topic Re: Too spree, not to spree, and which to spree on? in Credit Cards

Too spree, not to spree, and which to spree on?

itpromike — Sun, 09 Feb 2014 23:46:03 GMT

Ok so this is new territory for me... I had awful credit when I was younger (early 20's) but I reduced my credit card limits each to $1,000 (I only have 2 cards), started paying everything on time and payed off my cards to boot. Now my newest scores are as you see in my sig and I've been reading about app sprees and I'm quite intrigued. Until now I"ve been afraid of credit cards ever since the experience I had when I was younger but now I have decent credit, make $125K/year. Because I've had credit issues in the past I adopted the mentality that if I can't pay for it cash then I'm not buying it however my friends keep telling me I need some good credit cards and some reward cards because I"m missing out. So my question is given my credit and income would now be a good time to get some cards and if so which cards would be good to go after and how many cards should one in my standing have? Also the current cards I have; Chase Freedom and BOA Gold, (both with $1,000 limits) should I ask for CLI's? I've read conflicting things about Capital One Venture cards, some people say stay away from Captial One, and some love the venture cards. I've also read that the Venture card application process includes HP's to all 3 credit agencies which I'm not sure is worth it and not sure how it would affect my scores to have it pulled like that. I've also ready about the Barclaycard Arrival card. Lastly although I only have 2 cards with low limits I do have a credit history. Paid off my car last year (never missed a payment), Payed off my mortgage in June (never missed a payment), and I have a new mortgage now (as of December), also I have a student loan I'm paying on (8K left). So what do you guys think? Any input or guidance would be appreciated. Thanks all!

Re: Too spree, not to spree, and which to spree on?

Creditaddict — Mon, 10 Feb 2014 00:32:42 GMT

TOTALLY SPREE!!!!

When it comes to Chase I would just apply for 2 new cards and then move some of the CL over to your old 3rd one to balance them out if you want.

BofA I would "maybe" apply for CLI but would probably just apply for a new card also....

The List:

1. Fidelity Amex (2% for EVERYTHING, its my partner and I's every day card because of this) it's FIA which is BofA

2. American Express Blue Cash Preferred for 6% Groceries

3. Discover it - good rotating card and sound bank and if you hit them towards the beginning of your spree they will probably give you an amazing starting limit because they seem to favor less huge CL carriers but won't typically go omg you opened $100k after us, we dont' like you anymore!

4. Barclay Arrival not bad, if you keep util low most likely they won't freak to to much by the app spree (but hit them like 2nd or 3rd on the TU side.

5. Capital One - could be good - we use Quicksilver as our alternate every day card when Amex is not taken but I wouldn't put them on the front of my app spree beecause of the triple pull and the computer system with them can be a little weird and then later on you need EO just to do basic things, so kind of a pain if you don't start with a great limit with them.

6. people love the chase CSP

actually if it was just this list above this might not be a bad order to apply for them in either actually... maybe put chase above the cap1.

Re: Too spree, not to spree, and which to spree on?

B335is — Mon, 10 Feb 2014 00:53:39 GMT

Yes i would go for a few more cards across various lenders. Consider the Sallie Mae card from Barclays (don't go for both arrival and Sallie Mae). I agree mostly with Creditaddict 's list, but after having the CSP myself I don't see it as the holy grail others do. Wait for a good bonus for the Venture, like 50k+ points, so you're getting a little extra for that triple pull. I guess it all comes down to what kind of rewards or bonuses you want.

Re: Too spree, not to spree, and which to spree on?

B335is — Mon, 10 Feb 2014 00:55:00 GMT

Forgot to add, BoA is good about CLI but it will be a HP. I would ask for $15k if you choose that route - they will counter offer if they cannot fulfill the entire request.

Re: Too spree, not to spree, and which to spree on?

efranklin23 — Mon, 10 Feb 2014 05:46:56 GMT

@itpromike wrote:
Ok so this is new territory for me... I had awful credit when I was younger (early 20's) but I reduced my credit card limits each to $1,000 (I only have 2 cards), started paying everything on time and payed off my cards to boot. Now my newest scores are as you see in my sig and I've been reading about app sprees and I'm quite intrigued. Until now I"ve been afraid of credit cards ever since the experience I had when I was younger but now I have decent credit, make $125K/year. Because I've had credit issues in the past I adopted the mentality that if I can't pay for it cash then I'm not buying it however my friends keep telling me I need some good credit cards and some reward cards because I"m missing out. So my question is given my credit and income would now be a good time to get some cards and if so which cards would be good to go after and how many cards should one in my standing have? Also the current cards I have; Chase Freedom and BOA Gold, (both with $1,000 limits) should I ask for CLI's? I've read conflicting things about Capital One Venture cards, some people say stay away from Captial One, and some love the venture cards. I've also read that the Venture card application process includes HP's to all 3 credit agencies which I'm not sure is worth it and not sure how it would affect my scores to have it pulled like that. I've also ready about the Barclaycard Arrival card. Lastly although I only have 2 cards with low limits I do have a credit history. Paid off my car last year (never missed a payment), Payed off my mortgage in June (never missed a payment), and I have a new mortgage now (as of December), also I have a student loan I'm paying on (8K left). So what do you guys think? Any input or guidance would be appreciated. Thanks all!

