per my equifax credit report, the factors affecting my score are:

1) credit line on revolving accounts
2) no mortgage history
3) percentage of department store cards on file
4) amount of outstanding balance on credit accounts


so...

1) wtf does this mean? it's not like I have zero credit line. I have what I assume to be a decent credit limit. how can i get a higher line on my credit cards if my credit card companies won't increase my limit because of these factors?
2) got me there, though this is a weak excuse
3) I have 2 'consumer' credit cards (belk & ge money) and 4 regular cards. close one of the consumer accounts?
4) which goes back to my original issue. i'm currently using <12% of my available credit; however, on that particular card, it's >50% (for monthly expenses; it gets paid off each month). i guess if my bank is going to be stupid about this, i'll have to divide up how i make purchases so that i'm not using up so much credit per account.

11/15/2011 3:51:03 PM

I read something online about the Visa Black Card.

Basically, it's a Black Card that uses Visa but isn't run by VISA. They trademarked the "Black Card" name even though the Amex Centurion Card was always unofficially known as the Black Card.

11/15/2011 3:56:42 PM

Its basically Visa trying to get a piece of the high end consumer pie. Per everything I've read it really pales in comparison to the AmEx Platinum.

As I posted in another CC thread:
I've found that the cashier at Waffle House thinks that my Citi Diamond Preferred is a black card.

As such it is an excellent card for looking like a baller at cheap restaurants

11/15/2011 4:03:27 PM

Quote :

"4) which goes back to my original issue. i'm currently using <12% of my available credit; however, on that particular card, it's >50% (for monthly expenses; it gets paid off each month). i guess if my bank is going to be stupid about this, i'll have to divide up how i make purchases so that i'm not using up so much credit per account."

yeah, it doesn't really matter that it's paid off every month if the card has a balance when it's reported to equifax or the other reporting agencies.

11/15/2011 4:04:49 PM

I know that. I stated that so that another discussion like the one with GB doesn't happen (i.e., I'm not carrying over huge balances and having trouble making payments).


Just talked with Chase on the phone and they raised my limit some; not what I was going for but it's an increase. They also said that the debt/credit ratio on an individual account shouldn't matter, only the overall debt/credit ratio for revolving accounts... so why is my outstanding balance such a deal on my credit score?

[Edited on November 15, 2011 at 4:10 PM. Reason : .]

11/15/2011 4:05:52 PM

honestly, for the most part the "factors affecting your credit score" aren't super important or worth worrying about unless you have a score with a lot of room for improvement.

In my experience the pretty much ALWAYS pick 3+ things to list on there that are "affecting" your score. If you have a solid score it's less "these things are bad" and more "your score is solid but these are the areas that affect you the most...even though they aren't really affecting you that much".

11/15/2011 4:08:41 PM

Yeh, I guess so. My score is "above average" (for equifax), the other 2 were better than this one last time i checked). Though I am somewhat concerned because all 3 scores were in the "high" (750+) a few years ago.

11/15/2011 4:12:39 PM

Every time I have checked my scores over the past few years they were all >750+ and I still have like 4-5 things listed in "factors affecting your credit score" each time so I just never worry about it. /shrug

If you start seeing your scores dropping I guess it would be worth looking into more.

11/15/2011 4:17:20 PM

I've never seen any other factors affecting my score (other than those posted above) throughout my credit history.

My best guesses for the lowered score would be 3 of the 4 reasons listed above; and possibly 9 recent inquiries, my auto loan (new;high debt), and the fact that over the last 4 years is when I've started paying more attention to my credit and opened all of my current credit accounts; and because I stupidly closed old accounts I didn't use (about 4-5 years ago) (credit length + high limits gone)

it's stupid that utility companies would be in the hard inquiry category. and there is a bank that has had two inquires this year and I don't know why/what their business is. the dates don't seem to match up to anything.

[Edited on November 15, 2011 at 4:28 PM. Reason : .]

11/15/2011 4:20:14 PM

^^ Yeah, same here.

[Edited on November 15, 2011 at 4:35 PM. Reason : ]

11/15/2011 4:35:11 PM

alright guys, back on topic, I'm thinking about getting a new card to try and take advantage of perks/rewards for things I would be buying otherwise. I spend a sizeable chunk of money every month on gas and groceries, which card would be best to get and use for these purchases (I'll pay off the balance every month but will get rewards for it)?

