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Rurutia posted:Why's having 11 accounts too many? I've never gotten dinged for the # of accounts. I churn credit cards (and some of them are shared CC's with my husband). Churning cards within a certain time may be contributing to the drop, and having a large amount of available credit to income can look bad. If the drop in credit score isn't obstructing getting new cards to churn I wouldn't worry. Yielding the benefits is more important than credit score in my opinion.
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Dec 11, 2014 02:01
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Usually yeah, unless you're buying a house in the next three years or so I wouldn't sweat the difference between 700 and 800 at all. Get them miles/gift cards/discounts instead, go hog wild!
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Dec 11, 2014 02:41
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Beast of Bourbon posted:Are either of the Virgin America cards worth it? Me and the fiancee have started traveling a lot for work and we book our own travel, we fly virgin 90%+ of the time. The points seem to make sense, but our preferred card is the Amex Blue Cash Preferred, but it came up that we can totally rack up some Virgin points. Since we'd use it for travel, it would get paid off every month for sure, and we travel somewhere at least once a month. http://www.drcreditcard.net/comenity-virgin-america.html This guy has pretty good reviews of various cards.
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Dec 11, 2014 04:40
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Pryor on Fire posted:Having 11 accounts is too many, you want two or three tops with as high a limit as you can possibly find but closing accounts triggers a drop too so just go back in time and don't open so many. That's nonsense. As long as utilization (how much you use the cards divided by the total amount of credit across all cards) is kept reasonable, the actual number of accounts doesn't matter.
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Dec 11, 2014 05:03
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Nope, number of accounts open is one of the factors. It's generally not a huge factor unless you regularly have balances on a large number of accounts but it still holds your score down. And the utilization is calculated on each individual line as well as across all cards.
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Dec 11, 2014 05:15
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I'm a recent grad with almost no credit who got approved for a Citi double rewards card that I've been using for all of my expenses for the past 2 months. The card limit is very low so I end up hitting 80% or more each month. I tried to get the limit increased but they told me I had to hold the card for a minimum of 6 months before any increase would be approved. Anything I should know to avoid tanking my credit score?
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Dec 11, 2014 05:50
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Pryor on Fire posted:Nope, number of accounts open is one of the factors. It's generally not a huge factor unless you regularly have balances on a large number of accounts but it still holds your score down. And the utilization is calculated on each individual line as well as across all cards. Having a high number of open accounts is a positive factor. Utilization is not taken into account on individual accounts for FICO scores. Do you even have any idea what you're talking about?
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Dec 11, 2014 05:57
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Virtue posted:I'm a recent grad with almost no credit who got approved for a Citi double rewards card that I've been using for all of my expenses for the past 2 months. The card limit is very low so I end up hitting 80% or more each month. I tried to get the limit increased but they told me I had to hold the card for a minimum of 6 months before any increase would be approved. Anything I should know to avoid tanking my credit score? You don't need to worry about this yet. Credit utilization is only based on the last reported month, previous months do not affect your score in any way. Assuming you do not need to apply for anything new in the next 4 months just use the card at 80% utilization until the 6 month mark. At this point either avoid using the card whenever possible to keep your balance low, or pay off the balance multiple times during the month before the statement is generated to prevent the utilization from ever getting above 30%. Do that for about a month and a half to make sure it's reported to the credit bureaus and then apply for a credit limit increase, another card altogether, or both. Avoid having a $0 balance though. Bisty Q. posted:Having a high number of open accounts is a positive factor. Utilization is not taken into account on individual accounts for FICO scores. Do you even have any idea what you're talking about? Pryor on Fire posted:Nope, number of accounts open is one of the factors. It's generally not a huge factor unless you regularly have balances on a large number of accounts but it still holds your score down. And the utilization is calculated on each individual line as well as across all cards. Having multiple credit cards does have an indirect affect though. Opening an account lowers the average age of accounts and results in a hard inquiry, both lowering your credit score. On the positive side having many open credit lines means opening another credit line in the future reduces the impact on your age of accounts. Someone with only 1 credit card will have their average age of accounts halved if they open a new line. Plus the person with many credit lines will almost certainly have a higher available credit limit, lowering their utilization.
