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App first then garden... or garden first?

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Valued Contributor

Re: App first then garden... or garden first?


@DivorcedAndBroke wrote:

Not interested in Discover or Amex.  I prefer cards that are accepted everywhere. Smiley Happy

 

And WF... well, if I expressed my feelings about that bank here I would probably get banned.    Smiley Very Happy

 

Are there any benefits to waiting/gardening first?  No one seems to have chimed in on that aspect of my query.

 

Also, does Citi ever offer promotions/SUBs on the Double Cash?  Like, if I wait a few months, a promotion might pop up?  I know Chase changes up their SUBs from time to time... don't know about Citi.

 


Never hurts to wait.  It only garners positive points on your reports.  Closing on a mortgage isn't a requirement to get new cards unless you really need to.  The dip/pop ratio isn't a big deal when it comes to points.  Your F8's are over 800 and would still be over 780 which still leaves the door open to any lender you pick.  Usuaully the deciding factor in apping immedately after closing is you know your scores already even though they're 2/4/5 models instead of F8 and the people typically more prone to doing apps after closing don't have a thick profile and great scores already.  

 

I did get $100 for $500 spend on the DC which was what prompted the APP even though 6 months earlier I picked up the Premier for the 50K bonus they were offering.

 

BTW we all have feelings about particular banks at times that would get us banned or at least slapped on the wrist for mentioning them out loud.  I used to have those feelings about a lot of the big banks and then a switch flipped and I started taking their free money through the bonuses they offer.  A couple of those banks are actually my highest CL's @ 65K/ea now.  WF isn't one of them though at a pitiful $7500 and Citi has been playing the long game with me so far w/ 2K bumps every 6 months.

 

As to Amex/Disco... I've run into 1 place that didn't accept either of them and it was a gas station that's smaller in scale.  Domestically they're accepted probably in 99.99% of places due to the merchant accounts being setup to accept all 4 networks these days.  Internationally is a different story where MC/V are accepted more but, in Asia it's Disco through JCB that's accepted more.  

 

Limiting yourself is kind of shooting yourself in the foot sometimes.  

500K+ TCL / 800+ FCOs
Message 11 of 19
Regular Contributor

Re: App first then garden... or garden first?

Thanks for your insights.  I still have time to mull it over, and I'll make my decision after the closing.  I'm about 50/50 between apping right away and just saying forget it and going directly into the garden.  I don't really need another card since I have 3 already. Smiley Happy

 

They say not to app for anything (cards, car loans etc) while applying for a mortgage until after closing, hence the need to wait until then in the first place.  After closing, I could app right away before the scores drop, or garden a while and app later, or not app at all.

 

Guess I'll see how I feel after forking over 100+K to the ex.  I'm in spending freeze mode for the foreseeable future anyway, so any new card isn't going to see a lot of spend going on it.  Forget anything that requires 4-figure spending for a SUB. LOL.

 

Seems like bad timing on my part as neither the DC or the CFU have a cash bonus SUB right now.  $100 for $500 spend is a better deal than 3% for a year (which would require $3,333 spend to earn $100).  Maybe waiting is better.

 

Gardening starting 8/1/19
Goal: 0/24, diamond spade, and SAVE, SAVE, SAVE!!

Open Tradelines:
Inquiries: Age: New TLs/months: 4/24 2/12 2/6
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Message 12 of 19
Valued Contributor

Re: App first then garden... or garden first?


@DivorcedAndBroke wrote:

Guess I'll see how I feel after forking over 100+K to the ex.  I'm in spending freeze mode for the foreseeable future anyway, so any new card isn't going to see a lot of spend going on it.  Forget anything that requires 4-figure spending for a SUB. LOL.

 


Yeah, that will make a diffrerence for sure!

 

If you're under 80% LTV after closing then you don't need Escrow for Taxes / Insurance.  I use taxes for those 3-5K MSR's to collect a "rebate" against the taxes and it adds up quickly.  I just break the estimated amoount into 12 installments and shift it to a high APY savings during the year and then wallop a couple of cards for Taxes and collect the $500+ in bonuses to offset the amount spent.

500K+ TCL / 800+ FCOs
Message 13 of 19
Regular Contributor

Re: App first then garden... or garden first?


@Obscure-Expert wrote:


Yeah, that will make a diffrerence for sure!

 

If you're under 80% LTV after closing then you don't need Escrow for Taxes / Insurance.  I use taxes for those 3-5K MSR's to collect a "rebate" against the taxes and it adds up quickly.  I just break the estimated amoount into 12 installments and shift it to a high APY savings during the year and then wallop a couple of cards for Taxes and collect the $500+ in bonuses to offset the amount spent.


Neat idea on taxes/insurance.  I don't recall if my county lets you pay taxes with a CC or if there is a surcharge for doing so.  I usually just pay using E-check which is free.

 

Last Jan-Apr or so Chase offered 5% on the Amazon Visa for paying bills including insurance, so I took advantage of that by paying some bills ahead including my auto/home insurance, cable/internet and my (prepay) cell phone.  Got some nice cash back for that.

