December 2015 Garden Club

For just about anything you want to get off your chest about credit cards.
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Nixon
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Re: December 2015 Garden Club

Postby Nixon » Fri Dec 04, 2015 3:40 pm

I still haven't applied for anything. Lol.
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CarefulBuilder14
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Re: December 2015 Garden Club

Postby CarefulBuilder14 » Fri Dec 04, 2015 3:55 pm

My last SL ($8,500) on a new account with Chase (Hyatt) brought my total Chase CLs up to half my reported income, and I've read a few cases of people getting irregular SLs to hit that threshold. So I'm not certain, but it's a reasonable explanation and one I'm not inclined to challenge, especially having opened 3 Chase cards in 2015.

The APRs on 3 of my 4 Chase cards are of the fixed 15.99% variety, so I can't factor those in.

As far as IHG, I still really like having the card. Right now I'm trying to figure out whether or not I should shoot for Spire Elite in the next few weeks (before the end of 2015). I'm pretty busy, but I'm actually considering a few mattress runs. If I booked three (or maybe even two) nights with 5k bonus point rates, I'd pay about $350 but get about $600 in points. Hitting Spire Elite really is a points windfall, and I'd have to start over from scratch in 2016. I really wish they used years consisting of 12 months after you join the program, but instead it's based on calendar years.

I didn't expect to come close, but I got a 30k bonus rate that (after a 30-minute headache with IHG customer service trying to get the bonus points in the first place) ended up posting as elite-qualifying. So I'm actually not too far and not sure what to do.

And dealing with IHG customer service is not pleasant.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

augiedog
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Re: December 2015 Garden Club

Postby augiedog » Fri Dec 04, 2015 4:20 pm

JonE wrote:FINALLY paid Walmart off. Won't use it but sparingly over the next year or so. Just enough to keep it open. CareCredit is next on the list.

And I'm reconsidering closing ANYTHING I have right now since I'm still technically rebuilding. Maybe in a year I'll see where I'm at credit wise, some things could change in between now and then that might be to my benefit.


I wouldn't use that card at all! The rewards are very insignificant. So many other cards do much better than this one...
American Express: Blue Cash Everyday (10k), Everyday, ; Discover It (7.3k) ; Target (2.1k)

Citi: Diamond (2k) ; Bank of America: Cash Rewards (2.6k) ; Capital One: Quicksilver (3k) , Sony ; Chase: Freedom (3.7k), Slate (3k), (Amazon) ; Barclay Ring ; Synchrony: Walmart MC, Amazon, Ebates

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CarefulBuilder14
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Re: December 2015 Garden Club

Postby CarefulBuilder14 » Fri Dec 04, 2015 4:44 pm

Yeah, I'm not going to pursue my last-minute unexpected opportunity for Spire Elite.

I don't have any actual need or even a particular desire to stay at a hotel for the next few weeks. Hotels that I could conceivably stay at have either limited bonus point options, or high-ish cash prices for paid nights.

I'll be with family for the holidays, and I'm busy enough until then.

Getting the IHG card and a great bonus: Easy and rational.
Planning to keep the card for the renewal night: Easy and rational.
Getting some bonus points with a stay at a great price: Not very difficult, still rational.
Making a bunch of unnecessary stays, involving travel in bad weather, for little net gain: Moderately difficult, and not quite so rational. This is the step I won't take.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

Vermonster
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Re: December 2015 Garden Club

Postby Vermonster » Fri Dec 04, 2015 4:48 pm

CarefulBuilder14 wrote: I really wish they used years consisting of 12 months after you join the program, but instead it's based on calendar years.

That is actually very helpful information. If this new job doesn't pan out for my wife I will consider the app. But if she gets the job I'll be in garden mode until mortgage time.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

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CarefulBuilder14
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Re: December 2015 Garden Club

Postby CarefulBuilder14 » Fri Dec 04, 2015 5:31 pm

Vermonster wrote:
CarefulBuilder14 wrote: I really wish they used years consisting of 12 months after you join the program, but instead it's based on calendar years.

