I have excellent credit, but I have some questions

[Gollum]

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@galahad15 wrote:

Have you considered the new Blispay card, with 2% automatic/instant cashback and 6-month 0% deferred interest financing on purchases over $199?

As far as FICO scores, I usually purchase the Score 3B report here on myfico.com, since it gives all the CRA reports plus scores. 

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It looks to me as though the Blispay card is part store card, so I don't want it, but thanks for the suggestion.  I finally realized that the FICO Score 1B just means one credit Bureau. Duh to me.

[Gollum]

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@takeshi74 wrote:

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@Gollum wrote:

Is there a better rewards CC for me than the American Express Blue Cash Everyday? 

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Better is always highly subjective regardless of topic.  It's not just a matter of the card itself but your needs/wants.  Assuming that rewards on spend are a priority you need to start with your spend.  Where is the majority of your money going?  Which cards maximize rewards on that spend?  Do the math and determine the rewards that you would stand to accrue.

If your grocery spend is high enough then the Blue Cash Preferred could be a better fit, for example.  Don't just avoid AF's.  Consider total cost/benefit.  If groceries aren't one of your biggest spend categories then you should focus on categories that are.

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@Gollum wrote:

I don't want a MasterCard, a Discover card, or another Capital One card or another Simmons First card.

Why not?  Why are you selecting a payment network or creditor first?

Sort out your needs/wants.  Use that to select specific products that suit you.  Don't select the payment network or creditor first and then try to justify a card with one of them.

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@Gollum wrote:

Which one-time FICO score should I buy?

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If you want to know where you stand versus a creditor/product that you intend to apply for then find out which model & CRA is used for the credit decision for that product (Google the Credit Pulls Database) and go pull that specific score, if available.

Don't just assume that you can rely on one FICO model for all creditors and products out there.  They don't all use the same model.  The don't all use FICO.  Again, you're approaching things backwards.

However, keep in mind that it's never just about score.  Your entire credit profile matters.

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@Gollum wrote:

I'm not averse to getting another VISA card, but the American Express Blue Cash Everyday seems appealing to me because it seems to have realatively "good" rewards, and it's on the above list of participating banks for Android Pay. I'm not very enthused about getting 75 cents back on a $25 grocery store purchase, or 15 cents back on a $15 gasoline purchase, but I sorta like the idea of getting an American Express card, and I sorta like the way the Blue Cash Everyday card looks. 

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Good is also subjective.  Don't rely on a broad generalization about good when it comes to rewards.  Run the numbers for your spend.  Rewards are by their nature going to be a small percentage of your spend.  That's why you need to select rewards programs that will maximize rewards for your biggest spend categories.  Focus on where you money is going.  5% does sound great but 5% of 0 is 0.  5% is very little spend is an even tinier fraction of that spend.  Depending on the details it's possible to see better return on a card that offers a lower % assuming that you have more spend in the category.   If most of your spend is non-category then look at the 1.5% and 2% cards.

Don't select AmEx or any creditor/card just because of the branding or what the card looks like.  Select products that suit your specific needs/wants.

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I checked the Credit Pulls Database (thanks for the suggestion), and it looks like the solid majority of credit pulls in my state for American Express are Experian, so I just got my Experian FICO Score from myfico.com. That score is 839. I currently have a $2100 balance on my $7500 limit Simmons First VISA Platinum, so I'm pleased that my FICO Score is 839. I had been planning to pay my Simmons First bill in full by the due date (I do that every month), then check my FICO score again, then apply for the American Express Blue Cash Everyday CC. Now I'm thinking I might as well apply right away, since applying when/if my FICO score is higher than 839 seems unnecessary.

[Anonymous]

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@Gollum wrote:

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@takeshi74 wrote:

---

@Gollum wrote:

Is there a better rewards CC for me than the American Express Blue Cash Everyday? 

---

Better is always highly subjective regardless of topic.  It's not just a matter of the card itself but your needs/wants.  Assuming that rewards on spend are a priority you need to start with your spend.  Where is the majority of your money going?  Which cards maximize rewards on that spend?  Do the math and determine the rewards that you would stand to accrue.

If your grocery spend is high enough then the Blue Cash Preferred could be a better fit, for example.  Don't just avoid AF's.  Consider total cost/benefit.  If groceries aren't one of your biggest spend categories then you should focus on categories that are.

---

@Gollum wrote:

I don't want a MasterCard, a Discover card, or another Capital One card or another Simmons First card.

Why not?  Why are you selecting a payment network or creditor first?

Sort out your needs/wants.  Use that to select specific products that suit you.  Don't select the payment network or creditor first and then try to justify a card with one of them.

