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I'm closing on my house tomorrow (yay!) and as a part of that process, I did a debt consolidation loan and closed down all but the "cream" of my cards. I now have my Wells Fargo Rewards CC ($5000 limit/$1600 bal), Bank of America Platinum ($1000 limit/$0 bal) and Chase plain-jane, no rewards card ($4800 limit/$0 bal). Not all cards that I closed are reporting as closed yet, although the balances are showing as 0.
Here's what I'd like to do (in no particular order):
1. Raise limit on BofA and PC to a better card. This card has been open since 9/2011, so I'm not sure if it would be better for me to wait until it's a year old?
2. Raise limit on Chase and check in to PC'ing to better card. I've had this card since 2008, with perfect history - no lates, no over-limits, run a fair balance through it up until this last couple of months.
3. Get a travel rewards card as I will be periodically (2-3 times per year) traveling for work and would like to benefit from those trips. This could be the PC on one of the above cards, if anyone has a suggestion as to what might work best. I'm not a frequent traveler, so having rewards that could accrue over a longer period of time would be good.
4. I'm interested in the AMEX Zync with the Home pack. We'll be shopping at Lowe's frequently, not big purchases but probably fairly regular. I'd really like to get my first in with AMEX (maybe that's crazy?). My long-term goal with them is to get BCP - we're a family of four and that grocery reward is perfect for us... especially with two future teenage boys!
My situation: Since I got the cards I have my credit has gone from mid- and low 600's to the scores in my signature. I've promoted twice and since I got the BofA, my income has gone up 44%. I have several inquiries on EQ, with only 3 each on TU and EX (2 on each bureau were due to mortgage, additional 3 inquiries on EQ were for my Direct Loans grad plus that had to be done each semester as I finished up my degree). A good number of inquiries will fall off EQ in September.
I'd like to get the limit increases before all the other accounts are finished reporting as closed, but I'm not sure if I should hold off until September when mortgage is reporting, several payments to debt consol are reporting and INQs fall off, or if I'd be ok to apply once everything is completely done with my mortgage and before the accounts are reporting as closed. Or perhaps there are other suggestions?
I wouldn't start with the Zync if I had your scores. You can easily get any of the higher tiered charge cards like the Green or Gold.
Getting the Amex Gold would kill two birds with one stone. You got in with Amex and you have a travel card.
@chris2k5 wrote:I wouldn't start with the Zync if I had your scores. You can easily get any of the higher tiered charge cards like the Green or Gold.
Getting the Amex Gold would kill two birds with one stone. You got in with Amex and you have a travel card.
I have two concerns with trying for a better card with them - aren't they INQ sensitive? I think they usually pull EX, so that wouldn't be bad. The other issue with the charge being my travel card is delays on reimbursement from my organization - that could be rough with a charge card rather than a revolving card.
PC your Chase card to a Chase Sapphire Preferred, it has good travel rewards.
Also, Gold Delta Skymiles may be a good card for travel rewards. Do you fly any particular airline? Also, Amex Blue has 2X points when you book through Amex Travel.
@webhopper wrote:PC your Chase card to a Chase Sapphire Preferred, it has good travel rewards.
Also, Gold Delta Skymiles may be a good card for travel rewards. Do you fly any particular airline? Also, Amex Blue has 2X points when you book through Amex Travel.
I fly Horizon Air/Delta and Southwest, but it would be good to have flexibility because we often go based on the best itinerary for the meeting schedule when I travel for work.
I'm a bit intimidated by the CSP and AMEX... call me a credit weenie, but I'm not used to having a door open to consider really good cards.