Last 5/24 slot and other questions

[Anonymous]

Hello everyone.

One of the primary reasons I am interested in credit cards are due to the lucrative sign-up bonuses (along with all the other perks, of course). I've been trying to figure out a good strategy for getting some more sign-up bonuses, and I could use some advice. First some background, I am a grad student working part time and making around 30k yearly. I got my first credit card 18 months ago (had no credit history before then), and AAoA is at 9 months currently. My total credit limits are at 31k, and utilisation is around 2%. TU score is 746, and EX is 740.

As I have 4 other cards in the last 2 years, and considering I already have the Freedom (opened Aug 16, 500 limit) and CSP (opened Apr 17, 6k limit), I was planning to apply for the FU next before 5/24 comes into play. When would be a good time to apply for that one so that I have good chances of approval and can get a decent credit limit (say 4-5k)? I don't need more credit overall, but wouldn't mind getting a decent limit with Chase so that I can transfer some over to the Freedom, which I do use a lot.

Once that is done, what are some other cards I could look into? I would probably apply to around 2-3 cards in a year, won't really go overboard. I would prefer not to go for too many AF cards, as I don't use hotels or fly out too often and would definitely not keep them beyond a year. However, if it is an good deal for the first year, I'll consider it. The CSP is good enough for my current purposes anyway.

Also, considering that my available credit limit is already at 100% of my income, could that result in denials for applications? My BCE is at 15k and Disco at 10k. Would I have to get them reduced?

[MrDisco99]

Sounds like you're going for the Chase trifecta, which is probably what I would do if I was in your position (I am WAY over 5/24).

Once you've got that, you probably have the best rewards combination you can get from anywhere.  If you're looking to save your UR points for travel, I'd just use those three cards exclusively and rack up points until you can fly somewhere awesome.

If, however, you're more interested in cash back then things get more interesting.  You already have a BCE, Freedom, and Discover which are also excellent cash back cards (especially the first year on Discover).  The next card to get in that case would be the Citi Double Cash.  It has no signup bonus, but it gives you 2% back on everything along with excellent shopping protection benefits.  It's a benchmark basic cash back card that will weed out lots of other lower earning cards.

If you spend lots (over $3200) on groceries, the $95 AF would be worth it to upgrade the BCE to a BCP.  You'll get offers for that once you've had the BCE for a year.  If not, then you might consider adding a BoA cash rewards card for a bump in your earnings rate on gas.

As for getting approved, having existing limits may help.  For example, if you're having trouble getting approved for a Freedom Unlimited, you could call Chase and offer to move some of your existing credit to facilitate an approval.  I did that last week to get my IHG card.

[Anonymous]

I have been considering the BoA cash rewards for gas. Is that the best rate you can get for gas? Also, do you guys just leave a gas card in the car? I don't really see myself carrying one in my wallet all the time. 

So AMEX gives upgrade offers for the BCP? Didn't know that. That would effectively pay for the AF for one year, right?

I do intend to get the Double Cash, but maybe only after I graduate. I don't put nearly enough spend on cards for that to make sense over any card with a sign-up bonus. I  plan to stick to the Chase trifecta for most purchases.

What are folks opinions on Cap1? I thought of getting one, but then decided that if I'm getting a FU, the Quicksilver would be a bit of a redundant card. Does that card have any other unique perks?

I would really prefer getting some extra credit limit on the FU (4k or so is fine) so that I can move some over to the F. I wanted to get an estimate as to how long I would have to wait for that. Wait till I have 6 months of payments on the CSP and AAoA crosses 1 year?

[Anonymous]

Also, is an SSL a recommended technique for someone in my situation? I do have an account with Alliant for their high rate savings.

I don't have any installment loans currently. I don't really think I need a higher score, but would having an SSL to show installment loan history help to get a lower interest rate if I applied for a car loan or lease sometime down the line, or is credit card history good enough?  

[Anonymous]

There are a couple options for gas... 3/2/1 works okay but there can be better. Costco is 4% and Sams club is 5% if you are a member of either. I burn thru a lot of gas so the extra savings on the sams club covers my membership fee. Chase AARP is also 3%. one of the popular credit union cards is also 5%, I cant remember which at the moment but someone will surely chime in with it.

As for the SSL, yes unless you already have some type of installment loan (student,car etc) Alliant CU will do a 500 dollar SSL and stretch it over 4 years.