cancel
Showing results for 
Search instead for 
Did you mean: 

My Credit Strategery I mean strategy

tag
Anonymous
Not applicable

My Credit Strategery I mean strategy

Background-  I joined Fico 2 years ago when I started the mortgage process.  My scores were in the 600s, just because I didn't know anything about how credit cards.  At the age of 59 I only had one card, that my wife and I had picked up in 1977.  We never used it.  Our depression era parents taught us credit was mostly bad, and that was how we rolled.

 

The people handling our mortgage looked over our credit report and advised we needed more revolving credit to help our scrores so we could get the best deals.  Despite having a paid up mortgage, 1 paid off car and no debt, our scores were mediocre.  In fact our report showed not a single activity in 5 years.  I was referred to a in house credit helper.  Long story short I was able to pick up a few prime cards, used them smartly and improved our scores 7 months later to the 700s at closing.  I now how to use my cards to save me money and make them work for me.  I joined FICO to help me monitor my scores and to learn how to operate in the credit card business.

 

Armed with knowledge, and after closing our house I set out to get even better.  In the past  year I added several more prime cards.  Freedom, Quicksilver, Double Cash, Chase AARP, Sallie Mae, Venture, AME Everyday, and most recently the Barclay CashForward.  CL ranges from 5k to 20k,depending on the card.

 

Currently-  I do most everything via credit card, running about 2k a month through the 2 or 3 I keep in my wallet with the others socked up.

 

My present strategy and the cards I use them for.  Any card not mentioned is on the shelf with a 0 balance.  I use only one card for auto drafts.  A few months ago I had them spread out over 3 cards and it was hard to keep up with things.

 

My current scores are in the mid 700s.

 

The AARP- A vastly underated card.  My wife and I eat out ALOT.  That is all we use this card for.  The 3% cashback is great.  Go to Outback and ask for the 15% aarp discount.  Even though we are not members, I still get it.  Combine it with the 3% back and I get 18%.  The Freedom will sometimes have a quarter of 5% back and we use it.  

 

Sallie Mae- 5% back on gas and Amazon purchases.  So we use it for fill ups and amazon (I buy alot of stuff via amazon)  The rewards add up really quickly on this card.  I sometimes use it at the grocery store, but gas and amazon are why I have it.

 

Barclay CashForward-  This card put the QS in the sock drawer for everyday purchases and auto drafts.  My insurances, TIVO, ATT, pest control, utilities are auto draft.  Prior to the CF the QS was home to all auto drafts, but with the superior rewards given out by Barclay I had to make a move.  The QS is a nice card but if it wants to compete going to have to be upgraded.

 

American Express-  My wife has a authorized user card on this account.  I recently upgraded the Everyday to the Preferred for the stunning 6% back at the grocery store.  She also uses it for her shopping where she gets 1% back.  

 

Shell gas card-  5 cent a gallon discount and 10 cent off 93 octane fill ups.  Shell also has a in house reward card that gives 3 cent off so I get at least 8 cents off everytime.  My Honda Si and my motorcycles need 93, they are high performance rides and need the boost.  If you drive the common SUV or sedan you don't need 93 so save the money.

 

My remaining cards are stored away right now.

 

I go in and pay off my cards couple times a month, and don't carry a balance.  Thats just how I do it.  I'm getting back several hundred dollars a year on stuff I buy anyway.  Its been great

 

 

Message 1 of 2
1 REPLY 1
Anonymous
Not applicable

Re: My Credit Strategery I mean strategy

YES YES YES. I couldn't agree more. I eat out a lot too and I never understood why my parents prefer to use cash. I save so much money by using my credit cards on items I absolutely need. I kid you not, I recently bought $125ish worth of clothes for only $30 bucks. I had a $35 gift certificate for opening up the card, I got 40% off my purchase and a additional 10% because I was shopping on a tuesday. The clothes was also on CLEARANCE. I love my credit cards so much.....

Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.