Picking a card to grow

[Anonymous]

Not quite sure how to ask this. Over the course of the year Ive gone from mid 400s to high 600s/low 700s. Have been able to be approved for a few cards with decent limits and an AMEX gold. Now, I want to build a strong relationship with these banks, so that my CL can grow with time and responsible usage, all accounts have exceptional payment history right now. Always PIF except for one with a small balance (<9%).

-Capital One Venture One-

Just recently upgraded this one from a quicksilver. 6 months old and 3k SL. My first card with a real limit after starting my rebuild. For this reason Im quite fond of it and would like to continue to build a relationship with Cap1 and aquire different products and possibily CLIs down the road.

-AMEX GOLD-

1 month old. PIF twice now (Got an email a couple of weeks in asking to make a payment to avoid future charges being declined, @ roughly 600~ balance). I really want to build a strong relationship with them, and would love to get into their revolving products.

-PenFed-

Just this last week got approved for PCR and Gold, 2500 and 3500 respectively. Heard great things about them on the board, so decided to shotgun 2 apps, approved for both. Ive read that they can be a great relationship lender, and over time, this can lead to generous CLIs. Would love to continue to build with them.

My income is at ~50K and I put about 1.5k spend on cards each month. How do you pick a daily driver? Do I focus on putting big spend on one card? Or do I spread it evenly across all 3? From your collective experience, which bank would be most beneficial to grow with?

*Just to clarify, Im not out chasing CLIs, and I dont intend to app for any new cards outside of these for at least ~2 years. Right now my goal is to build a strong profile, and eventually see higher limits across the board.

As always, thanks in advance!

[simplynoir]

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@Anonymous wrote:

My income is at ~50K and I put about 1.5k spend on cards each month. How do you pick a daily driver? Do I focus on putting big spend on one card? Or do I spread it evenly across all 3? From your collective experience, which bank would be most beneficial to grow with?

*Just to clarify, Im not out chasing CLIs, and I dont intend to app for any new cards outside of these for at least ~2 years. Right now my goal is to build a strong profile, and eventually see higher limits across the board.

As always, thanks in advance!

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It all depends on what your spending looks like. I would not advocate spending with a credit card company in hopes of seeing a benefit that may or may not come up such as auto-CLIs and what not. Wtih your current lineup I would suggest using the cards that make the most sense on which to spend them on. To me the cards you need to focus on are the AMEX Gold and Penfed PCR/Gold

Use the AMEX Gold for grocery and dining/eating out. Use the credits when possible so you can recoup part of the AF that you paid. Check the offers page so if anything shows up that you know you would already spend on it such as Best Buy or a cellphone bill as a few examples, then you can add it and get more cash/points for your money

For Penfed Gold with the low APR I would use this card if you need to make a purchase that will take time to pay off; check with Penfed to see if there are the occasional BT you may take advantage of. The PCR I would spend for all other purchases, better if you can get that Advantage savings accounts so you can get 2% for your spending

Venture One is in a weird spot. With PCR you already have a good general spend card so unless you're looking to transfer the miles out to travel partners I would see about upgrading/product changing to another card like the QuickSilver so you don't have to pay an annual fee on the card

tl;dr

AMEX Gold - dining and groceries

Penfed PCR - all other purchases

Penfed Gold - when you need to carrry a balance or BTs

CapOne Venture One - look to upgrade to QuickSilver so you can get out of that annual fee, upgrade to Venture if possible if you're looking to take advantage of transfer partners with your miles

[HowDoesThisAllWork]

@Anonymous 

Good evening and welcome to the Forum!

The first question when it comes to "which card should I get?" is - for me, anyway, - what are your trying to accomplish?  Meaning, what is your focus?  Are you after rewards?  Are you after cash back?

And, if you are after rewards, then it *seems* to me that focus might be on one of the big two:  AMEX and Chase.

To be clear, when I reference "rewards" I mean "travel and points that one can redeem"!  Just so that my definitions do not cause confusion.

And sidebar question - you have four revolvers (aka, Credit Cards).  Do you have any installment loans?  Not trying to start you down that path, but if we are trying to optimize things......

[FireMedic1]

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@Anonymous wrote:

Not quite sure how to ask this. Over the course of the year Ive gone from mid 400s to high 600s/low 700s. Have been able to be approved for a few cards with decent limits and an AMEX gold. Now, I want to build a strong relationship with these banks, so that my CL can grow with time and responsible usage, all accounts have exceptional payment history right now. Always PIF except for one with a small balance (<9%).

-Capital One Venture One-

Just recently upgraded this one from a quicksilver. 6 months old and 3k SL. My first card with a real limit after starting my rebuild. For this reason Im quite fond of it and would like to continue to build a relationship with Cap1 and aquire different products and possibily CLIs down the road.

-AMEX GOLD-

1 month old. PIF twice now (Got an email a couple of weeks in asking to make a payment to avoid future charges being declined, @ roughly 600~ balance). I really want to build a strong relationship with them, and would love to get into their revolving products.

-PenFed-

Just this last week got approved for PCR and Gold, 2500 and 3500 respectively. Heard great things about them on the board, so decided to shotgun 2 apps, approved for both. Ive read that they can be a great relationship lender, and over time, this can lead to generous CLIs. Would love to continue to build with them.

My income is at ~50K and I put about 1.5k spend on cards each month. How do you pick a daily driver? Do I focus on putting big spend on one card? Or do I spread it evenly across all 3? From your collective experience, which bank would be most beneficial to grow with?

*Just to clarify, Im not out chasing CLIs, and I dont intend to app for any new cards outside of these for at least ~2 years. Right now my goal is to build a strong profile, and eventually see higher limits across the board.

As always, thanks in advance!

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@Anonymous @simplynoir nailed it. But 1 question. You dont want to "chase CLI's" but then say you eventually want to see "higher limits" across the board. You can get CLI's on what you got. Especially PENFED. Just throwing that out there. Unless you meant cards 2 yrs from now after you garden.

[Anonymous]

Thanks for the quick and detailed responses! I guess the big takeaway here is use them as they benefit you the most. Which kinda leaves Cap1 the odd man out :/, I suppose I have a soft spot for that card, being my first card with a limit over $500.

I was super stoked to get the PCR as it has a reputation and a really solid cashback card, especially combined with the checking account for the full 2%. Its good to hear that PenFed is good with CLIs. Does anyone know what kind of usage they like to see? Do they like big spend and big PIF, are they ok with multiple payments a month, or are they partial to carrying a balance at statement cut?

Also side note* Currently in the process of getting a car loan through Cap1, so @HowDoesThisAllWork youre right on the money!