Need Help With My Credit Portfolio

[Allkindabroke]

With the exception of getting my foot into the NFCU back door, I have pretty much been gardening for the last few years. At this point, I don't know what direction to go with my credit portfolio or if there is even a need beyond CLI'ing my way to higher limits.

 

Usage

I no longer travel for my job and I have to use a company issued visa for work purchases. Last year I averaged about $1500/month PIF spending primarily on Barclay/WF/Best Buy credit cards. I am trying to reduce that average to $1K or lower because the excess is frivolous spending that could be going to savings. The point being I keep my cards active but game changing reward tier purchases are likely to be made for emergencies only.

 

Data points

BK Discharged 11/17/10 - Undoubtedly on Amex Blacklist. IIB - BOA, CAP1, CHASE, USBANK (no offers on preselector sites)

Average Account Age 6.4 year(s) Oldest Account 23.7 year(s)

FICO TU-750/EQ 758/EX 753 - Revolving CL $175K Average utilization 0-1%

Ex- 0 inq EQ - 2 Inq TU - 5 inq by the end of 2018 EQ and TU will be at 2 inq each

 

Visa/MC/Amex

NFCU visa $24K CLI >6 months TU Inq

Discover $22K recent CLI

Barclay Rewards MC $20K recent CLI TU Inq

BBRZ Visa $15K CLI >6 months TU Inq

Wells Fargo Rewards Visa $12.3K recent CLI

Paypal MC $10K recent CLI EQ Inq

Penfed Visa $10K CLI >6 months EQ Inq

DCU Visa $10K recent CLI TU Inq

Penfed Amex $7.5K CLI >6 months EQ Inq

Target MC $7K auto increases only

USCCU MC $1.5K CLI >6 months

ELFCU EZ LOC $1K CLI >6 months

 

Store Cards

JCPenny $10K CLI >6 months

Walmart $10K CLI >6 months

Care Credit $3KCLI >6 months
Home Shopping Network CC $2.7K recent CLI

Ford Credit Card $2.5K recent CLI

Catherines $2.35K recent CLI

Brylane $1.5K recent CLI
Victoria Secret $1.2K recent CLI

Macys $600 survived BK this card ping pongs between $600-$1K

SDFCU secured visa closed $2.5K checking/savings still open

USCCU Auto Loan $15K @ 2.25% - $9400 balance

Navient Student Loans - oldest account

 

What I'm looking for is guidance/recommendations on what cards I should be considering or any other blind spots. Are there cards that I need to pay more attention to growing? If you were me, what would you do next?

Hopefully no one will say there isn't enough information.

 

[cv91915]

I would spend some time with the Master Blacklist thread to understand your odds of getting back in with various issuers. I wouldn't assume that receiving no pre-qualified offers necessarily means that you won't be approved.

 

That research may invalidate some of these, but that's not my area of expertise so here goes anyway:

 

You might consider getting another card with rotating 5% categories like Chase Freedom and/or US Bank Cash+.

 

Another addition that could be useful would be a flat 2% back card like the Fidelity Visa.

 

If you spend a lot at restaurants you might also consider the Uber Visa.

 

I would also take the opportunity to weed out some of the dead wood.

[Allkindabroke]

I would spend some time with the Master Blacklist thread to understand your odds of getting back in with various issuers. I wouldn't assume that receiving no pre-qualified offers necessarily means that you won't be approved.

 

That research may invalidate some of these, but that's not my area of expertise so here goes anyway:

 

You might consider getting another card with rotating 5% categories like Chase Freedom and/or US Bank Cash+.

 

Another addition that could be useful would be a flat 2% back card like the Fidelity Visa.

 

If you spend a lot at restaurants you might also consider the Uber Visa.

 

I would also take the opportunity to weed out some of the dead wood.

Thanks for the feedback! I will look into the cards that you recommended. The only reason I haven't closed any of the toy cards was because I didn't know if it would hurt my FICO via AAOA. I was thinking the best bet was to wait until the BK drops off and that should be enough of a bump upward in my score to offset closing cards. It's taken me 5 years to go from 700-750 so I figure 800 won't happen until the BK is gone.

[Allkindabroke]

 

Any other suggestions?

[Big Bear]

That's a nicely written post.

 

Even with $1000-$1500 in monthly spend, a fair amount of rewards can be had with a PIF strategy. It's all about eking out the most you can from your normal spending (utilities, groceries, fuel/transportation, etc). Have you categorized your normal/ideal monthly spend and compared the cards you have versus what's out there (even for the blacklisted issuers)?

