Ask Hegemony: Am I Diversified?

[jthedges]

I want to play!

 

Amex Blue - $1k (CLD, ugh)

Chase Freedom - $6k

Chase United - $10k

Chase Sapphire - $6.2k

Barclays Travelocity - $10k

Barclays US Airways - $7.5k

Citi Dividend - $6.4k

Citi Forward - $4.4k

Discover More - $3k

NFCU cashRewards - $25k

RBFCU Platinum - $5k

Kohls - $500

JCP - $3.8k

Best Buy Store - $3.3k

Lowes - $8.5k

UFCU (Austin, Texas) - $5k

Penfed Plat Cash - $5k

Target Store - $3k

Cap One Cash Rewards - $5k

Macys Store Card - credit lines coming soon!

Walmart Discover - $1.8k

Edited December 13, 2011 by jthedges

[hegemony]

I want to play!

 

Amex Blue - $1k (CLD, ugh)

Chase Freedom - $6k

Chase United - $10k

Chase Sapphire - $6.2k

Barclays Travelocity - $10k

Barclays US Airways - $7.5k

Citi Dividend - $6.4k

Citi Forward - $4.4k

Discover More - $3k

NFCU cashRewards - $25k

RBFCU Platinum - $5k

Kohls - $500

JCP - $3.8k

Best Buy Store - $3.3k

Lowes - $8.5k

UFCU (Austin, Texas) - $5k

Penfed Plat Cash - $5k

Target Store - $3k

Cap One Cash Rewards - $5k

Macys Store Card - credit lines coming soon!

Walmart Discover - $1.8k

 

B+ ; even though you have a very high diversity quotient. Let me explain, you score very high on diversity, but falls short of an A due to the limits on your cards. Your path to an A is clear. You need to combine limits where feasible and obtain CLIs. If you do this slowly over the next 12-24 month you will surely be at the top of the class. Hell, you might even be allowed to lead our class in show-n-tell.

Edited December 13, 2011 by hegemony

[mizugori]

Okay here goes:

 

BOA Platinum Plus Visa: 1k

Cap1 Platinum MC - 750

Cap1 Visa Platinum - 750

Citi Dividend MC - 500

Discover More - 2k

Macy's Store Card - 2k *bearing in mind this is a guideline and thus the limit does not report*

Nordstrom Store Card - 3500

Orchard Bank MC - 360

PC Richard & Son Store Card - 1500

PSECU - 10k

 

I am a member of Pentagon Federal, and PSECU. I'm also a second-class-citizen member of USAA lol (I have accounts and credit monitoring with them but as I am not in the military I cannot get some of their offerings.)

 

I still have 2 paid charge offs showing on my reports from about 4 years ago, and the lates leading up to the charge-off on those same accounts. Other than that it's clean, and I am working on trying to get the charge-off's deleted.

 

I have tried to get the low limit cards to CLI but they won't budge, despite my high income and lack of any negative information for the past 3+ years. My EX fico is 710. I just applied for (and got) the Discover More card about a week ago.

 

I have 12 inqs for EX, 3 for EQ, and 0 for TU. 3 of the EX inqs are about to fall off as they are about to become 2 years old.

 

Well Hege, what's your RX?

 

*edit* I forgot one thing - I have noticed you recommending that people join 5 credit unions (if I am mistaken I apologize but I am pretty sure it was you that said this.) Is there a specific reason for this other than to apply for their credit cards? Just want to understand the whole strategy. Thanks!

 

The number of CUs a person should join is not set in stone. 5 seems like a good number, but there is nothing magical about that. Being a member is in part to apply for credit especially when there are good terms to be had, such as on auto loans where some CUs are now under 2% APR.

 

 

on your grade, you've earned a B but trend toward a B- because of the orchard card. It sounds like you know what you need to do for an A. Higher limits! I recommend you 1) kill orchard 2) combo the crap1 cards if possible otherwise kill them and 3) apply for a card with Penfed when you get things cleaned up. I also don't think that CITI card is doing you much good.

 

Perhaps close orchard and combo/close crap1 and over the next 12 months seek a CLI on CITI. Barclays might be a good option for you too. It might take 12-24 months but you are poised to get high limits and good products.

