topic Re: Next step? in Credit Cards

Next step?

Anonymous — Sun, 09 Dec 2012 22:44:11 GMT

Hey members!

So I have a credit score of 747. Just bought a new ford fusion. My cards that I have are: PNC Bank with 22, 000 limit, auth user, and no balance + Wells Fargo with 3, 800 limit and no balance. After I have auto loan established what should be my next step to get my credit on the path to 800? This is my first auto loan so I am working on a well round credit. I believe I will need another card since my wells fargo I got 2 years ago. Just looking for tips

Thanks

Re: Next step?

Swapmeet — Sun, 09 Dec 2012 22:50:36 GMT

A prime card seems like a good addition. Amex BCE, US Bank Cash plus, or the CSP to name a few, or perhaps a different one.

Re: Next step?

HiLine — Sun, 09 Dec 2012 22:54:46 GMT

@Anonymous wrote:
Hey members!

So I have a credit score of 747. Just bought a new ford fusion. My cards that I have are: PNC Bank with 22, 000 limit, auth user, and no balance + Wells Fargo with 3, 800 limit and no balance. After I have auto loan established what should be my next step to get my credit on the path to 800? This is my first auto loan so I am working on a well round credit. I believe I will need another card since my wells fargo I got 2 years ago. Just looking for tips

Thanks

How much money do you spend on groceries, dining, travels, online shopping, and bills each year? The answers to these questions will determine the optimal credit card choice.

Re: Next step?

Anonymous — Sun, 09 Dec 2012 23:16:13 GMT

I think its more gasoline and dining. I drive 80 miles to work and home a day. I spend very little on other things

Re: Next step?

HiLine — Sun, 09 Dec 2012 23:20:27 GMT

@Anonymous wrote:
I think its more gasoline and dining. I drive 80 miles to work and home a day. I spend very little on other things

Sounds like you're mainly looking for cash back on gasoline and dining. If so, the PenFed Cash Rewards should be on your list thanks to the 5% cash back on gas. As for dining, I'm not sure which one would be the best in terms of rewards. Can someone else chime in on this?

Re: Next step?

nicholasyud — Sun, 09 Dec 2012 23:22:38 GMT

what do you want your credit score to be 800 for ??? Show off ??? lol........Get some gas card or walmart card. They offer pretty decent gas price and its $0.15 cent off each gallon till DEc 31, 2012.

Re: Next step?

Anonymous — Sun, 09 Dec 2012 23:24:43 GMT

Because I want to

Re: Next step?

Anonymous — Sun, 09 Dec 2012 23:45:19 GMT

@HiLine wrote:
@Anonymous wrote:
I think its more gasoline and dining. I drive 80 miles to work and home a day. I spend very little on other things
Sounds like you're mainly looking for cash back on gasoline and dining. If so, the PenFed Cash Rewards should be on your list thanks to the 5% cash back on gas. As for dining, I'm not sure which one would be the best in terms of rewards. Can someone else chime in on this?

Unless you absolutely must get gas cash back on every statement, PenFed Platinum Rewards is proabably a better choice than Cash Rewards, as it gives 3% on groceries and 1% on everything else, as compared to Cash Rewards which is 0.25% on everything apart from gas. The only disadvantage to the Platinum Rewards is that you collect points and have to save enough (e.g. 5,000 = $1000 of gas) to redeem for a $50 visa debit card. Non-cash rewards can be redeemed at lower levels, but many prefer cash.

Re: Next step?

Anonymous — Sun, 09 Dec 2012 23:53:09 GMT

For dining options include:

1) US Bank Cash Plus. You can choose 5% off restaurants all the time (as compared to rotating quarters) Disadvantage is that unusually this card has different categories for restaurants and fast food, so if you tend to go to a mixture, you will use both of the allowed 5% categories on this (giving up bill pay for example)

2) Citi Forward. 5 Thank You points per $. Thank You points aren't always regarded as worth 1c, but for some redemptions than can be

3) Chase Freedom/Some Discover cards/others: these have rotating 5% categories, frequently including dining at least 1 quarter a year. Generally capped to $75 a quarter back on all 5% categories ($1500 spend). Cash Plus isn't capped, and Citi Forward probably isn't either.

Re: Next step?

Anonymous — Mon, 10 Dec 2012 01:33:59 GMT

@Anonymous wrote:
For dining options include:

1) US Bank Cash Plus. You can choose 5% off restaurants all the time (as compared to rotating quarters) Disadvantage is that unusually this card has different categories for restaurants and fast food, so if you tend to go to a mixture, you will use both of the allowed 5% categories on this (giving up bill pay for example)

2) Citi Forward. 5 Thank You points per $. Thank You points aren't always regarded as worth 1c, but for some redemptions than can be

3) Chase Freedom/Some Discover cards/others: these have rotating 5% categories, frequently including dining at least 1 quarter a year. Generally capped to $75 a quarter back on all 5% categories ($1500 spend). Cash Plus isn't capped, and Citi Forward probably isn't either.

Re: Citi Forward

It technically has a point cap of 75,000 ThankYou points per year (or $15,000 at 5%), so it might come into play if you eat out a lot and/or dine at very expensive restaurants.*

Also, TY points earned with this card expire after 5 years.

Almost a year into having the card though, and I haven't spent enough for either to be an issue. YMMV

_____

*The 5 % also applies towards bookstores and movie theaters. It just so happens that Amazon is categorized as a bookstore, so I would recommend using it there if do any online shopping. Everything else gets 1 TY point (max 1%) per dollar, but many other cards will offer you a better value.