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Dec 11, 2014 09:56
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What card should I use if I have no income and want to just get a ton of free poo poo online?
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Dec 11, 2014 12:40
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Credit issuers don't generally give out credit to folks without income anymore. You could lie on your application though! (don't)
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Dec 11, 2014 16:27
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nickutz posted:You could lie on your application though! (don't) Well, yeah - I'd probably be doing this. Just want to know what the best card to go with is.
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Dec 11, 2014 17:02
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bonzibuddy64 posted:Well, yeah - I'd probably be doing this. Just want to know what the best card to go with is. This depends, do you have a rental history or do you live with your parents? You might have to get a secured credit card.
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Dec 11, 2014 17:05
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bonzibuddy64 posted:What card should I use if I have no income and want to just get a ton of free poo poo online? Uhh can you elaborate more on what you want to do with this card? You do still have to pay for any purchases with a credit card
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Dec 12, 2014 16:04
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bonzibuddy64 posted:Well, yeah - I'd probably be doing this. Just want to know what the best card to go with is. Just keep using other peoples' cards by asking for stuff in Imp Zone, imo, seems to be working pretty well so far
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Dec 12, 2014 16:18
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Not a Children posted:Just keep using other peoples' cards by asking for stuff in Imp Zone, imo, seems to be working pretty well so far pls giev soj
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Dec 12, 2014 20:34
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I've got two cards right now, a lovely 1% cash back Wells Fargo card that came with my account, which I've had for about three years, and the Fidelity Amex which I just opened. I've been maintaining sub-30% utilization on the Wells Fargo since I've had it, and my score is in the upper 700's. Would it be worth it to try to get a Citi double cash card as well in the near future, and rotating between that and the Amex to keep utilization down?
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Dec 14, 2014 21:57
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Deviantfish posted:I've got two cards right now, a lovely 1% cash back Wells Fargo card that came with my account, which I've had for about three years, and the Fidelity Amex which I just opened. I've been maintaining sub-30% utilization on the Wells Fargo since I've had it, and my score is in the upper 700's. Would it be worth it to try to get a Citi double cash card as well in the near future, and rotating between that and the Amex to keep utilization down? Yes. The extra 1% cash back will probably be worth it as opening another card won't hurt your credit much over the short term, and only help over the long term. I use my fidelity 2% back everywhere that accepts Amex and my Cap One Ventures everywhere that doesn't.
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Dec 14, 2014 23:29
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I have a pretty good size credit limit on 2 of my credit cards. I recently did the "increase my limit" thing online and was instantly approved. I then wish I had asked to increase it by more. I have since checked my credit score and found it to be an 804. Does requesting an increase, whether they grant it or not, have any impact on credit score? I ask because I have a low limit on another card and also to consider whether to further try to increase my main cards.
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Dec 16, 2014 00:56
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I have pretty good credit and got the citi 2% card with a $5,000 limit last week. just got it raised to $20,000 via the online request thing. I gave the same info both times, like maybe a month apart. any idea why they do things like that?
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Dec 16, 2014 02:35
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johnny sack posted:I have a pretty good size credit limit on 2 of my credit cards. I recently did the "increase my limit" thing online and was instantly approved. I then wish I had asked to increase it by more.
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Dec 16, 2014 03:25
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Is there any trend to how often cards, specifically the Citi Double Cash, offer sign up bonuses?
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Dec 16, 2014 15:56
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squirreltactic posted:Is there any trend to how often cards, specifically the Citi Double Cash, offer sign up bonuses? Being a new card I would eager that you will not see a bonus for a while, although this could be completely wrong as I am just guessing.
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Dec 16, 2014 17:58
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Bank of America just sent me an offer for a card that's 1% cash back, 2% on groceries, and 3% on gas. But then I saw this:quote:Transaction Fees What the gently caress 
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Dec 18, 2014 03:38
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I don't know what that means, but I'm pretty sure it doesn't mean you'd be paying extra for every transaction.
