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One High or Three Average?

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Super Contributor

Re: One High or Three Average?

That’s a lot of cards to get up and running. It will take some time for you to figure out which ones benefit you, and see that they really cover a lot of ground already.

What is your total CL exposure to AMEX? That becomes the next hurdle for CLI.

I agree it should be another 6 months before trying an AMEX CLI. And a lot of spend and timely payments to get them comfortable with your file.
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 21 of 28
Senior Contributor

Re: One High or Three Average?


@NRB525 wrote:
That’s a lot of cards to get up and running. It will take some time for you to figure out which ones benefit you, and see that they really cover a lot of ground already.

What is your total CL exposure to AMEX? That becomes the next hurdle for CLI.

I agree it should be another 6 months before trying an AMEX CLI. And a lot of spend and timely payments to get them comfortable with your file.

+1

 

Message 22 of 28
Frequent Contributor

Re: One High or Three Average?

Seems kind of crazy to me to pay AMEX 990/yr in AF's and you want to add a CSR to the tune of 450 a year thats almost 1500 a year in fees for the "privilege" of having the card. I travel for work and I see home (if you want to call it that nowadays) 2-3 days a month. I get about 40k a year just to spend (kind of like per diem NOT actual pay) everything is company reimbursed or supplied and with what's in your siggy along with wanting the CSR I don't know if I could give enough love to each one to make all those annual fees work. Maybe its because I try to be cheap, it just seems like a lot of love to have to juggle for it all to be worth it. Just my 2 cents, back to work for me...


Starting Score: Jan 2011-600TU 598 EQ
Current Score: 795TU 800EQ 772EX
Goal Score: 800 and higher across the board


Take the FICO Fitness Challenge

Inquiries:
EX: 2 / 12 months 7 / 24 - 1 June 2019 CSP APP, 6 in 2018 3 are auto finance inquiries 1 is sync listed as sales finance company and 2 are credit card
EQ: 1/24 June 2019 CSP

APP
TU: 3 / 24 - May/June 2019 USB x 2 avant x 1

Currently 7/24 CC’s
23/24 INQ’s due to auto loan
Avant 750
US Bank plat 3.5k
US Bank Cash+ 14k
Chase Sapphire Preferred 20k
Chase FU 6k
BB&T Bright 6.5k
BB&T Spectrum 6.5k
Apple Card 5k
Amazon Store Card 6k
NFCU More Rewards 7.8k
Message 23 of 28
Established Contributor

Re: One High or Three Average?


@NRB525 wrote:

@ToxikPH wrote:
Honestly I’m considering getting the EDP In six months so that would be the third. My end goal is the CSR and I want to have a few 10k cards so that one is way easier to get once I get under 5/24.

The CSR is a stretch in the near term. 

What is the attraction of CSR if you already have Platinum and Gold?

 

One route to the CSR is to skip EDP, to ensure you are well under 5/24, and to app CSP first. The $5k requirement gets you a similar earning card, and a clearer path to the CSR through PC a year later. 


+1 on the CSP suggestion.

I agree that CSR is a stretch in the near term.

I purposely bypassed the AMEX Platinum & Gold because IMO I calculated I got much better value for my money with CSR based on my travel patterns and spend.  Perhaps OP got the AMEX cards to build credit profile or for the SUBs but is questioning whether they will work for him in the long term.  It appears to me that AMEX Gold and Plat work much better for consumers who have moderate to heavy reimbursed business spend or else who are wealthy and pay for airfare often.  For the average consumer who doesn't book airfare as often out-of-pocket, or can't get as much use from airport lounge benefits, the CSR is a much more flexible and affordable premium travel card than the Plat/Gold combo.  




Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 9.5+ years; AoYA = less than 1 year (Aug 2019)
Total Open Credit Lines Over $400K. Utilization Less Than 1%. Inquiries until May 2020 (TU:1 -- EQ:0 -- EX:5)
*Hover cursor over each card to see name, CL
Message 24 of 28
Established Contributor

Re: One High or Three Average?


@NRB525 wrote:
That’s a lot of cards to get up and running. It will take some time for you to figure out which ones benefit you, and see that they really cover a lot of ground already.

Exactly what I was thinking.  Did you have a strategy planned for all these apps and cards long term?  I noticed you already have two of them sock-drawered.  I would suggest slowing down your apping and consider a longer-term strategy.  It does take time to work new cards into your spending and let things restabilize.  With that many new cards, my wallet would be in chaos over which one to use for what!  (I've added five new cards in the past 18 months and to me, that is even too much, too fast.)  Remember, it's a marathon, not a sprint.  




Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 9.5+ years; AoYA = less than 1 year (Aug 2019)
Total Open Credit Lines Over $400K. Utilization Less Than 1%. Inquiries until May 2020 (TU:1 -- EQ:0 -- EX:5)
*Hover cursor over each card to see name, CL
Message 25 of 28
Established Contributor

Re: One High or Three Average?


@addicted_to_credit wrote:

Seems kind of crazy to me to pay AMEX 990/yr in AF's and you want to add a CSR to the tune of 450 a year thats almost 1500 a year in fees for the "privilege" of having the card ...  with what's in your siggy along with wanting the CSR I don't know if I could give enough love to each one to make all those annual fees work. Maybe its because I try to be cheap, it just seems like a lot of love to have to juggle for it all to be worth it. Just my 2 cents, back to work for me...


Agreed.  There are too many cards out there with no AF for us to carry AF cards that we don't get enough value back from.  I believe cards with AF need to make 'sense' logically in terms of the direct or indirect added value we receive from them.  And if they don't, why keep them?

 

They can be worth keeping, but it's best a thoughtful decision.  Some give us direct reimbursement for things we would have purchased anyway.  Some give us larger cash-back or points than we could earn with a no-AF card.  Some give us services like premium travel benefits or insurance.   Each of these things can have different values to us, so we all need to consider them relative to our particular usage patterns and lifestyle. 




Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 9.5+ years; AoYA = less than 1 year (Aug 2019)
Total Open Credit Lines Over $400K. Utilization Less Than 1%. Inquiries until May 2020 (TU:1 -- EQ:0 -- EX:5)
*Hover cursor over each card to see name, CL
Message 26 of 28
Frequent Contributor

Re: One High or Three Average?

I have the CSP and I grudgingly paid the 95 dollar AF. It is my first real travel card and I give it a lot of love. I’m just not big on the idea of paying you yearly to make you money every time I swipe my card/your product.. I agree that the CSR would’ve given me additional points but I don’t like annual fees and there’s higher interest rates (2% low end difference currently)to go along with the better rewards so I would pay more in interest too if I ever decide I want to float a balance and if I have an AU on the CSR it’s an additional 75 per user, per year. It’s all about what you like/want/need I guess for some it’s prestige (I sure felt fancy with my first Amex), others I dont know.... if the spend justifies the fees then I guess it’s worth it. It’s just not for me anymore and I plan to keep any AF to a minimum.

Starting Score: Jan 2011-600TU 598 EQ
Current Score: 795TU 800EQ 772EX
Goal Score: 800 and higher across the board


Take the FICO Fitness Challenge

Inquiries:
EX: 2 / 12 months 7 / 24 - 1 June 2019 CSP APP, 6 in 2018 3 are auto finance inquiries 1 is sync listed as sales finance company and 2 are credit card
EQ: 1/24 June 2019 CSP

APP
TU: 3 / 24 - May/June 2019 USB x 2 avant x 1

Currently 7/24 CC’s
23/24 INQ’s due to auto loan
Avant 750
US Bank plat 3.5k
US Bank Cash+ 14k
Chase Sapphire Preferred 20k
Chase FU 6k
BB&T Bright 6.5k
BB&T Spectrum 6.5k
Apple Card 5k
Amazon Store Card 6k
NFCU More Rewards 7.8k
Message 27 of 28
Established Contributor

Re: One High or Three Average?


@addicted_to_credit wrote:
I have the CSP and I grudgingly paid the 95 dollar AF. It is my first real travel card and I give it a lot of love. .... if the spend justifies the fees then I guess it’s worth it. It’s just not for me anymore and I plan to keep any AF to a minimum.

I am the same. 

I well remember back in the 80's when it was very commonplace to have AFs on most credit cards, and that was without any rewards or premium benefits.   That was back when AMEX was still a truly prestigious card and not available to the masses.  Times have changed.  Until I got my CSR, I hadn't paid an AF in over 25 years.  Out of my current three Chase cards with AFs, I only plan to keep the CSR long-term.  (I don't pay for hotel stays enough at Marriotts or Hyatts to justify keeping those cards with the $95AF but the SUBs were nice and I'm using them to leverage my Chase credit line higher.)  CSR is just a different animal to me.  Having the 'quadfecta' of cards where I can pool my UR points at 50% bonus is a great value to me, among other things.  But I really had to crunch the numbers to see if I could justify the fees long-term.  I just hope Chase knows better than to nerf the benefits on its' Sapphire cards or it will quickly lose the market share they have gained with them.  I won't keep it if the valuation slips significantly for me. 




Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 9.5+ years; AoYA = less than 1 year (Aug 2019)
Total Open Credit Lines Over $400K. Utilization Less Than 1%. Inquiries until May 2020 (TU:1 -- EQ:0 -- EX:5)
*Hover cursor over each card to see name, CL
Message 28 of 28
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