 

cv already touched on the blacklisting, and that seems like a great place to start there.

 

As for the low hanging fruit of unused cards. You'll still enjoy the AAOA as they'll stay on your reports for upwards of the next decade. I'd be more concerned with utilization impact, but given your higher CL cards and that you're PIF every month, you're already two steps ahead and can close some for the sake of your convenience.

 

One more thing that you haven't really touched on... I had several Navient loans at okay-at-best interest rates. If you're in that boat, your FICOs are certainly good enough to gain a better interest rate through other lenders. May free up a few bucks each month to help even more.

[Allkindabroke]

That's a nicely written post.

 

Even with $1000-$1500 in monthly spend, a fair amount of rewards can be had with a PIF strategy. It's all about eking out the most you can from your normal spending (utilities, groceries, fuel/transportation, etc). Have you categorized your normal/ideal monthly spend and compared the cards you have versus what's out there (even for the blacklisted issuers)?

 

cv already touched on the blacklisting, and that seems like a great place to start there.

 

As for the low hanging fruit of unused cards. You'll still enjoy the AAOA as they'll stay on your reports for upwards of the next decade. I'd be more concerned with utilization impact, but given your higher CL cards and that you're PIF every month, you're already two steps ahead and can close some for the sake of your convenience.

 

One more thing that you haven't really touched on... I had several Navient loans at okay-at-best interest rates. If you're in that boat, your FICOs are certainly good enough to gain a better interest rate through other lenders. May free up a few bucks each month to help even more.

 

I usually allocate my spending based on these rewards:

PenFed Platinum Rewards Visa pays 5% gas/3% groceries

Barclay Reward MC pays 2% utilities

NFCU Cash Rewards Visa pays 1.5% for almost everything else.

Best Buy, Target, Discover,etc. are used for misc. purchases that make sense for their rewards/bonus programs/activity reporting.

 

After starting this thread I was approved for a 2% card ($30K CL) with SDFCU which will replace the NFCU purchases. I'm going to research my potential blacklist banks for products that make sense and pull the trigger apping non EX pullers when my inquiries drop off in September. The worst they can say is no. My rate with Navient is 3.375%. It doesn't hurt to see if there's something lower available.

 

Thanks for all the suggestions (and the compliment ) !

Edited June 1, 2018 by Allkindabroke

[Allkindabroke]

I rode the high of the SDFCU approval and decided to ask for a CLI from $24K to $50K at NFCU and sent pay stubs. Denied. Called to recon. Denied no counteroffer. My last increase was March 2017.

 

I won't ask for any more CLI's until December/January when 3 Inq's will fall off TU and 2 will fall off EQ. I don't really have my eye on any new cards but that has been known to change based on new information on this board -SDFCU *cough*

 

I should have taken it as a sign not to burn the inquiry when JCPenny decreased my limit from $10K to $1K. Oh well.

[Allkindabroke]

NFCU Visa signature CL = $24K asked, luv button asked for $50K declined. Hard pull EX Denial letter says "You've reached Navy Federal's maximum unsecured credit limit." My last soft pull was an increase from $10K to $24K in March 2017. From what I've been reading across boards, NFCU isn't handing out the $50k/$50k limits as freely since the Navy League backdoor and loosening up the servicemen field of membership.

[cv91915]

No one cares about 18-month-old inquiries. Almost no one cares about inquiries.

[Allkindabroke]

No one cares about 18-month-old inquiries. Almost no one cares about inquiries.

Is Chase's 5/24 rule not real? You recommended the Chase Freedom upthread.

[Konrad2012]

 

No one cares about 18-month-old inquiries. Almost no one cares about inquiries.

Is Chase's 5/24 rule not real? You recommended the Chase Freedom upthread.

 

 

What does 5/24 have to do with INQ's?

[Zanshiro]

5/24 is based on new accounts, not inquiries. I'll connect that dot from CV just to ruin fun

[cv91915]

5/24 is based on new accounts, not inquiries. I'll connect that dot from CV just to ruin fun

 

I'm exhausted and confused, so you win.

[Allkindabroke]

 

 

No one cares about 18-month-old inquiries. Almost no one cares about inquiries.

Is Chase's 5/24 rule not real? You recommended the Chase Freedom upthread.

 

 

What does 5/24 have to do with INQ's?

 

 

 

 

5/24 is based on new accounts, not inquiries. I'll connect that dot from CV just to ruin fun

 

I'm exhausted and confused, so you win.