That is actually very helpful information. If this new job doesn't pan out for my wife I will consider the app. But if she gets the job I'll be in garden mode until mortgage time.

How many IHG stays/nights/points do you think you might make in a year?

If enough to earn Spire Elite, then you might want to apply earlier in the calendar year than I did. Even if you get a smaller signup bonus, you might hit the windfall I'll miss. (Not that I can really complain, since most of the elite-qualifying points I have aren't even technically supposed to be elite-qualifying.)

If not enough to hit Spire, then wait for a great signup bonus.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

kdm31091
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Re: December 2015 Garden Club

Postby kdm31091 » Fri Dec 04, 2015 8:00 pm

CarefulBuilder14 wrote:Yeah, I'm not going to pursue my last-minute unexpected opportunity for Spire Elite.

I don't have any actual need or even a particular desire to stay at a hotel for the next few weeks. Hotels that I could conceivably stay at have either limited bonus point options, or high-ish cash prices for paid nights.

I'll be with family for the holidays, and I'm busy enough until then.

Getting the IHG card and a great bonus: Easy and rational.
Planning to keep the card for the renewal night: Easy and rational.
Getting some bonus points with a stay at a great price: Not very difficult, still rational.
Making a bunch of unnecessary stays, involving travel in bad weather, for little net gain: Moderately difficult, and not quite so rational. This is the step I won't take.


That's a good point too...how many people travel simply because of the points, and therefore spend more (since traveling still has costs)? Again, glad to see you are rational about it.

JonE
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Re: December 2015 Garden Club

Postby JonE » Fri Dec 04, 2015 8:15 pm

augiedog wrote:
JonE wrote:FINALLY paid Walmart off. Won't use it but sparingly over the next year or so. Just enough to keep it open. CareCredit is next on the list.

And I'm reconsidering closing ANYTHING I have right now since I'm still technically rebuilding. Maybe in a year I'll see where I'm at credit wise, some things could change in between now and then that might be to my benefit.


I wouldn't use that card at all! The rewards are very insignificant. So many other cards do much better than this one...


Yeah, Discover Deals has 5% on Walmart online (which is 10% on Double Cashback) so the store card will get VERY limited use.

I'll probably transfer CareCredit spending to Chase since it's not seeing much since I got Discover, but 1% rewards is better than nothing. Both Synchrony cards have been relegated to back of the wallet. Since Amazon has 5% And special financing that'll get the bulk of my synchrony use, once Discover is out of 5% category that is.
Current Cards: Chase Freedom, Discover IT
Future: TBD

CardAttack
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Re: December 2015 Garden Club

Postby CardAttack » Fri Dec 04, 2015 9:09 pm

Hi, everyone, I'm new here. I opened several cards in the past couple of months, after not applying for any for years and actually closing down a few accounts earlier this year. My FICO was exceptionally high, so I decided to capitalize. Still managed to keep my score above 800.

I now have all the cards I want for the long term. I focus on cash rewards which suits me fine because I PIF. I use my cards for everyday spending. I've especially enjoyed the Amex deals.

CC cash back is part of a larger savings strategy for me. I always look for the lowest prices when I shop, love the rebate portals, and buy gift cards for restaurants, etc., because the discount on those can be much greater than any CB!

I check my CC transactions online every day and track my transactions with anMoney , which I use as my "checkbook".

Each month, I transfer the amount of CB I get to my savings account. That way,I feel like I'm really saving something.

So I will sit tight, watch my FICO go back up, and look for more ways to save money.

I've been enjoying all the interesting threads in this forum .

yfan
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Re: December 2015 Garden Club

Postby yfan » Fri Dec 04, 2015 11:43 pm

CardAttack wrote:Each month, I transfer the amount of CB I get to my savings account. That way,I feel like I'm really saving something.

You ARE saving something! Congrats and welcome!



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