I don't pay annual fees and this is my current set up:
- BOA: online shopping 3%
- Chase: pharmacy, dining 3%
- NFCU: groceries, gas and transit 3%
- Citi DC: everything else 2%
I just keep the rest alive with subs for diversity & history with lenders in case they come up with a better product.
@Aim_High wrote:Welcome to My Fico Forums @BMW_Jess ... or at least out of the shadows!
Your card lineup and scores are helpful, but tell us more about what you're hoping to achieve. Are you happy with the cards you have now? Have you identified some area of heavier regular spending where you'd benefit from having better rewards, such as a restaurant or gasoline card? Do you like rotating category cards? Do you want higher limit cards or are you happy with your current limits? Do you ever carry balances and want a low-APR card? In the past, have you had any bankruptcies or delinquencies involving any particular lenders? Where do you have current banking relationships? Do you prefer cash back only or would you like to branch out into some form of travel rewards? Are you averse to annual fees or would they be okay as long as you get enough overall value from the card? All of these things might help us give you better suggestions.
I do have one suggestion. While I've enjoyed my Capital One Quicksilver experience overall, I think most everyone (especially those not doing travel point systems) can benefit from a great basic 2% or higher cash-back card. The 1.5% cards are commonplace, but 2% is becoming more and more accessible. Over time, that extra 1/2 or more percentage can add up.
Here is a recent thread discussing some of the better 2% or better cash-back options:
https://ficoforums.myfico.com/t5/Credit-Cards/2-3-Cashback-CB-Credit-Card-CC-List/m-p/6197473
Here is a thread discussing the 5% rotating category cards:
Thank you for the great response! Let's see;
My heavier spending is usually gasoline and restaurant/grocery. My Capital One and Discover both give cash back; and that has been a great reward thus far. I do travel; but I am not sure if I travel enough to look at a card with travel/hotel/flight rewards.
The Lowe's card is the first charge on there since they upped my limit to $35K. It is a 24 month 0% interest deal I took on a new refrigerator. So that balance will probably be paid off in the next year; or sooner if I throw my bonus at it. The Discover card is the only card I am currently carrying a balance on monthly, and it just came out of the 1 year 0% interest. It was new LVP flooring for my entire house.
I have never filed for any bankruptcy, and the only derogatory I have is one item; and it is 5 years old. Medical bill that they failed to charge to my insurance, and now the hospital has went out of business. I have been trying to find someone to fix it; but with no luck so far. It's about $1K.
I am not adverse to a yearly fee; but I would prefer to avoid if possible. I currently bank with CPU Credit Union, but plan to apply to get in with Navy Federal this week. Going to open a checking account with direct deposit from my employer sent there.
I have been slowly getting CLI on these cards; Lowe's started at a $3K offer 2 years ago when I purchased my house. I called in and they raised to to $15K starting; and I am at $35K as of about 3 months ago. I would love to have a larger credit line; Discover has not shown me any love, but I am sure it's due to carrying a balance for the one year I've had the card. Captial One has been only giving out small increases the last year or two.
I will check out the two posts you suggested!
Thank you again for the warm welcome!
@HeavenOhio wrote:Welcome @BMW_Jess.
Could you give us the dates that your accounts were opened… either that or their ages in months or years/months?
Have you been using your QS1 regularly? If so, you might be able to upgrade it to a no-fee card.
Hi! Most of my credit line has been built in the last 2 years.
CPM Credit Card $1500/$0 - Opened 5/17 (No perks; emergency card)
Victoria Secret $4300/$0 - Opened 4/18 (CLI last month; no balance for 2+ years)
Capital One $2400/$1050 - Opened 12/18 (Daily use card; paid down consistently)
Lowes $35000/$3100 - Opened 11/19 (Balance is 0% interest for 2 years; 1 month old)
Discover $5500/$1900 - Opened 5/20 (Just came off 0% interest)
Yes my QS1 is my daily use card; it was the first card I was approved for that was not secured/store.
I was approved for Chase freedom with 3 collections(under $1k), but that was 4yrs ago. Just for reference.
@BMW_Jess wrote:
@Aim_High wrote:Welcome to My Fico Forums @BMW_Jess ... or at least out of the shadows!
Your card lineup and scores are helpful, but tell us more about what you're hoping to achieve. Are you happy with the cards you have now? Have you identified some area of heavier regular spending where you'd benefit from having better rewards, such as a restaurant or gasoline card? Do you like rotating category cards? Do you want higher limit cards or are you happy with your current limits? Do you ever carry balances and want a low-APR card? In the past, have you had any bankruptcies or delinquencies involving any particular lenders? Where do you have current banking relationships? Do you prefer cash back only or would you like to branch out into some form of travel rewards? Are you averse to annual fees or would they be okay as long as you get enough overall value from the card? All of these things might help us give you better suggestions.
