Credit non-priorities

For just about anything you want to get off your chest about credit cards.
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Tubpbs
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Re: Credit non-priorities

Postby Tubpbs » Wed Apr 13, 2016 8:31 pm

4ktvs wrote:I guess getting a CLI and worrying about getting all the cards around the same CL.


This too. I had it in my mind that I wanted all my cards to be at a certain threshold for CLs and also had wanted them all to be there. I also had this conception that having one card with a sh!tty limit will be looked down on in a way by creditors which I don't think anymore. I also don't care if all my limits are excellent. I would obviously prefer the higher limit to the lower, but for certain card products (let's say an airline card where the main benefit to me might be free baggage checks) it doesn't matter if you have more than a 3K or 4K limit let's say...
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Kevin86475391
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Re: Credit non-priorities

Postby Kevin86475391 » Thu Apr 14, 2016 9:52 pm

CarefulBuilder14 wrote:What did you used to care about when it comes to credit that you don't care about anymore? As for myself...

1. Permanent APR reductions (but not temporary 0% ones). I'll carry a small balance at 0%, but I'm no more likely to carry a balance at 17.99% than 19.99%. Even if I tried to negotiate APRs down over the course of several years, it would be hard to get below 9.99% on my rewards cards, and I'd want around 4.99% to think about carrying a balance.

2. CLIs. I spread my spending across several cards, and I have an Amex charge card (well, two, but I'll close PRG soon) for anything big.

3. Getting Signature/World upgrades on cards that get "unexciting" spend. Generally overrated (compared to benefits/perks on AF travel cards) and most benefits have some catch or limitation.

WEMC on AA Platinum may conceivably be of value, since I might want some benefit (though I can't think offhand of what) in combination with price rewind and an extended warranty on a large purchase. I certainly don't need WMC perks on a gas/grocery/Amazon gift card Sallie Mae, though, so my Platinum MC is fine.


I agree with all of these. I still occasionally ask for APR reductions and CLIs, but not because I really need them or make them a priority, just because I sort of want them to have them, more so the APR reductions than the CLIs actually. A CLI almost seems silly because I already have more than ample limits, spread my spending across several cards, and keep my spending low. So I rarely get above 2 or 3% utilization on a given card before paying it off in full anyway. APR reductions on the other hand just feel like a nice thing to have in place just in case.

kdm31091 wrote:Also don't care so much about maximizing rewards in so much detail as in "this card for this purchase, that card for that". I still do it when the difference is large, of course, but otherwise, meh. Usually, the difference is pennies, and the more cards you use, the more bills you have to pay. I like to keep things more centralized, even if I give up maybe a dollar in rewards. Also no longer have interest in adding card after card for tiny gains.


I think this definitely depends on personal preference. I on the other hand would hate to keep things centralized and wouldn't do it even if I weren't maximizing rewards...in fact I'd probably be willing to take a small loss on rewards just to not centralize on 1 or 2 cards. I REALLY like having different categories of spending on completely different cards. I likewise prefer to keep several different checking accounts and savings accounts open versus centralizing in one place. I guess fundamentally I just strongly prefer the 'envelop' method of budgeting, even though the envelops are actually bank accounts and credit cards. Just hypothetically I would hate to pay for consumer goods with the same card I pay for groceries with and I very much want a separate third card to pay for utilities with, etc. It absolutely does make things technically more complicated, but I've never had a problem and am completely confident in my ability to handle it, and it's more than worth it to me since I feel much more comfortable/happy with different cards for different purposes.

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Vattené
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Re: Credit non-priorities

Postby Vattené » Fri Apr 15, 2016 2:18 pm

This is related to AAoA, but I used to need to be convinced I would keep a card for years and years in order for it to be worthwhile to apply. Similarly, I would almost ignore the introductory bonus, not wanting to fall for the "trick" of a one-time boost in rewards when what I really cared about was long-term earning potential. If the Double Cash had been on the market when I got my Discover card I probably would have applied for it. Now, and with more established credit, I know closing accounts isn't that big of a deal if a card becomes less useful and a good bonus can make up for a ton of regular spending one would otherwise put through the card. I still think the Double Cash is a good card, but when you're already earning a minimum of 1%, an additional 1% on spending with no bonus just isn't very appealing.
-Vattené
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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

ingramjuan
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Re: Credit non-priorities

Postby ingramjuan » Fri Apr 15, 2016 8:45 pm

CarefulBuilder14 wrote:What did you used to care about when it comes to credit that you don't care about anymore?


For me its APR and no sweat if my CL are not increased.
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Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

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CarefulBuilder14
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Re: Credit non-priorities

Postby CarefulBuilder14 » Fri Apr 15, 2016 8:51 pm

Vattené wrote:This is related to AAoA, but I used to need to be convinced I would keep a card for years and years in order for it to be worthwhile to apply. Similarly, I would almost ignore the introductory bonus, not wanting to fall for the "trick" of a one-time boost in rewards when what I really cared about was long-term earning potential. If the Double Cash had been on the market when I got my Discover card I probably would have applied for it. Now, and with more established credit, I know closing accounts isn't that big of a deal if a card becomes less useful and a good bonus can make up for a ton of regular spending one would otherwise put through the card. I still think the Double Cash is a good card, but when you're already earning a minimum of 1%, an additional 1% on spending with no bonus just isn't very appealing.

