Goals for 2014

For just about anything you want to get off your chest about credit cards.
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otter
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Postby otter » Sun Dec 08, 2013 3:54 pm

2013 has been a good year for me as I rebuilt my credit history and went from 0 credit to $20,000 in six months. This year, I plan on being pickier about what cards I apply for(although I think my line-up of cards isn't bad, but I'd like to fine tune it to maximize rewards). In short, I only want to apply for a card if I know will get at least a $2500 CL, although I'll keep cards I currently have with at least a $1000 limit and no annual fee. If a card doesn't have a $1000 plus limit at the end of this year, I won't keep them even if they have no annual fee and have great rewards. I'm done with toy limits...

Cards which might be on their way out:
  • WF Secured- Wells Fargo has a spotty history when it comes to graduating secured cards. If they don't graduate by the 11th month, it's bye-bye Wells Fargo. If they don't give a CLI to $1000 + PC to a card with no AF, it's bye-bye even if they do unsecure.
  • BoA Secured- They have a better record of graduating and I expect to see it unsecured by the 10th month. I might add to my security deposit before then to push the limit higher, but if for some reason they don't unsecure, I will probably close.
  • Crap One Quicksilver One- Unless Crap One does something uncharacteristically generous and forgets their "we are a conservative lender" mantra. It's goodbye Crap One.

Cards I'm not sure about
  • Barclaycard- I'm really surprised they haven't AA'd me. Perhaps they aren't as sensitive to new credit as some people say. I would like to PC the BC Rewards card to another product since the reward categories are already covered much better by other cards. Maybe the Apple card or the Sallie Mae card if I can.
  • Discover It- I love their customer service. I love the 5% categories, I love that I can have a conversation with someone who doesn't ride their camel to work every morning. I don't love their low credit limit. I don't plan on asking for a CLI, so if they don't auto me to above $1000, they're history. It'd be nice if they gave me at least $1500 since I gave them mega-swipes this fall.

Cards I'd like to add to my rotation(not all, but cards I'm looking at): Amex Delta Gold, Amex PRG, Barclaycard Arrival, Chase Freedom, CSP, Citi Dividend, US Bank Cash+ and a few others. Who knows what new cards will come out this year... I do hope to have $50k in available credit by the end of the year.

Other financial goals: I plan on buying a new car sometime after March, so I guess as Member would say, "I'm in the garden" til then. I also plan on saving 3% of my income and investing another 5%(including what I put in my 401k).
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450


MemberSince99
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Postby MemberSince99 » Sun Dec 08, 2013 5:02 pm

With Barclay's it is hit and miss. Some people open new accounts and have no issue, others can get closed down for only a few inquiries. Anecdotal evidence suggests that if you were marginal for approval, it takes less to bring the hammer down, but I don't know of anything concrete to prove that, just the stories I've read of people on FICO who drew their attention.

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djrez4
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Postby djrez4 » Sun Dec 08, 2013 9:50 pm

Cancellations:

Citi Reserve, Amex Platinum, Ink Bold (cancelled just this week), SPG personal, 2x Citi AA Visa and one Citi AA MC, 2x US Airways MC. I'll try to move limits to other cards if I can, but it won't be a major loss if I can't. I need to keep the US Airways cards until the annual 10,000 mile bonus posts; between that and the 5,000 mile refund I'll get on my last redemption, I'll have a nice 25,000 to move over to my AA account once the merger allows it. I also need to keep the Platinum until I can snag another $200 of airline reimbursements. All of the others can go as of January 1.

Keepers:

CSP, Freedom, Ink Classic, SPG business, Amex Blue for business, Arrival, REI Visa (US Bank), Discover It. I already paid the CSP fee. The SPG will cost $69 next year, but it's a "business expense." I may downgrade the Arrival to the no fee version, depending on what I see, spending-wise, in the next year.

Upgrades and apps:

Amex Business Gold --> Business Platinum, UA Explorer Business, Ink Plus. That's really all I have on my agenda. I may toss a few other churnable cards in there, but nothing is really tickling my fancy right now.

I plan to focus less on applications and more on optimized and manufactured spending in 2014. Also, my only derogatory mark drops off in October. With the mortgage reporting and the various accounts I've dabbled in over the past year or so, I expect to see my score shoot the moon.

