What is your current credit card plan?

[Anonymous]

I thought about getting it since I have an account thru work, but again, my BK...

[Themanwhocan]

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@Anonymous wrote:

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@Themanwhocan wrote:

I plan to get a small installment loan to help improve my credit mix... I've already joined the appropriate credit union, just waiting on paperwork.

Also, I will eventually close my Arrival+ card and transfer the $5000 limit to my Priceline card.

One of these days I'll pick up a target credit card, and a Holiday Smart Savings card (local gas station 3 blocks from my apartment)

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Im planning on getting a loan from my local credit union to finally put up a fence at my house...would that be better then lowes credit card?

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I have nothing on my credit reports other than credit cards. I can get a secured $500 loan from Alliant for 48 months that will only cost me about $30 in total interest for the 4 years. That seems worth it to me for a small improvement in fico scores and a stronger credit report.

http://ficoforums.myfico.com/t5/Mortgage-Loans/Overall-value-of-Share-Secured-Loan-from-Credit-Union/m-p/4091242/highlight/true#M174238?filter=labels%2Clocation&location=forum-board%3Aloans&q=share+secured+loan

If you are getting a large loan, you should base it on what saves you the most money. Then decide if you want the Secured Loan for credit mix purposes. Just use an installment loan calculator such as this one:

http://www.franklinsavings.com/calculator_installment.html

[Anonymous]

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@Anonymous wrote:

Love that you posted this. I made my plan this morning. First, I am getting used to using my new cards for certain categories to determine what moves I want to make. I definitely want to combine my two BA Travel cards with my BA Visa, if that is possible. I am going to wait a year before I do anything. My Experian score still has not been updated as they promised and that is the pull BA makes for me. In addition after a year of use of my new Barclay Ring I am thinking a Sallie Mae add and transfer the Apple card credit line to Sallie Mae. Other that than, perhaps a Ritz Carlton card although I burned Chase in 2008 so have been hesitant to apply for anything with them. May need to try for another card with Chase first. 

I am hoping to be approved for a car loan soon.  I am in the market for a new car. That is my only planned change for the next year. Gardening and watching my cards grow with plans for home improvements charged on the no interest cards.

Good luck everyone!

In my wallet: Venture 15k; Barclay Ring 12.5k; Discover 10k; PenFed Platinum Rewards Visa 10k; PenFed Promise 10k; CareCredit 7.7k; Amazon Store Card 5k. QS 5k; BA Travel Rewards 3.5k; BA Travel Rewards 3.5k; BA Platinum Visa 2k; Barclay Apple Rewards 2k. Total Credit: 86,200. 7/2-FICO: EQ - 788; TU - 779; EX - 690; Utilization: 10%; GOAL: 780 across the board then 800 across the board. Inquiries: EQ: 7 TU: 6; EX 3; Chapter 13 seven years May, 2015. Reset my garden date to 7/7. Gardening until further notice.

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Don't hesitate to apply for chase.  I burned them in 2010 and got CSP in recon. Yours was 2008 and that puts you at over 5 yrs post bk

[Anonymous]

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@Anonymous wrote:

Lets see:

Moving credit limit from Apple Rewards(4K) to Sallie Mae (7k)

Closing Chase Slate $900 yes $900

Closing Sam's Store Acct  (6k)(I have the MC now. the 3% back on dining is great)

Closing Toyota Financial Visa (14k)

Closing Amazon Store Acct (4.8k)

Closing Cap1 QS (7k)

Citibank Dividend (10k) and Citibank Thankyou (5k)

Considering closing NASA CC (9k)

Keeping for now

Amex Blue (10k)

USAA Amex (16k)

NFCU MC (25k)

Penfed Defender Visa (14k)

PSECU Visa (20k)

Sallie Mae MC (7k)

Sam's Club MC (8.6k)

Discover IT (5K)

LQ Visa (3.5)

I think that should do it for now.   

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For the ones you want to close, can you merge with others if the same bank? That way you'll get to keep your CLs

[Anonymous]

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@nursepower wrote:

Pay them off.

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Short and sweet!

[Anonymous]

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@Anonymous wrote:

Wanted Ink but recons didn't work out so I will have to try again later. Will easily hit 3k minimum spend on Platinum with a TV purchase (9 year old LCD finally died completely on me) and some medical bills. All of my other min spends have already been met with moving related expenses.

Longer term, I realize I should've grabbed EDP instead of BCP and cannot PC to it. I will have to cancel the BCP and apply fresh for EDP, but that's at least a year away since I want to take advantage of the 0% APR. I may just get the regular Everyday and park my MR there it if I decide to commit 100% to UR. I will probably cancel PRG after the next airline credit to avoid the AF, after parking my MR on Platinum/Everyday.

I will most likely sockdrawer Double Cash and use CSP/Freedom for nonbonus spend since I am consistently hitting 2 cents per UR or better on redemptions for travel we were planning anyway. I'm playing around with the Marukai as well and would like it to be my daily spender instead but we'll see how their payment processing and customer service go before I commit to that.

Discover is mostly relegated to Discover Deals and bonus categories now. Sallie Mae is only for groceries until Freedom changes in Q4, and then only gas/groceries until 2016 since Amazon will still be covered in Q4...if I get Ink before then, I can buy gas/grocery/Amazon giftcards at Staples & Office Depot for UR and sockdrawer Sallie Mae altogether. Platinum is just there for the bennies - my most visited airports are SFO, LAX, and MIA so I hit Centurion Lounges all the time.

I'll keep FNBO active long-term, even though it isn't that useful to me right now. It will be when my 0% APRs run out. My longer term lineup is something like CSP/Ink/Freedom/Platinum with Marukai/Discover/FNBO on the side; the rest downgraded and sockdrawered for AAoA padding.

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Wow, you have a very detailed stragety...nice!!

[Anonymous]

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@Anonymous wrote:

Just posting this to hear what others have in mind.  Here is my plan.

I have:

QS

QS1

NFL

Arrival

CSP

Discover It

Venture x 2

1. My plan is to merge QS1 to QS then PC to WMCE (talked to csr yesterday, just have to wait until the offer is available) $10.5k

2. Complete my spending on both Ventures to get my 80k points, merged together and conver to Venture 1 for no AF $30k

3. Close NFL and move the $500 to Arrival

4. Complete spending on Arrival and convert to no AF $6.5k

5. CSP - keep it and use it $5k

6. Discover -keep it and use it $800

Once the above is done, I will have 5 Cards with only one (CSP) having AF.

My ultimate goal is to get the AMEX Gold Charge Card...BK will hit 5 yrrs in October/2015 but wont apply until Jan/2016.  Once that is done, no more cards for a least 5 yrs.

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Plan #3 completed...closed NFL and moved CL to Arrival.  Starting arrival in August to meet spending.  CSP will be done this month and Venture this weekend.

[MoreInfo1]

Garden (darn, I got three new cards in the last year) and pay down my balances (on three cards).

Once my Chase Slate 0% APR expires in March 2016, I will try moving the CL (only 1k) to the Chase Freedom (2k) and close the Slate. Hopefully, this is an option.

I will work on CLIs for the rest of my cards: Discover It (1.5k), NFCU (12.5k), Wells Fargo rewards Visa (8k), Barclay's rewards MC (6.1k), DCU rewards (2.9k).

These cards keep me busy enough as it is so I don't foresee myself getting any more cards. Thank goodness for my Mint app!

[nursepower]

What does the mint app do?

[Anonymous]

To use them and pay my bills.