Credit Card Discussion 2015: Best Reward, 0 Intro APR, Balance Transfers

[PoorLurker]

Originally Posted by atxgt3

My credit score is in the 830s consistently even though most of my credit cards don't see any use at all. Maybe it could be a couple of points higher if I used all of them, but what for? I don't know if a higher credit score would do anything for me so I don't stress about it.

Originally Posted by TXSTYLE

I was told by my wifes friend, who is a Underwriting Loan Manager for one of the Big Banks, that anything above 775 qualifies for the best rates they offer across the board: Car, Mortgage, personal etc.

Originally Posted by NemesisX

Exactly, which is precisely why fussing over a couple of points once you're well above 800 is virtually meaningless other than for "bragging rights" (I'd hardly consider FICO scores to be brag worthy, hence the quotes)

I heard you used to be able to get girls in OT to like you with a high credit score.

After a certain point, credit scores are pretty useless. Maybe if you are on the low side of an income requirement, they may loan you the money? I have no idea.

ex., Requirement is $100k+ per year income and 775+ credit score. Maybe if you had 815 and made $90k they would allow it? Anyone a loan officer to shed some light?

After tier 1 it's pretty much just a pointless pissing contest from what I have heard. However, there are forums dedicated to getting as high as possible.

As long as my credit score is M+1 I am happy. (Where M= my wife's score)

If someone wants to establish a large credit line, research what TXSTYLE was saying about American Express. I have heard that increase the limit three times on multiple forums.

[smackdownM]

I already have a 2% credit card. Looking for something with 3%+. I hate BoA. The US Bank Cash+ seemed perfect but then I saw the 5% categories wouldn't apply to me, but the 2% would. So the search continues.

[NemesisX]

Originally Posted by PoorLurker

I heard you used to be able to get girls in OT to like you with a high credit score.

After a certain point, credit scores are pretty useless. Maybe if you are on the low side of an income requirement, they may loan you the money? I have no idea.

ex., Requirement is $100k+ per year income and 775+ credit score. Maybe if you had 815 and made $90k they would allow it? Anyone a loan officer to shed some light?

After tier 1 it's pretty much just a pointless pissing contest from what I have heard. However, there are forums dedicated to getting as high as possible.

As long as my credit score is M+1 I am happy. (Where M= my wife's score)

If someone wants to establish a large credit line, research what TXSTYLE was saying about American Express. I have heard that increase the limit three times on multiple forums.

I don't know about $90k and 815, but I actually know the opposite is true (at least anecdotally) - If you have a low FICO score but a high income and high net worth, they'll overlook your low FICO score.

My uncle was in this extremely odd position a couple of years ago. His income is > $2M/year (mostly in the form of options - he's C-suite at a fortune 500 company), his net worth is >$15M, but his credit score was in the high 600s or low 700s for some reason (if this sounds absolutely totally out of whack given his income/net worth, I completely agree. I don't know why his credit score was so low. IIRC it had to do with some of his riskier ventures/start ups 10+ years prior).

But he was able to negotiate an interest rate on a house in Palo Alto commensurate with someone with a >800 FICO score.

[PoorLurker]

NemesisX Makes sense for someone that balling to get a bit more leeway than someone making $150k with $300k net worth and a low 700 haha.

When your brokerage accounts are multiples more than the seven figure home you are purchaser, you have different rules to live by, haha.

[Benedict1957]

Originally Posted by smackdownM

I already have a 2% credit card. Looking for something with 3%+. I hate BoA. The US Bank Cash+ seemed perfect but then I saw the 5% categories wouldn't apply to me, but the 2% would. So the search continues.

I've never heard of US Bank Cash+ but the rewards look promising!

[BMW F22]

Originally Posted by NemesisX

I don't know about $90k and 815, but I actually know the opposite is true (at least anecdotally) - If you have a low FICO score but a high income and high net worth, they'll overlook your low FICO score.

My uncle was in this extremely odd position a couple of years ago. His income is > $2M/year (mostly in the form of options - he's C-suite at a fortune 500 company), his net worth is >$15M, but his credit score was in the high 600s or low 700s for some reason (if this sounds absolutely totally out of whack given his income/net worth, I completely agree. I don't know why his credit score was so low. IIRC it had to do with some of his riskier ventures/start ups 10+ years prior).

But he was able to negotiate an interest rate on a house in Palo Alto commensurate with someone with a >800 FICO score.

Is he able to hook it up with a job?

[David70]

Originally Posted by NemesisX

I don't know about $90k and 815, but I actually know the opposite is true (at least anecdotally) - If you have a low FICO score but a high income and high net worth, they'll overlook your low FICO score.

