New to site, with newbie questions

[Anonymous]

Been a long time reader, but finally signed up to fully access the benefits of this site.  Below is what currently sits in my wallet/drawer, and my question is what should be my next AMEX (charge and/or cc) or next non-AMEX card.  Married, kids, travel frequently (wife has status with United, so no need for an Explorer, etc. card.  Want to raise my scores, while actually benefiting from an additional card(s).  Much appreciation for any advice, etc.  710 EQ

• AMEX Platinum - NPSL
• AMEX BCP - $30K
• AMEX Green Business - NPSL
• Capital 1 Quicksilver 1 World - $8,250
• Capital 1 Quicksilver 1 - $2,500
• Mercury (ex-Barclays) - $7,500
• $20K auto loan

[Anonymous]

Also, 8% total utilization rate

[L-TWT]

Rainier10,

First and foremost, welcome to the forums. Secondly, what do you feel you are lacking in terms of benefits from your currrent CC lineup, which for the most part is pretty decent!

[Anonymous]

I just want to make sure I'm utilizing every option/avenue, that may be out there, to help grow my credit score/profile.  For example, should I have an EDP instead of the BCP? Should I have both?   I've read that five revolvers are ideal...I've got four, and the C1s are in the drawer, and god knows I don't want to charge anything on the Mercury (haven't even looked at their site).  

Not really lacking anything, currently, and I'm very happy with the AMEX products.  Just want to make sure I'm not missing anything, RE: what I may be doing.  

[Ardecko]

Remember the "800+ in 8 days" guide is strictly members only, do not share it or talk about it. 😁

EDP vs BCP is really do you want points or cash back.

Give us a breakdown of your spend, by category and approx Dollar amount, and we might find something you could do to eek out a few more points/$$.

[Anonymous]

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@Anonymous wrote:

Been a long time reader, but finally signed up to fully access the benefits of this site.  Below is what currently sits in my wallet/drawer, and my question is what should be my next AMEX (charge and/or cc) or next non-AMEX card.  Married, kids, travel frequently (wife has status with United, so no need for an Explorer, etc. card.  Want to raise my scores, while actually benefiting from an additional card(s).  Much appreciation for any advice, etc.  710 EQ

• AMEX Platinum - NPSL
• AMEX BCP - $30K
• AMEX Green Business - NPSL
• Capital 1 Quicksilver 1 World - $8,250
• Capital 1 Quicksilver 1 - $2,500
• Mercury (ex-Barclays) - $7,500
• $20K auto loan

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While it may seem counter-intuitive you don't grow credit scores by opening new credit accounts especially since there are at least two penalties associated with new accounts for (1) reducing your Average Age of Accounts, and (2) resetting your Age of Youngest Account to zero.  Scores grow primarily through keeping your utilization low and making on-time payments

Do you have any delinquencies/derogatories on your credit report?  Presumably 8% is your aggregate utilization; what is the individual utilization on each of your credit cards?

[AverageJoesCredit]

Your lineup is ripe for many different lenders or products. There are Credit Unions and other banks where you might find a credit product you might like. Diversify if you like . Im sure as soon as i write that sentence there will be a response that diversity blah blah blah but its nice to have a couple different lenders in the mix

[Anonymous]

BK in Jan. 09

• AMEX Platinum - NPSL (current balance is $1K; typically charge ca. $5K/month
• AMEX BCP - $30K (current utilization is 5%; PIF every month; 0% annual percentage until 3/19)
• AMEX Green Business - NPSL
• Capital 1 Quicksilver 1 World - $8,250 (current utilization is 25%; 0% annual percentage until 4/19)
• Capital 1 Quicksilver 1 - $2,500 (current utilization is 7%; 0% annual percentage until 4/19)
• Mercury (ex-Barclays) - $7,500 (0% current utilization)

[Anonymous]

BCP used for literally everything...unless a certain vendor doesn't take AMEX

Plat. mainly used for travel, occasional large purchase, etc.  Utilized almost all of the benefits (Uber, airline fees, Saks,) this year, so well worth the $550 AF.

Ca. $5K/month for BCP

Ca. $5K/month on Plat, depending on travel, etc.

Don't use any of the other cards, if I don't have to.

[Anonymous]

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@Anonymous wrote:

BK in Jan. 09

• AMEX Platinum - NPSL (current balance is $1K; typically charge ca. $5K/month
• AMEX BCP - $30K (current utilization is 5%; PIF every month; 0% annual percentage until 3/19)
• AMEX Green Business - NPSL
• Capital 1 Quicksilver 1 World - $8,250 (current utilization is 25%; 0% annual percentage until 4/19)
• Capital 1 Quicksilver 1 - $2,500 (current utilization is 7%; 0% annual percentage until 4/19)
• Mercury (ex-Barclays) - $7,500 (0% current utilization)

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Chapter 7 or 13?

You should be able to immediately see a bump in your scores if you bring the balance on the CapOne QS World down.  Other than that, depending on the BK type there might not be much you can do until it falls off or you get early exclusion from the credit bureaus.