 

Imagine the cash back I could earn on paying that $100k ex bill on a credit card... LOL.  Assuming I had enough to PIF the charge afterward, otherwise the interest would kill me.

Gardening starting 8/1/19
Goal: 0/24, diamond spade, and SAVE, SAVE, SAVE!!

Open Tradelines:
Inquiries: Age: New TLs/months: 4/24 2/12 2/6
FICO 8 Scores: 07/2019: 08/2019: 09/2019:
Message 14 of 19
Valued Contributor

Re: App first then garden... or garden first?

Yeah, they charge a fee for using a CC.  I did mine w/ a 2.35% fee on $5800 and net $640 which is more than 10% back.  

 

I opened 2 new carda and upgraded an Amex for a bonus.  I left $100 bonus on the table with one of them since the additional $6500 spend for it didn'r make sense when there are so many other lower spend cards out there.  Not to mention the earn rate for the $6500 is only 1.5%.

 

The next round I opened 4 accounts for another $540 in free bonus money on another big payment for $4500.

 

So, ~$1200 in rebates towards stuff that already needed to be paid within 6 months of each other.  

 

If you have a plan in place you can make the bank$$$ work for you.  Whether you choose to keep or churn them depends on how much you like them after the initial spend and whether or not their website is up to snuff.  After a couple of years of doing this though it gets a bit more difficult to find the right fit with at least a 10% return on the apps / apend with the smaller banks.  It was a lot easier to nail Chase for 50K points, Citi for 50K, WF for 30K, and Amex of course.  The chruning rules get in the way for making this sort of thing routine annually but, it can be done with other banks easily if you do your homework.

500K+ TCL / 800+ FCOs
Message 15 of 19
Regular Contributor

Re: App first then garden... or garden first?

Well, I'm not a churner, nor am I a heavy CC spender... I average maybe $1-1.5k/month these days and even that's high for me right now... stupid divorce.  I have 3 cards and 2 of them are 14+ years old, so I don't app often either.

 

Maybe that's why I'm interested in the Double Cash... 2% over many years of modest spending will eventually earn me more than a one-time SUB.

 

Most cards with larger SUBs are geared toward bigger spenders anyway (Sapphire etc.)

 

Gardening starting 8/1/19
Goal: 0/24, diamond spade, and SAVE, SAVE, SAVE!!

Open Tradelines:
Inquiries: Age: New TLs/months: 4/24 2/12 2/6
FICO 8 Scores: 07/2019: 08/2019: 09/2019:
Message 16 of 19
Valued Contributor

Re: App first then garden... or garden first?

Meh..... 1K-1.5K/mo one place comes to mind where they'll pay you 5% on your checking account up to 10K balance. w/ 12 debits (amazon reloads) and 1K spend on the CC.

 

https://www.myconsumers.org/bank/accounts/free-rewards-checking

 

It's not about the big spend... it's taking advantage of the banks wanting customers and handing out cash.  It's simple to downgrade or PC cards with banks.  Chase is the easiest of them all to do.  I got the CSP, collected $500, and switched it to a CF with an e-mail.

 

I got the Citi Premier for the 50K, spent, collected, and Called them to PC at a year to a DC... which I have 2 X DC now.

 

WF Propel is a quick $300 and no AF

Amex is usually pretty easy to snag a couple hundred from, rinse and repeat annually.  Upgraded this last time for $250/$1000 offer, $95 prorated AF, net is still $250 with minnimal spend.

 

Some of the others are smaller regionals like BBT, BBVA, Regions, and the tempermental one people around here like to hate Barclay's.  Only one with an AF is BBT but, you can pick up 2-3 of them at the same time with the same HP and drop the AF whenever you want since they don't PC you just have to close it.

 

The most interesting ones were BBVA / Regions as they will tell you your CL before you take the HP to apply.  But, you have to have an account with them to get to that side of the app.  

500K+ TCL / 800+ FCOs
Message 17 of 19
Regular Contributor

Re: App first then garden... or garden first?

Well, after reading this I think the Paypal MC is out: https://ficoforums.myfico.com/t5/Credit-Cards/PayPal-MC-dispute-resolution/td-p/5681479

 

How well does Citi do notifications?  As in, if you set it to text you when a charge is made, does it send it out right away?  Chase does, often while I'm still at the register.  But BoA often waits until the charge posts before sending a notification, which, if it's fraudulent, a little late.

 

Gardening starting 8/1/19
Goal: 0/24, diamond spade, and SAVE, SAVE, SAVE!!

Open Tradelines:
Inquiries: Age: New TLs/months: 4/24 2/12 2/6
FICO 8 Scores: 07/2019: 08/2019: 09/2019:
Message 18 of 19
Valued Contributor

Re: App first then garden... or garden first?

I don't use alerts.  I do notice that if I have the app installed on my phone and have logged in at least once I'll usually get a PUSH notification for that particular bank.

 

I usually login to mint.com and let it refresh all accounts and look for pending charges.  Caught one last week w/ Chase and got a new card within a week.

500K+ TCL / 800+ FCOs
Message 19 of 19
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