Building & maintaining credit long-term

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Building & maintaining credit long-term

Postby Luxe » Sun Mar 31, 2013 4:14 pm

Fairly new to the world of credit I am interested in building up a solid foundation with the hope of maintaining a score of 800+. I would like to solicit advice for reaching this goal and determine a plan.

After a high score I am most interested in simplicity. I would rather have 3-5 cards (Visa/MC/Amex) and preferably from the same issuer to keep payments and reward points consolidated. I am thinking Chase Sapphire Visa, Chase Freedom MC, Amex BCE and maybe SPG & Platinum. In general I would like to avoid fees. I picked these cards because I plan to hold them for a long time. I may open and close accounts for promotional rewards, but I want a suite of stable cards to be the pillars of a strong AAoA.

Currently I have a Capital One account I would need to close, but reading this forum it sounds like there is little to be lost from saying good bye to them. Is it worth upgrading to a Cash Rewards or VentureOne and putting it in the sock drawer in case CO becomes good one day?

For the main suite of cards (Chase & Amex) I am unsure about my plan of attack. My credit score is a reasonable 730 but the history is under one year. Income is fairly high (but not 7 or 8 figure Wall St. alas) however, but unfortunately it looks like the issuers penalize for lower incomes but do not exhibit more faith for higher ones.

  1. Do I apply for all of the cards I want at once, taking the hard inquiry hits all at once? With this strategy I would probably receive low credit limits if approved but a better AAoA, and would need to build them up over time and I am not sure if CLI requests are the best way to get a high limits as opposed to opening new cards.
  2. Should I instead apply for one, build up my history and request a CLI after a few months, and then apply for the next card (hopefully with a higher CL based on the previous card's CLI), etc? Is it easier to get higher CLs this way?
  3. Is there some other strategy, like getting a secured card with no deposit cap and boosting the limit very high? I have done this with a CO card but it did not appear to help me get higher CLs (however it did greatly lower my utilization). Can I show my income and assets to get a high CL?

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Postby Scoach » Mon Apr 01, 2013 11:04 pm

I'll be interested to see what people tell you. I have a similar goal, but already have 3 of the cards you listed (actually CSP instead of CS) so I'm most of the way there. My income is 5 figure, but my credit history is 14 years at this point. At least for things still reporting. My scores are mid 700s so not very far from you.

I've added 3 high end cards in the past couple of years (Amex Gold, Amex Plat. and CSP) but will let the Gold drop. I did not do them all at once. I started with a Chase Freedom several years ago, and have worked up from there. That strategy has worked nicely for me. I've not been denied credit in over 12 years.

It seems most people at these credit sites are in a huge rush to build credit and get high end cards. I preferred the slow and steady approach.
AmEx - Platinum, Gold, Bluebird
Chase - CSP, Freedom
HSBC - Orchard Bank (1999)

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Postby namvet » Tue Apr 02, 2013 8:27 am

I agree with Scoach. Take your time and build your credit profile slowly. Building a high fico score should be seen as a marathon not a sprint. I've started my credit profile over 40 years ago and I have never been denied for credit. High fico scores are all about credit management. Good luck!

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Postby lewiskelly » Fri Apr 05, 2013 6:53 am

Agree with scorch. Build a long term credit is easy task but managing it is quite difficult.Long term credit utilized absolute-return trading strategies such as per trading and etc.

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