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What are your future credit plans in terms of credit cards?

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Re: What are your future credit plans in terms of credit cards?

Chase Ink + (after first year PC to Ink Cash)
Chase Sapphire Preferred (after first year PC to Freedom Unlimited)

I already have the Chase Freedom and Chase Amazon so this should take care of my Chase 5/24.

Then hopefully open a pair of Bank of America Better Balance Rewards one in my wifes name and the other in mine. Does anyone know if I need 2 separate BoA savings accounts ($300/min to avoid fees) for the $5 quarterly bonus?

Lastly I would love to add a Citi Double Cash as my first 2% everyday spend card, but wishing they offered a sign up bonus! (Any chance I could go with the Thank You Premier and then PC to the Double Cash?)

Maybe after that i'll be okay for a while?? Smiley Very Happy 

Message 21 of 36
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Re: What are your future credit plans in terms of credit cards?

I'm good right now CC wise, but I have my eye on one. The Chase AARP. Maybe after the INQs fall off I'll go after the Chase Freedom to compliment my discover catagories.

Message 22 of 36
Valued Contributor

Re: What are your future credit plans in terms of credit cards?

Unless a truly-exceptional new major card application opens up that really catches my eye that I am also eligible to app for, such as something with a go-to APR of less than 10%, I am good with my existing cards, and have no need to acquire any new ones atm.


Short-term plans:


(1)  Garden indefinitely.

(2)  Pay off as much existing debt as possible.

(3)  Raise credit scores.


As far as longer-term plans, and since variable rates have nowhere to go but up, I am sadly resigned to the probable fact that over the next 2 years or more, I will likely only have an estimated 2 single-digit APR cards left, versus the current total of 5  Smiley Sad  Almost all of the cards I do regular long-term business with and/or that are my daily drivers are the ones with rates that are in the single digits, so once cards I have go over the 10% threshold, they lose much of their allure, for me...and so the ones that stay below 10% are the only ones that are going to be truly special, to me (with a few rare exceptions).  Unless by some unexpected miracle single-digit, fixed-rate cards make an unexpected comeback and resurrection of sorts, as rates start to creep up and rise (I know I know lol, not gonna happen and not in the cards, but a guy can always dream, right?)

Message 23 of 36
Moderator Emeritus

Re: What are your future credit plans in terms of credit cards?

I'm pretty much at rewards complete currently; however, I can do somewhat better by picking up the Freedom Unlimited vs. the Venture / Fidelity Amex for my default spend for anything which doesn't accept JCB (which is still hit or miss but I easily clear the 3K barrier so ain't no way giving that up) and I have a couple of non-trivial expenses which are explicitly Visa/MC only.


I was waiting to get some low rate CU card and I might still in the future, but with condo I can just go get the HELOC tied to prime (the HELOC is at 3.25% currently) and in everything but the I'm financially screwed heading towards a BK model it should be better in absolute terms for any short-term financing I need (~1-2 years) like my undergrad degree.


I may still do the low rate CU card if they're still around in 1.75 years when I'm gold plated EQ/EX, but I'm looking more at consolidating some of the excess I picked up post mortgage (140K in CL now, have zero use for it when the majority are rewards cards) and life changed going back to school and my employer for the next few years now has a travel office which books everything other than food.

Message 24 of 36
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Re: What are your future credit plans in terms of credit cards?

Such interesting responses. I love reading this thread!Smiley Happy

Message 25 of 36
New Contributor

Re: What are your future credit plans in terms of credit cards?

A little background... when AmEx offered me the BCE with a SP to replace my TE card last year, I took them up on the offer. The TE card had a 25k limit and when they opened the BCE, they gave me the same credit line, 25k. I figured that since the TE card is going away later this year, I transferred the whole credit line from the TE card save for $500 to the BCE. 


So now that the new Citi Costco cards rewards are announced and my Forward card is getting nerfed, I plan on closing my DC card (opened about a year ago) and transferring the CL to the new Costco card(if they only give me a $500 credit line on it from the TE card). Then PC'ing the Forward (it's one of my oldest cards) to a DC. Finally I'll apply for the Amazon Prime card as I was using the Forward for Amazon purchases.