 

I have tried to combo crap1, they won't budge or upgrade them or do anything so I may close them if I can't get a CLI eventually. The crap1 visa has no AF so I might just hold onto it for age and close the crap1 MC when it's $29 AF comes up - it's the younger of the two anyways.

 

I plan to kill orchard when the AF comes up.

 

Barclays = barclaycardus DOT com? Does it matter which card I get or are they all more or less equal just different rewards? Would you recommend that I app for it now or later?

 

Should I join another credit union like NASA or patelco or a local one and try to get a CC from them? If so, soon or later?

 

THANKS!!

[hegemony]

Do you think I should ask Discover for a CLI despite the fact that they will require a hard pull? If so, how much?

I am no expert on discover so check out recent threads on discover CLI. IMHO some people have an irrational fear of hard inquiries and fail to properly weigh the benefits hard inquiries offer (i.e., new accounts and higher limits).

 

Given my low number of accounts and the relatively mediocre terms on the Discover for Cashback (except on the bonus categories & ShopDiscover), I'm wondering if I should be seeking new cards with better rewards (fidelity Amex or Visa for everyday usage, maybe penfed for deposit accounts & the visa for gas) over using an inquiry for a CLI on an existing account.

 

The account manager the automated system sent me to said I wasn't getting a CLI without a hard pull. To his credit, he punched the data again from his side (income, etc.) and then told me "yeah, it's showing the disclosure for a hard pull", at which point I said no.)

 

I am no fan of discover in general, but I realize some people find value in chasing categories and shopdisc. Getting a 2% card would be a good goal; there are three to pick from, FIA amex, SM visa, or priceline visa.

[brainchasm]

NFCU cashRewards - $15k

JPMorgan Select - $15k

Alliant CU VISA - $3k (don't ask, they annoy me)

USAA RateAdvantage - $11k

AMEX Zync - no limit, formerly $3k

 

My available revolving limit total is just shy of my annual income. I'm comfortable with this (but of course more would be better).

 

Next target is AMEX BCP, preferably $10k or better CL

[hegemony]

Open credit:

NFCU Visa $25k

NFCU NavChek $15k

Partners Visa $5k

Partners Overdraft $1k

Partners Auto Loan $24k

Capital One $750 (thinking will close when annual fee comes due)

Star One Auto Loan $20k

State Department Secured Visa $5k

 

 

Authorized User:

 

NFCU Mastercard $50k

Amex Blue $10k

Amex Blue Everyday $10k

Citi Cards $35.7k

 

Is partners the CU or the Western Bankcorp Partners products? I assume the CU.

 

Good job on getting some sweet CU cards. Your grade is a B. You would score higher if your accounts were not concentrated with two institutions (i.e., your diversity quotient is too low). The AU cards are good. I recommend you 1)close crap1 2) open 3-4 new cards over the next 18 months. I would pick rewards cards you can most utilize, such as Sallie Mae, Barclays, PenFed, or Nordstrom's. You might also want to add a store card like Target or Lowes if you can benefit from the 5% off all purchases. You also might consider DCU for the free FICO score and generally good terms.

 

Yes, Partners FCU.

 

Shall I wait for Capital One to be a year old and annual fee comes due in February, or is it better to close now?

I would love a great rebate card, currently have 1.5% NFCU signature visa, I think Sallie Mae would decline me due to BK discharge May 2010. I have been member at DCU for over a year, but no credit products with them yet, applied about a year ago and was declined. PedFed turned down my application for Visa in October. Hope to apply for mortgage in Spring, so plan to hold off new cards till after the application process. I like the target 5% and was considering that, though don't get too much there, so not a huge benefit.

 

with the BK you will need to be careful as it inhibits you ability to reach the top of the class. I would cancel the crap1 with the AF 3-4 weeks before the AF is due.

 

barclays can be BK friendly, especially with recon, and has a 2% card in the priceline visa. I suggest waiting until the BK is more than 24 months old.

 

State Farm bank is also a BK friendly TU puller but I can't remember how old the BK needs to be for SF; it is either 24 months or 48 months.