I would prefer a card without an enrollment or annual fee, a fairly low interest rate and travel miles dont really interest me. Any of you guys have a card like this, or know of one?

12/3/2011 12:47:47 PM

Chase Business gives 2% on gas and groceries.
Chase Freedom gives 5% on gas and groceries 1 quarter each year, 1% the rest of the year.

12/3/2011 4:40:22 PM

I just got in on the Chase Freedom $300 for spending $500 first 3 months deal, I'll take a free 300 bucks any day for a 5 point ding to my credit score since I've already got a mortgage and new car

12/3/2011 4:43:01 PM

^^^ Sallie Mae has a new card that offers 5% on gas and (i think) 2% on groceries. Cash back.

12/4/2011 12:17:23 PM

Does a credit account closed by the bank hurt your score/report any worse than by the account holder? I had an older account that I used only once (it was a consumer level account, used to buy a class watch that gave me 0% APR/0 payments for 12 months, which I paid in full, etc.). The bank closed it due to inactivity.

It wasn't my oldest account, but it did take a chunk out of my overall available credit (15%). And my credit report did mention having too many consumer level cards, so now I'm 1 less (have 1 left). I'm figuring the lower overall credit line may hurt me some, but since it was a consumer level account (which apparently may have been a bad thing) I figure closing it may help some.

12/14/2011 10:55:13 AM

http://www.clarkhoward.com/news/clark-howard/personal-finance-credit/best-credit-cards-2011/nF3sh/

Quote :

"A new tally of the best credit cards seeks names one of my favorite cards as the top pick in the country. The 2011 Editor's Choice Awards from CardRatings.com names the Fidelity Investment Rewards American Express card as the best reward card in America. If cash is king for you, my long-time favorite still is the best card to get. They have three different plans that all pay 2% cash-back, with no games and no gimmicks. The money can either go into a 529 plan, a Roth or the Fidelity equivalent of a checking account and it's your money to spend. The runners-up in the cash-back category include Capital One Cash and the Blue Cash Everyday Card from American Express. When it comes to airline cards, I find it ironic that no airline-connected card made the cut from CardRatings.com! The cards that did make the list include the Capital One Venture Rewards card, the Pen Fed Travel AmEx and the Chase Sapphire Preferred. Speaking of the Pen Fed card, you can become a member of Pentagon Federal Credit Union and apply for the card even if you're not military by joining either the National Military Family Association or Voices for America's Troops for a one-time fee of $20 or $15, respectively. One caveat: All these cards only make sense if you're not running a balance because the interest rates can be brutal. If you are accustomed to carrying a monthly balance, I'd recommend any credit card from a local credit union as the smarter play for you."

http://www.cardratings.com/best-credit-cards-2011-editors-choice-1.html


I'm thinking about getting the Fidelity Amex. Any drawbacks, outside of Amex not being taken everywhere?

12/15/2011 5:06:28 PM

welp, got rejected for the Chase Freedom card. no sweet cash back for meeeee

12/15/2011 5:09:02 PM

Quote :

"Does a credit account closed by the bank hurt your score/report any worse than by the account holder? I had an older account that I used only once (it was a consumer level account, used to buy a class watch that gave me 0% APR/0 payments for 12 months, which I paid in full, etc.). The bank closed it due to inactivity. It wasn't my oldest account, but it did take a chunk out of my overall available credit (15%). And my credit report did mention having too many consumer level cards, so now I'm 1 less (have 1 left). I'm figuring the lower overall credit line may hurt me some, but since it was a consumer level account (which apparently may have been a bad thing) I figure closing it may help some."

An account closure by the issuer due to inactivity won't hurt you extra. The biggest factor here is going to be the hit to your available credit. Still, nothing you can't recover from, and not that big of a deal in the bigger picture. I don't know what you mean by "consumer level account", but for the most part credit is credit (as long as it's revolving). That's why you should set a reminder to buy a pack of gum on your inactive cards every 6 months / year. You don't want them closing your old, inactive accounts.

Quote :

"welp, got rejected for the Chase Freedom card. no sweet cash back for meeeee"

Call them. Unless you have some real big deal-breakers, they will usually work with you. They want you to have the card just as bad as you do. Call them.

