Quote :

"I'm thinking about getting a Gas card. What are t-dub's recommendations? Paying off the card each month is not a problem..."

From Page 1 of this thread:

PenFed Platinum - 5% (cashback) on gas at the pump

[Edited on November 7, 2011 at 8:30 PM. Reason : .]

11/7/2011 8:29:50 PM

awe c'mon man.

the ultimate troll.

11/7/2011 8:33:08 PM

Don't egg him on if he posts a legitimate response. You only add credibility to his claims.

11/7/2011 9:20:00 PM

lol.

speaking of my rewards card, since I use mint.com to track everything, i've exclusively been using my rewards card 1) for cash back 2) easily tracked via mint.com.

however, I can easily spend 50%+ of my credit limit on that card in a month; which looks horrible on my credit report (I assume debt/credit ratios are looked at for each account?). I upped my limits on 3 credit cards probably about 6 months ago; however, was denied an increase on 1 card (one of my two citi credit cards), though I don't recall a reason why.

think i could get another limit raise on my cash back (chase) card? ideally, i'd like to double/triple the limit, but i'm pretty sure that would be denied. i don't really use my other cards at all.

11/8/2011 8:58:29 AM

^ Yes, one disadvantage with a card like that as opposed to American Express. If you want to minimize the impact on your score, you should make sure it is paid off, or nearly paid off, before the billing cycle ends. In the past I have noticed that if I pay off the balance before the cycle ends, then it is reported as zero on the credit scores. If I pay even on the first day the bill is out, it will still be reported as the total balance prior to payment.

11/8/2011 9:14:17 AM

yeh, I thought about doing that, but i always end up with more charges in that cycle that I have to make a second payment for; and I need to check, but my card agreement may require me to hold balances through my statement date in order to get my cash back (for some reason, that was in my head, so i need to double check)

[Edited on November 8, 2011 at 9:16 AM. Reason : .]

11/8/2011 9:16:26 AM

Quote :

"As soon that the third party began to offer incentive better than cash, they injected poison into the economy."

How do you figure? Other third parties do this, e.g. realtors. It sounds like this just boils down to some small business owner who has his panties in a wad b/c he has to pay for cc transactions.

Quote :

"think i could get another limit raise on my cash back (chase) card?"

Yeah, I've gotten an increase on mine and it wasn't a problem. Also, FYI

http://asklizweston.com/2011/11/04/chase-is-about-to-ignore-your-privacy-settings/

11/8/2011 9:51:45 AM

already re-opted out.

dammit. chase removed online limit increase... or i can't find it anymore. basterts.

11/8/2011 9:55:51 AM

The removed it. It annoyed me as well.

11/8/2011 10:35:09 AM

Question:

Why do you need a limit increase if you're only spending 50% of your credit limit? My credit card (chase) usually gives me credit limit raises automatically if I max out and pay off my limit regularly.

Do you believe your credit card score gets better with a higher limit or are you planning on buying something really large in the near future? In all practicality, if you're spending 50% of your limit, it would be hard for you to max out your limit routinely, so raising the limit wouldn't do you any good.

11/8/2011 10:57:13 AM

because maxing out your credit limit may hurt your credit score. most sources say keep <30%, some even say <10%. and generally, a higher credit limit helps, because of your debt/credit ratio

again, this is assuming that credit agencies look at this as individual accounts, and not as a total. as a total, i'm fine (~10% of my revolving accounts; add in my auto loan and i'm near 50%).


[Edited on November 8, 2011 at 11:11 AM. Reason : .]

11/8/2011 10:59:34 AM

Anyone have a Southwest Rapid Rewards Visa? I just signed up for one and they're giving 50,000 points after the first purchase. Does that really add up to $833 worth of fares (fine print says $60 per point). Also is that one of their better signup offers...or should I have waited for something better?

11/8/2011 11:18:02 AM

Last time I checked they were offering half that so I decided to hold off since I know they had offered more in the past. Now that they've upped it again I may go ahead and get it. The point system is actually pretty straightforward seeing as how you can toggle between dollars/pts when booking a flight. e.g.

Fares In:
DOLLARS
$89
POINTS
5,340

11/8/2011 12:10:14 PM

I know everyone raves about Southwest, but they havent served locations for the last 3 vacations I have been on (Hawaii, Jackson Hole, US Virgin Island/BVI).

I personally hate the way they file you in the plane, as well.

11/8/2011 3:45:27 PM

Quote :

"I personally hate the way they file you in the plane, as well."

