Strategy on Increasing limit on preferred cards and close others, minimize impact on utilization %

[Anonymous]

I figured I'd bump this thread as it's now a year later and I'm gonna be down to 0% utilization once reporting updates next month 2 of my cards.

So far I did pay down 50% of my cards last year and now the other 50% are gone. I may apply for 2 cards this year since my last inquiry was in March of 2017 or so. I won't close any cards if they want to close them for lack of usage then so be it.

I am way within the Chase 5/24 rule (only 1 chase card from 2 years ago) so should I get a new Chase card, a 2nd Cap One or maybe AMX? I want to increase my overall CL so I can start to maximize rewards/cash back.

[Anonymous]

Welcome back and great job staying the course to pay off your debt.

How are your FICO scores doing?

[GeorgiaBulldog]

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@Anonymous wrote:

I am way within the Chase 5/24 rule (only 1 chase card from 2 years ago) so should I get a new Chase card, a 2nd Cap One or maybe AMX? I want to increase my overall CL so I can start to maximize rewards/cash back.

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Welcome back, and congrats on your progress.  Be aware that the 5/24 rule applies to personal cards from all issuers (except non-visa/mc/amex store cards).  The way you worded that sentence makes it sound like you think it's only Chase cards that count.

If you are for sure under 5/24, your scores are up and you don't have many (or any) derogs, I'd definitely go with Chase first.  The CSP has a solid bonus right now, and it's hard to go wrong with a UR card since the points are flexible.  It's about personal preference from there, I'd say... lots of different hotel and airline cards.  

I love Amex as well, but they aren't as restrictive with approvals as Chase, so I'd definitely get everything under that Chase 5/24 umbrella you want before you move on to Amex.

I can't offer advice on Cap1--used to get pre-approval mailers and pre-qualifications on their website, but when I finally got ready to apply, those prequals were gone and I got a big fat denial, lol.

[FinStar]

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@GeorgiaBulldog wrote:

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@Anonymous wrote:

I am way within the Chase 5/24 rule (only 1 chase card from 2 years ago) so should I get a new Chase card, a 2nd Cap One or maybe AMX? I want to increase my overall CL so I can start to maximize rewards/cash back.

---

Welcome back, and congrats on your progress.  Be aware that the 5/24 rule applies to personal cards from all issuers (except non-visa/mc/amex store cards).  The way you worded that sentence makes it sound like you think it's only Chase cards that count.

If you are for sure under 5/24, your scores are up and you don't have many (or any) derogs, I'd definitely go with Chase first.  The CSP has a solid bonus right now, and it's hard to go wrong with a UR card since the points are flexible.  It's about personal preference from there, I'd say... lots of different hotel and airline cards.  

I love Amex as well, but they aren't as restrictive with approvals as Chase, so I'd definitely get everything under that Chase 5/24 umbrella you want before you move on to Amex.

I can't offer advice on Cap1--used to get pre-approval mailers and pre-qualifications on their website, but when I finally got ready to apply, those prequals were gone and I got a big fat denial, lol.

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Just for clarification for the OP, and based on a variety of previously established data points and updated threads from other sources, store cards count in a variety of circumstances with the 5/24 restriction.  The tradelines that seem to be exempt are mortgage/personal/student loans and the like.   But, as with anything, YEMV.

[Blackswizz750]

I would be more concerned with getting the debt paid off since you have the funds. Lenders can do AA with normal pif every month activity. Over time just diversify you banks.

[Anonymous]

Thanks for clarifying 5/24....I evidently have more browsing to do... I almost effed up as I completely forgot about 2 store cards I got in the past 2 years. I'll have to check the dates on those!!!

[SouthJamaica]

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@Anonymous wrote:
Thanks for clarifying 5/24....I evidently have more browsing to do... I almost effed up as I completely forgot about 2 store cards I got in the past 2 years. I'll have to check the dates on those!!!

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In order to answer your question -- what to apply for -- we're going to need to know

-your FICO scores

-the cards you have

-what you're looking for in a card

[Anonymous]

I looked into the signature haven't had the chance to configure yet...

680 EXP, but anticipating 700 once my last 2 cards post zero balance in April (will have 5% utilization leftover from other cards) I have to check TU and EQ outside of CK but my scores across all 3 are typically very close.

I currently have

Chase Freedom Unlimited
Best Buy CITI
CITI Double Cash
BOA rewards
Cap One Quick Silver
Cap One Spark Biz
Barclay Arrival
Amex Biz
Amazon Synchrony

Total CL including Amex Biz (doesn't report balance to consumer) is about 27k

Looking for a no annual fee BT card and potentially a no annual fee travel card with an intro bonus. I probably won't qualify for Discover or WF with the D120s from 2013 as mentioned on my other thread.

[NRB525]

Do you have any BT offers from Citi or BofA on your existing cards? Those have a few, but a known CL, and no HP., no new account ding as you try to improve score.

[Anonymous]

CITI offered me a 0 for 9 BT on the existing DC with the measly $1.5k CL.

F*** CITI 👎👎👎