Quote :

"I'm thinking about getting the Fidelity Amex. Any drawbacks, outside of Amex not being taken everywhere?"

I believe there are some hoops to jump through (beside having to open an account with Fidelity), like you can only redeem rewards when you get to a certain threshold, etc. Don't quote me on that though, I just remember looking at it and something about it turned me off. Personally, I just got a Capital One Cash (1.5%) and it's been great so far. You can set the rewards up for automatic statement credits, it's available in MC or Visa, and there's no ForEx fee.

Another important thing to not about the Fidelity cards: They are operated by FIA (which is really BofA). Besides being a shitty corporation, BofA is closing down all their most valuable cards (RIP Schwab 2% card) and 'converting' (sticking) those customers with shitty BofA cards (I've got one in my sock drawer as we speak). Just a heads up, it's a lot of trouble to go through if they're going to cancel or gimp the card next year.


On a personal note, I've been churning various Citi Premier sign-up bonuses (50k / 75K TY points) the last few months, and now have enough Lowe's GCs to recarpet my house!!!
Here's the link to the standard deal if you're interested:
http://citi.com/rewards/
You just have to get lucky and get a mailer for the higher offers. But hey, $500 ain't bad.

[Edited on December 16, 2011 at 12:41 PM. Reason : gh]

12/16/2011 12:27:03 PM

Quote :

"I don't know what you mean by "consumer level account""

Guessing he means the store-specific cards that you can get at retail stores. A couple major credit cards looks better than having one for every retail store in your area.

12/16/2011 12:45:39 PM

The biggest problem with the store cards is the APR is atrocious. Card issuers know this, so if they see a bunch on your report, they see you as a bigger risk.

12/16/2011 12:46:48 PM

Quote :

"I'm thinking about getting the Fidelity Amex. Any drawbacks, outside of Amex not being taken everywhere?"

I've had this card for a while. You do have to have a Fidelity Account, which is free to set up (if you don't already have one). It can be any fidelity account (Roth IRA, Checking, 529, etc). You need $50 worth of funds before it is transferred automatically into the Fidelity Account.

Personally I have a Roth IRA with Fidelity, but I dump the rewards into a checking account i created solely for this card. You can then transfer the money to another bank or account, or withdraw the money from an ATM.

12/16/2011 1:48:33 PM

Quote :

"On a personal note, I've been churning various Citi Premier sign-up bonuses (50k / 75K TY points) the last few months, and now have enough Lowe's GCs to recarpet my house!!! Here's the link to the standard deal if you're interested: http://citi.com/rewards/"

So you sign up for the card, spend the $2500, close the card, then repeat? they don't catch on?

^,^^^^ - thanks for the info

12/16/2011 2:11:55 PM

Quote :

"An account closure by the issuer due to inactivity won't hurt you extra. The biggest factor here is going to be the hit to your available credit. Still, nothing you can't recover from, and not that big of a deal in the bigger picture. I don't know what you mean by "consumer level account", but for the most part credit is credit (as long as it's revolving). That's why you should set a reminder to buy a pack of gum on your inactive cards every 6 months / year. You don't want them closing your old, inactive accounts."

Thanks. As far as consumer level card, I mean cards like store credits cards, etc. (I've heard them call several names, Consumer level, Department Store Card, etc. Essentially non-visa/discover/master/etc. backed accounts; cards that usually aren't accepted outside of the issuing body (the store in most cases). And these types of cards were specifically mentioned on my credit report, for whatever that is worth. and as another user said, I believe the credit agency thinking behind these cards being "bad" is the high APR compared to bank-backed cards.

The account that was closed was via GE Money, thus non-"bank" backed. Which also means virtually no one accepts it, except for very few merchants who are offering special financing deals via GE Money (so I couldn't really use it at all).

[Edited on December 16, 2011 at 2:42 PM. Reason : .]

12/16/2011 2:40:53 PM

Quote :

"So you sign up for the card, spend the $2500, close the card, then repeat? they don't catch on?"

Yes, it's unbelievable how dumb these banks are and how unsophisticated their systems must be. Either that or they're just desperate to try and 'hook' more customers. Either way, I win.

Open card, spend $2500, get bonus, close card. Wait 2-3 weeks, rinse & repeat. Chase finally caught on when I was doing this with their United Airlines card... but I had about a 2 year run before they did (at 50k miles / pop).

