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Absolute best CC's you need a stellar FICO to qualify for.

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bobebob
Frequent Contributor

Absolute best CC's you need a stellar FICO to qualify for.

I've worked hard over the years to earn a very respectable credit rating. I'd like to cash in on that effort and start picking up the best cards out there (slowly, over time so's not to lower my credit rating significantlySmiley Happy) ).

 

I'm looking for CCC's that really reward you based on how much effort you put into keeping your credit rating looking good and not on how much extra money you can fork over to get their status symbol (I.E. Centurian, and to a lessor extent Amex Platinum - not that I'd ever spend enough to qualify for the Centurian).

 

I'm looking more along the lines of Simmonds First that offers a Visa with a 7.25% variable rate with no AF right now but only if your FICO is about 800.  

 

I've been pretty happy with the Costco Amex, but I'm just an AU on that account (shows on my history, and the CL is due to my credit rating and income).

 

Are there other CCC's offering great rates and/or perks without charging an arm and a leg in AF's?  What are the best of the best? 

bobebob || Nov: My FICO SW EQ(Upgraded Version) = 822 ||Sept: Walmart TU Fico=838Goal = FICO's>800 || In my wallet: CostcoAmEx(20k), DCU Visa Platinum (10k), BoA Visa Signature (17.1k), Walmart Discover (7.5k), AmEx Corporate (5k). All PIF every month.
Message 1 of 22
21 REPLIES 21
Anonymous
Not applicable

Re: Absolute best CC's you need a stellar FICO to qualify for.

Costo AMEX is amazing if you are a member. Limit will be high, cashback is good. No AF with membership

Message 2 of 22
sandsanta
Contributor

Re: Absolute best CC's you need a stellar FICO to qualify for.

CC's are more dependant on income and payment ability then pure FICO.  The best cards certainly have high FICO requirements, but they also require you to have some sort of relationship with the institution that issues them (usually, lots of money). 


Message 3 of 22
fused
Moderator Emeritus

Re: Absolute best CC's you need a stellar FICO to qualify for.


@bobebob wrote:

 I'm looking more along the lines of Simmonds First that offers a Visa with a 7.25% variable rate with no AF right now but only if your FICO is about 800.  


Simmons First was exactly what I was going to suggest to you.

Message 4 of 22
bobebob
Frequent Contributor

Re: Absolute best CC's you need a stellar FICO to qualify for.


@fused wrote:

@bobebob wrote:

 I'm looking more along the lines of Simmonds First that offers a Visa with a 7.25% variable rate with no AF right now but only if your FICO is about 800.  


Simmons First was exactly what I was going to suggest to you.



I haven't tried to get the Simmons First Visa because I don't maintain a balance.  So the really good interest rate doesn't benefit me.

 

I was hoping that there were some credit card companies that were offering premium perks to lure people with high credit ratings in because they are low risk.  Maybe I'm looking for something that isn't really out there.

 

I may just have to be happy with the perks I've got:

no AF's,

Visa Signature Concierge Service,

Free monthly TU & EQ FICO Scores,

and cash rewards Smiley Happy

 

 


@Anonymous wrote:

Costo AMEX is amazing if you are a member. Limit will be high, cashback is good. No AF with membership


 

Yup, I've already got the TrueRewards Costco Amex card.  My limit is up to $20,000 and it looks like my cash back from them is going to be about 500 bucks this year.

 

God, it feels good to take money FROM a CCC! Smiley Very Happy   Ka-CHING!

 

 


@sandsanta wrote:

CC's are more dependant on income and payment ability then pure FICO.  The best cards certainly have high FICO requirements, but they also require you to have some sort of relationship with the institution that issues them (usually, lots of money). 


Bummer.  While I'm doing well (I make about 80K/yr and have about $195K saved for retirement), I don't have loads of cash to deposit with an institution.

 

I shall be satisfied with the moderate perks I'm getting now.

 

Like Sheryl Crow's lyrics say: "It's not having what you want, It's wanting what you've got." Smiley Happy

bobebob || Nov: My FICO SW EQ(Upgraded Version) = 822 ||Sept: Walmart TU Fico=838Goal = FICO's>800 || In my wallet: CostcoAmEx(20k), DCU Visa Platinum (10k), BoA Visa Signature (17.1k), Walmart Discover (7.5k), AmEx Corporate (5k). All PIF every month.
Message 5 of 22
teenastie
Established Contributor

Re: Absolute best CC's you need a stellar FICO to qualify for.