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Dec 18, 2014 03:57
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QuarkJets posted:Bank of America just sent me an offer for a card that's 1% cash back, 2% on groceries, and 3% on gas. But then I saw this: You're talking about the BOA 1-2-3 card, right? This one? https://www.bankofamerica.com/credit-cards/credit-cards-terms-and-conditions.go?cid=2111824&po=P5&request_locale=en_US It is "purchases of wire transfers", bro. e.g. you use your card to buy a Western Union transaction.
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Dec 18, 2014 04:07
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Hey goons, for a while I've been in the enviable position of being able to pay my rent with a credit card (without a fee), and I'm looking to finally get a new card to take full advantage of this. My card: I just have one card, a normal Chase Sapphire (not Preferred). I've had this Chase account for 13 years and they randomly turned it into a Sapphire several years ago. I think it gives 2% back on restaurants and 1% on everything else? My spending: With my sky-high NYC rent, my average monthly credit card spend is 88% rent, 3.7% restaurants, 3% groceries, and 5.3% miscellaneous other stuff. My credit score: Equifax says 747. Because it might be relevant, I try to travel once or twice a year, for a total of 2-3 weeks. Next year will be a week in California and two weeks in Hawaii. No idea if this matters since I've only ever had/used cash back rewards. I'd appreciate any recommendations on the best card to really start raking in the rewards. Thanks!
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Dec 18, 2014 05:26
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Citi Cash is pretty much guaranteed to give you more bang for your buck. If your spending on credit is greater than ~$22k annually, you'd benefit more from the Barclays Arrival Plus, even with the annual fee.
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Dec 18, 2014 06:16
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Quick question just to make sure I understand 100%. I just got my credit card statement today from the bank, but the payment isn't due until Jan. 11, 2015. Can I pay it today or is there any good reason to wait?
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Dec 19, 2014 03:17
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khysanth posted:Quick question just to make sure I understand 100%. You can pay it today and not really any reason to wait. Assuming you already budgeted all that money you already spent. I pay my card about twice a month and then when I get the statement because I am weird.
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Dec 19, 2014 03:28
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khysanth posted:Quick question just to make sure I understand 100%. You can wait to earn the interest or have it for emergencies or whatever else. There's no advantage to paying it early either. Just make sure they've received your payment (in full, please) by the due date. That said, sure, you can pay it whenever you want.
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Dec 19, 2014 03:41
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If your checking is earning any kind of interest, you'll be making cents more if you wait! 
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Dec 19, 2014 03:42
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ETB posted:Citi Cash is pretty much guaranteed to give you more bang for your buck. If your spending on credit is greater than ~$22k annually, you'd benefit more from the Barclays Arrival Plus, even with the annual fee. Thanks, I'll get one of those then. Some quick questions: For the Citi Cash, the OP mentions a sign up bonus. How much is this bonus usually, and around how often does it actually pop up? For the Barclays, it would certainly be the better deal for now. However, I'm definitely moving in a couple years, and it's not likely my next apartment will accept cards for rent, so keeping the card wouldn't be worthwhile at that point. Is it a big deal if I use it for a couple years and then cancel and switch to something without a fee? Or would it be better to just get the Citi to begin with to avoid likely having to switch later?
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Dec 20, 2014 10:34
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My girlfriend and I are taking an International flight in 2015, and I've been looking at how to best take advantage of offers to help offset. Has anyone done anything like this, or know if it can be done? The US Airways MasterCard is offering 50k bonus miles upon payment of the $89 AF and one purchase. The American Airlines Platinum Select is offering 50k on 3k spend. That would be enough for Elite Platinum status for 2015 (and into 2016?) and a RT 1st class ticket to Europe, since US Airways are converting to AA once they finish merging. Does this make sense? Is there a better deal to take advantage of? I'm pretty new at the airline miles game, I only have a few cards for straight $$ signup bonuses. It seems like $89 and a 3k spend for a few thousand dollar ticket which is a no-brainer.
