opened Navcheck 15k limit, to use for my contractor who is remodeling bathrooms in the first house. Auto CLIs have brought Discover to 5k
Oct 2012 - Approved for NFCU new auto loan 45k at 1.79%.. will be purchasing a volvo xc90 using European Delivery Program, have 60 days to give the 45k check to the dealership; No documentation required.
WOWWWWWWWWWWWWWWWWWWWWWWWW You've had a busy year. Much in this writeup for me to emulate. THANKS and CONGRATS!

LOL it feels like 2012 has been a skyrocket year. I was so angry at Santander... and I'm glad I was able to win with my broker's help, and with his brokerage threatening to sue them unless the situtation was corrected immediately.

My husband and I feel very fortunate and blessed to be able to move forward with the purchase of a new car, and we plan on paying off the truck with my bonus in March... we'll take US delivery of the new volvo in February, so we plan on continueing to have 3 cars, with only 1 of the cars having a note to pay.

Re: Got A 761. What Would You Do With It???

CreditEd — Tue, 16 Oct 2012 19:32:35 GMT

Re: Got A 761. What Would You Do With It???

KIPPIE12 — Tue, 16 Oct 2012 23:35:41 GMT

@CreditEd wrote:
@TheConductor wrote:
Unless you're a profligate spender, the rewards of refinancing your home or car at a better rate are likely to greatly exceed the rewards you would earn from any prime credit card.

Shop around for the refis first, then and only then look into some additional credit cards. Your current selection of cards is already pretty prime, and having a solid AAoA and no recent inquiries can only help you in refinancing.
Hoping to add 2 AMEX consumer cards soon. I should be able to do this with a back date of 1998... Haven't yet added a consumer amex because I slipped into their door through a business card 2 years ago. Fortunate enough to have read you guys info about backdating. I hope to heck that they will allow me to obtain a consumer card later this month.

Chase rejected me two months ago with a 695 for a CSP card. Also wondering if I will fly below the rader with them?

Opening those new Amex cards backdating to 1998 will most likely add points to offset the inquiries taken for the apps. To me, that sounds like a good plan there. If they are revolvers, will also aid in boosting util as well. Sounds like a plus plus to me

Re: Got A 761. What Would You Do With It???

CreditEd — Wed, 17 Oct 2012 00:02:46 GMT

Opening those new Amex cards backdating to 1998 will most likely add points to offset the inquiries taken for the apps. To me, that sounds like a good plan there. If they are revolvers, will also aid in boosting util as well. Sounds like a plus plus to me

Hoping also to "unstick" my HSBC card, stuck at 2k since 2009 and my Chase card stuck at 3k since 2008 (was an old WaMu card. Chase is determined to keep me there I believe). Not sure if I will need to drop these cards and open new company cards. You know the deal, keeping hope alive like a faithful St Bernard...

Re: Got A 761. What Would You Do With It???

webhopper — Wed, 17 Oct 2012 00:13:49 GMT

Totally go for CSP if it interests you... might also look at penfed... they have a great card and no Foreign transaction fees.

Re: Got A 761. What Would You Do With It???

CreditEd — Wed, 17 Oct 2012 00:38:36 GMT

@webhopper wrote:
Totally go for CSP if it interests you... might also look at penfed... they have a great card and no Foreign transaction fees.

Trie to sneak in to NFCU but they needed more proof. Unfortunately I have no military ties and don't think that PenFed will take me. I actually opened a USBank account with 500 in hopes of seasoning it for this day. Going for the dual affect of the Amexes first, then hope to add a CitiBusiness card. Wish I had more insight as to why my current Chase is stuck and if my previous CSP app was because I was truly borderline at the time?

Re: Got A 761. What Would You Do With It???

Anonymous — Wed, 17 Oct 2012 04:08:48 GMT

About Amex...which looks better?

Opened in October 1998

Opened in January 1998

Wait until Jan.