Then again, I'm now doing it to Chase again with their AARP card and they haven't caught on yet, so maybe they didn't learn anything. Granted, I'm not exactly 'churning' (keeping each card for 6 months).

Quote :

"The account that was closed was via GE Money, thus non-"bank" backed. Which also means virtually no one accepts it, except for very few merchants who are offering special financing deals via GE Money (so I couldn't really use it at all)."

Yeah, I usually let those get closed when I'm done with whatever 0% APR promo I signed up for. Not worth trying to keep up. Like you said, they come with baggage anyway.

[Edited on December 16, 2011 at 2:58 PM. Reason : d]

12/16/2011 2:54:33 PM

Just thought I would report in...

Thanks to this topic and another one about credit cards in the lounge I received my Chase Freedom card in April. Just check my rewards and I have collected $543 since then. Not bad considering all we did was stop using a debit card and put all our purchases on the credit card. We pay it off each month so I haven't paid any interest yet.

Thanks TWW for helping me make over $500 this year!!

12/18/2011 8:20:50 PM

Just signed up for this one:

http://slickdeals.net/f/3773930-500-in-giftcards-after-citi-Thank-You-Premier-card-approval-and-spending-2500-in-first-3-months

Any ins or outs to be considered?

12/31/2011 3:51:53 PM

Looks good to me. Think I'll sign up for it as well. Feels like online poker circa 2004 all over again

12/31/2011 6:00:08 PM

^^Points will post with the first statement, if you can manage to spend the $2.5k in the first month. Some other banks make you wait for the points.

Don't forget to cancel before the year is up, annual fee is pretty high.

They offered me 5k points to keep the card open when I called to cancel the first time.

Also, depending on what other Citi cards you're holding, this card will make many more GC options available on the ThankYou site. Some of them are discounted periodically. For example, I previously only had a Forward card and could not get Amazon GCs. With this card linked to my TY account, I can. Last month I was also offered Lowe's GCs for 4.5k points / $50.


[Edited on January 3, 2012 at 11:21 AM. Reason : f]

1/3/2012 11:18:37 AM

Can we change the title to "Best Credit Card Offers" and keep this one going?

I used this card for two nights at the Hyatt Regency Maui for $75 (the annual fee). All you have to do is spend any amount for the 1st free night and $1000 in 3 months for the 2nd free night.

http://www.mychasecreditcards.com/hyatt/mast1

[Edited on January 12, 2012 at 9:16 PM. Reason : my contribution]

1/12/2012 9:06:56 PM

Yeah lets just keep this thread going. Too much good info in it to just let it die.

1/17/2012 2:08:24 PM

When are they going to offer those big signup bonuses again? I was loving those 75k AA mile bonuses back in the summer/fall.

1/17/2012 3:58:36 PM

^Yeah, I double stamped that one for two 1st class tickets to Maui.

I just hope the AMR bankruptcy doesn't spoil the deal.

1/17/2012 8:54:01 PM

^^Yeah, I'm hoping they come out with that one again myself. They do currently have a 50,000 AA offer that I'm tempted to get.


Do you guys have any advice for how to hit the spending requirements when you're on a low budget? Like that 50,000 AA card is a $3,500 requirement in 6 months. If I wanted to hit that and the business card to get 100,000 that's $7000 in 6 months. I'm not sure I could hit that. I'm wondering if I could just buy VISA gift cards at CVS or something to hit that.

1/17/2012 9:22:32 PM

You use to be able to send upto $1000 a month with Amazon Payments for free. Now they require you to register with the IRS. I think it's still legal to shuffle money around, but they are way more strict about it than they used to be.

You could just bite the bullet and pay with paypal. It's like a 2.9% fee for the transaction, but its worth it to get the miles.

1/17/2012 9:51:51 PM

Interesting, I hadn't heard of the Amazon Payments deal. I'm going to have to look into the Paypal thing too.

1/18/2012 8:56:06 AM

Someone else suggested amazon payments a few pages ago.
Just signed up for the chase sapphire.