They rave about the prices, and lack of bag fees...which I think is helped to some degree by the seating system. You accept the shitty seating system for the cheap prices. I got the card to pay for my Reno flight in late Feb, and I should have almost enough left over for a Denver trip too

11/8/2011 5:39:29 PM

I love Southwest. I mean, what other airline sends you free drink coupons when you redeem a reward flight? About half of the time, they 'forget' to take the coupon from you when you're redeeming it too. I'm hoping their merger with AirTran will eventually bring them to Charlotte.

Quote :

"Do you believe your credit card score gets better with a higher limit"

it does

[Edited on November 9, 2011 at 1:54 PM. Reason : d]

11/9/2011 1:53:26 PM

welp. credit limit increase got denied.

i'm betting it's going to say something about too many inquiries, as that's what it said last time (found my letter from when i was denied previously). now how the fuck am i supposed to control that?

[Edited on November 9, 2011 at 1:54 PM. Reason : .]

11/9/2011 1:54:16 PM

^cool off on the applications for a while?

You really shouldn't be wasting inquiries on CLIs anyway. I only take them when they're credit check-free (Amex and Citi will usually hand them out this way via their website, or at least warn you if they are going to pull your credit).

Too many amazing offers floating around to waste inquiries on such nonsense.

[Edited on November 9, 2011 at 1:58 PM. Reason : d]

11/9/2011 1:55:59 PM

it's not like i make requests that often.

i did probably 6+ months ago on four cards because I had never had an increase on any card.

then on the card i use all the time now i requested one yesterday, so i wouldn't be using so much of my available credit on it.

and i haven't seen anything from chase on free increases. and i don't know how you expect me to get higher limits without asking, if they're not given to me.


[Edited on November 9, 2011 at 2:00 PM. Reason : -]

11/9/2011 1:59:43 PM

Yeah, unfortunately with Chase I think they do pull your credit for CLIs.

Their reasons for denial, IMO, are usually just bullshit anyway. I once got declined for having too many cards with them (I had 1 other at the time, and I've had as many as 4 Chase cards at the same time in the past).

The AARP card they're currently offering is amazing. I'm about to apply for a second round in a few weeks.

Quote :

"From Page 1 of this thread: PenFed Platinum - 5% (cashback) on gas at the pump"

another great reason to grab a PenFed account (and this card): their car loans (including used) have ridiculously low interest rates (in the 2% range, last I checked). They'll even let you borrow money at that rate against the car you own (basically a HELOC, but with your car).


[Edited on November 9, 2011 at 2:16 PM. Reason : g]

11/9/2011 2:11:42 PM

wdprice, I know you want an increase but really, you don't need it!

The increases come naturally when your spending increases. Don't sweat it.

Remember if you hit your limit, you can always apply for a second credit card. Two $5000 limit credit cards is more than a $5000 limit credit card bumped up to $6000 after your limit increase.

Also, if you hit your limit, you can go back to paying with cash. If that happens, you'll be making so much money, you won't have to care about the 1% cashback anymore.

I wish I could convince you that cash is better that credit cards and it's rebate. They can't make you worried and stressed out if you have cash. If you buy a house, you don't need a credit score if you have cash.

Use your talking skills. I've talked people down $1000 in price on a $6000 purchase. That's 17% cash back! Best of all, I am in control of my finances and kept my freedom the whole time! I didn't have to wait for a check either, the rebate was instant!

11/9/2011 2:17:45 PM

You crack me up GB.

Quote :

"I once got declined for having too many cards with them"

Same here.

11/9/2011 2:25:56 PM

wat.

stop with the stupid shit. i won't have more money by not using my credit cards. no matter my method of payment, goods cost the same; only one method of payment repays me. holy fuck, just shut up already.

and no increases have come naturally, if they did, i wouldn't need to ask for one.
and i don't need another card, i already have several and don't care for another. the card i am using has good rewards and i prefer to use it for those rewards. i've got plenty of available credit across my credit card accounts; i'm wanting a higher limit for the card that i prefer to use for my normal purchasing.

and how in the fuck do you get that i'm stressed/worried? i use credit cards for the rewards, not because i can't afford my monthly groceries, etc. and i won't have hundreds of thousands of dollars sitting around to buy a house and using cash won't create that money.

do you expect me to haggle with harris teeter on the price of lettuce everytime i go in to shop? god you're a fucking moron.

and guess what? since i've started using this credit card for all purchases, i've saved tons of money.

[Edited on November 9, 2011 at 2:30 PM. Reason : .]

11/9/2011 2:27:11 PM

I'm not here to attack you. I'm offering helpful alternatives. You JUST got denied a credit increase.

Try turning your wheel a little bit and drive around the roadblock instead of ramming into the roadblock.