 

 

It would be great, just once, if frequent posters could operate under the assumption that the person behind the other computer screen isn't intellectually challenged. I would promise that it wouldn't hurt your feelings to find out that people who don't post as often may know more than you think but I'm no longer sure that's the case.

 

Please allow me to help the exhausted and confused understand why 5/24 is relevant to adding a chase card to my credit portfolio. I posted this in the OP:

 

Data points

Ex- 0 inq EQ - 2 Inq TU - 5 inq by the end of 2018 EQ and TU will be at 2 inq each

 

4 of the 7 inquiries I have reporting as of 6/16/18:

1 APPROVED - NFCU Visa.

2.APPROVED - Penfed Visa

3. APPROVED - Penfed Amex

4. APPROVED - USCCU Credit Card- old card closed new rewards card didn't backate no CLI

5.APPROVED - SDFCU visa new card will not backdate.

 

All within 24 months or else the HP inquiries wouldn't be there. (Penfed is one inquiry for both cards)

 

Imagine that someone, let's call them Allkindabroke, knows that they have inuiries related to 5 new credit card accounts. Now let's assume that in 10 years on Creditboards Allkindabroke just may have read about the oft repeated 5/24 rule and put 2 + 2 together that until at least one of these inquires (that stay on for 24 months) for new cards fall off then Chase is a no go. With that information does the link between inquiries and 5/24 make sense or do I need to type it very slowly in a larger font?

 

I appreciate any guidance or recommendations that are offered but I now understand from other board interactions that I should not expect help with my credit portfolio so I am using this thread primarily for updates.

[cv91915]

 

 

5/24 is based on new accounts, not inquiries. I'll connect that dot from CV just to ruin fun

 

I'm exhausted and confused, so you win.

 

 

It would be great, just once, if frequent posters could operate under the assumption that the person behind the other computer screen isn't intellectually challenged. I would promise that it wouldn't hurt your feelings to find out that people who don't post as often may know more than you think but I'm no longer sure that's the case.

 

 

I was neither talking to nor referring to you.

[cv91915]

Imagine that someone, let's call them Allkindabroke, knows that they have inuiries related to 5 new credit card accounts. Now let's assume that in 10 years on Creditboards Allkindabroke just may have read about the oft repeated 5/24 rule and put 2 + 2 together that until at least one of these inquires (that stay on for 24 months) for new cards fall off then Chase is a no go. With that information does the link between inquiries and 5/24 make sense or do I need to type it very slowly in a larger font?

 

If you had 9,800 inquiries, all from yesterday, it would have zero effect on the 5/24 calculation.

[Allkindabroke]

With the exception of getting my foot into the NFCU back door, I have pretty much been gardening for the last few years. At this point, I don't know what direction to go with my credit portfolio or if there is even a need beyond CLI'ing my way to higher limits.

 

Usage

I no longer travel for my job and I have to use a company issued visa for work purchases. Last year I averaged about $1500/month PIF spending primarily on Barclay/WF/Best Buy credit cards. I am trying to reduce that average to $1K or lower because the excess is frivolous spending that could be going to savings. The point being I keep my cards active but game changing reward tier purchases are likely to be made for emergencies only.

 

Data points

BK Discharged 11/17/10 - Undoubtedly on Amex Blacklist. IIB - BOA, CAP1, CHASE, USBANK (no offers on preselector sites)

Average Account Age 6.4 year(s) Oldest Account 23.7 year(s)

FICO TU-750/EQ 758/EX 753 - Revolving CL $175K Average utilization 0-1%

Ex- 0 inq EQ - 2 Inq TU - 5 inq by the end of 2018 EQ and TU will be at 2 inq each

 

Visa/MC/Amex

SDFCU Rewards Visa - $30K

NFCU visa $24K CLI - CLI Decline- reason given max exposure

Discover $22K recent CLI

Barclay Rewards MC $20K recent CLI TU Inq

BBRZ Visa $15K CLI >6 months TU Inq

Wells Fargo Rewards Visa $12.3K recent CLI

Paypal MC $10K recent CLI EQ Inq

Penfed Visa $10K CLI >6 months EQ Inq

DCU Visa $10K recent CLI TU Inq

Penfed Amex $7.5K CLI >6 months EQ Inq

Target MC $7K auto increases only

USCCU MC $1.5K CLI >6 months - HP - converted to rewards card no cli

ELFCU EZ LOC $1K CLI >6 months

 

