January 2016 Garden Club

For just about anything you want to get off your chest about credit cards.
109 posts
4ktvs
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Re: January 2016 Garden Club

Postby 4ktvs » Sun Jan 03, 2016 9:41 pm

JonE wrote:
Nixon wrote:For all the talk of 50 cards a day, week, month. I'd like to actually see someone do that.


They are very few and far between, but I have seen it. Mostly in the MyFico approvals section.


As mentioned previously, I have added an Ally bank savings account, and will start posting recurring transfers to it from my Chase Checking starting next payday. I'll also be posting to my Chase Savings account (even though the rates stink) to keep some accessible money around, where the Ally bank will be my emergency fund. Next move is getting the 401k up to $1000 and establishing a brokerage account (looking at Scottrade or E*Trade, whatever is cheapest).


I would not fund a 401k if you plan on having a brokerage account. Cheapest isn't always best, I know of people who lost 10-20k going with the cheapest when it went under.(Though I doubt Scottrade or E*TRADE is going under just saying that incase you see cheaper options online) A 2008 like event could happen again and the last place I want my money is a locked down 401k or a broker who takes on too much risk to give customers the very cheapest rates.

You should look into the think or swim platform if you really want a powerful tool to trade with. Not much can come close to what it can do and would likely help with your trades.

I am hoping to trade futures but getting approved is hard when you have only traded stock options for a year or so. I hate just trading stock, it's boring as heck to maybe make %5 per month on your money. Options on stock are more fun when you can easily double your money in a week or less but then it can just as quickly go wrong. My advice for most people, don't buy puts/call options on stock. With the way most people think in a week they would go broke.


rockyrock
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Location: Ventura, CA

Re: January 2016 Garden Club

Postby rockyrock » Mon Jan 04, 2016 9:33 am

I hope to buy a home this year. My FICO is in the mid 700's but my debt is too high right now. It's all managed well but I need to make it go away. I'm starting an aggressive repayment plan and going on a mostly cash budget. My goal is to get it under $40k by April and than ask my boss for a loan to pay the remainder off. This way I will have an off the grid loan and hopefully by late summer I can buy something. If this doesn't work, I'll add six months to my plan.

The biggest variable here is the cash budget. It won't be easy for my (soon to be ex) wife but we have to do it. We've been on the non-cash version for a few months and she exceeded it by >$1k last month.

Eliminating my revolving debt should give me a pretty big boost and only one payment will be much easier to manage. I have a MM account with >$10k in it that I haven't touched in over a year. If I can grow that to $15k in the next six months, the history should help during the loan process. It's been a while since I got my last mortgage but I recall liquid accounts are only helpful if they are >3 months old.

I have no plans to open any new cards although, I have had my eye on that Sam's MC for a while now. Gas purchases are one item that will remain on the card while on the cash budget so 5% year round would be nice. I know I could do better with rotating cats, and offers but using only one card while on this budget will help track the process. I have to decide soon as I will want at least six months with no HP's before I apply for my mortgage.

Plans for my current cards:
PRG: go Green
BCP: BCE
AT&T: PC to no AF card or close
Discover: currently 2x CB until July so it will be my everyday card for now.
Sapphire Reserve: travel & dining
Blue Cash Preferred: groceries & gas
Freedom: 5% cats
Double Cash: everything else

yfan
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Location: San Jose CA

Re: January 2016 Garden Club

Postby yfan » Mon Jan 04, 2016 11:52 am

I don't see myself leaving the garden anytime soon. Got a few SP CLIs I can try for coming up in February.

oldsoldier
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Location: TN

Re: January 2016 Garden Club

Postby oldsoldier » Mon Jan 04, 2016 4:32 pm

I am still wondering around in here. I haven't seen anything to pull me out of as of yet. I did get a Sam's club membership the other day and the lady said to me you are already pre approved for the Master Card, I said no thank you and left as fast as I could lol.
BoA Cash Rewards $13,000
Chase Sapphire Preferred $14,000
BoA Better Balance $12,000
Amex Every Day $24,000
Discover It $19,000
NFCU Cash Rewards $25,200
Barclay Arrival WMC $10,000
Cap One QuickSilver WMC $7,200
WF Cash back Visa Sig $11,000
Citi Thank You Premier $13,500

Vermonster
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Location: NJ

Re: January 2016 Garden Club

Postby Vermonster » Mon Jan 04, 2016 5:36 pm

Major goal is to have all CC debt paid off by the end of winter. We are cutting back significantly on spending right now to help. Theoretically it will take 4 months to be at $0 on all cards if we continue to spend like we have been. I hope cutting back on spending will knock that down to 3 months. We have a few significant car repairs in the future. I'll probably float those on my DC, then use the tax refund to pay it all off.


