Reccomendations?? Where do I go from here?

[Anonymous]

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@601fluguy wrote:
Whoa thats a nice starting limit. I will look more into the amex cards but probably will go with bce. The charge cards dont really appeal me. Do you think my prepaid amex account would have any affect on my atarting cl?

Are there any other good cards to grow on? What about BofA?

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It really depends on what you're looking for. Do you travel often, do you just want cash back, do you care about low APRs, etc? 

In terms of BCE vs BCP, I use the BCP because I easily spend the maximum $6,000 a year in groceries for the 6% back. For lower spending, the BCE makes more sense. I made a quick graph in excel to illustrate this:

You can see that right around $3,300 in grocery spending per year makes the BCP more valuable than the BCE. So, the question for you is, "Do you spend more or less than $3,300 at qualifying grocery stores per year?"

[601flyguy]

@Austin oh yea i forgot BofA is one of the one rhat hp for cli 👎

Thanks, bce it is lol i shop at walmart. cashback is better for me. Low apr would be nice but i usually pay in full.

[austinguy907]

NP, YW, but WM isn't under the 3% catagory unless it's one of the grocery branches WM Neighborhood Market.  Even then it's iffy but worth a shot of testing it with a small purchase.  

[Anonymous]

Even the little Walmart Neighborhood Market   here in Smalltown is not a grocery per Amex BCP. It is very new.  

[601flyguy]

Yea that's why im getting bce instead of bcp, the bonus on groceries won't benefit me. I also need to get business credit established, any pointers?

[601flyguy]

After a little searching and this i what i read. The chase 5/24 only applies to store cards if it has a visa/amex/etc logo which gives you the ability to use outside store. My store cards dont have a logo and can't be used outside the store so they don't count. Can anyone confirm this from personal experience?

If that's the case, im 2/5 right now so i plan to get the disc and amex. Then ill be at 4/5 and let these accounts grow for about a year. Then i can try chase. Sound like a good plan?

[austinguy907]

I hate Chase either way so it doesn't matter to me at least.

I've seen varying info on the whole 5/24 thing and some say all cards count and some say they don't.  It's a coin flip and a YMMV situation.  Good luck!

[601flyguy]

Hearing lots of bad things about chase lol. What are other cards to build towards besides chase? Barclay?

[austinguy907]

Well, there's thousands of CU's out there that would love to help you out!  It doesn't have to be with a big bank to make the same impact on your scores and limits.  Before getting into the graces of AMEX / Disco my highest limit was with JFCU for $29K based on income at the time.  Barclay's is another one to stay away from btw.... they're a bit manic if the wind blows the wrong direcftion.  

Don't get me wrong... there's tons of people that love everyone you're bringing up and there's tons that don't.  It's your wallet though and your decision to make.  If there's a card out there that's a really good match with your spending habits then go for it if you're OK with the T&C's.  Otherwise start with a few now and after spending some time growing them and using them especially with AMEX / Disco you get a year-end report that will break down your spending habits to source which catagories you're really looking for in additional cards.

I approach cards differently than looking at spend bonus % back.  I look for the stability and good marks on them from various sources.  I couldn't care less about the pennies they're tossing me with each swipe when I get 2.5% APY on my checking account that adds up to over $50/mo.  The long game is to get some cards you like, use, and don't run into problems with so you can keep them for 10+ years and migrate to newer products as they come along as needed.  Credit is a marathon afterall.

[601flyguy]

Hmm i will definitely check with the cu and see what they have to offer. Only thing is Im self employed, would that hurt me?
And where are you getting 2.5% i need to bank with them.
I understand what you are saying, i see everyone talking about chase/barclay like they are best but amex really seems better for me.