Store Cards

JCPenny $1K CLI >6 months CLD 10K - $1K

Walmart $10K CLI >6 months

Care Credit $3KCLI >6 months

Home Shopping Network CC $2.7K recent CLI

Ford Credit Card $2.5K recent CLI

Catherines $2.35K recent CLI

Brylane $1.5K recent CLI

Victoria Secret $1.2K recent CLI

Macys $600 survived BK this card ping pongs between $600-$1K

SDFCU secured visa closed $2.5K checking/savings still open

USCCU Auto Loan $15K @ 2.25% - $9400 balance

Navient Student Loans - oldest account

 

What I'm looking for is guidance/recommendations on what cards I should be considering or any other blind spots. Are there cards that I need to pay more attention to growing? If you were me, what would you do next?

Hopefully no one will say there isn't enough information.

 

Penfed is offering the following fare this quarter:

 

Pathfinde Rewards American Express

Power Cash Rewards

Promise Visa

 

All at $2200.

 

I will wait for the current Penfed inquiries on my report to drop before asking for a CLI on the existing lines.

[cv91915]

No one cares about 18-month-old inquiries. Almost no one cares about inquiries.

 

+1

[Zanshiro]

Exactly. Which was what I said by saying it was based on the starting date of the account, not the inquiry...While in some cases those may be the same date, in others, they may not. If you had to send in extra things, for example, and it took another month to actually OPEN your account...it would go by the date the account was opened. If you want to reference it by inquiries you can, but what I'm saying (Since I can't speak for others) is that the inquiries aren't an accurate measurement if you're looking for precision.

 

No one has called you intellectually challenged here, but simply tried to assist you in our various ways. What you project onto others, however, may shine through. As I'm one of these semi-frequent posters quoted, I'll vacate your thread at this point. Best wishes.

 

Edit to add: Or in the case where - like you did - someone opens two accounts with one inquiry. Both accounts count towards 5/24 whereas only one inquiry would show, to my understanding.

Edited June 16, 2018 by Zanshiro

[Konrad2012]

 

 

 

No one cares about 18-month-old inquiries. Almost no one cares about inquiries.

 

Is Chase's 5/24 rule not real? You recommended the Chase Freedom upthread.

What does 5/24 have to do with INQ's?

 

 

5/24 is based on new accounts, not inquiries. I'll connect that dot from CV just to ruin fun

 

I'm exhausted and confused, so you win.

It would be great, just once, if frequent posters could operate under the assumption that the person behind the other computer screen isn't intellectually challenged. I would promise that it wouldn't hurt your feelings to find out that people who don't post as often may know more than you think but I'm no longer sure that's the case.

 

Please allow me to help the exhausted and confused understand why 5/24 is relevant to adding a chase card to my credit portfolio. I posted this in the OP:

 

Data points

Ex- 0 inq EQ - 2 Inq TU - 5 inq by the end of 2018 EQ and TU will be at 2 inq each[/size]

 

4 of the 7 inquiries I have reporting as of 6/16/18:

1 APPROVED - NFCU Visa.

2.APPROVED - Penfed Visa

3. APPROVED - Penfed Amex

4. APPROVED - USCCU Credit Card- old card closed new rewards card didn't backate no CLI

5.APPROVED - SDFCU visa new card will not backdate.

 

All within 24 months or else the HP inquiries wouldn't be there. (Penfed is one inquiry for both cards)

 

Imagine that someone, let's call them Allkindabroke, knows that they have inuiries related to 5 new credit card accounts. Now let's assume that in 10 years on Creditboards Allkindabroke just may have read about the oft repeated 5/24 rule and put 2 + 2 together that until at least one of these inquires (that stay on for 24 months) for new cards fall off then Chase is a no go. With that information does the link between inquiries and 5/24 make sense or do I need to type it very slowly in a larger font

Since you're obviously intellectually challenged, I'll break this down for you.

 

1. You could have 20 INQs on your reports. 10 could be from car shopping, 5 could be from mortgage shopping, 3 could be from CLI's, 2 could be from new credit card accounts. The only thing relevant to Chase 5/24 would be the 2 new credit card accounts. All of the other INQs and changes COULD be relevant to the underwriting of a new CC, but that wouldn't fall under the 5/24 umbrella.

 

2. You literally began this thread with this statement - With the exception of getting my foot into the NFCU back door, I have pretty much been gardening for the last few years

 

Few is commonly understood in American English to reference three or four. I'm sure no one who read your post thought you had 5 new accounts within the last 24 months (or four new accounts since it appears you added one subsequently to your original post) when you said beside NFCU you've been gardening a few years.

