Specific credit card question.I'm hoping that tripfag, Li Sheng (it's something...

Nojokur
Nojokur

Specific credit card question.I'm hoping that tripfag, Li Sheng (it's something like that) shows up because he seems to be our resident credit expert.

I already have established credit, 740 score, 8ish cards, ~$35,000 total limit. My question is, I just got the Chase Amazon Rewards card. I'm sure I'll use it eventually, but hypothetically if I never used it, not even once, would it positively or negatively or not at all affect my credit score?

Other than that, credit card general. I can probably answer most of your questions, if you have any.

All urls found in this thread:
http://www.creditcards.com/credit-card-news/business-credit-cards-10-differences-1269.php
Burnblaze
Burnblaze

Its a pretty based card. Its next on my hitlist once my inquiries fall off.

It will not directly affect your Credit Score. but what it will do is reflect on Chase's Internal Customer Relationship Score. They know what you spend. If you reach a point wherein their metrics say nope he's a useless risk and they cancel the card due to unsatisfactory relationship.
That will affect your score by dropping a chunk off of total limit. But I guess back to whatever level you had it at before the card plus a little bit for average age of accounts.

But that's just a guess. I have no idea what their internal metrics are that determine this, I'll ask next time I make a payment on my Chase card. That'll be a fun romp up the customer service ladder.

As an aside, another quick way to fuck a relationship score up is by using the cash advance.

VisualMaster
VisualMaster

@Burnblaze
speak of the tripfag...

Raving_Cute
Raving_Cute

@Burnblaze
using the cash advance ever
Why the hell does HSBC keep sending me cash advance "checks"? I've been thinking about closing my account with them over this, it's my second oldest though.

Playboyize
Playboyize

@Burnblaze
As an aside, another quick way to fuck a relationship score up is by using the cash advance.
Dude, all you have to do is daytrade and get more than a 25ish% return (monthly) and you'll be making money off their money with no risk of your own!

Joking aside, thanks. I figured it wouldn't matter much, but I didn't know Chase kept a separate scoring thing like that.

askme
askme

@Playboyize
Pretty much Every consumer facing company has an internal metric of sorts.

You know, the percent is an APR right. Its 25% to the 12th root, so you'd only have to make >1.31% per month.

SomethingNew
SomethingNew

not who you are asking for
740 with eight cards
nigga you young or something? if your parents are older with good credit ask them to put you as an authorized user on accounts and keep the cards themselves. easy credit boost for lines/amount of credit/average age of account

if you don't use it at all they may not even report, just use it once in a while and pay the balance in full on time to avoid paying interest while making sure it reports to the credit bureaus.

likme
likme

@Burnblaze
Its a pretty based card. Its next on my hitlist once my inquiries fall off.
how is it based? Discover card is 5% amazon for rest of the year up to $1,500 eligible spend with better benefits than most chase cards, a two percent cashback card covers most of the gap. The amazon chase card is kinda shitty relative to that and a 2% cashback. hell chase freedom was 10% amazon for the holidays last year, another card by the same issuer.

It will not directly affect your Credit Score. but what it will do is reflect on Chase's Internal Customer Relationship Score. They know what you spend. If you reach a point wherein their metrics say nope he's a useless risk and they cancel the card due to unsatisfactory relationship.
your understanding is accurate here, the relationship score governs chase. they mail me shit to open a bank account for $500 nonstop. you can fall in the bad books by churning their cards or income drop.

@Raving_Cute
they see a balance on other cards (may be carried, may be PIF each month, they can't tell) and see a money making opportunity. call your issuer, ask them to stop sending balance transfer offers. they typically oblige.

Burnblaze
Burnblaze

@likme
I already have both.

TalkBomber
TalkBomber

@Burnblaze
3% is not enough for me to be interested in Amazon over a 2% general card like the Chase Amazon card. The benefits are piss poor.

buy xbone on Amex Blue Cash everyday
spill beer on the controller for first month
File accidental damage claim, ask for $64 to buy a new controller (retail plus tax)
$429 statement credit
The benefits are so much better on the Citi Double Cash @ 2% vs. the 3% on the Amazon visa that it's not even funny for me. And Chase is too good at the relationship score to be worth scorning via churning.