[hegemony]

 

 

 

Barclays = barclaycardus DOT com? Does it matter which card I get or are they all more or less equal just different rewards? Would you recommend that I app for it now or later?

 

Should I join another credit union like NASA or patelco or a local one and try to get a CC from them? If so, soon or later?

 

THANKS!!

 

barclays has a ton of co-branded cards so pick one that gives you usable rewards. The priceline rewards visa is a 2% cashback card and a good option.

 

NASA has better credit card products than Patelco, although I like both. If you were to pick one I'd say NASA and apply for the cashback card. Unless the local CU has outstanding products for deposits or credit, I would recommend a larger CU like NASA, DCU, Penfed, or Patelco. Alliant is also a solid CU.

[hegemony]

NFCU cashRewards - $15k

JPMorgan Select - $15k

Alliant CU VISA - $3k (don't ask, they annoy me)

USAA RateAdvantage - $11k

AMEX Zync - no limit, formerly $3k

 

My available revolving limit total is just shy of my annual income. I'm comfortable with this (but of course more would be better).

 

Next target is AMEX BCP, preferably $10k or better CL

 

excellent diversity and limits with a short portfolio. A mainline 2% cashback card might be in order. I am tempted to give you an A, but I am afraid that would remove your incentive to earn my love. So your grade is a B+ with two gold stars. Add a couple more issuers and you will be at the front of the class. recommend 1) amex BCP 2) SM or barclays 2% and 3) penfed amex (assuming your travel)

[jabroni8218]

Do you think I should ask Discover for a CLI despite the fact that they will require a hard pull? If so, how much?

I am no expert on discover so check out recent threads on discover CLI. IMHO some people have an irrational fear of hard inquiries and fail to properly weigh the benefits hard inquiries offer (i.e., new accounts and higher limits).

 

Given my low number of accounts and the relatively mediocre terms on the Discover for Cashback (except on the bonus categories & ShopDiscover), I'm wondering if I should be seeking new cards with better rewards (fidelity Amex or Visa for everyday usage, maybe penfed for deposit accounts & the visa for gas) over using an inquiry for a CLI on an existing account.

 

The account manager the automated system sent me to said I wasn't getting a CLI without a hard pull. To his credit, he punched the data again from his side (income, etc.) and then told me "yeah, it's showing the disclosure for a hard pull", at which point I said no.)

 

I am no fan of discover in general, but I realize some people find value in chasing categories and shopdisc. Getting a 2% card would be a good goal; there are three to pick from, FIA amex, SM visa, or priceline visa.

 

Thanks. I'll have to do the legwork on those cards now. I like that Sallie Mae is Visa Signature & has 2% while pulling TU but you only get 2% rewards when you redeem at 25000 points or above ($12.5K spend) which is annoying and somewhat risky (if they decide to close the card for any reason they can nullify the value of the points).

[Creditus Maximus]

Me next

 

Amex SPG - 20k

Amex BCP - 4.5k

Best Buy Store 2k

BOA World MasterCard - 7.5k

Chase Freedom - 9k

Citi Select platinum - 2.6k

Citi Sears - 2.9k

Crap1 VentureOne - 2k

Discover More - 2k

JC Penny - 1.8k

PSECU Combo - 20k

 

I want to close JCP and the two Citi cards, but I can't bring myself to do it because two of the cards are 10+ years old (AAOA = 5.5). Perhaps combine the Citi cards and PC to Citi Forward?

 

Any other suggestions? Thanks!

[hegemony]

Me next

 

Amex SPG - 20k

Amex BCP - 4.5k

Best Buy Store 2k

BOA World MasterCard - 7.5k

Chase Freedom - 9k

Citi Select platinum - 2.6k

Citi Sears - 2.9k

Crap1 VentureOne - 2k

Discover More - 2k

JC Penny - 1.8k

PSECU Combo - 20k

 

I want to close JCP and the two Citi cards, but I can't bring myself to do it because two of the cards are 10+ years old (AAOA = 5.5). Perhaps combine the Citi cards and PC to Citi Forward?

 

Any other suggestions? Thanks!

