Self-imposed Garden Exile...

For just about anything you want to get off your chest about credit cards.
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otter
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Self-imposed Garden Exile...

Postby otter » Mon Oct 06, 2014 12:42 pm

Okay, so I've gone from almost zero credit to almost $75000 CL's in fifteen months. I now have a new car (which was my original reason for reestablishing my credit) and I am mostly happy with the cards I have. I also have around $10,000 in credit card debt which I could pay down (via cash/liquidating investments, etc) but chose not to since it is currently at 0% interest. Still, there is much room for improvement. I have been denied some cards because of too many new accounts/inquiries and Amex has denied every 3x increase requests I've tried (as well as a few apps for new cards). So I thought I'd never say this but I need to garden for about a year, but find myself lacking the willpower to do so.

How do I force myself to garden- how did I place myself into "exile"? I got a 12 month balance transfer offer of 0% from my Comenity Sportsman card and applied for the Chase Slate(with 0% for 15 months). I moved most of my CL over from the Freedom and after a few balance transfers, all my debt is moved over to my two longest term 0% cards (which are now at 90%+ utilization). I figure this will push my FICO score down to the upper 600's.lower 700's which is enough to deter me from apping but not enough to have any kind of AA by anyone.

So yes, bring me the kool-aid... I've joined the garden cult willingly.This changes how I use my cards... my go to card is now the GM card (I believe there will be some huge breakthroughs such as self-driving cars in the next five years, so I want to buy when it comes out). I'll use the GM card for the first $5000 in purchases each year before I even break out the 5% cards(Sallie Mae, Freedom, and Discover It).

Once I emerge from the garden... I'll be a wiser otter with zero debt, a larger stash of cash and investments and close to an 800 FICO and then maybe Amex will finally give me my long-awaited 3X increase...
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450


MemberSince99
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Postby MemberSince99 » Mon Oct 06, 2014 12:47 pm

Freeze your reports. That will force you to not app for anything spur of the moment.

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otter
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Postby otter » Mon Oct 06, 2014 12:50 pm

MemberSince99 wrote:Freeze your reports. That will force you to not app for anything spur of the moment.


I'll probably do that as well.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

popamode72
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Postby popamode72 » Mon Oct 06, 2014 1:03 pm

I think it is much easier to garden when you have all the cards you can possibly want and need. I think at this point, I have achieved my goals of having cards with all the major lenders I wanted to do business with and have way more credit than i could have ever dreamed of having starting out with 1k. I have even frozen my Experian file thus far to help me out there and to especially not have any new inquiries on that report for six months (thanks a lot Citi for not letting me PC my card).
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

MemberSince99
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Postby MemberSince99 » Mon Oct 06, 2014 2:16 pm

This may also help - imagine the movie "Misery", and you are the poor guy who is stuck with messed up legs in the cabin with the psycho chick, and it's 09. She has that electric knife, and is threatening to do somehting to you if you app. No it's not ban you for life from MyFICO, it's to end your ability to father children using that knife, and no there won't be anathestia involved.....and she's gonna do it slowly....


If that can't cure the app itch, then hell if I know what could....

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djrez4
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Postby djrez4 » Mon Oct 06, 2014 3:23 pm

I was curious about what it would take to get a reasonable GM vehicle for free every five years using the BuyPower card. Assuming my math is right, it takes $1,438,750.00 in spending to come up with $30,000 in rewards. That's only $287,750.00 per year!

(5% x $5000 = $250 x 5 = $1250. Leaves $28,750 to account for at the 2% level - $28,750 / 2% = $1,437,500)
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
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otter
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Postby otter » Mon Oct 06, 2014 3:40 pm

djrez4 wrote:I was curious about what it would take to get a reasonable GM vehicle for free every five years using the BuyPower card. Assuming my math is right, it takes $1,438,750.00 in spending to come up with $30,000 in rewards. That's only $287,750.00 per year!

(5% x $5000 = $250 x 5 = $1250. Leaves $28,750 to account for at the 2% level - $28,750 / 2% = $1,437,500)


Yeah, I did the same math, too... reasonably a few thousand off would make me happy. The points don't expire so I may just buy my car once the lease is over and then drive it for a few more years. Once I'm ready to buy a new car... between my reserves, the trade-in and the BuyPower points, I shouldn't have to carry a loan on it.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

yfan
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Postby yfan » Mon Oct 06, 2014 3:53 pm

djrez4 wrote:I was curious about what it would take to get a reasonable GM vehicle for free every five years using the BuyPower card. Assuming my math is right, it takes $1,438,750.00 in spending to come up with $30,000 in rewards. That's only $287,750.00 per year!

(5% x $5000 = $250 x 5 = $1250. Leaves $28,750 to account for at the 2% level - $28,750 / 2% = $1,437,500)

Almost, but not quite. You are adding the actual spend of the second part (to get the $28,750) to the reward of the first part. In order to get those $1250, the spend level is actually $25,000 (5000/yr. x 5 yrs). You add this $25K to your $1,437,500 and get a total spend of $1,462,500.

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CarefulBuilder14
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Postby CarefulBuilder14 » Mon Oct 06, 2014 4:53 pm

When you've opened up four cards in the last three months, and one's already in the sock drawer, it's time to garden!

I think we are still a long way off from self-driving cars on public roads. Getting a smart car to drive on its own on a perfectly-maintained private high-tech driving course is one thing, but a beat-up interstate during rush hour is another matter. Along with a lot of questions about legal liability, there's the problem that internet and GPS signals can be intermittent.

Edit: I think it takes some restraint, as most people want more cards constantly. There's not always such a clear, logical stopping point. As soon as you have one card, you begin to see more value in getting some other card, as well.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

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Vattené
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Postby Vattené » Mon Oct 06, 2014 5:24 pm

CarefulBuilder14 wrote:I think it takes some restraint, as most people want more cards constantly. There's not always such a clear, logical stopping point. As soon as you have one card, you begin to see more value in getting some other card, as well.


I imagine this is the norm as well, though personally I am not experiencing that urge at all. I do plan to start maximizing my rewards and there are cards I like and see value in theoretically, but in practice I absolutely love having all of my spending go through one place and only tracking one bill. I don't really know what to tell otter because, for me, even when there are cards I like I just do not feel the desire to go for them (I guess it is just because I like the convenience of having one bill for everything more than the increased benefit of said new card). If it is just an impulse thing I agree freezing your reports is a good plan, though.
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FICO-8: EX - 827 (5/17) | TU - 824 (5/17)
My Cards: Barclay Arrival+ | Discover it | Amex ED
AU:: Discover Miles | BofA BBR | Barclay Commence (SD'd)



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