RavySnake
RavySnake

@Nojokur

When you have a credit card and never use it or rarely use it, it hardly effects your credit score.

You need to use it regularly for purchases to build the credit score.

BlogWobbles
BlogWobbles

@TalkBomber
@Burnblaze

3% is not enough for me to be interested in Amazon over a 2% general card like the Chase Amazon card. The benefits are piss poor.
Meant double cash but I brainfarted. Anyhow I like the Chase Freedom, I like the marriott card (but only because I spent over 100 nights in Marriott's last year, tl;dr price insensitive chain loyal business traveler looking for muh points) but the Amazon.com chase card has zero appeal. Am I missing something? $50 Amazon GC signup bonus is pretty piss poor too.

StrangeWizard
StrangeWizard

@TalkBomber
You're right.
thing is I already have that too.
hmm... I thought it was 5 on amazon always. I shop way more than the 3k limit between discover and chase, and if I'm short on spend amazon gc's are 1to1 with cash.

If I can get more amazon discounts I'm all for it.

I'm a little upset at chase freedom, I kept a balance on my 0 interest card and they lowered my limit b/c of it. I assume once the balance is paid off in a Year or so I'll have them raise the limit back.

Ignoramus
Ignoramus

@StrangeWizard
carrying a balance on your card
Sheng, I....
fuck man, 20%+ APR eliminates any savings
and if you're carrying a 0% APR balance no wonder they cut your limit, to reduce their risk

likme
likme

@Ignoramus
I haven't had a 20% APR in a few years. The balance was 9k, I used the 0 interest card to finish off a car loan. better to pay 0 than to pay 9% even if they drop my limit. I already got it down to 6k and have till november to pay off or transfer to lowest rate card with GC's, I might give them the interest in november though b/c the gift cards in december are free from AAA.
Depends on how well the market treats me. Should be about 2k 16% apr once the 0 expires. so 1.26% for the month * 2k
is about $25. vs the $20 in fees for GCs.

So they might get $25 in interest all said and done. Not currently worried. I try not to be perfect when I can afford not to be, A little bit of grease helps the wheels.

Right now I'm taking student loans every semester and with the balance my score is shitty 680 b/c of it. I've already got 68k in credit, was 75 thanks chase. So if I was building the score I'd say no to the balance as well. but the car loan was pricey, and I end up saving 1440 in interest by putting it on the card.

I'd like the experience of relatively high balances paid off gradually overtime reflected in the credit report. So next time I have to hold a balance on the card for investment reasons I don't make their computer buttholes pucker.

With rising rates, The real estate crunch is coming and I want to be ready this cycle.
I'm glad I learned that as the credit overlords giveth so they taketh away today in small amounts rather than in the middle of 6 month investment project where I'd be relying on it.

Snarelure
Snarelure

@Playboyize
Just turn a quick 25 percent a month it's easy

WebTool
WebTool

Who here /sapphire preferred/ card?

CouchChiller
CouchChiller

@SomethingNew
nigga you young or something?
Yeah, 22. But why does 740 and eight cards make you think I'm young? Just curious.

@WebTool
I don't think there's any benefit to this card unless you're a frequent traveler. Plus annual fees suck.

FastChef
FastChef

@likme
0% APR
that's not how credit cards work, they charge you a minimal balance transfer fee, typical minimum is $5 or 3% or whichever is greater.

you had shit terms on the initial loan if a balance transfer saved you money

student loans
sorry for your lots m8

I'd like the experience of relatively high balances paid off gradually overtime reflected in the credit report. So next time I have to hold a balance on the card for investment reasons I don't make their computer buttholes pucker.
yeah algorithims don't really account for that, i've never had a balance and my FICO is near/above 800 depending on its mood at age 26. zero student loans, one 0.0% APR loan. it looks a month to month balances based on the statement cut, not off prior history. theoretically private scores could try to venture on this front but it's unheard of.

@CouchChiller
720 is the average credit score, plus Veeky Forums. you're either young and using credit well or you're older and making mistakes. most people on Veeky Forums are not that old - although site demographics have likely slid over the past few years.

back before moot hid the quantcast demographics (2010ish), the site was over half underage (this was collected via data from multiple sites and directly quantified from Veeky Forums via embedded javascript). even if you figure the population merely aged over six years, it would still put the average at a mere 23 years old - 22 would not be that far off.

