Restructuring and Advice Needed

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4 posts
Shmuxx
 
Posts: 2
Joined: Wed Sep 19, 2012 12:00 pm
Location: FL

Restructuring and Advice Needed

Postby Shmuxx » Wed Sep 19, 2012 3:22 pm

Hey everyone,

I need some advice regarding optimizing my current credit card usage and how I can restructure in order to boast my credit score in the long run while reaping the most benefits/rewards along the way.

I currently have and Amex Plat that was upgraded from a Gold PR a few months ago. The account is about 1.5 years old and I charge between 2-8K a month on it. I also have a CapOne Rewards card that was also upgraded recently from a regular platinum card that I got as my first credit card. This account is almost 3 years old but only has a 2.5K limit that I only charge around 100-200 a month on because I try and use my Amex for everything in order to get as many points as possible. lastly I have an auto loan that has around 8K left on it that is almost 2 years old and has around 18 months worth of payment left to make on it.

Due to my credit history still being relatively limited I am thinking that I am better of closing my CapOne and opening a Chase Sapphire preferred card as I feel it would be better utility to me and has better benefits for me. I primary spend on entertainment,leisure and travel( which I fly out around 4-5 times a year). I am hoping that by closing the CapOne and moving over to chase I will have the opportunity to have a better credit limit and therefore spend more on my credit card as a pose to the charge card which would build my credit which ranges from 730-737 across the 3 bureaus. Let me know what you guys think of this idea and if I should take any other route in order to better utilize my options.


Shmuxx
 
Posts: 2
Joined: Wed Sep 19, 2012 12:00 pm
Location: FL

Postby Shmuxx » Mon Oct 01, 2012 5:08 pm

Bump. Any advice would be helpful guys.

kashmac123
Gold Member
Gold Member
 
Posts: 32
Joined: Thu Aug 09, 2012 3:26 am
Location: Los Angeles, Ca

Postby kashmac123 » Sun Oct 14, 2012 6:08 am

Don't close the cap 1 account because it adds to your credit score. Simply pay it off and don't use it for 3 months charge a little and pay it off.

jeffysdad
Centurion Member
Centurion Member
 
Posts: 875
Joined: Thu Apr 30, 2009 2:32 pm
Location: Texas

Postby jeffysdad » Sun Oct 14, 2012 6:47 am

Don't close the CapOne, just pay it off and put it away. I think Chase Sapphire or Freedom (or both) would be a good choice, particularly if you bank at Chase.

I don't know if the Amex charge cards report to the credit bureaus, but I'm sure someone else here does. If they don't, your plat. obviously isn't helping your credit score.

Considering how much you charge and your auto loan, as long as you're conscientious about paying your bills on time, your credit score should take care of itself.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.



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