Credit Limit Increase... on the way to improving my score

[Anonymous]

Desertlife, you have an non AMEX issued AMEX.  As such all my advice on AMEX does not apply so ignore it.  The USAA Amex is a nice card, but doesn't have the AMEX issued AMEX benefits.  This means to you, no backdating and you did take hard pull on Equifax.  So if I was you, I would apply for only 2 cards.

1) The more expensive Alaska Card you mention is only worthwhile in one way.  The companion ticket is basically unrestricted.  So if you bought a discounted first class ticket on Alaska, you would receive another first class ticket on same flight for $99.  So if you have expensive airline ticket upcoming on Alaska, this makes the card worthwhile.  Otherwise it is just mediocre.  Don't be fooled that they say you can get miles on other airlines.  It is just referring to the fact that you can use your Alaska miles with their airline partners (not the same thing).

2) CSP is still good deal for you.  You get 2 pts on every dollar spent on travel expenses so you would still get 2 miles per dollar even on Alaska flights as well as every other airline, car rental, hotel, etc.

3) App for real AMEX from Amex.  My recommendation is not to do Blue Sky.  The real superior cards from AMEX is either the Blue Cash Preferred (5% on grocery, 3% on gas/department stores, 1% on everything else) and AF (annual fee) of $75 dollars, but you get $150 dollars back for spending 1k in 3 months.  BCE is no AF but lower rewards and only $100 back for 1k in 3 months.  The other great AMEX card is Starwood Preferred Guest (SPG) card.  The main reason the SPG is great is that SPG points is one of the best hotel reward programs out there.  One you can use at Starwood hotels, but more importantly you can change SPG points into airline miles with the most airlines I have seen at good conversion rates.

The big thing is 3 cards will help you maximize your FICO over time.  However, expect to take a FICO hit for new accounts, new inquiries, and reduced AAoA.  This will be offset by FICO gains for having 3 revolving trade lines.  Additionally, you will probably have less problems in future with bigger credit products as under manual review, you will not have a "thin" file.

[JusdoNit]

$5k increases always look good.  Looking real good.

[DesertLife]

DaveSignal,

Thanks for the advice on this. I was kind of stoked from the CLI, so I decided to go for the CSP card and got approved online. They didn't tell me how much or anything, but said the card is coming in the mail in 7-10 days.

I guess my question is now, should I wait on applying for other cards for another month, or go ahead and go for an AMEX now?

[Anonymous]

Go for the AMEX now .  Good luck

[injustifiiable]

I'd go ahead and apply now...might as well get all the inquiries over and done with so they could age at the same time.

[DesertLife]

Crashem,

Thanks for advice on the Alaska cards, that makes sense. On the website for the Blue Cash Preferred it appears the rewards are: 3% grocery; 2% gas station; 2% dept stores; 1% everything else. I would have preferred the terms you mentione (5% grocery; 3% gas/dept) but still sounds good. The Starwood also looks good. Wow, I don't know which to choose, other than the Blue Cash seems a bit better b/c of cash back on purchases.

I understand that I'll see a hit in the short-term, but do hope this will benefit me in the long term.

Thanks again, this is really helpful.

[Anonymous]

Sorry Desertlife.  You are looking at the no AF Blue Cash Everyday card.  There is also a Blue Cash Preferred Card with the higher rewards (my mistake on groceries as it is 6% not 5%) but AF of $75.  On the upside you get $150 with BCP and $100 with BCE so really only $25 difference for first year.  So if you think reward difference will earn you more than $25 dollars, then worth it.

[DesertLife]

Well I applied for the AMEX online too. They said they'll notify me within 7-10 days if I've been approved. I thought it was instant approval, but guess I was wrong. Anyway, now that the CSP should be on it's way, I'll have to wait and see about the AMEX BCP.

[SwiftTone]

You can call and get the CSP overnighted if you like, free of charge

[TNTransplant]

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@DesertLife wrote:

Well I applied for the AMEX online too. They said they'll notify me within 7-10 days if I've been approved. I thought it was instant approval, but guess I was wrong. Anyway, now that the CSP should be on it's way, I'll have to wait and see about the AMEX BCP.

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Don't wait to find out.  I got the 7-10 day message also, but you can check online and instantly see if you are approved.  Fingers crossed for you...

Amex Approval