Advice on credit score and 3 card combo.

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Otis
 
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Advice on credit score and 3 card combo.

Postby Otis » Sun Dec 27, 2015 9:24 am

Hi All - Been lurking around this forum...lots of good stuff here. I have a few questions I'm hoping to get some help with.

1) What's the best way to find out my credit score for free?

2) Family of 4...(5 if we include Rover). Just starting up the new year with a 2 card combo. (History...been paying everything with a debit card...I know, stupid)

AmEx Blue Cash Preferred for gas and groceries.
Chase Freedom for everything else. Online shopping, dining out, PetSmart, etc... (Should we pay cable and car insurance with this card?)

Should we add a 3rd card to the rotation??? And if so, which card should we go with?

Thanks in advance!


kdm31091
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Re: Advice on credit score and 3 card combo.

Postby kdm31091 » Sun Dec 27, 2015 2:54 pm

It all depends on how much you spend every month but generally speaking adding more and more cards just gives you a diluted return. It may be worth adding a solid dining card if you dine out a lot. Otherwise, I think your setup is fine.

Tubpbs
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Re: Advice on credit score and 3 card combo.

Postby Tubpbs » Sun Dec 27, 2015 3:43 pm

As stated, the answer to your second question is expressly dependent on what you spend money on regularly and how much money you spend in those categories. You could be all set with those cards or majorly lacking in an area of heavy spending. You'd have to tell us, then we could give you some good cards to look at and further evaluate the usefulness of on your own.

For the free credit score question, the only service I use that's free is Credit Karma (good for Equifax and Transunion reports and also less so for Vantage Score 3.0 - the usefulness of this score is watching it over time in my opinion, but the reports are very useful). Someone else would have to recommend any other sites as I have no familiarity with them. I have heard of Credit Sesame but have never used it or even seen their website so I couldn't say.

Hope that helps.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

JonE
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Re: Advice on credit score and 3 card combo.

Postby JonE » Sun Dec 27, 2015 4:03 pm

It's one of those things where anything that's free isn't a FICO, and anything that's a FICO isn't free. I subscribe to MyFICO for $29.95 a month for 3-score monitoring. There are options to get a free FICO with a credit card, but that requires applying for a lot more in the way of credit cards.
Current Cards: Chase Freedom, Discover IT
Future: TBD

Tubpbs
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Re: Advice on credit score and 3 card combo.

Postby Tubpbs » Sun Dec 27, 2015 4:14 pm

JonE wrote:It's one of those things where anything that's free isn't a FICO, and anything that's a FICO isn't free. I subscribe to MyFICO for $29.95 a month for 3-score monitoring. There are options to get a free FICO with a credit card, but that requires applying for a lot more in the way of credit cards.


Don't you only get the three reports for that fee? Or you get monthly fico scores?
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

takeshi
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Re: Advice on credit score and 3 card combo.

Postby takeshi » Mon Dec 28, 2015 9:03 am

Otis wrote:What's the best way to find out my credit score for free?

Define "best". Which scoring model? What are you willing to do for a free score? The only free FICO's come with credit cards or other banking products and even then they're just one model based on data from one CRA.

Keep in mind that all creditors do not use the same scoring model. You don't have just one credit score. There are many models used by creditors and, for most models, you have score with each of the 3 major CRA's.

Otis wrote:Should we add a 3rd card to the rotation??? And if so, which card should we go with?

Like the word "best", this is a highly subjective matter. If you want recommendations you need to give us a better idea of what you're looking for from a new card. If rewards are a consideration then we need to know your major spend categories and volumes. Look at where the majority of your spend is going and maximize rewards on that spend.

For scoring purposes you'll want the 3rd card but there are other consideration as well.

Tubpbs wrote:Don't you only get the three reports for that fee? Or you get monthly fico scores?

Info is on the site:
http://www.myfico.com/Products/Products.aspx

Otis
 
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Re: Advice on credit score and 3 card combo.

Postby Otis » Mon Dec 28, 2015 6:29 pm

First - Thank you all for the responses...much appreciated. I'm a newbie here but trolling around and learning a lot.

Best: "of the most excellent, effective, or desirable type or quality"

I looked over the myfico link below but just not sure if that monthly bill would be worth it to me??? Do you use it?

I'm looking to get as much cash back rewards as possible. I'm hoping to start paying all of our bills, aside from our mortgage payment, on a cash back card. Car insurance, cable, utilities, gym membership, dog food and vet bills, wife's monthly train pass (which may fall under the Q1 Freedom), any dining or online purchases, etc. As you can see, I'm all over the place. I was thinking on adding a 3rd card that could give me a straight 2% on all purchases. Thoughts...

JonE
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Re: Advice on credit score and 3 card combo.

Postby JonE » Tue Jan 05, 2016 12:05 pm

Tubpbs wrote:
JonE wrote:It's one of those things where anything that's free isn't a FICO, and anything that's a FICO isn't free. I subscribe to MyFICO for $29.95 a month for 3-score monitoring. There are options to get a free FICO with a credit card, but that requires applying for a lot more in the way of credit cards.


Don't you only get the three reports for that fee? Or you get monthly fico scores?


You do get all 3 scores, and they update as information on your reports changes. You also get updated reports every 90 days.
Current Cards: Chase Freedom, Discover IT
Future: TBD

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Dcyphrz
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Re: Advice on credit score and 3 card combo.

Postby Dcyphrz » Sat Jan 09, 2016 2:01 am

Not for nothing but I've been pretty happy with the Citi Double Cash card (2% cash back, EQ FICO score, optional direct deposit of rewards money). If a purchase doesn't fall into a 5-6% category, that's generally the card I use. Pretty sure they hard pull for CLIs though. Might be a deal breaker for some.

Tubpbs
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Re: Advice on credit score and 3 card combo.

Postby Tubpbs » Sat Jan 09, 2016 2:42 pm

Dcyphrz wrote:Not for nothing but I've been pretty happy with the Citi Double Cash card (2% cash back, EQ FICO score, optional direct deposit of rewards money). If a purchase doesn't fall into a 5-6% category, that's generally the card I use. Pretty sure they hard pull for CLIs though. Might be a deal breaker for some.


Hard pull for an increase is only in certain circumstances. It seems on my end, a CLI was not an option for a while with the Prestige and now it is an option but only with a hard pull. Whereas, on my DC, it has always only been a SP option / request. I assume it is because the Prestige is less than a year old and I assume maybe before 6 months is when I couldn't even request it no matter what.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It



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