Suggestions for DH's upcoming app list?

[modernsurrender]

DH has almost spotless credit, only one 30 day late over 3 years ago - we keep trying to get it removed because we have no record of it being late but Cap1 keeps refusing.  Despite his almost excellent record, when he calls any of the CC companies to see about lowering his stupidly high APRs or increasing his CL they tell him that he's better off applying for a new card.  I think the Citi card he has is actually a discontinued product, and the Cap1 card is the first card he got so it's likely a starter type card.  (I've asked him what cards he has, and aside from his Slate he doesn't know what they are lol)

Our plan is to BT DH's debt to my new Slate/Simplicity cards over the next month or so in order to get his util down so he can apply for some new (improved) cards with time for the cards and inquiries to age before house shopping in 1-2 years. 

His last TU quarterly report was 4/7/13 and here's the basics from then:

Score: 713

AAoA: 5 years

Util: 33%

4 credit cards:

Chase SW (AU) - $960 of $3000

Capital One - $1365 of $3000

Citi - $0 of $4000

Chase Slate - $2713 of $3100

He also has:

Chase (charge account from laser eye surgery) - $1108 of $5000 (this is already paid off)

Student loan - $17k of $25k

Auto loan - $16k of $17k (this actually doesn't show on EQ)

and 10 other assorted loan/charge accounts that are fully paid

Inquiries: TU 3, EX 2 (one over a year old), EQ 2 (both over a year old)

We plan to get his util down by getting all of his cards except the Chase SW AU card down to $0.  We'll leave that at <$300 so it will report <10% on that individual card and <3% overall with only 1/4 cards showing a balance.  I feel like that's the ideal scenario and that should give him a pretty hefty boost score wise.  Of course we'll pull his report before then to see exactly what we're working with.

So what do you guys suggest that we research applying for between now and then?

[b_seeker]

It would help to know what type of cards you are looking for. Rewards or low APR? If rewards, cashback or travel? Certain catergories to maximize rewards? I can list off a number of cards I have planned for my next app spree but it doesn't do you much good if isn't what you want in a card.

[modernsurrender]

Thanks B_seeker,

I realized that I had left that out right before you responded lol

We don't do a lot of reward chasing (aside from sign up bonus' every so often)...  We really favor our SW card because that's our airline of choice and it's simpler for us to just filter everything through that card instead of trying to keep up with rotating catergories or which card has the best percentage for what and when.  We're just not that dedicated (or savvy) lol.  The only deviation from this is for store purchases where their card must be used for a discount or to earn cash back etc, for example my I use my VS card for the points/coupons/gift cards.

We don't do a lot of non essential spending and we only travel once a year (via SW) to visit family.  Aside from normal bills (utilities, gas, groceries) we really only spend additional money on take out, at restaurants or on a movie every few months.

We're just trying to increase his available credit and get rid of his 20%+ aprs now while we can create the ideal apping environment so that it will be available later when we do need/want it and so that everything will be nicely aged before we start looking for a house.

Oh, and we're very anti annual fees lol but aside from Amex I feel like most banks don't do AFs on their normal cards - just on their high risk cards and their super high end cards.

[NJTurnpike]

Once overall Util is down below 10%, he can likely apply for whatever he wants.

I would suggest first emailing Cap1 EO to get more out of his current card with them (lower apr, CLI, no AF, and rewards, i suggesting asking for 2 miles per $ not the cash back rewards). They are most cooperative for established customers, you just have to put the actual effort into contacting them and being firm in what you want.

Since you mentioned you mostly spend your money on essentials, I highly suggest a mix of Discover IT, Chase Freedom, Citi Dividend and US Bank Cash+. I know you weren't too keen on rotating categories, but really, thats where you'll get the most return for your usage. You'd really be surprised how much you could save with just a "small" amount of effort. Perhaps throw in a Amex BCE or BCP for the groceries.

that simplicity card is worthless once you dont have balances to worry about.

[b_seeker]

PenFed has 5 points on gas and 3 on groceries if you can get in with them. Though there is speculation about their rewards structure changing. They have lower rates as well. NFCU, again if you can get in, is known for giving large CLs. 

Amex BCE looks like a good fit as well. It's the no AF card so it's 3% groceries, 2% gas with a sign up bonus of $100 for $1000 spend in the first 3 months. Beautiful thing about Amex is if you get future cards from them, they backdate to your first membership date as well.

I don't think the rotating combo of Discover/Freedom/Dividend/Cash+ is worth it given what you said. 

[NJTurnpike]

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@b_seeker wrote:

PenFed has 5 points on gas and 3 on groceries if you can get in with them. Though there is speculation about their rewards structure changing. They have lower rates as well. NFCU, again if you can get in, is known for giving large CLs. 

Amex BCE looks like a good fit as well. It's the no AF card so it's 3% groceries, 2% gas with a sign up bonus of $100 for $1000 spend in the first 3 months. Beautiful thing about Amex is if you get future cards from them, they backdate to your first membership date as well.

I don't think the rotating combo of Discover/Freedom/Dividend/Cash+ is worth it given what you said. 

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I beg to differ on this one. It is incredibly easy to keep track of which card has which category and the savings annually is equivalent to a mortgage payment, or a car payment, or whatever. if you're really too unambitious to spend 15 extra minutes a month on your finances to keep track of category spending, then id just as soon say a credit union card with a super low apr is the way to go for you guys.

[b_seeker]

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NJTurnpike wrote:

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b_seeker wrote:

PenFed has 5 points on gas and 3 on groceries if you can get in with them. Though there is speculation about their rewards structure changing. They have lower rates as well. NFCU, again if you can get in, is known for giving large CLs. 

Amex BCE looks like a good fit as well. It's the no AF card so it's 3% groceries, 2% gas with a sign up bonus of $100 for $1000 spend in the first 3 months. Beautiful thing about Amex is if you get future cards from them, they backdate to your first membership date as well.

I don't think the rotating combo of Discover/Freedom/Dividend/Cash+ is worth it given what you said. 

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I beg to differ on this one. It is incredibly easy to keep track of which card has which category and the savings annually is equivalent to a mortgage payment, or a car payment, or whatever. if you're really too unambitious to spend 15 extra minutes a month on your finances to keep track of category spending, then id just as soon say a credit union card with a super low apr is the way to go for you guys.

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modernsurrender wrote:

Thanks B_seeker,

I realized that I had left that out right before you responded lol

We don't do a lot of reward chasing (aside from sign up bonus' every so often)...  We really favor our SW card because that's our airline of choice and it's simpler for us to just filter everything through that card instead of trying to keep up with rotating catergories or which card has the best percentage for what and when.  We're just not that dedicated (or savvy) lol.  The only deviation from this is for store purchases where their card must be used for a discount or to earn cash back etc, for example my I use my VS card for the points/coupons/gift cards.

We don't do a lot of non essential spending and we only travel once a year (via SW) to visit family.  Aside from normal bills (utilities, gas, groceries) we really only spend additional money on take out, at restaurants or on a movie every few months.

We're just trying to increase his available credit and get rid of his 20%+ aprs now while we can create the ideal apping environment so that it will be available later when we do need/want it and so that everything will be nicely aged before we start looking for a house.

Oh, and we're very anti annual fees lol but aside from Amex I feel like most banks don't do AFs on their normal cards - just on their high risk cards and their super high end cards.

Based on what the OP said, I don't think four cards are worthwhile for them. At most I'd say Freedom/Cash+. 

[modernsurrender]

Thank you both for the input!  I'll review all the cards mentioned and see what sort of benefits they would provide based on our spending and we'll go from there