 

Solid diversity, but could use one or two more CUs or oddball banks. Unless JCP has an AF I would not close it. Combo on the CITI cards may be in order. Higher limits on crap1 and discover would help too. I recommend 1) 1 or 2 more CUs (perhaps penfed and DCU (for the FREE FICO SCORE) and 2) working with extant creditors to increase limits. B+

[mizugori]

App'd for the barclays reward card, INSTANT APPROVAL $6300!! Very happy. Thanks Hege!

[jthedges]

I want to play!

 

Amex Blue - $1k (CLD, ugh)

Chase Freedom - $6k

Chase United - $10k

Chase Sapphire - $6.2k

Barclays Travelocity - $10k

Barclays US Airways - $7.5k

Citi Dividend - $6.4k

Citi Forward - $4.4k

Discover More - $3k

NFCU cashRewards - $25k

RBFCU Platinum - $5k

Kohls - $500

JCP - $3.8k

Best Buy Store - $3.3k

Lowes - $8.5k

UFCU (Austin, Texas) - $5k

Penfed Plat Cash - $5k

Target Store - $3k

Cap One Cash Rewards - $5k

Macys Store Card - credit lines coming soon!

Walmart Discover - $1.8k

 

B+ ; even though you have a very high diversity quotient. Let me explain, you score very high on diversity, but falls short of an A due to the limits on your cards. Your path to an A is clear. You need to combine limits where feasible and obtain CLIs. If you do this slowly over the next 12-24 month you will surely be at the top of the class. Hell, you might even be allowed to lead our class in show-n-tell.

 

I am only 24 years old. So that is probably the limiting factor, AAOA and age of credit report. Right?

[hegemony]

App'd for the barclays reward card, INSTANT APPROVAL $6300!! Very happy. Thanks Hege!

congrats!! the PL card? If so, post your results here:

 

http://creditboards.com/forums/index.php?showtopic=406424

 

and of course in the creditpulls database

[hegemony]

 

 

 

I am only 24 years old. So that is probably the limiting factor, AAOA and age of credit report. Right?

 

defiantly a factor. but the course grade is based solely on diversity of institutions and size of limits. if age was a gradable parameter you would have scored higher. keep up the awesome work!

[jthedges]

 

 

 

I am only 24 years old. So that is probably the limiting factor, AAOA and age of credit report. Right?

 

defiantly a factor. but the course grade is based solely on diversity of institutions and size of limits. if age was a gradable parameter you would have scored higher. keep up the awesome work!

 

Yay! Thanks!!! I am not looking to open any new cards for the next few years, unless some awesome Sapphire Preferred-esque offer pops up again. So I am sure with time I will have no problem getting higher limits.

Edited December 13, 2011 by jthedges

[brainchasm]

NFCU cashRewards - $15k

JPMorgan Select - $15k

Alliant CU VISA - $3k (don't ask, they annoy me)

USAA RateAdvantage - $11k

AMEX Zync - no limit, formerly $3k

 

My available revolving limit total is just shy of my annual income. I'm comfortable with this (but of course more would be better).

 

Next target is AMEX BCP, preferably $10k or better CL

 

excellent diversity and limits with a short portfolio. A mainline 2% cashback card might be in order. I am tempted to give you an A, but I am afraid that would remove your incentive to earn my love. So your grade is a B+ with two gold stars. Add a couple more issuers and you will be at the front of the class. recommend 1) amex BCP 2) SM or barclays 2% and 3) penfed amex (assuming your travel)

Thanks for the review hegemony!

 

To anyone else - 2/1/2010, I had no positive TLs, two collections, and couldn't buy a car with my MOM's (stellar) credit.

 

Today? After I started fixing stuff, new car on 5/15/2010, refi'd 11/1/2010, and bought a house 11/1/2011...

 

So if you think you can't get there, I am proof you can.

 

And hegemony - your love won't keep me from burning to keep improving. I want to be up there with you and BobWang!

[hegemony]

 

Thanks for the review hegemony!

 

To anyone else - 2/1/2010, I had no positive TLs, two collections, and couldn't buy a car with my MOM's (stellar) credit.

 

Today? After I started fixing stuff, new car on 5/15/2010, refi'd 11/1/2010, and bought a house 11/1/2011...

