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@Anonymous wrote:
Came here to seek guidance from expert credit wizards on how to quickly improve my wallet.
Not sure what you mean. What does "improve my wallet" mean for you?
@Anonymous wrote:
Oh sorry. Basically I meant which credit cards should I be eyeing next??
If you are going to carry a balance, I'd say none...but that is just my opinion PIF every month. My personal favorite cards are Chase Amazon Prime, Amex BCE, Citi DC, and Cap1 Quicksilver. Also like the Discover It when catagories apply.
Great job so far. You have some nice cards for someone who's just getting started, and it's highly unusual that one's first card is a Chase card. You've also learned that carrying a balance is no fun, even at 0% interest. But it sounds like you'll recover from that in short order. ![]()
I think your next move should be to look into a credit limit increase (CLI) on the AMEX card. Ask for $4,500 (three times your current limit). If you're approved, which would seem likely, ask for 3X again after another 181 days. Check out the first few pages and the last few pages of this topic:
The Definitive Amex 3X CLI Guide
Keep a few things in mind about Chase. First, they usually want to see that your oldest card is at least a year old. As mentioned, it was unusual that you got the Amazon card off the bat, and your young card history probably why you had to go to recon (reconsideration) on your Freedom Unlimited.
Second, they have their infamous 5/24 rule. If one has opened five new cards within the past 24 months, an instant denial is likely. Also, they're sensitive to new accounts. It's a good idea to garden (not apply for anything) for a few months (three to six) before applying for a Chase card.
If the Chase Sapphire Preferred (CSP) interests you, move slowly. Don't add any more cards right now as you're already at 4/24. Wait until at least December or January to apply. At that point, your two oldest cards will be a year old, and your newest card will be six months old. And they'll likely see a nice limit on your AMEX card. That will show them that you can likely "handle" the $5,000 minimum starting limit that comes with the CSP.
@Anonymous wrote:
Thanks for the advice. I will definitely attempt to ask Amex for the 3x CLI.
Also I hope I can get my hands on the Chase Sapphire Pref sooner than Dec/Jan. I have a huge trip planned for February. Would love to take advantage of their 50,000 point bonus and use it to redeem some travel perks.
This is what I was trying to get you to talk to us about. The question What card should I open next? has no answer without knowing a lot more about your situation.
For some people the right answer is "no more cards." There's a lot of reasons why a person would stop at four cards. More cards than four will not help your credit score, for example. And if a person was planning to buy a house in the near future a fifth card would be a bad move.
For others a fifth card might make sense, but which card and when would depend on a lot of other stuff.
If you feel that you want to apply for the CSP a bit sooner, I'd at least wait until your oldest card is a year old. Another thing to keep in mind is that Chase isn't one to like to hand out one's highest limit, but they do seem to make exceptions when one has one of the Freedom cards.
If it's feasible to wait until AMEX reports your second CLI, I'd try to do that. Chase seems to want your business, though, so it appears that you have that on your side. Also, check for prequals. You probably won't see any right now, but they may pop up once your FU is six months old.
Once you get the CSP, absolutely do not invent ways to spend in order to achieve the sign-up bonus. Make sure you do that with money you would have spent anyway. If need be, temporarily shift spending from other cards, even if the immediate reward is a bit less. If you have recurring payments on other cards, one thing you can do is make one-time payments with the CSP. The recurring payments will pick up where they left off in following months.
@HeavenOhio wrote:
Once you get the CSP, absolutely do not invent ways to spend in order to achieve the sign-up bonus. Make sure you do that with money you would have spent anyway. If need be, temporarily shift spending from other cards, even if the immediate reward is a bit less. If you have recurring payments on other cards, one thing you can do is make one-time payments with the CSP. The recurring payments will pick up where they left off in following months.
Yes!