Looking for a little guidance, thank you in advance. 
So here is what I currently have, with their respective limits:
Chase Freedom Visa - $5800
Discover IT - $5500
Synchrony Fleet Farm Visa - $5500
Costco Go Anywhere Visa - $5000
AMEX Blue Cash Everyday - $23,300
Citi Double Cash Mastercard - $2600
For reference, I am in my upper 20's and my overall CL of $47,700 is just a couple thousand more than my annual income.
First off, how am I doing? I'm very happy with where I'm at, but looking for some advice as well. CL's are more than sufficient for most cards (though I plan to request CLI every 6 months for good measure).. Then only card that I need to be careful about staying below 30% Util on is my Citi Double Cash.. 30% of $2600 is just $780.. I'd like to see that one increase down the road.
I previously was an Authorized User on a Chase Freedom for many years that had a $15000 limit. I was removed late last year and started my own credit building then.. so all of these cards are less than a year old. My Fico scores started in the 760 range at that time, but with all the new accounts have dropped some as expected. I get my TU, Exp, and Eq Fico scores from my Discover, AMEX, and Mastercard (respectively) for free. They are 737, 721, and 715 in the same order. My plan is to garden for at least 6 month to get them back closer to 800 with responsible use. I'm simply looking to see what is out there to fill a couple categories of my larger expenses for when that time comes.
Currently, I use my Freedom and Discover It for their rotating 5%categories. I generally fill up gas at Fleet Farm, since I can buy ethanol free fuel in midgrade and my truck tends to run better with ethanol free fuel (as well as all my toys), I also shop there enough anyway and it gives 4% back on any purchase. I JUST joined Costco and am awaiting the new card to get 4% at any other gas station- and plan to try their fuel as it's much cheaper (regular was 2.28 yesterday compared to 2.50 anywhere else- I'd also get 2% back with my membership and another 4% with my card!). I also plan to use it for restaurants, hotels, and airfare @ 3% back in each of those categories. (when the rotating cards don't cover it). My BCE actually sees the least love as my GF does most of the grocery shopping and does so at Walmart.. But I wanted to get "in" at AMEX- they offered me the largest CL by FAR, and it's no annual fee.. basically using it to pay my $40 electric bill recurring so it shows use... and the occasional groceries if I do happen to stop. My Citi Double Cash handles the rest at 2% back on everything else. I also PIF for each card every month and will continue to. I don't use my card unless I have the funds available in my checking/savings to cover it... often I pay down balances mid cycle even..
I was interested in the BofA Better Balance card to just set up autopay with netflix at 11.99/mo and get $100 back per year.. (11.99 X 12 = 143.88 and 100/143.88= 69.5% back with very little effort).... but recieved my FIRST Denial 
I plan to try to recon... but either way it's a sign that it's time to garden. It is currently on my 'want list' next to the US Bank Cash+ card which I would use for Department Stores and Sporting Good Stores @ 5%. Besides considering the BofA Better Balance and the US Bank Cash+, what else should I be looking at?
By far the biggest two unfilled spending categories for me are 'Rent/Utilities/Internet' AND 'Home Improvement'.
-My Rent does charge a $23 fee to pay with plastic.. rent is $680, so @ 23 / $705 = 3.3%, I'd need at least 4% somehow to make that make sense. Since I can pay for utilities and Internet with no additional fee, anything more than my 2% Double Cash would let me come out ahead.
-I know the lowes card gives 5% back, but we do not have a lowes, only Menards and Home Depot. Neither of their store cards are appealing or offer more than the 2% my Double Cash offers. I do spend enough at both these stores, so something better would be great.
I'd like to stay away from 'Business' cards if at all possible, as I don't know what the future brings, and I don't want to be questioned about using it for personal use. While Sign-up bonuses are fun, I'm really more looking for long term potential. I know some will say to not spread so thin- but again, I'm it for the long term potential. To my knowledge, rewards dont expire on active accounts and I don't mind waiting if I'll get more rewards in the long run. In fact, I get my jollies off by getting the most back.
TL;DR? Any Cards out there that offer 4% or better on Rent/Utilities/Internet and/or Home Improvement stores year round?
I do not travel frequently. When I do I am driving and pulling a boat so airfare rewards do not appeal to me... I also am not loyal to any hotel chain, so would like to keep it to cash back, gift cards, etc. Gardening for at least 6 months...but a guy can dream, right?
My goal is to get my lineup done by this time next year.. then hold off for a few years as I plan to finance a new vehicle and house within the next 5 years and would like to have 12-24 months without inquiries when I do so.
You have a lot of good cards already. Garden for what you want. You can probably get the cards you want this time next year, which would still leave plenty of time for all the inquiries to fall off and die come mortgage time.
All i can say is....NICE!!!.
You seem to have a very nice lineup with Chase, Sync, Discover, Cit and Amex. A very Big Boys/Girl wallet!.