11/9/2011 2:36:28 PM

haha, ok.

nothing you posted is helpful. and i'm 99% sure it was denied due to recent inquiries (car loan in the last year = several inquiries when shopping loans; other credit limit increases; etc.) it's a common denial tool when banks are being stubborn.

11/9/2011 2:38:28 PM

My advice is pretty helpful if you just give it a chance.
I'm afraid that when you read anything I write, you hate me so much that you don't read it correctly.
I didn't say anything close to what you thought I said in your last comment attacking me about being stupid.

11/9/2011 2:41:54 PM

Ok, let's start over

Quote :

"wdprice, I know you want an increase but really, you don't need it! "

I do if I want to continue using this particular card and not be spending ~>50% of the credit limit

Quote :

"The increases come naturally when your spending increases. Don't sweat it."

I've had this card for 8 years and I've never gotten a free increase. I got one increase, which doubled the limit, after I requested it. And yes, I have nearly maxed it out in the past.

Quote :

"Remember if you hit your limit, you can always apply for a second credit card. Two $5000 limit credit cards is more than a $5000 limit credit card bumped up to $6000 after your limit increase."

I don't need additional cards. The card I'm currently using is only 20% of my combined credit card limit. I use this particular card for the rewards and would prefer to not have to find another card I like, with an acceptable rewards amount, with an acceptable rewards program, and then split my spending between different accounts. Like I said, I can do all my monthly shopping on the one card I use; however, I'd prefer for the limit to be higher so I'm not using so much of the available credit. And that's for credit score reasons.

Quote :

"Also, if you hit your limit, you can go back to paying with cash. If that happens, you'll be making so much money, you won't have to care about the 1% cashback anymore."

I don't hit the limit and I know I can always use cash. And it's much more than 1% back. And I still don't get how using cash gives me more money than using my credit card.

Quote :

"I wish I could convince you that cash is better that credit cards and it's rebate. They can't make you worried and stressed out if you have cash. If you buy a house, you don't need a credit score if you have cash. "

I'm not worried or stressed. What does a house have to do with this? Again, I don't save more money by using cash. 0% back < ~3.3% back

Quote :

"Use your talking skills. I've talked people down $1000 in price on a $6000 purchase. That's 17% cash back! Best of all, I am in control of my finances and kept my freedom the whole time! I didn't have to wait for a check either, the rebate was instant!"

I'm not making such purchases (at least not often). I'm buying groceries, gas, etc. Those aren't negotiable.

11/9/2011 2:48:03 PM

Quote :

"My advice is pretty helpful if you just give it a chance."

It's really not. No one is misunderstanding you here.

There are tons of other benefits, aside from the cash back, to using credit cards.
Cash is for suckers.

[Edited on November 9, 2011 at 3:04 PM. Reason : d]

11/9/2011 3:02:12 PM

damn. didn't realize inquires stay on your report for 2 years. that has to be the issue... lots of inquires in the last 2 years

- auto loan inquires
- utilities
- apartment
- credit limit increase requests
- the random shit (banks, etc. looking shit up for their own purposes)

11/9/2011 3:07:24 PM

Credit inquiries that were not initiated by you (your "random shit" example) do not count against you. They will show up on your report, but do not factor into your score.

Some companies offer unlimited credit reports for a flat monthly fee. The credit report companies only keep track of a limited number of inquiries (the last 50, say... I don't know the real number). I've heard of people signing up for these plans and then repeatedly checking their own report in order to bump the real (harmful) inquiries off their reports. This method worked about 1-2 years ago, don't know if they've closed the loophole yet.

[Edited on November 9, 2011 at 3:27 PM. Reason : d]

11/9/2011 3:22:32 PM

right, but chase can see those. would chase consider those against me? i mean, banks pull reports, not scores for CLI requests. if it were by score, i'd be fine (unless they've taken a dive recently )

anyone got suggestions for checking all 3 reports/scores at once? i've checked all 3 reports in the last year, so that takes care of the free check


[Edited on November 9, 2011 at 3:27 PM. Reason : -]

11/9/2011 3:24:40 PM

^Chase will not count those against you, since you have no control over who pulls your credit.

When they say "too many inquiries", they mean "too many applications".

I think under the new CC laws you are now entitled to get a copy of your report from the issuer that denied you. So hit Chase up.

[Edited on November 9, 2011 at 3:35 PM. Reason : d]

11/9/2011 3:29:48 PM

yeh, chase is sending me a letter with that information.

annoying as hell. just email it to me.

i'm getting confused on credit scores.

each agency has their own, which is typically what you see/purchase.
but each also does their own FICO score, correct?

[Edited on November 9, 2011 at 3:58 PM. Reason : .]

11/9/2011 3:44:35 PM

Quote :

"yeh, chase is sending me a letter with that information. annoying as hell. just email it to me. i'm getting confused on credit scores."