My uncle was in this extremely odd position a couple of years ago. His income is > $2M/year (mostly in the form of options - he's C-suite at a fortune 500 company), his net worth is >$15M, but his credit score was in the high 600s or low 700s for some reason (if this sounds absolutely totally out of whack given his income/net worth, I completely agree. I don't know why his credit score was so low. IIRC it had to do with some of his riskier ventures/start ups 10+ years prior).

But he was able to negotiate an interest rate on a house in Palo Alto commensurate with someone with a >800 FICO score.

My grandmother had a decent net worth but a really low FICO score (and didn't care). Basically she owned her home, owned her car, and had one credit card she didn't use much. Basically, virtually no recent loan history and low FICO because it is based on relatively recent history.

Also, with enough money you can get a low interest rate on a house with a mediocre FICO score. The bank is concerned with risk, if you have a lot of money, with or without a lot of income, the risk of you defaulting on the loan is low. With a $15 million net worth, the risk of him defaulting on a couple million dollar house is very small.

[Mr Tonka]

I'll just add that your CS means dick if you don't have spending history. You can have a score of 800 and be denied credit due to lack of spending history. It's not solely about the score.

[John 070]

Originally Posted by NemesisX

Citi double cash is a no fee card that gives a flat 2% back (1% when you charge, and 1% when you pay) on everything - no limits.

Bank of America cash rewards gives 3.3% back on gas, 2.2% on supermarket/groceries, and 1.1% on everything else provided that you deposit rewards into a BoA checking or saving account. Otherwise it's 3%, 2%, and 1%, respectively. It's also a no fee card. Gas and groceries get the 3.3% and 2.2% on no more than $2500 in purchases per quarter, and then they each earn 1.1%.

I use Citi double primarily, to get the 2%. It's hard to go beyond 2% without the so-called rotating categories. If you notice, double actually has less benefits than Premier. All I can say is the benefits of premier do work. Credit union is a legit 1.5% redeemable at any time for as little as $0.01, with no foreign transaction fees, which is handy when going up to Canada, etc., not on business. When I bought the Lexus, I asked what's the max I can put on my CC, they said $2,500. Whatever, I took the $50 freebie. If I could have charged the entire amount, I would have.

I have seen comments here before that people couldn't be bothered with these rewards, but I don't understand that, no matter how rich you are. How hard is it to remember to use card A for gas for a cash 5% reward, and card B for a cash 2% reward. And if your memory is decent, card C for 3% groceries, and card D for 3% restaurants...all of the above are day to day necessities, why not get a small discount? Then cards E and F are the rotating 5%'ers....

[John 070]

Originally Posted by Mr Tonka

I'll just add that your CS means dick if you don't have spending history. You can have a score of 800 and be denied credit due to lack of spending history. It's not solely about the score.

That's my wife, cash mentality. Never had a loan in her life, be it car, nor mortgage. I don't know that she'd be denied, but that used to be my assumption, and her Experian FICO is well over 800. She was almost willing to take out a loan on her SUV, to "build credit," but she said no, and paid cash. I asked her to get a credit card at the credit union so we could both get the $50 referral, she did, and they gave her a $25k limit, so I think she could get credit if she wanted. In reality, it's irrelevant if you have no need to borrow. I just think using credit cards is smart for the rewards, using a debit card is kinda dumb.

[dmk08]

Finally gonna ditch my AMEX skymiles this year. Dont travel nearly as much as I used to and cannot use it at Costco anymore.

Been using Chase Freedom lately.

[John 070]

Originally Posted by dmk08

Finally gonna ditch my AMEX skymiles this year. Dont travel nearly as much as I used to and cannot use it at Costco anymore.

Been using Chase Freedom lately.

It's funny when you're in Canada and want to buy some cool Roots mittens at Costco. They don't accept Visa, only Master. The only thing I can use is the Citi Double but then I got slammed with a foreign transaction fee. Costco is like Trump and amazon--they always win in the end and crush us into the dirt. also (something must have been wrong), they kept declining my membership card on the back of the Visa, so I could not get any gas. At 6F, I gave up and filled at Ultramar for 50 cents more per gallon

[David70]

Originally Posted by John 070

It's funny when you're in Canada and want to buy some cool Roots mittens at Costco. They don't accept Visa, only Master. The only thing I can use is the Citi Double but then I got slammed with a foreign transaction fee. Costco is like Trump and amazon--they always win in the end and crush us into the dirt. also (something must have been wrong), they kept declining my membership card on the back of the Visa, so I could not get any gas. At 6F, I gave up and filled at Ultramar for 50 cents more per gallon

Costco accepts all Visa cards, Costco credit cards, cash, checks, debit/ATM cards, EBT and Costco Cash Cards. Checks may require picture identification and approval by a supervisor or manager. Cash, checks and EBT are not accepted at Costco Gas Stations or Costco Car Washes.

