December 2015 Garden Club

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

Postby yfan » Wed Dec 09, 2015 10:07 am

Vattené wrote:
kdm31091 wrote:So what are everyone's goals for 2016 in credit? I am hoping to pretty much garden and let my inquiries age/fall off, unless something really amazing comes out but I kind of doubt it considering most recent "new cards" have not been all that exciting (to me anyway). I also plan to close a few cards to try and pare down. I have too many for my spend level.


I have financial goals for 2016, but for the first time in a while I really don't have any credit goals. I'd like to get my score into the 800s, but I realize that's an arbitrary benchmark that won't benefit me in any real way. I suspect some store accounts will be closed for inactivity, but I'm leaving all that up to the lenders. It'll happen when it happens.

OMG but you are gonna get a "Closed by Lender" notation on your report - which will ruin everything! EVERYTHING, do you hear me, EVERYTHING!!!! :beat:

My goals in 2016 are to maybe do a few goodwill letters for the last couple of lates to fall off early, keep taking the best possible advantage of my existing rewards, and stay away from any unnecessary credit applications. I suspect that will mean no apps at all, which is all the better as my reports should be free of inquiries then by the time I go hunting for my Tesla in 2017. :cheers:


Nixon
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Re: December 2015 Garden Club

Postby Nixon » Wed Dec 09, 2015 10:19 am

yfan wrote:I suspect that will mean no apps at all, which is all the better as my reports should be free of inquiries then by the time I go hunting for my Tesla in 2017. :cheers:


And this matters because?

They wanna sell cars, the credit requirements aren't all that onerous to be honest. Plus, TU can still be bumped.
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yfan
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Re: December 2015 Garden Club

Postby yfan » Wed Dec 09, 2015 10:23 am

Nixon wrote:
yfan wrote:I suspect that will mean no apps at all, which is all the better as my reports should be free of inquiries then by the time I go hunting for my Tesla in 2017. :cheers:


And this matters because?

They wanna sell cars, the credit requirements aren't all that onerous to be honest. Plus, TU can still be bumped.

Because I want the best interest rate. Yes it's possible that I could get the best rate without the best of reports, but my point was that I have no apps to make at all next year anyway, not that I'm forcing myself not to app for anything in anticipation of my shiny new royal blue Tesla.

kdm31091
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Re: December 2015 Garden Club

Postby kdm31091 » Wed Dec 09, 2015 10:26 am

I don't foresee any apps either. Not that I feel I couldn't be approved but just that I doubt something will come along that adds huge value to my spending. For base rewards of cash back, the best we will see on all purchases is 2%, which I already have with a Double Cash. I highly doubt an issuer will come out with something with higher than 2% on all purchases (especially considering DC already has some small hoops for the 2%).

As far as category spending, I have groceries, gas, dining, online shopping etc covered and the rest is pretty minor stuff that again, I'd be unlikely to get more than 2% on anyway. So if one prefers cash back, I think what's out there is probably as good as it will get for right now. Look at Barclay's newest offering - 1.5% cash back with a 5% bonus and a $50 cashout minimum. Not a horrible card, but nothing groundbreaking either.

Nixon
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Re: December 2015 Garden Club

Postby Nixon » Wed Dec 09, 2015 10:41 am

yfan wrote:
Nixon wrote:
yfan wrote:I suspect that will mean no apps at all, which is all the better as my reports should be free of inquiries then by the time I go hunting for my Tesla in 2017. :cheers:


And this matters because?

They wanna sell cars, the credit requirements aren't all that onerous to be honest. Plus, TU can still be bumped.

Because I want the best interest rate. Yes it's possible that I could get the best rate without the best of reports, but my point was that I have no apps to make at all next year anyway, not that I'm forcing myself not to app for anything in anticipation of my shiny new royal blue Tesla.


I see, The best interest rate is still 0%, Lol.

In any case, yeah. I may look at a Tesla later on as well. I just need to machine some things as far as getting my Subdivision HOA to approve a power station (No garage)
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jcarte29
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Re: December 2015 Garden Club

Postby jcarte29 » Wed Dec 09, 2015 1:22 pm

yfan wrote:
Nixon wrote:
yfan wrote:I suspect that will mean no apps at all, which is all the better as my reports should be free of inquiries then by the time I go hunting for my Tesla in 2017. :cheers:


And this matters because?

They wanna sell cars, the credit requirements aren't all that onerous to be honest. Plus, TU can still be bumped.