 

So if you think you can't get there, I am proof you can.

 

 

if you haven't already you should detail your story and have it posted in the success story forum:

 

http://creditboards.com/forums/index.php?showforum=36

[Creditus Maximus]

[

Solid diversity, but could use one or two more CUs or oddball banks. Unless JCP has an AF I would not close it. Combo on the CITI cards may be in order. Higher limits on crap1 and discover would help too. I recommend 1) 1 or 2 more CUs (perhaps penfed and DCU (for the FREE FICO SCORE) and 2) working with extant creditors to increase limits. B+

 

Thanks! I have been eyeing penfed for awhile now. I will need to look into DCU as free FICO scores rock.

[jabroni8218]

Thanks hege, I was approved @ $5K for the Priceline card. Appreciate the advice. Would enjoy the visa signature benefits but 2% rewards is more important and I prefer having a $25 rewards threshold ($1,250 spend) over the 25000 point threshold ($12.5K spend) on the Sallie Mae.

 

I'm going to confirm that Barclays pulled TU and TU alone though, I'd like to know that. I figure they didn't pull Experian because that has a 90 day fraud alert (verify identity yada yada) starting 11-26.

 

EDIT: Apparently I'm blind and the PL visa is a signature. I thought they all had that silver signature band but it looks like Priceline just puts it below the visa logo...

Edited December 13, 2011 by jabroni8218

[hegemony]

Thanks hege, I was approved @ $5K for the Priceline card. Appreciate the advice. Would enjoy the visa signature benefits but 2% rewards is more important and I prefer having a $25 rewards threshold ($1,250 spend) over the 25000 point threshold ($12.5K spend) on the Sallie Mae.

 

I'm going to confirm that Barclays pulled TU and TU alone though, I'd like to know that. I figure they didn't pull Experian because that has a 90 day fraud alert (verify identity yada yada) starting 11-26.

 

congrats!!!

[jabroni8218]

Thanks hege, I was approved @ $5K for the Priceline card. Appreciate the advice. Would enjoy the visa signature benefits but 2% rewards is more important and I prefer having a $25 rewards threshold ($1,250 spend) over the 25000 point threshold ($12.5K spend) on the Sallie Mae.

 

I'm going to confirm that Barclays pulled TU and TU alone though, I'd like to know that. I figure they didn't pull Experian because that has a 90 day fraud alert (verify identity yada yada) starting 11-26.

 

congrats!!!

 

Thanks. I sent a message asking Barclays what CRAs they pulled (as is allowed under the T&C) but I realize had I not just pulled my CreditKarma report this morning I could see the # of inquiries change (or not) on CK

 

Oh well. I'm sure I'll get the full story and make sure they didn't pull EQ/EX as well from Barclays. Very happy right now though

[UGAFan]

PSECU Combo - $20K

Chase Southwest Visa Sig - $16.5K

Citi-$10K

Amex Platinum

Amex Blue - $5K

Capital One - $2K

Cartier/TD Bank store card - $8K

Best Buy store card - $5.1K

Saks Premier Purchase Account - $6K

Saks store card - $2.5K

Neiman Marcus store card - $2.5K

 

 

 

 

[ugghh]

Am I diversified Hegemony?

 

Chapter 7 BK discharged 9/2010.

Cap1 - 750

Local CU Visa - 1000

Partners CU Visa <Secured> - 1000

BBRZ MC - 1050

Firestone - 1400

Barclays iTunes Visa - 4000

NFCU Visa - 14000

[hegemony]

PSECU Combo - $20K

Chase Southwest Visa Sig - $16.5K

Citi-$10K

Amex Platinum

Amex Blue - $5K

Capital One - $2K

Cartier/TD Bank store card - $8K

Best Buy store card - $5.1K

Saks Premier Purchase Account - $6K

Saks store card - $2.5K

Neiman Marcus store card - $2.5K

 

you are definitely above average and hold a solid B trending toward B+. One more CU card and either kill or CLI crap1 would move you up. Also, other than crap1 do you have a zero FETF card? Penfed and perhaps a 2% cashback card would go far to improve your grade.