This if for the U.S. assuming the same but Mastercard for Canada.

Costco is like Trump and amazon--they always win in the end and crush us into the dirt.

Assuming you are still a member and hate them but continue to keep supporting them?

[wdb]

Originally Posted by MissMetal

That card is excellent. My husband and I each have Blue Cash card accounts, so we try to max out the 6k limit on the 6% groceries every 6 months, and then switch over to use the other person's card to hit another 6k.

Buying Amazon/Home Depot gift cards at the grocery store counts towards 6% back.

Okay, you got my attention.

[John 070]

Originally Posted by David70

This if for the U.S. assuming the same but Mastercard for Canada.



Assuming you are still a member and hate them but continue to keep supporting them?

amazon, not much I can do, I have a substantial gift card balance, every holiday and birthday seems to increase this balance. Who wants to fund space exploration for the ceo's family?

Costco, the customer service is poor. One person told me they don't price adjust anymore. Then, at another store, a person said they absolutely price adjust, always have, and to report that to a manager next time. When I called Washington on the toll free, was told to cancel my membership lol

Most associates don't really care about anything--ask where the car batteries are, told in the back near the bakery. Told them are you sure, I was just there and didn't see them? Yes, we're sure. Turns out, they are in the front with the tire center.

Anyway, the gas savings alone justifies the membership. They are a good place for car batteries (not our BMWs), tires, and diapers.

[infamousdiz]

Lets set this up so we all recommend people for cards, i get 50k points in southwest in one of yous signs up for a card, ill do they same for you

i didnt read through this entire thread but one perk for me is shared risk, merchants have to agree to CC terms in order to accept payment giving the consumer more rights

[infamousdiz]

Originally Posted by MissMetal

That card is excellent. My husband and I each have Blue Cash card accounts, so we try to max out the 6k limit on the 6% groceries every 6 months, and then switch over to use the other person's card to hit another 6k.

Buying Amazon/Home Depot gift cards at the grocery store counts towards 6% back.

The best i heard before the put a stop to it was people figured they could buy coins from the mint, they inturn maxed every card they had and then brought the coins to the bank and collected on the rewards

http://www.aol.com/article/2013/02/2...free/20476257/

[NemesisX]

Originally Posted by BMW F22

Is he able to hook it up with a job?

he's C-suite, not HR (for "mere mortal" jobs). Plus for SVP/EVP positions that's all the board of directors, and the only C-suite executive at any given company who is simultaneously on the board for that same company is the CEO (who's sometimes given the chairman-ship of the board).

Otherwise, C-suite people are typically board members of other companies (not their own). It's the business world's way of having its own checks and balances.

Originally Posted by Mr Tonka

I'll just add that your CS means dick if you don't have spending history. You can have a score of 800 and be denied credit due to lack of spending history. It's not solely about the score.

I always thought this merely factored into the final score, but a sufficiently long history with a sufficiently low utilization ratio could (over time) overcome it. Then again to be perfectly transparent I'm literally basing my knowledge off some wikihow article I read years ago, so I wouldn't be surprised if I'm wrong.

[NemesisX]

Originally Posted by John 070

I use Citi double primarily, to get the 2%. It's hard to go beyond 2% without the so-called rotating categories. If you notice, double actually has less benefits than Premier. All I can say is the benefits of premier do work. Credit union is a legit 1.5% redeemable at any time for as little as $0.01, with no foreign transaction fees, which is handy when going up to Canada, etc., not on business. When I bought the Lexus, I asked what's the max I can put on my CC, they said $2,500. Whatever, I took the $50 freebie. If I could have charged the entire amount, I would have.

I have seen comments here before that people couldn't be bothered with these rewards, but I don't understand that, no matter how rich you are. How hard is it to remember to use card A for gas for a cash 5% reward, and card B for a cash 2% reward. And if your memory is decent, card C for 3% groceries, and card D for 3% restaurants...all of the above are day to day necessities, why not get a small discount? Then cards E and F are the rotating 5%'ers....

Yeah it's beyond me. Even worse are those who refuse to use credit cards period. I remember there was a topic on OT a year or two ago about a guy who boasted about being a cash only payer (as though it was a mark of pride for him - to use "credit" in his mind was equivalent to spending money you did not have which, of course, is a total fallacy).

Not to mention credit cards are universally more secure than using debit cards or straight up cash. I've had my card stolen 3 times in my life and I've had to incur a total of $0 in damages from those transactions. The credit card company will always eat the cost.