Before you do a spree, we have to know why you want the cards for. We can't just recommend cards for you without having a idea of the purpose (travelling, everyday card, dining and etc.) And also, I wouldn't take people's views on lenders serious as this site contains a selected group of people ((ppl that tend to watch their credit). And as Cap1 is concerned, I don't like them but I have seen people on in which Cap1 was very generous to and in fact received limits over 10k although not perfect so YMMV with the creditors.

Re: Too spree, not to spree, and which to spree on?

itpromike — Mon, 10 Feb 2014 19:53:59 GMT

@efranklin23 wrote:

Before you do a spree, we have to know why you want the cards for. We can't just recommend cards for you without having a idea of the purpose (travelling, everyday card, dining and etc.) And also, I wouldn't take people's views on lenders serious as this site contains a selected group of people ((ppl that tend to watch their credit). And as Cap1 is concerned, I don't like them but I have seen people on in which Cap1 was very generous to and in fact received limits over 10k although not perfect so YMMV with the creditors.

Well honestly on all of my reports it's been listed as a negative impact that I have low credit limits on my cards and I don't have much 'revolving credit'. So I figured a few cards with high limits would help that. Additionally I'd love to learn how to and start aggressively racking up reward points, bonus points, or travel points to use to help with trips I'm going to take this or next year as well as possibly cash back. So over all I guess I'd like to increase my credit scores by increasing my credit limit and amount of credit I have. I'd also like to reap the benefits of using credit and racking up points to redeem for travel and cash back. I'd also like a good card to use as my daily driver. My brother in law buys EVERYTHING with his credit card each month (all bills, groceries, house expenses etc...) and then pays it off at the end of each month. He is racking up points like crazy and using them for trips etc... I'd love to do that as well. Hopefully that helps? Thanks all the input guys!

Re: Too spree, not to spree, and which to spree on?

itpromike — Mon, 10 Feb 2014 23:15:22 GMT

Also, would it be better to ask for CLI's from my current lenders before getting new cards or the other way around?

Re: Too spree, not to spree, and which to spree on?

Creditaddict — Mon, 10 Feb 2014 23:27:38 GMT

@itpromike wrote:
Also, would it be better to ask for CLI's from my current lenders before getting new cards or the other way around?

I would ask BofA for CLI online for $20k (they will counter) I would not bother asking Chase for a CLI (I would prefer that INQ to a new chase card and with a probably much higher CL approval, you could then move some... or burn another inq later to try for the CLI)

Re: Too spree, not to spree, and which to spree on?

Chris679 — Mon, 10 Feb 2014 23:29:33 GMT

Increasing the CL on your current cards can bump up the limits on new cards so yes do that first but you don't want HP and BoA will only do HP. I would get Cap One Quicksilver and Discover It to start. Wait 6 months or so and get Amex BCE then garden. These three of the best cash back cards with no fee.

Re: Too spree, not to spree, and which to spree on?

Creditaddict — Mon, 10 Feb 2014 23:33:32 GMT

@Chris679 wrote:
Increasing the CL on your current cards can bump up the limits on new cards so yes do that first but you don't want HP and BoA will only do HP. I would get Cap One Quicksilver and Discover It to start. Wait 6 months or so and get Amex BCE then garden. These three of the best cash back cards with no fee.

I don't agree at all:

Cap1 will cost you 3 HP's, you could probably get approved for 3 completely seperate cards

and why do people think they need such long history and high scores to get Amex?!

the whole point of a spree is to do it all now and then garden, not get 2 cards and wait 6 months and get 2 more

Re: Too spree, not to spree, and which to spree on?

efranklin23 — Tue, 11 Feb 2014 00:10:16 GMT

@Creditaddict wrote:
@Chris679 wrote:
Increasing the CL on your current cards can bump up the limits on new cards so yes do that first but you don't want HP and BoA will only do HP. I would get Cap One Quicksilver and Discover It to start. Wait 6 months or so and get Amex BCE then garden. These three of the best cash back cards with no fee.
I don't agree at all:
Cap1 will cost you 3 HP's, you could probably get approved for 3 completely seperate cards
and why do people think they need such long history and high scores to get Amex?!
the whole point of a spree is to do it all now and then garden, not get 2 cards and wait 6 months and get 2 more

+1 I agree, the OP is asking about a spree, not a conservative approach (although I prefer the conservatice approach better). I wouldn't ever apply for Cap1 as they pull all 3. OP should try to get CLIs on current cards and then go on the spree. Once the spree is over, garden for awhile so the accounts can age.