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Dec 20, 2014 17:02
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spwrozek posted:You can pay it today and not really any reason to wait. Assuming you already budgeted all that money you already spent. I pay my card about twice a month and then when I get the statement because I am weird. Two situations where you might want to do this anyways. Your credit limit is lower than your monthly expenses you want to put on the card. You credit limit is low enough that you end up with high utilization at the end of the statement. Pay the statement balance after the statement arrives anytime before the due date is the simplest way to build credit reliably. TheEye posted:Thanks, I'll get one of those then. Some quick questions: Closing the Barclaycard after you move would be fine, you should be able to convert it to the fee-free version of the Arrival card instead which would be better though.
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Dec 20, 2014 17:49
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xie posted:My girlfriend and I are taking an International flight in 2015, and I've been looking at how to best take advantage of offers to help offset. Has anyone done anything like this, or know if it can be done? That's the general strategy yes, but there are a few things take into account: Card earned miles (including your bonus mileage) don't count toward elite status, so you won't get any platinum status from that. The bonus miles sometimes have a lag between when you earn them and when they're deposited in your account. This might end up being negligible, but you're not going to have them right away. This becomes a problem because the airlines only open up a certain amount of award seats, and depending on when and where you're going, they might be sold out with no intent of opening any more. And I'm not sure where you're getting that 50K miles is enough for a round trip first class ticket to Europe. I'm assuming you're in the US? It's 50,000 miles for a ONE WAY business/first class trip from the US to Europe at the lowest level of award on AA (and finding awards at the lowest level is rare/difficult, mostly depending on what time of year you're going (peak vs. off peak)). I'm guessing you're reading the award charts wrong - the AA chart shows one way costs, the US Airways chart shows round trip costs. So what I'm saying is you can still use those miles to book a (economy, with no elite benefits except what come with the card) ticket to Europe, but you may not find awards available depending on when you're going. Your best best would to have been to get the card sometime in the past year and been spying for awards tickets, miles in-hand, as soon as you possibly could have (they open them a little less than a year before the travel date). Brian Fellows fucked around with this message at 19:18 on Dec 20, 2014 |
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Dec 20, 2014 19:15
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Canadian goon going to the south next year. I'm looking for a good travel rewards card. Currently I'm using Aeroplan which really is only the one of two major travel miles in Canada and there's lots of different credit cards from Visa/Amex that have cards ranging from $60 to $1000. The US seems to have a lot more cards and travel rewards companies so I was looking for a recommendation on what I should go with. Ideally I'd prefer a free card which I could maybe do some churning later on down the road with other card offers, but I don't mind paying if the fee is around $50/year. Also, how do you go about applying for the AMEX Costco card? Do you get a costco membership then apply online or do you apply while you get your costco membership? lol internet. fucked around with this message at 19:44 on Dec 20, 2014 |
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Dec 20, 2014 19:41
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THF13 posted:The Citi double cash is a very new card so we don't know. They offered a limited number of people $200 after spending $1000 but this is no longer available. It's only mentioned in the OP because it takes most people a lot of time to "break even" against a good sign up bonus. The 1.5% quicksilver card for example with a $100 signup bonus stays ahead of the double cash until after you've spent $20,000 on the card. Ah, okay, sounds like going with Barclays would be the best plan then. Last question: Once I get it, it will obviously be better to put all purchases on that card rather than the Sapphire. Is it a problem if I just stop using the Sapphire altogether? Do I still need to use it once a month or something?
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Dec 20, 2014 21:21
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I'm thinking of applying for the US Airways Barclay Mastercard (gonna think on it for a couple days), if so, anyone have a referral code they'd like me to use? If I go with it, do let me know if you'd like a referral code from me, nets you 5 or 10k miles for each one (max 50k) 
Pompous Rhombus fucked around with this message at 23:18 on Dec 20, 2014 |
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Dec 20, 2014 22:54
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Pompous Rhombus posted:I'm thinking of applying for the US Airways Barclay Mastercard (gonna think on it for a couple days), if so, anyone have a referral code they'd like me to use?
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Dec 21, 2014 01:01
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Brian Fellows posted:That's the general strategy yes, but there are a few things take into account: How is 100k miles not enough for a R/T ticket to Europe? I think you misread my post. US is offering 50k that convert to American at the end of the year. American is also offering 50k.
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Dec 21, 2014 14:25
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