I agree with CatofSpades, if you garden a bit your scores will rise again snd the world will be your oyster Best of luck.
You seem to have a very nice lineup with Chase, Sync, Discover, Cit and Amex. A very Big Boys/Girl wallet!.
I agree with CatofSpades, if you garden a bit your scores will rise again snd the world will be your oyster
Best of luck.
I think you are in a prettt good spot and gardening will make it even better. I think you have a solid lineup, although I was going to mention something along the lines of BoA, until I read the oart of your denial.
@Anonymous wrote:Looking for a little guidance, thank you in advance.
So here is what I currently have, with their respective limits:
Chase Freedom Visa - $5800
Discover IT - $5500
Synchrony Fleet Farm Visa - $5500
Costco Go Anywhere Visa - $5000
AMEX Blue Cash Everyday - $23,300
Citi Double Cash Mastercard - $2600
For reference, I am in my upper 20's and my overall CL of $47,700 is just a couple thousand more than my annual income.
First off, how am I doing? I'm very happy with where I'm at, but looking for some advice as well. CL's are more than sufficient for most cards (though I plan to request CLI every 6 months for good measure).. Then only card that I need to be careful about staying below 30% Util on is my Citi Double Cash.. 30% of $2600 is just $780.. I'd like to see that one increase down the road.
I previously was an Authorized User on a Chase Freedom for many years that had a $15000 limit. I was removed late last year and started my own credit building then.. so all of these cards are less than a year old. My Fico scores started in the 760 range at that time, but with all the new accounts have dropped some as expected. I get my TU, Exp, and Eq Fico scores from my Discover, AMEX, and Mastercard (respectively) for free. They are 737, 721, and 715 in the same order. My plan is to garden for at least 6 month to get them back closer to 800 with responsible use. I'm simply looking to see what is out there to fill a couple categories of my larger expenses for when that time comes.
@Currently, I use my Freedom and Discover It for their rotating 5%categories. I generally fill up gas at Fleet Farm, since I can buy ethanol free fuel in midgrade and my truck tends to run better with ethanol free fuel (as well as all my toys), I also shop there enough anyway and it gives 4% back on any purchase. I JUST joined Costco and am awaiting the new card to get 4% at any other gas station- and plan to try their fuel as it's much cheaper (regular was 2.28 yesterday compared to 2.50 anywhere else- I'd also get 2% back with my membership and another 4% with my card!). I also plan to use it for restaurants, hotels, and airfare @ 3% back in each of those categories. (when the rotating cards don't cover it). My BCE actually sees the least love as my GF does most of the grocery shopping and does so at Walmart.. But I wanted to get "in" at AMEX- they offered me the largest CL by FAR, and it's no annual fee.. basically using it to pay my $40 electric bill recurring so it shows use... and the occasional groceries if I do happen to stop. My Citi Double Cash handles the rest at 2% back on everything else. I also PIF for each card every month and will continue to. I don't use my card unless I have the funds available in my checking/savings to cover it... often I pay down balances mid cycle even..
@I was interested in the BofA Better Balance card to just set up autopay with netflix at 11.99/mo and get $100 back per year.. (11.99 X 12 = 143.88 and 100/143.88= 69.5% back with very little effort).... but recieved my FIRST Denial
By far the biggest two unfilled spending categories for me are 'Rent/Utilities/Internet' AND 'Home Improvement'.
@-My Rent does charge a $23 fee to pay with plastic.. rent is $680, so @ 23 / $705 = 3.3%, I'd need at least 4% somehow to make that make sense. Since I can pay for utilities and Internet with no additional fee, anything more than my 2% Double Cash would let me come out ahead.
-I know the lowes card gives 5% back, but we do not have a lowes, only Menards and Home Depot. Neither of their store cards are appealing or offer more than the 2% my Double Cash offers. I do spend enough at both these stores, so something better would be great.
I'd like to stay away from 'Business' cards if at all possible, as I don't know what the future brings, and I don't want to be questioned about using it for personal use. While Sign-up bonuses are fun, I'm really more looking for long term potential. I know some will say to not spread so thin- but again, I'm it for the long term potential. To my knowledge, rewards dont expire on active accounts and I don't mind waiting if I'll get more rewards in the long run. In fact, I get my jollies off by getting the most back.
TL;DR? Any Cards out there that offer 4% or better on Rent/Utilities/Internet and/or Home Improvement stores year round?
I do not travel frequently. When I do I am driving and pulling a boat so airfare rewards do not appeal to me... I also am not loyal to any hotel chain, so would like to keep it to cash back, gift cards, etc. Gardening for at least 6 months...but a guy can dream, right?
My goal is to get my lineup done by this time next year.. then hold off for a few years as I plan to finance a new vehicle and house within the next 5 years and would like to have 12-24 months without inquiries when I do so.
IMHO your best best is to NOT add any more cards, and let everything age.