I'm also starting to consider selling my car and buying new. I have a few issues with my car now that must be fixed before a sale, but it seems to make a lot of sense. I love driving stick, but it really doesn't make sense to have a car that only I can drive. I have tried teaching my wife, but she will never be confident enough to drive in traffic. My car also burns oil like crazy, which I'm tired of dealing with. I'll probably slap the next person that tells me "it's burning an acceptable amount."
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: January 2016 Garden Club

Postby CarefulBuilder14 » Mon Jan 04, 2016 6:42 pm

As I go over rewards math, I find I really underestimated the potential value (in my particular circumstances of liking simple rooms in high-cost areas) I could have gotten from applying for the Barclaycard Wyndham Visa during the promo that ran over the summer.

Granted, my hotel stays are already spread across several programs...but if that promo comes along again, I'm jumping on it.
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

RewardsHunter17
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Re: January 2016 Garden Club

Postby RewardsHunter17 » Mon Jan 04, 2016 7:08 pm

CarefulBuilder14 wrote:As I go over rewards math, I find I really underestimated the potential value (in my particular circumstances of liking simple rooms in high-cost areas) I could have gotten from applying for the Barclaycard Wyndham Visa during the promo that ran over the summer.

Granted, my hotel stays are already spread across several programs...but if that promo comes along again, I'm jumping on it.


Indeed. I managed to snag the Wyndham when it was running the 15K recurring bonus, and it is honestly one of my favorite cards. Definitely a hidden gem.

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CarefulBuilder14
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Re: January 2016 Garden Club

Postby CarefulBuilder14 » Mon Jan 04, 2016 7:21 pm

RewardsHunter17 wrote:
CarefulBuilder14 wrote:As I go over rewards math, I find I really underestimated the potential value (in my particular circumstances of liking simple rooms in high-cost areas) I could have gotten from applying for the Barclaycard Wyndham Visa during the promo that ran over the summer.

Granted, my hotel stays are already spread across several programs...but if that promo comes along again, I'm jumping on it.


Indeed. I managed to snag the Wyndham when it was running the 15K recurring bonus, and it is honestly one of my favorite cards. Definitely a hidden gem.

Does it offer occasional spend promos like most other Barclaycard products seem to do?

I don't think I'd want to stay at most Wyndham properties (like a Knights Inn), but the 15k "universal award price" looks tempting for their higher-end properties.
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

Nixon
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Re: January 2016 Garden Club

Postby Nixon » Mon Jan 04, 2016 8:07 pm

I defrosted my EX and continue to have TU in the oven. I am holding out for my EX to be squeaky clean and maybe a pre-approval.

EQ is on my shit list and still frozen since they won't delete a medical ruled invalid by EX. (Insurance paid the bill.)
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RewardsHunter17
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Re: January 2016 Garden Club

Postby RewardsHunter17 » Mon Jan 04, 2016 8:49 pm

CarefulBuilder14 wrote:
RewardsHunter17 wrote:
CarefulBuilder14 wrote:As I go over rewards math, I find I really underestimated the potential value (in my particular circumstances of liking simple rooms in high-cost areas) I could have gotten from applying for the Barclaycard Wyndham Visa during the promo that ran over the summer.

Granted, my hotel stays are already spread across several programs...but if that promo comes along again, I'm jumping on it.


Indeed. I managed to snag the Wyndham when it was running the 15K recurring bonus, and it is honestly one of my favorite cards. Definitely a hidden gem.

Does it offer occasional spend promos like most other Barclaycard products seem to do?

I don't think I'd want to stay at most Wyndham properties (like a Knights Inn), but the 15k "universal award price" looks tempting for their higher-end properties.


Yeah, Knights Inn is pushing it, but their mid-tier properties are ok (Baymont, for instance), and of course, their high end properties are great.

The "Go Free" 15K point redemption is nice (especially on those high end properties), but the real value comes in when you have the "Go Fast" option -- where you redeem both points and cash for the same booking. Often, you get a very good value on the points you redeem if you use the "Go Fast" option, usually in the 2-3 cpp range. Unfortunately, not very many hotels have this "Go Fast" option yet, but when it's available, it's often the best deal.

I have not yet gotten any quarterly spending bonuses on my Wyndham Visa like I get on my Sallie Mae, but Wyndham did have an interesting promotion that ran throughout last month that gave 3 points per dollar on purchases less than $25. It basically became my "everyday" spending card last month for small purchases because I value Wyndham points to be worth more than 2 cpp.



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