We may need to buy my wife a new car. I also want to build a three-car garage with a second floor, which will probably cost about $50,000 or more. That may be more of a 5-year plan.

Finally, we may start cooking the first mini-djrez early in 2014.

That's it!
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
[/RIGHT]

Rory
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Postby Rory » Mon Dec 09, 2013 10:32 am

Well 2013 has been pretty uneventful in terms of new cards, idk but I feel like its probably best for me to just stay in the garden and enjoy the cards I have and keep racking up rewards!
Goals:
Maybe downgrade BOA BankAmericard Preferred to regular version (save 75$ annual fee and lose 30% of cash back bonus)
Stop applying for cards i barely use (I.E. Discover IT, Chase Slate)
Pay off all credit card debt and keep within my budget
Don't pay my creditors a cent in interest
Wait for 4-5 inquiries to stop affecting my score and 3-4 to fall off my account
Don't add any inquiries for first 6 months
Get new car (BMW/Audi need all wheel drive!!!) right before i graduate BC next winter
Bump up credit score to mid 700s, currently hanging around 690-710 (FICO)

Best of luck everyone on your goals, i hope we can all have a great 2014!
Amex Zync - NPSL (Cleared up to 25k)
Amex BCE - 12000 limit
Amex BCP - 4200 limit
FIA Rewards Amex- 3500 limit
Chase Freedom - 2000 limit
Chase Slate - 2000 Limit
BoA Cash Rewards Privileges- 3000 limit
Barclaycard Rewards MC - 3000 limit
Discover IT- 3500 limit
Marriott PR- 5000 limit
21 years old with alot of life to spend ;)
Its not about the ending, its about the journey,
just as long as the ending is just as good :cool:

Obi-dan
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Location: Houston, TX

Postby Obi-dan » Mon Dec 09, 2013 5:35 pm

In terms of finance I plan on:

1) doubling our emergency savings, rebuilding our vacation fund (taking a trip here in December) continuing our other savings buckets.

2) Closing my Southwest Card and my AMEX PGR and focus on the United cad as they are just dominating my flights out of Houston. (grrr, not a united fan, still lamneting the loss of Continental)

3) Having my wife get a Costco AMEX

4) We have a few small balances on a few cards from a period of underemployment for a few years, that will be paid off soon.

In terms of personal goals, well to paraphrase The Brain from Pinky and the Brain, "It's the same goal as every year; lose weight."
Cards:
Chase Sapphire Preferred
Marriott Rewards
Citi Hilton
Barclay Arrival
AMEX BCE (member since 95)
Chase Freedom
Discover It
Wells Fargo Platinum
Barclaycard (Apple)
Local Credit Union Visa (buy local!)


FICO Scores:
TU: 824 (Aug 2014)
Experian: 789 (Aug 2014)
Equifax: 807 (Aug 2014)

Wasn't That Smart
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Postby Wasn't That Smart » Thu Dec 12, 2013 2:08 pm

I got a few big goals for 2014. Sad to say I waited so long to get back on the path to good credit, but can't change that now.


My #1 goal is to pay off my 4 remaining collection accounts. I've slowly been chipping away at these, and with the time that has passed my score is slowly rising. I was able to get two small accounts opened under my name this month.

My goal is 6-8 months into 2014 to apply for my first prime card.

As I am working on my credit, I'm also working with my wife to establish her credit properly with everything I'm learning off these forums. So our goal for her is to pay off her current CC debt and get her UTL under 5% in the first few months of 2014. Around July or August will try to apply with Amex and hopefully get her a BCE or Green Charge card to get her foot in the door with them. Also hopefully get in with Chase with the Freedom and the Discover IT card.

Wishing for a big year!
Starting Scores - 07/01/13
EX - 482
TU - 513
EQ - 481

Current Scores - 12/09/13
EX - 589
TU - 534
EQ - 517

Current Cards (mine)
Walmart - $400.00
Fingerhut -$400.00

Best Buy - AU - $300.00
Cap One - AU - $1000.00
Barclaycard - AU - $2000.00
5/3 - AU - $300.00



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