6 month plan...strategy...thoughts?

[Amerikaner83]

Howdy y'all, thought I'd enlist the collective CIC wisdom that I've heard so much about

My FICOs are in the high 600s (my EQ is 665 with high utilization). Paying down all my CCS in the next month or two down to less than 10 %, ideally to 0. These are my cards / limits:

* CapitalOne - 500 (open since 1/07)

* Hooters - 1300 (open since 8/07)

* Barclay's - 550 (open since 8/07)

* US Bank - 600 (secured, open since 7/2005)

* B of A - 500 (99/500, open since 1/2008)

I know that in the next few months (3 or so) I'll have scores in the 700s. I currently also have a Jared installment TL (8.5K, 5K balance) showing, which will be paid off in a year if I keep making min monthlies.

Here's my question:

I'm thinking of dumping all the cards except the BofA (which should graduate - with CLI - in January) and the US Bank (longest history) when my scores are upwards of 700. At the same time, I want to get one CC with a prime bank (Chase, Citi, ...?). I only really need 2 cards, but I want to keep the US Bank secured due to the history.

Does my plan make sense?

Which prime card should I apply for? I plan on dumping my "toy cards" when I get the approval for the prime one.

BTW, I think I should only have one baddie at that time (Cap1 CO, falls off less than a year).

Thanks y'all!

[tarbaby]

Dude..BoA is prime. so you got one foot in the door of the prime market.

How about Discover card? They have a nice cash rewards program. If you are in the 700's then I'd think AMEX would give you a little somethin somethin? yes no?

[whocares]

heres my thoughts, Keep capital 1 and BOFA wait for a CLI, dump the rest...and try for WAMU...they have been great for me...

I want to get down to two cards myself...

But HSBC is my lowest APR rate card...maybe apply to them.

Keeping the secured card for history I understand but you don't lose the history it will still report positive for years...

BTW I was not able to get a prime card while I had a secured, when I dumped Orchard, I got WAMU

[lovebug5]

I'd agree about WaMu - they're prime for me and have been absolutely fantastic. With scores in the upper 600's, I don't know why you wouldn't get approved.

I can't wait until you hit the 700's! Now that's inspiration!!

[Fizzle1979]

I like my Citi Platinum card. There's a website, I think creditcardselector that groups cards by poor, average, good, excellent and I thought I had good credit and applied for it. I'm really liking how they are treating me right now.

[CleverCynic]

Dude stop... you ain't gonna close NOTHING!

Just get the AF's waived.

[Amerikaner83]

Nah - I only want like 3.

Don't really have the hots for AMEX though. My CapitalOne card is the "starter" card - 300 limit to 500, then no CLI forever. That's why that one's on the chopping block.

Squeaker's daddy has CITI, and from what I've been reading here it's not that bad of a card at all. Her and I both have BofA now, although her Alaska Airlines Visa signature is just a wee bit better than my paltry little 99/500...but hey - like tarbaby said, BofA is a prime lender...so there's that.

HSBC - not so much my tastes, as I'm throwing sand in their faces with my FCRA 623 investigation re: Best Buy card - trying to get them OFF my reports, not add one

Don't really know too much about Discover - have to do some research.

I don't really need any of the "miles" cards or anything like that...that's taken care of with Squeaker. I'm thinking more like some sort of card that gives cash back or rebates or whatever.

Sigh.

I've still got a few months to plan this whole thing out - thanks for the thoughts thus far - keep 'em coming.

[Bigwoodystyl]

If you plan to have this new prime card for a long time, possibly forever, you may want to consider going with a brokerage (preferably a brokerage you already have accounts with, or with one in which you would like to trade with going forward)

The reason I say this is because most credit cards, even cards from prime issuers (BofA, Chase, Citi, etc.) don't normally allow credit limits over $50,000 without making you jump through all kinds of hoops.

Brokerages, on the other hand, especially if you have money invested with them, tend to offer credit limits in the $100k without a problem. Ten years from now you might want a whopping CL, but might also not want to close a card that has been seasoned on your CR for 10 years...

3 off the top of my head that I know are quite good are:

Fidelity (http://personal.fidelity.com/global/search/inquira/resultsindex.shtml?question=credit%20card)

Merrill Lynch (https://www.card.ml.com)

E*Trade (https://us.etrade.com/e/t/banking/rewardscard)

Obviously missing from the cards you currently have:

-Chase

-Citi

-Discover

-Amex

-HSBC

-Wells Fargo

Of those, I'd recommend Chase Freedom or Citi Platinum.

Then again, it depends what you’re looking for. In my experiences, if you're simply looking for the best combination of account features coupled with great customer service and a card that won't jerk you around, I don't think you’ll find better than the Super Regional banks. Some of those being:

-Key Bank

-National City

-Regions

-Citizens Bank

-Huntington Bank

-Sovereign Bank (free $50.00 right now with your first purchase if you apply online: http://www.sovereignbank.com/personal/borrowing/credit_cards/default.asp?adtype=a2&cmucopy=50creditcard)

-BB&T

-Fifth Third Bank

-WaMu

-Wachovia

-PNC

-Sun Trust

All of those offer credit cards. Some of them may service only a certain area, sometimes only within their banking network (states where they operate branches). Some of them may require you to have an existing relationship before you apply for a credit card and others will service all 50 states with no prerequisites, so it all depends.

As for specific cards tailored to your situation, I would recommend (in order of increasing approval difficulty):

1. WaMu Platinum Master Card. No reward program, but you do get a quarterly TU FICO, bankcard specific, which is worth roughly $70.00 a year.

2. Chase Freedom Visa. It's relatively easy to get, you might qualify for signature benefits and you get cash back: 3% on gas, groceries, fast food, gym memberships, etc., and 1% on everything else no strings attached.

3. National City Everyday Rewards. Similar to the Chase Freedom in benefits and rewards

4. Citi Platinum Select.

5. Merrill + or Total Merrill cash back. You’d probably have to wait until you have no negatives on the CR.

[lovebug5]

Brokerages, on the other hand, especially if you have money invested with them, tend to offer credit limits in the $100k without a problem. Ten years from now you might want a whopping CL, but might also not want to close a card that has been seasoned on your CR for 10 years...

Hey Big, do you have experience with these types of cards? I'm a Fidelity customer and have investment accounts with them. I've seen that the average FICO for approvals is in the low 700's, although one person claims to have been approved with a FICO of 660 on EX. I'm thinking that I'd like to make this card a potential goal card...And wanted to know if anyone has experience with this!

2. Chase Freedom Visa. It's relatively easy to get, you might qualify for signature benefits and you get cash back: 3% on gas, groceries, fast food, gym memberships, etc., and 1% on everything else no strings attached.

I've been thinking about this one myself but have heard that Chase is incredibly BK-unfriendly. If you look through credit pulls databases, most people have been approved after calling the recon line...Hmm...

[AboveAverage]

I've been thinking about this one myself but have heard that Chase is incredibly BK-unfriendly. If you look through credit pulls databases, most people have been approved after calling the recon line...Hmm...

What is the number to the recon line? I MIGHT take a crack at it.

Was the creditpulls database on the creditboards? Or the whogavemecredit site?

[lovebug5]

What is the number to the recon line? I MIGHT take a crack at it.

Was the creditpulls database on the creditboards? Or the whogavemecredit site?

I saw most of this info on Credit Boards, but I didn't pay attention to see if anyone posted the recon line number. If you find it, let me know...And if I find it, I'll let you know.