Because I want the best interest rate. Yes it's possible that I could get the best rate without the best of reports, but my point was that I have no apps to make at all next year anyway, not that I'm forcing myself not to app for anything in anticipation of my shiny new royal blue Tesla.



From someone in F&I at a dealership, anything above 700 (unless its just a thin thin "almost false" 700) is going to qualify you for the best rates out there.


To quote a previous reply on goals for myself in 2016- I'm in the garden but for the same reasons as others, nothing exciting out there and I feel I have a good mix of cards now.

2014 was a big year because I gained 5 of the 8 I have, so next year those will all be 2 years old and continue to age well, to go with my Cap One which will be 6 years next year (and I will probably cut it up if they don't drop the annual fee finally)

2015 I picked up two cards (I have no intention of any more before end of year no matter my circumstances). The other landmark of 2015 (as I just got a new score from my Barclaycard) was a year over year 700+ score all 12 months. (peak was 755, and +2 from 723 to 725 Dec to Dec) That I have to say I am pretty darn proud about and hopefully sets 2016 up nicely as I continue to grow in my career :)
Portfolio:
CITI Diamond Preferred $7,000 [06-16]
AMEX Platinum (Charge) [11-16]
AMEX EDay $12,000 [11-14]
Lowes Store $15,000 [4-14]
CSP VISA $6,000 [7-14]
GM MC $9,000 [9-14]
AAdvantage Red MC $10,350 [10-14]
Discover IT $4,500 [03-15]
Chase Marriott VISA $5,000 [04-15]
Cap One Quick $2,600[4-10]

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CarefulBuilder14
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Re: December 2015 Garden Club

Postby CarefulBuilder14 » Wed Dec 09, 2015 4:01 pm

kdm31091 wrote:So what are everyone's goals for 2016 in credit? I am hoping to pretty much garden and let my inquiries age/fall off, unless something really amazing comes out but I kind of doubt it considering most recent "new cards" have not been all that exciting (to me anyway). I also plan to close a few cards to try and pare down. I have too many for my spend level.

Goals:
1. Find better-paying work with less erratic hours.
2. For every new account I add, let at least one existing account age past 2 years. For every EX inquiry I add, let at least one die off.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

Tubpbs
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Re: December 2015 Garden Club

Postby Tubpbs » Wed Dec 09, 2015 5:43 pm

CarefulBuilder14 wrote:
kdm31091 wrote:So what are everyone's goals for 2016 in credit? I am hoping to pretty much garden and let my inquiries age/fall off, unless something really amazing comes out but I kind of doubt it considering most recent "new cards" have not been all that exciting (to me anyway). I also plan to close a few cards to try and pare down. I have too many for my spend level.

Goals:
1. Find better-paying work with less erratic hours.
2. For every new account I add, let at least one existing account age past 2 years. For every EX inquiry I add, let at least one die off.


Is it appropriate to ask what work you do now?
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

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CarefulBuilder14
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Re: December 2015 Garden Club

Postby CarefulBuilder14 » Wed Dec 09, 2015 6:47 pm

Tubpbs wrote:
CarefulBuilder14 wrote:
kdm31091 wrote:So what are everyone's goals for 2016 in credit? I am hoping to pretty much garden and let my inquiries age/fall off, unless something really amazing comes out but I kind of doubt it considering most recent "new cards" have not been all that exciting (to me anyway). I also plan to close a few cards to try and pare down. I have too many for my spend level.

Goals:
1. Find better-paying work with less erratic hours.
2. For every new account I add, let at least one existing account age past 2 years. For every EX inquiry I add, let at least one die off.


Is it appropriate to ask what work you do now?

A mix of temp and freelance accounting work.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

JonE
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Re: December 2015 Garden Club

Postby JonE » Thu Dec 10, 2015 2:08 am

Depending on circumstances I'll probably try for CSP in the middle of the year to make spend on the bonus, and try for EDP later in the year (easier bonus to make with $1000 spend for 15k points, depending on if that's still there).

Beyond that, I'd like to get enough for a downpayment on a mobile home or something similar and get out of these damn apartments. Plus get an emergency fund together and grow my 401k that was established this year. CareCredit may be first to be cut from my credit card collection, probably keeping Walmart and Amazon since they're both pretty useful. Grow all limits, and garden for the most part beyond the two planned credit lines.
Wallet: Chase Freedom, Discover IT
Chopping Block: Synchrony
Future: TBD



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