- Green Member
- Posts: 4
- Joined: Tue Feb 26, 2013 7:40 pm
- Location: u.s.
Hey guys, been reading the forum for a few months now, and am in need of some advice.
Heres a little background of where I'm coming from. I'm a newer college grad that didn't have any credit cards/car payments etc. while I was in school. I strictly used my debit card for all my purchases at that time.
Last year I decided I need to start building up my credit and also was in need of a credit card and came upon this forum. So October of last year I got myself a US bank Visa + cash rewards with a 5k limit (and it got nerfed doh). At the time I also purchased a vehicle and now have a car loan that I have been repaying. My credit score in October of last year from equifax was 677. I also have had 3 separate student loans since 2007 that have been on time in repayment for over a year, no late payments anywhere and totaling ~120k currently. My salary is ~130k.
now for the dilemma. I'm getting married later this year which is totaling ~100k I plan on trying to get as much of that on my credit card as possible for the rewards. (with repayment prior to any interest) but am finding it difficult since my credit limit is 5k. It seems many times I'm going to have to break up an expense into 4-5 separate payments. Is it too early since I just got in October for a credit limit increase? What kind of limit should I ask for? I plan on using the cash+ rewards for 5% on 20k+ food under their restaurant option and 10k or so in hotel expenses to maximize some of the reward (checked merchant codes and they apply).
In addition is there any rewards cards, specifically cash back that you would recommend currently. Aside from the wedding most of my expenses in no order are gas/restaurants/fast food/utility & phone bills.
One more important note : I plan on purchasing my first home in ~ feb-april of next year. I don't want to take a huge hit on my credit score for apps/credit limit increases and try to build it up as much as possible over the year.