Re: Too spree, not to spree, and which to spree on?

itpromike — Tue, 11 Feb 2014 01:10:18 GMT

Thank's all for the info and guidance, it is appreciated definitely. In terms of just high balance (so I can have a lot of credit to balance out utilization if/when I decide to use the cards) which cards would be my best bet to get the highest CL given my credit/financial profile?

Re: Too spree, not to spree, and which to spree on?

itpromike — Tue, 11 Feb 2014 01:32:09 GMT

Also would I have better luck asking for a CLI to $20k (seeing as my current CL is onl $1k) or going for a completely new card? On the one had since I have a previous relationship with the companies (Chase and BOA) I figure they might be generous... on the other hand since my limit is so low to begin with they might not. What do you think?

Re: Too spree, not to spree, and which to spree on?

itpromike — Tue, 11 Feb 2014 16:54:35 GMT

Any thoughts from anyone? This will be my first spree so I want to make sure it's successful.

Re: Too spree, not to spree, and which to spree on?

Themanwhocan — Wed, 12 Feb 2014 02:53:14 GMT

@itpromike wrote:
Any thoughts from anyone? This will be my first spree so I want to make sure it's successful.

How do you define success?

Obtaining 3 new cards? thats probably a shoo in.

Getting $20k on one card to start? Highly unlikely. But an American Express, like the Blue Cash Everyday, could easily get there and beyond in less than a year. Maybe even just 61 days with a tad bit of luck.

I suggest you concentrate on what spending categories you spend the most money in, and then finding the best reward cards for those categories. Once you know that, then you can determine the order in which to apply. That is NOT the order that you spend the most in, its the order in which the cards are easier to obtain leave the more difficult ones for after you have 3-6 more months of credit history using the new, higher limit cards you are about to obtain in the first spree.

Oh yeah, and the Blue cards in my signature are pretty good cash back cards. just don't apply for the Shattner card. That one is mine...

http://boardingarea.com/frequentmiler/2012/11/09/best-category-bonuses/comment-page-3/#comment-368600

Re: Too spree, not to spree, and which to spree on?

itpromike — Wed, 12 Feb 2014 03:21:11 GMT

@Themanwhocan wrote:
@itpromike wrote:
Any thoughts from anyone? This will be my first spree so I want to make sure it's successful.
How do you define success?

Obtaining 3 new cards? thats probably a shoo in.

Getting $20k on one card to start? Highly unlikely. But an American Express, like the Blue Cash Everyday, could easily get there and beyond in less than a year. Maybe even just 61 days with a tad bit of luck.

I suggest you concentrate on what spending categories you spend the most money in, and then finding the best reward cards for those categories. Once you know that, then you can determine the order in which to apply. That is NOT the order that you spend the most in, its the order in which the cards are easier to obtain leave the more difficult ones for after you have 3-6 more months of credit history using the new, higher limit cards you are about to obtain in the first spree.

Oh yeah, and the Blue cards in my signature are pretty good cash back cards. just don't apply for the Shattner card. That one is mine...

http://boardingarea.com/frequentmiler/2012/11/09/best-category-bonuses/comment-page-3/#comment-368600

Thanks for the info mate Interestingly enough I just called and asked for my BOA gold card to be lowered in interest rate (was currently 25% since I got it 10 years ago and barely used it) and I asked for my credit limit to be adjusted to $15K. The interest rate was immediately lowered to %14 (is this a good rate for BOA?) and they said that I would get an response within 3 business days about the rate increase. Additionally they are sending me a different card, a 'BoA Rewards 123' card to replace my gold card.

Is this 3 day waiting period normal considering my starting CL was on $1K or would they have approved it immediately if they were going to approve that kind of increase? It's probably a dumb question but my only frame of reference when dealing with credit cards was when I had bad credit many years ago and in that period usually if they had to get back to you, it meant no to your increase request. Also if they do get back to me and let's say $15K was too hgih, will they usually counter offer or just say no? I'd hate to waste an INQ on a denial...

Additionally how close or far apart should apps be in a spree? I just called for the BoA CLI tonight, should I/Could I call for the chase Freedome increase as well or wait a few days or it doesn't really matter?