---

@Gollum wrote:

Which one-time FICO score should I buy?

---

If you want to know where you stand versus a creditor/product that you intend to apply for then find out which model & CRA is used for the credit decision for that product (Google the Credit Pulls Database) and go pull that specific score, if available.

Don't just assume that you can rely on one FICO model for all creditors and products out there.  They don't all use the same model.  The don't all use FICO.  Again, you're approaching things backwards.

However, keep in mind that it's never just about score.  Your entire credit profile matters.

---

@Gollum wrote:

I'm not averse to getting another VISA card, but the American Express Blue Cash Everyday seems appealing to me because it seems to have realatively "good" rewards, and it's on the above list of participating banks for Android Pay. I'm not very enthused about getting 75 cents back on a $25 grocery store purchase, or 15 cents back on a $15 gasoline purchase, but I sorta like the idea of getting an American Express card, and I sorta like the way the Blue Cash Everyday card looks. 

---

Good is also subjective.  Don't rely on a broad generalization about good when it comes to rewards.  Run the numbers for your spend.  Rewards are by their nature going to be a small percentage of your spend.  That's why you need to select rewards programs that will maximize rewards for your biggest spend categories.  Focus on where you money is going.  5% does sound great but 5% of 0 is 0.  5% is very little spend is an even tinier fraction of that spend.  Depending on the details it's possible to see better return on a card that offers a lower % assuming that you have more spend in the category.   If most of your spend is non-category then look at the 1.5% and 2% cards.

Don't select AmEx or any creditor/card just because of the branding or what the card looks like.  Select products that suit your specific needs/wants.

---

I checked the Credit Pulls Database (thanks for the suggestion), and it looks like the solid majority of credit pulls in my state for American Express are Experian, so I just got my Experian FICO Score from myfico.com. That score is 839. I currently have a $2100 balance on my $7500 limit Simmons First VISA Platinum, so I'm pleased that my FICO Score is 839. I had been planning to pay my Simmons First bill in full by the due date (I do that every month), then check my FICO score again, then apply for the American Express Blue Cash Everyday CC. Now I'm thinking I might as well apply right away, since applying when/if my FICO score is higher than 839 seems unnecessary.

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If it's the only card you have reporting, your score will drop when the balance reports zero. Better to leave a couple bucks on it.

[Turbobuick]

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@Anonymous wrote:

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If it's the only card you have reporting, your score will drop when the balance reports zero. Better to leave a couple bucks on it.

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Is this a proven reality? Even so, why pay interest to keep 839 instead of 830 in this instance?

[Ghoshida]

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@Anonymous wrote:

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@Gollum wrote:

---

@takeshi74 wrote:

---

@Gollum wrote:

Is there a better rewards CC for me than the American Express Blue Cash Everyday? 

---

Better is always highly subjective regardless of topic.  It's not just a matter of the card itself but your needs/wants.  Assuming that rewards on spend are a priority you need to start with your spend.  Where is the majority of your money going?  Which cards maximize rewards on that spend?  Do the math and determine the rewards that you would stand to accrue.

If your grocery spend is high enough then the Blue Cash Preferred could be a better fit, for example.  Don't just avoid AF's.  Consider total cost/benefit.  If groceries aren't one of your biggest spend categories then you should focus on categories that are.

---

@Gollum wrote:

I don't want a MasterCard, a Discover card, or another Capital One card or another Simmons First card.

Why not?  Why are you selecting a payment network or creditor first?

Sort out your needs/wants.  Use that to select specific products that suit you.  Don't select the payment network or creditor first and then try to justify a card with one of them.

---

@Gollum wrote:

Which one-time FICO score should I buy?

---

If you want to know where you stand versus a creditor/product that you intend to apply for then find out which model & CRA is used for the credit decision for that product (Google the Credit Pulls Database) and go pull that specific score, if available.

Don't just assume that you can rely on one FICO model for all creditors and products out there.  They don't all use the same model.  The don't all use FICO.  Again, you're approaching things backwards.

However, keep in mind that it's never just about score.  Your entire credit profile matters.

---

@Gollum wrote:

I'm not averse to getting another VISA card, but the American Express Blue Cash Everyday seems appealing to me because it seems to have realatively "good" rewards, and it's on the above list of participating banks for Android Pay. I'm not very enthused about getting 75 cents back on a $25 grocery store purchase, or 15 cents back on a $15 gasoline purchase, but I sorta like the idea of getting an American Express card, and I sorta like the way the Blue Cash Everyday card looks. 