$500 cash or $625 airline credit for spending 3K in 3 months. Waived annual fee the first year.

http://www.smartbalancetransfers.com/blog/2011/05/chase-sapphire-credit-card-500-sign-up-bonus/

1/18/2012 11:45:10 AM

Just thought I'd post this here:

Wife and I both tried to cancel our Citi Premier cards this week and were both offered 10k TY points to keep it open. Just tell them you're canceling due to the annual fee. Brings the total offer to $600 per card, not too shabby.

You all know, of course, what I plan on doing after I receive my 10k points...

[Edited on January 20, 2012 at 3:48 PM. Reason : d]

1/20/2012 3:48:11 PM

Does anyone else have a BP Visa?

That's been my main card over the years...but I just got a pamphlet saying they're changing their rewards scheme to some "cents per gallon" thing...instead of the 5%(BP), 2% (travel + dining), 1% (everything else). Did anyone else get that mailing?

1/24/2012 8:48:16 AM

You should really drop that BP card and get a PenFed Platinum Visa. 5% cashback (applied automatically at statement close) at ANY gas station. They've got a new one coming out in Feb that offers 3% at grocery stores on top of the 5%, but will give out points instead of cash (still equivalent to cashback rate). I've also been assured their rewards program will offer Visa GCs at the normal rate, which is basically as good as cash in my book.

1/24/2012 10:39:11 AM

For anyone with the BP card here's some conversation...http://www.fatwallet.com/forums/finance/1161268
It was good while it lasted. I loved getting $100-$150 checks every few months just for using a certain credit card.


^ thanks i'll look into it. any links or details on the 5%/3% card coming out soon? I assume it's 1% on everything else right?

1/24/2012 11:11:41 AM

^I've got the BP card and got that mailer... disappointing... I'd like to get another card, but I'm not in a position to get one right now.

1/24/2012 11:37:10 AM

^^there's a whole bunch of stuff on PenFed.org

Thye have a few FAQs on it. They'll be offering $250 worth of GCs as a sign up bonus when it comes out. The rate for everything is indeed 1%, still not too shabby. Another hidden upside is that you'll have to get a PenFed account (just deposit $5 in a share account), and their loan rates are insane. 1.99% on used cars, something like 2.5% HELOC (last I checked). Their mortgages aren't bad either, if you can deal with ARMs.

If you want to go through with this, look into joining an association called SAME. Free if you're a student (they don't check...)

1/24/2012 1:18:24 PM

And if you're not a student?

1/24/2012 2:17:49 PM

Aren't we all students, at heart?

I mean, I learn something new everyday

[Edited on January 24, 2012 at 2:45 PM. Reason : l]

1/24/2012 2:43:36 PM

I'm toying with the idea of getting an Amex Gold premier rewards card. Looks like a pretty good one for travel and hotels, plus I don't have an Amex card yet and I've always heard they have the best consumer protection in the business. Anybody have one of these?

1/24/2012 6:59:54 PM

Quote :

"Does anyone else have a BP Visa? That's been my main card over the years...but I just got a pamphlet saying they're changing their rewards scheme to some "cents per gallon" thing...instead of the 5%(BP), 2% (travel + dining), 1% (everything else). Did anyone else get that mailing?"

Ya, i got the same BS. I called them up on it too. According the nice indian person i spoke with, he said that was BP's policy change, not theirs, as they would no longer honor the previous policy. I asked him if he could translate the new percentages for me, he said for BP gas purchases, it calculates out to be 3% instead of 5% now. You will still get 2% and 1% for the other deals. But instead of a simple check back, its not either cents off per gallon, or you can request a $15 credit to your account. I told them I would've rather they just changed from 5% to 3%, been upfront with that, and then not try to confuse me with some gay new game i have to play.

1/24/2012 7:50:54 PM

I think i might wait for that 5% gas / 3% groceries credit card in february. Sounds like a pretty good deal considering those are my #1 and #2 purchases

1/24/2012 7:56:19 PM

^^ I too have the BP visa rewards card and am kinda piss about what they are doing. It doesn't add up to the same percentages as before. That Indian dude was trolling

1/24/2012 8:03:48 PM

Quote :

"Anybody have one of these?"

I got the Amex gold for one year for 50K pts, but plan on cancelling it when my 12 month trial period is up.

1/25/2012 9:16:33 AM

^ how much $ are those points worth? gift cards?

how much do you have to spend to get them?

1/25/2012 11:28:57 AM