Insight generally ignored by most people who have gone for Marvel lately. With only a $25 bonus, it's now a "dining and entertainment" (3% categories) card.

At least everyone who went for AARP as a 3% dining card could get a better bonus.
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kdm31091
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Re: Credit non-priorities

Postby kdm31091 » Sat Apr 16, 2016 5:54 am

CarefulBuilder14 wrote:
Vattené wrote:This is related to AAoA, but I used to need to be convinced I would keep a card for years and years in order for it to be worthwhile to apply. Similarly, I would almost ignore the introductory bonus, not wanting to fall for the "trick" of a one-time boost in rewards when what I really cared about was long-term earning potential. If the Double Cash had been on the market when I got my Discover card I probably would have applied for it. Now, and with more established credit, I know closing accounts isn't that big of a deal if a card becomes less useful and a good bonus can make up for a ton of regular spending one would otherwise put through the card. I still think the Double Cash is a good card, but when you're already earning a minimum of 1%, an additional 1% on spending with no bonus just isn't very appealing.

Insight generally ignored by most people who have gone for Marvel lately. With only a $25 bonus, it's now a "dining and entertainment" (3% categories) card.

At least everyone who went for AARP as a 3% dining card could get a better bonus.


I really don't understand everyone falling all over themselves for the Marvel. Yes, it's a nice card, but as mentioned, the rewards aren't going to be all that much more. It really cracks me up that even people who already HAVE a 3% dining card like Sam's or AARP (and in some cases, they just got those cards) are rushing into Marvel. Why? It's the same 3%. Some people are just crazy addicted.

Again, like I said before, it's not that it's a bad card. It's just that people who already have many cards (and a 3% dining card in many cases) don't need to act like it's an amazing option.

But then again, they pretty much do this with every major new card that comes around so it doesn't seem to matter. Addicts are addicted, I guess.

To Vattene's point, if we're talking about cash back, running the numbers, differences in rewards on ordinary spending are pretty small. By adding that 3% dining card, how much is one really gaining, in dollars? Even on a $500 a month dining spend (which is probably a lot for most people), it's an extra $5 over a 2% card. Yes, $5 is $5, but not really worth the HP and yet another account to deal with, IMO.

JonE
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Re: Credit non-priorities

Postby JonE » Sat Apr 16, 2016 11:19 am

For me personally, having 10 cards I don't need or use to pad utilization versus having 4-5 cards I'll use more periodically. With the right kind of credit profile and history (something I'm trying to achieve) you can achieve as much CL-wise with up to 5 as you would with 10 or more. Also having a card from each major network isn't as high a priority as it once was. I don't know too many places that don't take VISA or Discover, 99 percent take one or the other.

I also have no desire to 'keep up with the Joneses' credit wise. I have my priorities financially, none of those priorities include hoarding more credit or asking for CLIs I really don't need. After the CareCredit and Amazon accounts are gone my CL will be around $3400, which is just a little higher than what I make monthly (around $2800). If I put anywhere near that on my credit cards, there's obviously a problem.
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TXviking
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Re: Credit non-priorities

Postby TXviking » Sat Apr 16, 2016 9:21 pm

I've stopped caring about introductory and balance transfer offers. I'm fortunate enough to not have to rely on credit (unlike earlier in my life); lately, I'm more concerned about rewards programs and perks.

My most recent application (approved $33K) was for the Chase Sapphire Preferred card. I had some valid reasons I wanted it (2x back on dining, primary car rental insurance, no FTF), but what really sold me on it was two silly ones:

- Metal credit card (I just think that's cool)
- What, you mean I can talk to a human without pressing 12356789#1234#0#0#00000000000000000000 first? :cool:

astronautcowboy
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Re: Credit non-priorities

Postby astronautcowboy » Sun Apr 17, 2016 2:22 am

I think I've stopped caring (not that I ever got particularly crazy about APR) about pretty much everything besides "Can it earn UR points?" That's why I was quite excited when Freedom Unlimited came out. I used to value CL until I finally got one big enough to buy pretty much anything besides a house or car.

TXviking wrote:- What, you mean I can talk to a human without pressing 12356789#1234#0#0#00000000000000000000 first? :cool:


If you have a ton of Chase cards like me, you can get to a human for any of those cards immediately too, which is nice.

beef.stu
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Re: Credit non-priorities

Postby beef.stu » Mon Apr 25, 2016 2:57 am

Obtaining high credit limits.

That is part of the reason why I removed the limits of my cards from my signature on this forum because I would constantly try to get the limits up to have an "impressive" signature. Now all my cards, except for my chevron card, are between 5k-10k and im comfortable leaving them there
(01/10) - Wells Fargo VISA Platinum
(05/10) - Techron Advantage
(10/12) - Amex BCE
(02/13) - Chase Freedom VISA
(09/13) - Discover It
(03/14) - Sallie Mae WMC
(09/15) - Citi Double Cash WEMC
(09/16) - US Bank Cash+ VISA Signature



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