Upgrade? Need Advice PLEASE!

[Anonymous]

Have you checked the Amex and/or Discover pre-qual sites? My scores and AAOA were both lower than yours when I was approved for the BCE. The SL was $2000 but with the 61 day CLI it jumped to 6K. I let that show up and then hit up Disco and they responded with an IT card at 3.5K SL. Nothuge numbers by most standards but when you are making that transition from toy limits they seem much, much bigger.

[Anonymous]

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@Kforce wrote:

Getting new cards for rewards and helping your "FICO" scores are kind of like getting a 1-ton truck and wanting 50 mile per gallon.  I would work on my "Util", get the car loan, then worry about reward cards.

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 The new cards would not be for rewards or to improve score. I am interested in getting new cards for better interest rates and 0% APR for a few months since my current cc's have 24% interest rates. At this time I am being offered cards with 13 -17% interest rates.
With that in mind I am wondering which cards in general are more generous with startling limits and cash back.
Also, I am also looking to grow my score in general so I figured I would ask you guys while I had your attention.

[HeavenOhio]

I'll second the motion for AMEX, probably the BCE (Blue Cash Everyday). It'll likely come with 0% on purchases and balance transfers for a year. As mentioned, you'll probably be able to grab a 3X CLI at 61 days as long as your payment history and utilization are kept in check.

[Anonymous]

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@Anonymous wrote:

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@Kforce wrote:

Getting new cards for rewards and helping your "FICO" scores are kind of like getting a 1-ton truck and wanting 50 mile per gallon.  I would work on my "Util", get the car loan, then worry about reward cards.

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 The new cards would not be for rewards or to improve score. I am interested in getting new cards for better interest rates and 0% APR for a few months since my current cc's have 24% interest rates. At this time I am being offered cards with 13 -17% interest rates.
With that in mind I am wondering which cards in general are more generous with startling limits and cash back.
Also, I am also looking to grow my score in general so I figured I would ask you guys while I had your attention.

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Like the 1-ton truck example, in general you should decide which is more important, 0% APR or cashback.    While a number of OK rewards cards do offer fair 0% APR periods, the cards with the longest period of 0% APR and low/zero BT fees tend to have minimal (at best) rewards

[Kforce]

A new card or two will lower your "Fico" score because of "AAoA" and Inq's, whether it is for cashback, zero int, low int, or just a nice looking metal card.  If you use it to carry a balance, it will drop your score even more!. The real question is will you save more with a low or no interest 3,000 for 12-15 month card or letting you "FICO" score grow and get a better personal or car loan?  (3000 with 15% for 1.5 years might save you 700 over your 25%), however (5% vs 7%  on a 25,000/7yr car loan might save you 2,000.  ** Note: These numbers are just examples, I did not put them in a calculator.***  The point is if you pull the trigger on new cards, you will hurt your FICO, and that might hurt you more than the card helps. Your score is at a point close to believed bucket thresholds. If you let it grow you will probably get a better car/personal loan than getting a new card now. The opposite could also be true. If you get a good CL and 0 for 18 months. maybe you will come out better (HeavenOhio's guess with an Amex) . The real problem is that no one knows the real numbers. (bucket levels, interest rates you will get, Cl that you might be approved for, etc). Everyone is just guessing.  I however know that if you do not get a new card, and work at paying down your util, your scores should rise. Better scores and payment history usually lead to better loans and/or cards. You also might be approved instantly for a 5,000-Cl / Zero Amex.  Do you have a quarter to flip ?