 

Which also reminds me, NFCU gave you a separate INQ for membership. That wouldn't matter under Chase 5/24 guidelines either.

[Allkindabroke]

https://creditboards.com/forums/index.php?showtopic=607407

[cv91915]

Good lord

[Konrad2012]

To be helpful (or at least in a manner you would perceive as helpful since you are kind of obstinate)-

 

CapOne doesn't care about you IIBing them.

 

You could get the Savor product that would give you 3% on dining, has a $150 SUB for $500 spend and has no AF.

Edited June 17, 2018 by Konrad2012

[Allkindabroke]

 

With the exception of getting my foot into the NFCU back door, I have pretty much been gardening for the last few years. At this point, I don't know what direction to go with my credit portfolio or if there is even a need beyond CLI'ing my way to higher limits.

 

Usage

I no longer travel for my job and I have to use a company issued visa for work purchases. Last year I averaged about $1500/month PIF spending primarily on Barclay/WF/Best Buy credit cards. I am trying to reduce that average to $1K or lower because the excess is frivolous spending that could be going to savings. The point being I keep my cards active but game changing reward tier purchases are likely to be made for emergencies only.

 

Data points

BK Discharged 11/17/10 - Undoubtedly on Amex Blacklist. IIB - BOA, CAP1, CHASE, USBANK (no offers on preselector sites)

Average Account Age 6.4 year(s) Oldest Account 23.7 year(s)

FICO TU-750/EQ 758/EX 753 - Revolving CL $175K Average utilization 0-1%

Ex- 0 inq EQ - 2 Inq TU - 5 inq by the end of 2018 EQ and TU will be at 2 inq each

 

Visa/MC/Amex

SDFCU Rewards Visa - $30K

NFCU visa $24K CLI - CLI Decline- reason given max exposure

Discover $22K recent CLI

Barclay Rewards MC $20K recent CLI TU Inq

BBRZ Visa $15K CLI >6 months TU Inq

Wells Fargo Rewards Visa $12.3K recent CLI

Paypal MC $10K recent CLI EQ Inq

Penfed Visa $10K CLI >6 months EQ Inq

DCU Visa $10K recent CLI TU Inq

Penfed Amex $7.5K CLI >6 months EQ Inq

Target MC $7K auto increases only

USCCU MC $1.5K CLI >6 months - HP - converted to rewards card no cli

ELFCU EZ LOC $1K CLI >6 months

 

Store Cards

JCPenny $1K CLI >6 months CLD 10K - $1K

Walmart $10K CLI >6 months

Care Credit $3KCLI >6 months

Home Shopping Network CC $2.7K recent CLI

Ford Credit Card $2.5K recent CLI

Catherines $2.35K recent CLI

Brylane $1.5K recent CLI

Victoria Secret $1.2K recent CLI

Macys $600 survived BK this card ping pongs between $600-$1K

SDFCU secured visa closed $2.5K checking/savings still open

USCCU Auto Loan $15K @ 2.25% - $9400 balance

Navient Student Loans - oldest account

 

What I'm looking for is guidance/recommendations on what cards I should be considering or any other blind spots. Are there cards that I need to pay more attention to growing? If you were me, what would you do next?

Hopefully no one will say there isn't enough information.

 

Penfed is offering the following fare this quarter:

 

Pathfinde Rewards American Express

Power Cash Rewards

Promise Visa

 

All at $2200.

 

I will wait for the current Penfed inquiries on my report to drop before asking for a CLI on the existing lines.

 

 

In addition, I will also move forward with combining the Penfed Amex and Penfed Visa as I have been informed the max exposure is $50K across all cards.

Edited June 17, 2018 by Allkindabroke

[Allkindabroke]

I rode the high of the SDFCU approval and decided to ask for a CLI from $24K to $50K at NFCU and sent pay stubs. Denied. Called to recon. Denied no counteroffer. My last increase was March 2017.

 

I won't ask for any more CLI's until December/January when 3 Inq's will fall off TU and 2 will fall off EQ. I don't really have my eye on any new cards but that has been known to change based on new information on this board -SDFCU *cough*

 

I should have taken it as a sign not to burn the inquiry when JCPenny decreased my limit from $10K to $1K. Oh well.

After I am out of 5/24 purgatory, I believe my next application will be the Southwest Rapid Rewards Visa. I'm not that eager to take on a card with an annual fee but it aligns with some plans that I have been putting off for a while.