[David70]

I got the Chase Sapphire Reserve - cost $450 but you get $300 back in travel credit, then they had a sign up bonus of 100k points if you spent $4k in 3 months. Wife and I are headed to Europe in the Spring and I think the 100k points will get us $1500 in flights, basically one of the two round trips needed so the $150 investment will hopefully be worth $1500. If it works out will be a great investment.

After the 1st year is up and needing another $150, without the sign up bonus I will probably switch cards again.

Wife uses this card as her work credit card, then we have the Sheraton Amex which is really good for hotel point rewards (Sheraton, Westin, W, others) and also gets me "Gold" at their properties and now Mariott also. Costco card because we need a general use Visa and this is only used when needed or for Costco and gas purchases (4% off).

[Mr Tonka]

Originally Posted by John 070

That's my wife, cash mentality. Never had a loan in her life, be it car, nor mortgage. I don't know that she'd be denied, but that used to be my assumption, and her Experian FICO is well over 800. She was almost willing to take out a loan on her SUV, to "build credit," but she said no, and paid cash. I asked her to get a credit card at the credit union so we could both get the $50 referral, she did, and they gave her a $25k limit, so I think she could get credit if she wanted. In reality, it's irrelevant if you have no need to borrow. I just think using credit cards is smart for the rewards, using a debit card is kinda dumb.

I don't really get into how all this work because like your wife, i generally buy things cash, (aside from cars and property) the only card i use is Amex, for the rewards as you stated.

My anecdotal experience stems from a vehicle purchase. Over the years, I've financed 6 vehicles, 4 of them M3s. The normal deal was my company would make the purchase, i would be the personal guarantor for all of them. In my eyes, i'm on the hook for those purchases and those purchases were going to be on my credit history. Well, after the housing market crash and new sets of banking regulations went into effect, i went to purchase a new vehicle. Like all the rest, almost no interest, nothing down, sign and drive is what i expected. To my surprise, my credit was denied and when i questioned how it could be denied they assured me my credit was fantastic, over 800 in fact, but i didn't have any purchase history other than my current mortgages.

Now, with the new loan regs, my name and credit are attached to that last vehicle purchase, even though the company is making the purchase. This makes sense to me.

What pisses me off is that for the last 15 years or so, i've been the personal guarantor on a hand full of credit lines, lines of credit which had annual purchases of $3 to $5 million dollars. Hell, the three largest manufacturers in my industry have issued me unlimited credit lines for the past 7 years. We've spend upwards of $500k annually on my company Amex! How on earth the guy who's on the hook for the bottom line debt of those purchases doesn't get purchase history on their credit is beyond me.

In fact, i need to contact someone and see why my Amex purchases aren't hitting my credit history. That's some bullshit right there.

[John 070]

Originally Posted by Mr Tonka

I don't really get into how all this work because like your wife, i generally buy things cash, (aside from cars and property) the only card i use is Amex, for the rewards as you stated.

My anecdotal experience stems from a vehicle purchase. Over the years, I've financed 6 vehicles, 4 of them M3s. The normal deal was my company would make the purchase, i would be the personal guarantor for all of them. In my eyes, i'm on the hook for those purchases and those purchases were going to be on my credit history. Well, after the housing market crash and new sets of banking regulations went into effect, i went to purchase a new vehicle. Like all the rest, almost no interest, nothing down, sign and drive is what i expected. To my surprise, my credit was denied and when i questioned how it could be denied they assured me my credit was fantastic, over 800 in fact, but i didn't have any purchase history other than my current mortgages.

Now, with the new loan regs, my name and credit are attached to that last vehicle purchase, even though the company is making the purchase. This makes sense to me.

What pisses me off is that for the last 15 years or so, i've been the personal guarantor on a hand full of credit lines, lines of credit which had annual purchases of $3 to $5 million dollars. Hell, the three largest manufacturers in my industry have issued me unlimited credit lines for the past 7 years. We've spend upwards of $500k annually on my company Amex! How on earth the guy who's on the hook for the bottom line debt of those purchases doesn't get purchase history on their credit is beyond me.

In fact, i need to contact someone and see why my Amex purchases aren't hitting my credit history. That's some bullshit right there.

The one thing about my wife, is she's never owned a home. I bought our home before we were married, when I was single. If she wanted to get a mortgage, then I think it has to be nearly 100% based on her employment, since there is not a long history of payments on a loan. The only thing there is, a long history of a couple of credit cards, paid every month in full. Right now, she's not working, rather dealing with the toddler lol

At any rate, you can feel fortunate to have experienced mutliple M3's. That right now is elusive for me, an M car. but someday I'll either get an M, or something like a nice Corvette, when the toddler is in college haha Maybe I'll just treat myself to a nice set of Bilstein B16's! on my Citi Double!