[Anonymous]

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@Kforce wrote:

A new card or two will lower your "Fico" score because of "AAoA" and Inq's, whether it is for cashback, zero int, low int, or just a nice looking metal card.  If you use it to carry a balance, it will drop your score even more!. The real question is will you save more with a low or no interest 3,000 for 12-15 month card or letting you "FICO" score grow and get a better personal or car loan?  (3000 with 15% for 1.5 years might save you 700 over your 25%), however (5% vs 7%  on a 25,000/7yr car loan might save you 2,000.  ** Note: These numbers are just examples, I did not put them in a calculator.***  The point is if you pull the trigger on new cards, you will hurt your FICO, and that might hurt you more than the card helps. Your score is at a point close to believed bucket thresholds. If you let it grow you will probably get a better car/personal loan than getting a new card now. The opposite could also be true. If you get a good CL and 0 for 18 months. maybe you will come out better (HeavenOhio's guess with an Amex) . The real problem is that no one knows the real numbers. (bucket levels, interest rates you will get, Cl that you might be approved for, etc). Everyone is just guessing.  I however know that if you do not get a new card, and work at paying down your util, your scores should rise. Better scores and payment history usually lead to better loans and/or cards. You also might be approved instantly for a 5,000-Cl / Zero Amex.  Do you have a quarter to flip ?

Got it. Thanks!

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[Anonymous]

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@Kforce wrote:

A new card or two will lower your "Fico" score because of "AAoA" and Inq's, whether it is for cashback, zero int, low int, or just a nice looking metal card.  If you use it to carry a balance, it will drop your score even more!. The real question is will you save more with a low or no interest 3,000 for 12-15 month card or letting you "FICO" score grow and get a better personal or car loan?  (3000 with 15% for 1.5 years might save you 700 over your 25%), however (5% vs 7%  on a 25,000/7yr car loan might save you 2,000.  ** Note: These numbers are just examples, I did not put them in a calculator.***  The point is if you pull the trigger on new cards, you will hurt your FICO, and that might hurt you more than the card helps. Your score is at a point close to believed bucket thresholds. If you let it grow you will probably get a better car/personal loan than getting a new card now. The opposite could also be true. If you get a good CL and 0 for 18 months. maybe you will come out better (HeavenOhio's guess with an Amex) . The real problem is that no one knows the real numbers. (bucket levels, interest rates you will get, Cl that you might be approved for, etc). Everyone is just guessing.  I however know that if you do not get a new card, and work at paying down your util, your scores should rise. Better scores and payment history usually lead to better loans and/or cards. You also might be approved instantly for a 5,000-Cl / Zero Amex.  Do you have a quarter to flip ?

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Got it. Thanks!

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Kforce wrote:

Getting new cards for rewards and helping your "FICO" scores are kind of like getting a 1-ton truck and wanting 50 mile per gallon.  I would work on my "Util", get the car loan, then worry about reward cards.

---

 The new cards would not be for rewards or to improve score. I am interested in getting new cards for better interest rates and 0% APR for a few months since my current cc's have 24% interest rates. At this time I am being offered cards with 13 -17% interest rates.
With that in mind I am wondering which cards in general are more generous with startling limits and cash back.
Also, I am also looking to grow my score in general so I figured I would ask you guys while I had your attention.

---

Like the 1-ton truck example, in general you should decide which is more important, 0% APR or cashback.    While a number of OK rewards cards do offer fair 0% APR periods, the cards with the longest period of 0% APR and low/zero BT fees tend to have minimal (at best) rewards

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While looking through the offers that I have on hand I can definitely see that pattern that you're referring to.

[Anonymous]

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@HeavenOhio wrote:

If you request a product-change on your Capital One card, you'll probably be offered the Quicksilver (no fee) or Savor (no fee). Either of those are fine choices. Avoid the QuicksilverOne and its fee.

Regarding the rest, I'd:

1. Bring utilization down to 8.9% or below.
2. Apply for one more card.
3. Close Credit One
4. Garden until the car loan.

That'll set you up with three good cards from good banks. When it comes time to apply for your auto loan, make sure that one card is reporting a small balance (at least $5 but not much more than that), with the other two cards reporting zero. That'll optimize the revolving portion of your score.

If one of your cards is a Chase card, let it report zero and choose a different card to report the small balance. In addition to reporting the statement balance, Chase reports zero whenever you pay to zero, and all cards reporting zero will ding your score by 15–20 points. You may as well have their policy working for you rather than against you.

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This is perfectly aligned with what I'm going for.  Will definitely pay down my cc balances this month. As you said, I figured if I got a card now I could garden until the car loan.  Especially with 8 INQ's falling off between June 2018 and August 2018.

[DawgZ]

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