I keep telling you the correct answer, but for some reason you chose to ignore it.
What's the deal?
I really want to know.
I can't seem to break through to you.
Show me how I can get through to you?
Why are you going to keep burning yourself on the hot oven? Is it spite? I really need to know. You're not hurting me, but it's apparent you keep hurting yourself.

11/9/2011 4:15:24 PM

what is your answer again?

11/9/2011 4:17:33 PM

^^^

Each of the major credit agencies market this score generated with their data differently:

Experian: FICO Advanced Risk Score
Equifax: Pinnacle
TransUnion: Precision

http://en.wikipedia.org/wiki/FICO_score#FICO_score_and_others

11/9/2011 4:44:48 PM

Quote :

"If you buy a house, you don't need a credit score if you have cash. "

So say you had $500k for a house. You'd dump the entire $500k on the house rather than getting a low interest rate on the house and using that money for a low risk investment that would bank you much more money than you'd lose from the interest on the house over the course of the loan?

11/9/2011 4:56:41 PM

in the past page i haven't learned a lot about credit cards but i have learned that just because you have a genius in your name doesn't make you a genius

11/9/2011 5:21:32 PM

Quote :

"So say you had $500k for a house. You'd dump the entire $500k on the house rather than getting a low interest rate on the house and using that money for a low risk investment that would bank you much more money than you'd lose from the interest on the house over the course of the loan"

If you had $500k for a house, you should buy house on foreclosure for $60,000 and put $40,000 into repairing it. You now have a practically brand new house for $100,000, and you keep $400,000 in the bank.

11/9/2011 6:25:53 PM

11/9/2011 6:36:26 PM

The last few pages have been mostly worthless so lets keep this thread on topic from here on out.

I've noticed I make the bulk of my cash back on the 1% "all other purchases" category of my BP card.
What card can I get which will maximize the cash back in the "all purchases" category? AMEX has a 1.25% right? What else is out there?

11/9/2011 7:03:47 PM

^I've got the 1/2/5 BP card (if that's the one you're talking about). I typically come out well (~$50/month back), but I use BP for all my convenience store/gas station needs. I don't do a lot of traveling, so I don't get much in the 2% back; and like you said, the majority of items are in the 1% category.

I've considered getting another cash back card, but I'm fearful of getting approved/a high enough credit limit to matter (due to so much recent credit activity) and the fact that I don't see many cards which will give me at least what I'm effectively earning now. and I don't care for the cards that do a points to cash conversion (worthless, IMHO) and I don't care for the revolving cash back categories.

[Edited on November 9, 2011 at 8:30 PM. Reason : .]

11/9/2011 8:23:46 PM

^^I just signed up for the Capital One Cash card. 1% cashback with a 50% bonus given at the end of the year (so effectively 1.5% cashback). No foreign transaction fee (which is getting rarer to find these days). They're currently giving away $100 when you spend $500 in the first 3 months.

Honestly, though, most of my normal spending falls into categories that give 5% back on the Forward card.

I also just signed up for a Citi Premier card, just for the bonus. 50k ThankYou points for spending $2.5k in the first 3 months... but there's actually a hidden perk to that card: it gives me more options for redemption on the TY site than I had with just the Forward card (Amazon GCs are available, Lowes GCs for less points, etc). Still, I'm ditching the card because it's got a $125 annual fee (waived the first year, obviously).

[Edited on November 10, 2011 at 8:13 AM. Reason : d]

11/10/2011 8:08:28 AM

I'm debating getting the new Williams Sonoma Visa just so I can look lame at bars.

11/11/2011 1:09:08 PM

I'd imagine chicks would be really into a Williams Sonoma CC. Might work out for you.

11/11/2011 1:25:21 PM

I got a visa Black Card "invitation" in the mail. $495 annual fee AND $195 annual fee for each authorized user. WTF!? Is there something I am missing with this card? What makes it so special other than being black.

11/13/2011 6:41:20 PM

I think the main perk is 24-hour concierge service.

11/13/2011 6:57:02 PM

The Visa Black card is not well reviewed. If you are going to pay $500 a year for a card, the AMEX Platinum is the way to go.

Of course, with the standard disclaimer that there is a difference between a credit card and a charge card.

11/14/2011 9:27:48 AM

Quote :

"If you had $500k for a house, you should buy house on foreclosure for $60,000 and put $40,000 into repairing it. You now have a practically brand new house for $100,000, and you keep $400,000 in the bank."

You COMPLETELY missed the point.

11/14/2011 9:40:51 AM

^ pay no attention to the troll. we're getting this thread back on topic.

11/14/2011 10:13:42 AM