I'd say its a toss up between a First Premiere Card or a Black Visa Smiley Wink



Message 6 of 22
bobebob
Frequent Contributor

Re: Absolute best CC's you need a stellar FICO to qualify for.


@teenastie wrote:

I'd say its a toss up between a First Premiere Card or a Black Visa Smiley Wink



Hmm, your wink suggests you jest.  Smiley Happy

 

Wow, I checked out the First Premier Bank's CC off their website.  49.9% interest?  I thought that usury was illegal. I hope they don't get many customers with those fees and rate!

 

And if I were inclined to pay a $500 AF for my prestige, I'd probably just go ahead and get the Platinum Amex.  But I won't because everytime I pulled it out of my wallet to pay for something it would piss me off to think of the $500 it cost just to have it. Smiley Mad 

bobebob || Nov: My FICO SW EQ(Upgraded Version) = 822 ||Sept: Walmart TU Fico=838Goal = FICO's>800 || In my wallet: CostcoAmEx(20k), DCU Visa Platinum (10k), BoA Visa Signature (17.1k), Walmart Discover (7.5k), AmEx Corporate (5k). All PIF every month.
Message 7 of 22
teenastie
Established Contributor

Re: Absolute best CC's you need a stellar FICO to qualify for.


@bobebob wrote:

@teenastie wrote:

I'd say its a toss up between a First Premiere Card or a Black Visa Smiley Wink



Hmm, your wink suggests you jest.  Smiley Happy

 

Wow, I checked out the First Premier Bank's CC off their website.  49.9% interest?  I thought that usury was illegal. I hope they don't get many customers with those fees and rate!

 

And if I were inclined to pay a $500 AF for my prestige, I'd probably just go ahead and get the Platinum Amex.  But I won't because everytime I pulled it out of my wallet to pay for something it would piss me off to think of the $500 it cost just to have it. Smiley Mad 


They also have a CLI fee Smiley Surprised

Just so you know the Visa Black is just as ridiculous!Smiley Happy



Message 8 of 22
sandsanta
Contributor

Re: Absolute best CC's you need a stellar FICO to qualify for.

The platinum Amex is geared towards travelers.  While the 450$ fee is steep, it currently comes with 200$ of credit towards airline fees and allows you access to airline lounges.  If you travel with any regularity, this is well worth the price of entry and the card ends up paying for itself after a few trips.

 

As a general rule, the best membership rewards are going to come from cards with the highest fees.  Credit Cards are like casino's and are designed to return profit to the company, not return benefits to you.  The internet is filled with information regarding the spending amounts and spending behavior necessary to financially offset AF's but unless you meet that criteria naturally you'll be losing money.  It sounds to me like you'd benefit best from CU cards  that have low to no AF's and low APR's.


Message 9 of 22
haulingthescoreup
Moderator Emerita

Re: Absolute best CC's you need a stellar FICO to qualify for.

If you're not going to carry balances (and why on earth would anyone with "stellar" FICO's want to carry balances with interest???), then IMO you should be looking at cash rewards cards.

 

Depending on your spending habits, think about some combo of these:

 

AmEx Blue Cash Preferred, if you don't mind the $75 fee: 6% grocs, 3% gas and department stores, 1% everything else

AmEx Costco True Earnings (fee to belong to Costco): 3% gas and restaurants, 2% travel, 1% everything else

PenFed Platinum Visa: 5% gas, 1% everything else, plus periodic higher rewards for specific categories

Chase Freedom, Discover More, Citi Dividend: 5% on rotating categories

Citi Forward: 5 points per dollar on restaurants and entertainment <--note: this is a points card, so there are all the asterisks about redemption values

Various airline and hotel cards for those who travel a lot

 

I know there are more, but these are the ones that pop into my head at the moment.

 

I really don't understand the fascination with the Simmons card. Money Mag keeps trumpeting away about it, but I don't really see the substance under the hype.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 10 of 22
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