@WebTool
sapphire preferred is pretty shit unless you're richfag who can't commit to one airline/hotel chain, it's terribly overmeme'd

massdebater
massdebater

@WebTool
CSPfag here, along with Freedom Unlimited

I'm planning to apply for the ink+ once my bonus points post

SniperGod
SniperGod

@massdebater
chase has a hell of a memory on relationship score if you close out accounts after getting a signup bonus... they do not like churners

you'll get a denial with this typically if you churn with chase and then go to do it again
The reasons for our decision are as follows: Previous unsatisfactory relationship with this bank

viagrandad
viagrandad

@SniperGod
But I'm not churning. I actually plan on keeping these cards. I just wanted to establish a payment history, and by the time the bonus points post, it would have already been 3-4 months. Once I get the ink+, I'll lay off of CC apps.

CouchChiller
CouchChiller

@SniperGod
Also, the reason I want the ink+ is
2x points on gas and hotels
5x points on office supplies and telecommunications

Buy GC for any retailer from Staples and get 5pt for every dollar
put cell phone and internet bill on ink+
Pay for gas with ink+ for 2x

If my annual spend is $15000, and I manage to average ~4pt for each dollar spent, I'll have received 60k points (about $600 in cashback) I think that's well worth the $95 AF

massdebater
massdebater

@viagrandad
If you keep Chase cards then you'll be OK. Just be careful on Chase cards. The ink probably separates from the personal income but I'm not sure. On personal cards there definitely is an upper limit on how much they're willing to give you. I had $35K on a Marriott Visa (limit, not used) and $11K on a United Visa (also chase) and when I applied for a Chase Freedom they gave me a $500 CL. I asked that $5000 be allocated from the Marriott to the Freedom and they did it.

To me, the Chase Freedom unlimited is an exceedingly boring card. 1.5% is better than 1% but with the Citi Doublecash paying 2% it's outclassed. With the non-unlimited you only get 1% but you get the 5% rotating categories like 5% on wholesale clubs next quarter. Hell for christmas last year they did 10% for amazon in Q4.

2x points on gas and hotels
This is pretty shit IMO, Costco Visa offers 4% on gas no annual fee and Penfed Cash Rewards offers 5% on gas, any station, no annual fee. Hotels are typically better if you're willing to stay in a program and get that card, if you go to a variety of chains. The CSP already gives you 2x points on hotel expenses. And points on these programs are typically worth less than a cent each, meaning a 2% cashback card would be more meaningful.

The 5x on office supplies may be worth it depending on how much your business buys but the risk.

I don't subscribe to business credit cards mainly because none appeal to me. Consumer protections are also far weaker on business cards.
http://www.creditcards.com/credit-card-news/business-credit-cards-10-differences-1269.php

BunnyJinx
BunnyJinx

@massdebater
UR
Points typically worth less than 1c each
But that's not true user, especially if you're redeeming through travel partners.

There are tons of evidence showing UR points being valued at at least 3-4c.

Cashback is useless to me, but the FU collects points when paired with a CSP, so it's more valuable to me than the citi DC, especially considering the DC has no signing bonus.

Ignoramus
Ignoramus

@BunnyJinx
Ultimate Rewards Points, worth 1 cent each when redeemed for cash back or gift cards or 1.25 cents when redeemed for travel booked through Chase

That being said redemption rates get a bit funny because it depends on inventory; when inventory is deeply discounted, fewer points are needed to redeem, even though the cash price of a ticket can be far higher.

kizzmybutt
kizzmybutt

@Ignoramus
Through chase. Mind you, there are countless airlines through the same alliance where the same number of points will get you further. There are countless threads in Flyertalk and Reddit discussing them

TurtleCat
TurtleCat

@massdebater
Costco Visa offers 4% on gas no annual fee
Not the guy you replied to, but I just applied for the Citi/Costo Visa and got a $6500 limit yesterday. Plus, 2% back at Costco and 3% at restaurants.

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