Hello From a Newbie! Wanted General CC Advice

For just about anything you want to get off your chest about credit cards.
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obxfisherman
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Hello From a Newbie! Wanted General CC Advice

Postby obxfisherman » Sat Feb 14, 2015 12:54 pm

Hello all! I am new here, and let me tell you a little bit about my credit profile. 20 Years Old. 25 K Income. Age of Credit 1 year 5 Months.

I have the following cards:
American Express EveryDay $3,000
Discover IT Student $2,500
Citi Simplicity $2,800
Navy Federal Flagship Rewards $5,000
Amazon Store Card $1,024
Sears Card $3,000
Sears Mastercard $4,250
Lowes Card $2,000
Marathon Visa Card $2,500
Walmart Card $1,400
Amtrak Guest Rewards Chase Card $2,500
Chase Disney Premier Visa $4,900
Chase Freedom $2,000
Chase Marriott Rewards Premier Card $5,000
Total Limits: $41,874

Debt on all cards is only $5,000, soon to be $3,000.
Hard Inquires are at 13. Depending on which report you pull 10 of those will drop off TU by year end, On EX I have 11 but they are 2 years out from dropping.

Anyway my whole point in writing is to ask what I should do. You see, I want to get my Marriott Cards Credit Line increased, however I think it is best to take this year (2015), not apply for anymore cards and just let my balances drop to $0, except for normal monthly purchases made on the Marriott Card. My question is at what point do I apply for the CLI, do I give it just until next year to HP again or do I wait longer? A lot of the pulls on EX are Chase and they won't drop until 2017, so part of me assumes I should wait until after 2017 to ask for CLI.
Another thing I considered is Consolidating Chase Credit lines all onto the Marriott card, with the exception of $500 on each card to keep each open. This would bring Marriott to like 13K CL and then I could slowly work on bringing up the other chase cards again.
I have no desire for anymore cards....at some point i'd like to close a few of the ones I have now...the store cards mainly but I won't do that at this point.
Discover FICO has my score at 751.

Sorry for the long winded post, I look forward to your replies.
Cards Currently In My Wallet(See Avatar)
Chase Marriott Rewards Visa Signature (Daily Purchase): 13.4K
NFCU Visa SignatureCash Rewards: 5K
Sheetz Discount Card 3c Off PerGallon Of Gas Everyday

Total Credit Card Limits Roughly: 61.5K


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Vattené
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Postby Vattené » Sat Feb 14, 2015 11:13 pm

Do you know if it is possible to get a CLI without a hard pull? That would be the first thing to find out.

Do you need an increase for practical purposes, or do you just want one for credit scoring purposes? If it is the latter, and your only option at getting a CLI is taking a hard pull, in my opinion you'd be better off just leaving your credit limit where it currently is (or moving limits around on your other Chase lines). The positive impact of the increased limit and negative impact of a hard credit inquiry are difficult to estimate, but you already have several inquiries on your report so I would go the safer route and avoid taking any more.
-Vattené
FICO-8:
EX - 805 (2/17) | TU - 787 (2/17)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

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obxfisherman
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Postby obxfisherman » Sun Feb 15, 2015 8:20 am

Vattené wrote:Do you know if it is possible to get a CLI without a hard pull? That would be the first thing to find out.

Do you need an increase for practical purposes, or do you just want one for credit scoring purposes? If it is the latter, and your only option at getting a CLI is taking a hard pull, in my opinion you'd be better off just leaving your credit limit where it currently is (or moving limits around on your other Chase lines). The positive impact of the increased limit and negative impact of a hard credit inquiry are difficult to estimate, but you already have several inquiries on your report so I would go the safer route and avoid taking any more.


I did some research yesterday and it appears the Walmart/Lowes/Amazon/Marathon cards do CLI without hard pull. I went ahead and asked for CLI on all four of those, and the following resulted:
Lowes: $7,000
Walmart $2,400
Amazon $1,700
Marathon $3,000
I was most shocked regarding lowes, because ironically lowes is now my highest limit. I don't need additional Credit Line on Marriott for spending purposes right now, just wanted it from a credit scores prospective.
All my reports are frozen, but I did open TU last night in case it was needed for above. I just hope the forums I read were correct, It will kill me to know I just got hit with 4 more hard pulls. As of right now, after this year I'll have only 3 come the end of this year on TU.
Regarding moving around credit lines at Chase, would moving all limits except $500 to Marriott negatively effect my credit score since i'm losing credit on certain cards? Over time, would it be that difficult to bring up the $500 back to higher credit levels?
Cards Currently In My Wallet(See Avatar)
Chase Marriott Rewards Visa Signature (Daily Purchase): 13.4K
NFCU Visa SignatureCash Rewards: 5K
Sheetz Discount Card 3c Off PerGallon Of Gas Everyday

Total Credit Card Limits Roughly: 61.5K

aquarius7373
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Postby aquarius7373 » Sun Feb 15, 2015 10:33 am

Looks like you're doing pretty well. Is your TOTAL credit history 1yr 5mo, or is that your average?
Do you use your credit cards regularly, or only pay off the $3,000 debt?

With 3k debt and 49,050 TCL, you're running 6% utilization, compared to 7% before your CL increases. You already had quite a few hard pulls.. not sure if that'll help you, unless, say, you start putting an additional $2k+/mo on some of your cards to gain the benefits, your utilization will remain nice and low. Given your low history and high score, I'd say you set yourself up very well for the future. with 14 cards, your credit will age nicely with you.