Sock Drawered -
Equifax Bankcard 8 - 830 - 4/21 | Experian Score 8 - 812 - 5/26 | TransUnion Score 8 - 810 - 5/1
Message 26 of 36
Valued Contributor

Re: What are your future credit plans in terms of credit cards?

My basic plan is to garden until the end of 2017 when my last negative student loan falls off and then apply for the cards I really want. I don't have a large want of cards, and I still have almost 2 years to decide and who knows... by then something new may come out.


Chase Marriott

Amex (not sure which one)

Lowes for future home improvement

Probably an air travel card of some sort. 


Thats basically it. I already have more credit than I personally need but I would like to get a few more of what a lot of people consider prime cards. Then I'll probably close the BC rewards. I really wanted the Sallie Mae but they did away with that. 



Message 27 of 36
Regular Contributor

Re: What are your future credit plans in terms of credit cards?

I think I've got everything I want/need in terms of CCs, but I've said that before and apped afterward.  Still, the plan is garden indefinitely, grow limits and let inquiries fall off.  I might try for one of the big CUs later on, or if some new product debuts that is irresistible, perhaps I'll leave the garden for that.


Double Cash for general spend.  

Discover also for some general spend while it's got 2x cash back, plus 5% categories and Discover Deals.  Cash back on top of purchases at some merchants has been very handy at times too.  

BofA Cash Rewards for 3.3% gas and 2.2% groceries/wally world.

BofA Travel Rewards for some travel expenses and most foreign purchases.  Also, any Bank Amerideals get run through this card.  1.65% cash back with limited redemption isn't great, but no AF, no FTF, and it being my only Visa give it a place in my wallet.

BofA Better Balance Rewards for free money for paying recurring bills.

AMEX HHonors was mainly for the 70k bonus, but even with the point devaluation, it's still a decent dining/hotel card for me (when Discover doesn't have 5% back on dining).  Chase AARP would be better for dining, but can't get that for 2 years, and I wanted in with AMEX anyway.

Target and Amazon card purposes are obvious.

Barclay Ring is interesting.  Sort of functions as my low APR emergency card if I'm in a tight spot and I've depleted my actual emergency fund.  Thankfully, I haven't needed it for that.  So, to make sure it stays active, I also use it for charitable donations.  Getting cash back for a charitable donation just feels wrong to me, and since it's not AMEX/Visa Sig/WEMC, the swipe fee isn't quite as high and ideally won't ding whatever organization I'm supporting as hard.  And it sort of seems to go in line with the 'spirit' of the card's community and all that.


Consdering my income/spend, I think I've sort of already hit a point of diluting rewards, so I may evaluate my line of cards after a year or so and see if there's anything not really worth keeping, or if there's something better I can PC one of my cards to.

Favorite cards: AMEX Morgan Stanley Platinum | BofA Alaska | Chase Hyatt | Citi AA Executive | FNBO Amtrak
Message 28 of 36
Not applicable

Re: What are your future credit plans in terms of credit cards?

My strategy is to have AMEX BCE, Chase AARP and PenFed Platinum Rewards Visa/PLOC by summer 2017.  BK falls off spring 2017, so between now and then I'll keep new accts/inq to a minimum and work on 720 across the board.


The plan since I started gardening was to get QS Visa this month so I can combine Venture before AF hits in Nov, but since QS prequalify gives me same APR as Venture I decided to PC the Venture instead.  That saves me from a new acct & a triple ding.  I took care of that in chat on Apr 1, new card is in the mail.


Once I get Credit Steps for both QS MC's I'll combine them, then possibly combine that card with my QS Visa.  That leaves me only 1 or 2 cards which is a problem.  To get another card working I'm considering Amazon.  My TU is in pretty good shape and I know the CS routine.   Discover is a possibility but hits on EQ & EX plus much slower CLI's. 

Message 29 of 36
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Re: What are your future credit plans in terms of credit cards?

I am really happy with the cards I have and have no plans to apply for anything for a while. I received my goal cards (BofA, PenFed) much faster than I though possible.

I am not getting back in with Chase or Discover anytime soon. Amex has a five year wait so I'm going to wait it out. I would like something with a restaurant category (we eat out a lot) but there's nothing I can get right now for that spend but it's not even a huge deal right now.

I'm hoping to get down to 10-12 cards total by the end of the year. If I can get cap1 to ever let me consolidate that goal will be much easier.
Message 30 of 36
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