---

Good is also subjective.  Don't rely on a broad generalization about good when it comes to rewards.  Run the numbers for your spend.  Rewards are by their nature going to be a small percentage of your spend.  That's why you need to select rewards programs that will maximize rewards for your biggest spend categories.  Focus on where you money is going.  5% does sound great but 5% of 0 is 0.  5% is very little spend is an even tinier fraction of that spend.  Depending on the details it's possible to see better return on a card that offers a lower % assuming that you have more spend in the category.   If most of your spend is non-category then look at the 1.5% and 2% cards.

Don't select AmEx or any creditor/card just because of the branding or what the card looks like.  Select products that suit your specific needs/wants.

---

I checked the Credit Pulls Database (thanks for the suggestion), and it looks like the solid majority of credit pulls in my state for American Express are Experian, so I just got my Experian FICO Score from myfico.com. That score is 839. I currently have a $2100 balance on my $7500 limit Simmons First VISA Platinum, so I'm pleased that my FICO Score is 839. I had been planning to pay my Simmons First bill in full by the due date (I do that every month), then check my FICO score again, then apply for the American Express Blue Cash Everyday CC. Now I'm thinking I might as well apply right away, since applying when/if my FICO score is higher than 839 seems unnecessary.

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If it's the only card you have reporting, your score will drop when the balance reports zero. Better to leave a couple bucks on it.

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OP doesn't PIF before statement cut, but rather pays previous statement balance in full by the due date. That'll leave enough from the current month usage to report. Not PIF by due date causes interest payment.

OP, your previous experience with Mastercard is more regards to the bank and not so much to do with the network.

Anyway also check the pre-qualified offers page with Chase. They have some great products and often pull Experian, where you're doing well.

[Anonymous]

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@Gollum wrote:

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@galahad15 wrote:

Have you considered the new Blispay card, with 2% automatic/instant cashback and 6-month 0% deferred interest financing on purchases over $199?

As far as FICO scores, I usually purchase the Score 3B report here on myfico.com, since it gives all the CRA reports plus scores. 

---

It looks to me as though the Blispay card is part store card, so I don't want it, but thanks for the suggestion.  I finally realized that the FICO Score 1B just means one credit Bureau. Duh to me.

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This is not true. Blispay is not a store card at all. It is a Visa with 2% across the board AND 0% 6 months NP NI on ALL and ANY Purchase over $199.00

[Anonymous]

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@Anonymous wrote:

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@Gollum wrote:

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@galahad15 wrote:

Have you considered the new Blispay card, with 2% automatic/instant cashback and 6-month 0% deferred interest financing on purchases over $199?

As far as FICO scores, I usually purchase the Score 3B report here on myfico.com, since it gives all the CRA reports plus scores. 

---

It looks to me as though the Blispay card is part store card, so I don't want it, but thanks for the suggestion.  I finally realized that the FICO Score 1B just means one credit Bureau. Duh to me.

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This is not true. Blispay is not a store card at all. It is a Visa with 2% across the board AND 0% 6 months NP NI on ALL and ANY Purchase over $199.00

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+1 - Blispay is NOT a store card, it is a Visa. But OP seems to have his mind made up already and wants the Amex BCE - so good luck!

[Anonymous]

I'll join an earlier post and suggest the BCP instead of BCE. My spending is modest compared to many on this board, and I'll still come out ahead despite the AF. Good luck with your choice, OP. Great credit score! 

[Gollum]

I applied online for the American Express Blue Cash Everyday CC, and was approved within a few seconds. The credit limit is $7500. I didn't want that high a credit limit. I'd prefer a $1000 credit limit for this card, because (so far, at least) I plan to only use it for Android Pay (where I see the little symbol on the pay terminal/whatever) and gasoline purchases using the plastic card at the pump. I only got this card because I want to use Android Pay with my smartphone, my only current choice for Android Pay currently is my Capital One CC, and I don't want to give any more business to Capital One.

For anyone who is wondering how to enter the seeming stratosphere of creditworthiness: My annual income is currently $42,700. I have been fortunate enough to have been able to pay my bills on time for the last twenty years or so.

[Anonymous]

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@Gollum wrote:

I applied online for the American Express Blue Cash Everyday CC, and was approved within a few seconds. The credit limit is $7500. I didn't want that high a credit limit. I'd prefer a $1000 credit limit for this card, because (so far, at least) I plan to only use it for Android Pay (where I see the little symbol on the pay terminal/whatever) and gasoline purchases using the plastic card at the pump. I only got this card because I want to use Android Pay with my smartphone, my only current choice for Android Pay currently is my Capital One CC, and I don't want to give any more business to Capital One.

For anyone who is wondering how to enter the seeming stratosphere of creditworthiness: My annual income is currently $42,700. I have been fortunate enough to have been able to pay my bills on time for the last twenty years or so.

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Congratulations!!