I use BillGuard (app) to track purchases (and possible fraud) with my 12 cards. But I can't add Syncronicity cards to it, like your Walmart, Lowes, and a few others. I'd be a little worried tracking those.
[size=60]My Wallet - Primary Cards:
Amex Blue Cash Preferred (25k ~ 6% groceries)
Barclays Sallie Mae (6.3k ~ 5% gas and amazon)
Citi Double Cash Back (5k ~ 2% everything else)

My Wallet - Secondary Cards:
Chase Southwest Business (30k ~ AU)
BBT Visa (10k ~ because visa)
Home Depot Credit (10k)
Amazon Credit (6k)

Not Used:
Cap One Credit (2.15k)
Macy's Charge (1k)
Kohls Charge (1k)
JC Penny Charge (1k)
Macy's Credit (0.5k)

Future Cards:
Cap One Quicksilver Visa (1.5% everything to replace BBT visa)

TCL : $97,950
Credit History : 12 years - always PIF
FICO EQ : 797
FICO TU : 791

I'm a newbie - all advice is appreciated![/size]

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obxfisherman
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Postby obxfisherman » Sun Feb 15, 2015 1:17 pm

aquarius7373 wrote:Looks like you're doing pretty well. Is your TOTAL credit history 1yr 5mo, or is that your average?
Do you use your credit cards regularly, or only pay off the $3,000 debt?

With 3k debt and 49,050 TCL, you're running 6% utilization, compared to 7% before your CL increases. You already had quite a few hard pulls.. not sure if that'll help you, unless, say, you start putting an additional $2k+/mo on some of your cards to gain the benefits, your utilization will remain nice and low. Given your low history and high score, I'd say you set yourself up very well for the future. with 14 cards, your credit will age nicely with you.

I use BillGuard (app) to track purchases (and possible fraud) with my 12 cards. But I can't add Syncronicity cards to it, like your Walmart, Lowes, and a few others. I'd be a little worried tracking those.


1 year 5 months would be total credit History, well I had credit cards one being a really crappy off brand, fingerhut, and capital one secured all active but I closed last year due to moving up to bigger and better cards. 1 year 5 months is current age of active credit. The old closed accounts add maybe 6 months onto that. I use Marriott regularly as a daily purchase card, not much else on the others in terms of major spending. I always go buy something small and pay it off automatically on the others every so often to keep them active but unless there is some large incentive, I don't use any others besides Marriott, and occasionally NFCU, depending on my mood.

I'll have to checkout that app. Thanks for the suggestion!
Cards Currently In My Wallet(See Avatar)
Chase Marriott Rewards Visa Signature (Daily Purchase): 13.4K
NFCU Visa SignatureCash Rewards: 5K
Sheetz Discount Card 3c Off PerGallon Of Gas Everyday

Total Credit Card Limits Roughly: 61.5K

samhradh
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Postby samhradh » Mon Feb 16, 2015 4:05 am

obxfisherman wrote:Regarding moving around credit lines at Chase, would moving all limits except $500 to Marriott negatively effect my credit score since i'm losing credit on certain cards? Over time, would it be that difficult to bring up the $500 back to higher credit levels?


1) No. Your FICO is the sum of all CL available to you.
2) Possibly. Most lenders have a cap for each person. It's usually determined by income/spending habits.If you move most of the available credit you have with Chase to one card, you may find that they are unwilling to issue additional credit on your other cards.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

takeshi
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Postby takeshi » Mon Feb 16, 2015 2:58 pm

samhradh wrote:Possibly. Most lenders have a cap for each person. It's usually determined by income/spending habits.If you move most of the available credit you have with Chase to one card, you may find that they are unwilling to issue additional credit on your other cards.

Yeah -- it really depends on what your internal limit is with Chase and we can't tell you that. i only found mine by bumping into it and had to reallocate to open my Freedom.

popamode72
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Postby popamode72 » Mon Feb 16, 2015 4:26 pm

obxfisherman wrote:I did some research yesterday and it appears the Walmart/Lowes/Amazon/Marathon cards do CLI without hard pull. I went ahead and asked for CLI on all four of those, and the following resulted:
Lowes: $7,000
Walmart $2,400
Amazon $1,700
Marathon $3,000
I was most shocked regarding lowes, because ironically lowes is now my highest limit. I don't need additional Credit Line on Marriott for spending purposes right now, just wanted it from a credit scores prospective.
All my reports are frozen, but I did open TU last night in case it was needed for above. I just hope the forums I read were correct, It will kill me to know I just got hit with 4 more hard pulls. As of right now, after this year I'll have only 3 come the end of this year on TU.
Regarding moving around credit lines at Chase, would moving all limits except $500 to Marriott negatively effect my credit score since i'm losing credit on certain cards? Over time, would it be that difficult to bring up the $500 back to higher credit levels?


I would have asked for $15-20k on the Lowes so they would counter. There's possibly some stuff left on the table that you didn't get.

We have similar lengths of credit history BTW and we're even the same age.
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)

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obxfisherman
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Postby obxfisherman » Mon Feb 16, 2015 4:56 pm

popamode72 wrote:I would have asked for $15-20k on the Lowes so they would counter. There's possibly some stuff left on the table that you didn't get.

We have similar lengths of credit history BTW and we're even the same age.


Sweet, we are on the right track then lol. I would have loved more on lower, but I didn't get an opportunity to ask for how much I wanted, it just wanted me to update my income, which hadn't changed and they gave me 7K.

Now perhaps i could get it higher if there was some backdoor number to call? Unsure if that would help me though...don't want a HP, for now anyway.
Cards Currently In My Wallet(See Avatar)
Chase Marriott Rewards Visa Signature (Daily Purchase): 13.4K
NFCU Visa SignatureCash Rewards: 5K
Sheetz Discount Card 3c Off PerGallon Of Gas Everyday

Total Credit Card Limits Roughly: 61.5K



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