Re: Too spree, not to spree, and which to spree on?

B335is — Wed, 12 Feb 2014 03:19:41 GMT

14% is good, on the better side in terms of bank cards. Yes BoA will counter. I always get half of my request but they're good with 6 month increases.

BoA likely pulled TU. Chase tends to pull EX, but has been known to pull others. Inquiries hit almost instantly so you might as well go for it now.

Re: Too spree, not to spree, and which to spree on?

Themanwhocan — Wed, 12 Feb 2014 04:07:07 GMT

@itpromike wrote:
@Themanwhocan wrote:
@itpromike wrote:
Any thoughts from anyone? This will be my first spree so I want to make sure it's successful.
How do you define success?

Obtaining 3 new cards? thats probably a shoo in.

Getting $20k on one card to start? Highly unlikely. But an American Express, like the Blue Cash Everyday, could easily get there and beyond in less than a year. Maybe even just 61 days with a tad bit of luck.

I suggest you concentrate on what spending categories you spend the most money in, and then finding the best reward cards for those categories. Once you know that, then you can determine the order in which to apply. That is NOT the order that you spend the most in, its the order in which the cards are easier to obtain leave the more difficult ones for after you have 3-6 more months of credit history using the new, higher limit cards you are about to obtain in the first spree.

Oh yeah, and the Blue cards in my signature are pretty good cash back cards. just don't apply for the Shattner card. That one is mine...

http://boardingarea.com/frequentmiler/2012/11/09/best-category-bonuses/comment-page-3/#comment-368600
Thanks for the info mate Interestingly enough I just called and asked for my BOA gold card to be lowered in interest rate (was currently 25% since I got it 10 years ago and barely used it) and I asked for my credit limit to be adjusted to $15K. The interest rate was immediately lowered to %14 (is this a good rate for BOA?) and they said that I would get an response within 3 business days about the rate increase. Additionally they are sending me a different card, a 'BoA Rewards 123' card to replace my gold card.

Is this 3 day waiting period normal considering my starting CL was on $1K or would they have approved it immediately if they were going to approve that kind of increase? It's probably a dumb question but my only frame of reference when dealing with credit cards was when I had bad credit many years ago and in that period usually if they had to get back to you, it meant no to your increase request. Also if they do get back to me and let's say $15K was too hgih, will they usually counter offer or just say no? I'd hate to waste an INQ on a denial...

Additionally how close or far apart should apps be in a spree? I just called for the BoA CLI tonight, should I/Could I call for the chase Freedome increase as well or wait a few days or it doesn't really matter?

CLI 'spacing' doesn't really matter. The inquiry hits the credit report(or reports) immediately. Its when you apply for a new credit card that you get hit for the INQ immediately, and then a new credit line gets added to all 3 reports, but that part is delayed somewhat. So you apply for several cards close together hoping that your FICO score only gets lowered by each additional INQ, and not also by each additional credit line (you're assuming you will be approved, of course).

Re: Too spree, not to spree, and which to spree on?

itpromike — Wed, 12 Feb 2014 14:51:35 GMT

@Themanwhocan wrote:

Ok so here's an update.

1.) I called BoA with request for a CLI to $15K and got the 3 days waiting period so still waiting for that.

2.) I called chase and got a really rude person so then I hung up and called back and got a CLI from $1K to $5K however my interest rate is 27% and 'not eligible to be lowered at this time' which is crazy! I guess I wasted that INQ and should have just got a new card with them.

3.) Called for an Amex Blue Cash Preferred and got instantly approved for $8K with a 14% APR

So... I'm guessing CLI's don't count towards a 'spree' technically but since both CLI's had a HP associated with them (got notified of one this morning) does it count or should I be able to do 1 or two more cards today?

Re: Too spree, not to spree, and which to spree on?

Themanwhocan — Wed, 12 Feb 2014 17:55:17 GMT

Each CLI request could have pulled more than one credit report, but hopefully not. And you generally don't know that for sure until much later. Hopefully they don't all pull the exact same credit report(s). So, the impact to your FICO scores can be fairly low if they just happen to be spread out a bit. If you got notified of only one HP on one of your reports, thats a pretty good sign for that reports corresponding FICO score.

I usually use the credit pulls database, and try to guesstimate what FICO a certain creditor will use. But often you only get an inclination as to what might be used. There are some exceptions, like Barclays always pulling TransUnion.

You may want to wait for the CLI's to be approved and have a chance to get added to your credit reports (just kinda guesstimate that). Then if you are ready you try applying for several new cards at the same time. You can even use different browsers and/or private-browsing and get all the card applications mostly filled out and then submit all at once, though I really dont think that level of timing is necessary.