Few quality cards vs. Many cards

[Adiff]

Hello,

After reading more through the forum I have notice that there are many ways to build your CC portfolio. I currently have two CC's with moderate limits and a few smaller cards with lower limits in which I intend to stop using. I want to build my CC portfolio with high quality cards with high limits. I like the Chase, Barclays, etc with 5-10K limits.

My credit score is currently 642, however using the fico simulator my score will jump to 720-780 after I pay down my balances over the next few months.

What strategy should I implement after my score jumps to put myself on a path to have 5 or 6 total cards with 50k+ in balances in the next two years?

Also, will it be possible to get into the 800's while apping being that my current fico simualtion says that I should be over 800 in 24 months?

My current CCs are

Discover Cashback Bonus - 500 (is this a good card? got it a while back while rebuilding, now all I see is the IT card?)

Capital One Platinum - 3000

Capital One Platinum (former OB) - 300

Credit Union - 2500

[Beane]

You may want to see about getting your Discover converted to the IT card and you may be able to get one or both of the Capital One cards converted to Quicksilver or Venture if either of those appeal to you.  You may have trouble getting high limits with Chase or Barclay initially if you don't already have a card above 5k.  I was able to recon a CL with Barclay, but I already had a card with a high limit.  I didn't bother with Chase because I already had enough HPs from getting my Freedom and car loan.

What is your goal with the credit.  To just have a fat stack of high limit cards or do you want to use them for cash back or travel rewards?  Seems like if you just want high limits most people tend to go for Credit Union cards (NFCU, PenFed, OCCU). 

[myjourney]

There's no one size fits all but it takes time for scores and limits to increase

The best way 

Don't get any baddies

Pay bills on time

Don't apply for new credit but instead seek CLi's 

Sit back and relax until your portfolio grows

[Adiff]

@Beane

My goal is to build a nice CL then let the account to mature. For rewards, and security

[Adiff]

@myjourney

So you suggest no apps, just CLIs?

[myjourney]

---

@Adiff wrote:

@myjourney

So you suggest no apps, just CLIs?

---

Yes if you have good cards and the rewards suit you then time is what you need to achieve your goals 

[Adiff]

Ok thanks for your help. I will just chill and ask for increases on my current cards for now.

[Beane]

If you can convert your Discover to IT you'll get the 5% rotating bonus and maybe they can check for a soft pull CLI for you when you talk to them.

For the Cap1, it seems people have good luck contacting the EO for PC and CLI.  You can try to get the rewards card that suits you and try for the CLI.  Doesn't hurt to ask if they can do it via soft pull also.

Then give it 6-12 months and apply for other cards that may suit your needs like AMEX BCE/BCP or Chase Freedom or CSP.

[longtimelurker]

---

@myjourney wrote:

---

@Adiff wrote:

@myjourney

So you suggest no apps, just CLIs?

---

Yes if you have good cards and the rewards suit you then time is what you need to achieve your goals 

---

Yes, that is a valid approach.  The things to be aware of:

1) Good cards don't always stay good (nerfing), so monitor that and prepare to apply for a different one if that happens

2) Better cards (sometimes) come along.  So also look out for cards that suit you better than your existing ones.  Then it becomes a question of personal choice, e.g. if these rewards are slightly better, is it better enough (with my spend) to counter the cost of the HP and the new account.    And will the better rewards stay better (see #1!)

3) By just doing CLIs, you are missing out on sign up bonuses.  You may also want to make sure you have adequate issuer and network diversity.  Some are happy without this, though

[Adiff]

@longtimelurker

Ok that sounds legit.

I guess I just have to be patient because the CL increases may be small so may take it may take time to arrive at the thresholds I want. My one capital one is at 300, and I have had it a while, but I doubt that they will push it to 5,000 unless it is small incremental bumps, but maybe I'm wrong.