- Platinum Member
- Posts: 94
- Joined: Thu Feb 06, 2014 11:01 am
- Location: TX
Hi. New-ish member and have begun doing some changes to my CC portfolio. Here's some history. In 2009, we had a credit score in the mid-500's, living paycheck-to-paycheck on way more money than one would expect. Just sloppy bookkeeping and keeping up with the Joneses.
Fast-foward to today. We are debt-free except for one vehicle. We are getting ready to sell our (paid off) home and have been living and traveling full-time in our RV for almost 1.5 years now. Latest check on our FICO showed us around 765-780. We pay off our cards every month, mainly using them to take advantage of various perks and cash back offers. Also, the additional security of having multiple lines of credit when you are constantly on the road is almost critical in today's society.
Here's our current portfolio of CCs, oldest to newest:
Capital One Platinum - 5250 limit, 2003
Capital One Platinum (previously Orchard Bank) - 2000 limit, 2005
Home Depot - 2200 limit, recently closed, 2006
Capital One Cash Back - 2250 limit, 2011
Paypal Mastercard tied to account, no physical card - 600 limit, recently closed, 2011
AmEx BCP - 11500 limit, 2013
Chase Freedom - 5500 limit, 2013
AmEx Gold Delta SkyMiles - 8500 limit, 2014
Disney Visa (Chase) - 7000 limit, 2014
I don't anticipate needing much in the way of credit soon (i.e. buying a house, etc.), so keeping scores high is not a prime concern at the moment, but want to keep them in the same area they are now (upper 700's or better) for the long term.
Thinking of dropping the two lower limit CapOne cards and keeping the first one, since it is the oldest. We pretty much recently have shelved that one and use it only occasionally to show some activity. Our primary go-to card is the BCP since fuel is generally our biggest monthly expense, followed by groceries.
We primarily want to have at least two high-limit (i.e. 5000+) non-AmEx cards. A recent example why is that my wife had to have surgery and we have a $5,000 deductible health policy. Her doctor wouldn't take AmEx, so we pulled the higher limit CapOne out of mothballs to pay the bill. No cash-back, etc., but it tied up a good chunk of non-AmEx credit line (we're also purchasing big ticket items to get our house ready to sell, like carpet, etc. and didn't have either of the Chase cards yet).
That plan would leave us with 17,750 in non-AmEx credit and 20k in AmEx. Only the two Chase cards do not have annual fees. The other cards have fees ranging from $39 a year (the old Orchard card) to $95 a year (the gold AmEx). The benefits from the two AmEx cards greatly outweigh their yearly fees, though.
My thinking of keeping the oldest card is to keep that age of accounts thing higher.
AmEx - Platinum (NPSL) , Blue Cash Preferred ($19,000), Gold Delta Skymiles ($8,500)
Chase - Sapphire Preferred ($14,000), Disney ($11,500), Amazon.com ($9,000), Freedom ($8,000)
CapOne - QuickSilver ($7,250) / Platinum Rewards ($7,250)