I do have one suggestion. While I've enjoyed my Capital One Quicksilver experience overall, I think most everyone (especially those not doing travel point systems) can benefit from a great basic 2% or higher cash-back card. The 1.5% cards are commonplace, but 2% is becoming more and more accessible. Over time, that extra 1/2 or more percentage can add up.
Here is a recent thread discussing some of the better 2% or better cash-back options:
https://ficoforums.myfico.com/t5/Credit-Cards/2-3-Cashback-CB-Credit-Card-CC-List/m-p/6197473
Here is a thread discussing the 5% rotating category cards:
Thank you for the great response! Let's see;
My heavier spending is usually gasoline and restaurant/grocery. My Capital One and Discover both give cash back; and that has been a great reward thus far. I do travel; but I am not sure if I travel enough to look at a card with travel/hotel/flight rewards.
The Lowe's card is the first charge on there since they upped my limit to $35K. It is a 24 month 0% interest deal I took on a new refrigerator. So that balance will probably be paid off in the next year; or sooner if I throw my bonus at it. The Discover card is the only card I am currently carrying a balance on monthly, and it just came out of the 1 year 0% interest. It was new LVP flooring for my entire house.
I have never filed for any bankruptcy, and the only derogatory I have is one item; and it is 5 years old. Medical bill that they failed to charge to my insurance, and now the hospital has went out of business. I have been trying to find someone to fix it; but with no luck so far. It's about $1K.
I am not adverse to a yearly fee; but I would prefer to avoid if possible. I currently bank with CPU Credit Union, but plan to apply to get in with Navy Federal this week. Going to open a checking account with direct deposit from my employer sent there.
I have been slowly getting CLI on these cards; Lowe's started at a $3K offer 2 years ago when I purchased my house. I called in and they raised to to $15K starting; and I am at $35K as of about 3 months ago. I would love to have a larger credit line; Discover has not shown me any love, but I am sure it's due to carrying a balance for the one year I've had the card. Captial One has been only giving out small increases the last year or two.
I will check out the two posts you suggested!
Thank you again for the warm welcome!
1. You should send the credit bureaus verification letters on the medical collection. If the bureaus receive no response verifying the item, they will remove the item from the reports.
2. I'm not sure you should apply for another card now, but when you join NFCU you might want to get their Cash Rewards card. You might also want to consider Citi Custom Cash, DoubleCash, or Premier cards, Chase Freedom Flex or Freedom Unlimited, or Amex Blue Cash Everyday.
@BMW_Jess wrote:
@unsungivy wrote:I mean... what's your actual goal? Looking at the cards you have, you have a flat rate 1.5% with the Quicksilver, and the solid rotator with Discover It. The others are store cards.
Are you looking for cards that will help your get more back out of your normal spend patterns (such as cards for groceries, gas, dining, travel), or just cards to improve your credit for the sake of improving it with high spend limits, such as NFCU doles out?
Are you looking to cover your bases with "types" of cards (Visa, amex, MC, disco)... or? How do you feel about annual fees? Cashback vs points?
I think that is part of what I am trying to figure out. I would love to get back more for my normal spending; but I am also wanting to grow my record with more banks. 5 years ago I was homeless with a 400 credit score, 2 years ago I bought my first home, and I have been consistently trying to continue my upward trend of gaining trust and credit.
I have went with cashback; as I am not too confident in the points systems. I figured starting out cashback was a clear cut way to get my feet wet, but I have read a lot here and am determined to learn even more.
Thank you for the great thought inducing questions!
Thats amazing!!! You can definitely be super proud of everything you've done for yourself!!
Others have thrown out some good points, such as being mindful of the Chase 5/24 rule, and US Bank being a first app if that's a goal for you.
As you have said that you are going to be joining Navy, I would recommend you apply for their More Rewards card when you do so (or soon after), since that will already be an association you're making. The card will give you 3x back in gas/transit, groceries, and dining... which will cover most of your major bases, and does not have a FTF or annual fee. (I have the BoA customized cash card myself, since you mentioned online shopping... but I think you would benefit more from your "daily" expenses to start.) Additional bonuses to More Rewards cards in your case: it's an AMEX, which you do not have yet, and it's technically a "points" system, but one that you can redeem for 1:1 cashback... that will give you the chance to get your toes wet in a points system without "risk" of the full points game. And of course, Navy seems to be a fan favorite around here for giving out large credit limits and customer service (I think?).
Biz - 
