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  #801  
Old 01-22-2018, 03:46 PM
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Is there an annual fee on the Cap One card? If there isn't/weren't one, would you still use the card for any spend, or would you mainly try to spend to hit your Delta MQD/MQM's?

Generally, it's best to keep it for a slightly longer time, so as not to make it obvious you were just in it for the bonus.
I'm mainly trying to get the MQMs on the Delta card and miles (the credit card doesn't give you MQDs). Still debating whether to upgrade to the Reserve card or keep the Platinum, but leaning towards upgrading to the Reserve, which means attempting to get $60K of spend in a year. That won't leave much for anything else, other than places that don't take AmEx (fewer and fewer).

Delta Platinum: $195 per year for 2 cardholders
$25K of spend = 35K miles + 10K MQMs
$50K of spend = 70K miles + 20K MQMs (total)
Coach class companion certificate
free checked luggage & priority boarding

Delta Reserve: $625 per year for 2 cardholders, pro-rated for first year and spending on Platinum transfers
$30K of spend = 45K miles + 15K MQMs
$60K of spend = 90K miles + 30K MQMs (total)
Coach or first class companion certificate
Membership in SkyClub Lounge
free checked luggage & priority boarding (I think even higher priority than Platinum, but not positive... AmEx's "compare card" feature really does a crappy job of outlining the differences between cards)

I figure the base miles are worth about $0.015 each, haven't quite decided what the MQMs are worth, but they clearly have additional value. And we like to fly first class, so getting the first class seat on the companion fare is worth something too.

But if our spending is >=$50,000 and <$60,000 then Platinum is clearly the way to go.
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  #802  
Old 01-22-2018, 03:50 PM
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Actually, if you think about how to judge whether a person is a credit risk or not, a person is a better risk if they have credit available to them but use it wisely (or not at all). Although, that's not quite right for one-time large credit risks (i.e., if you have $$$ credit available and have a high credit score, you can hit all your creditors at once without much stopping you).
Yeah, I thought available credit was a factor when applying for loans and if you had too much available they saw that as risky.

I remember cancelling a bunch of hubby's credit cards when we were applying for a mortgage. His credit score was in the 700s, but lower than the magical 740 that gets you the best rate, so we had to clean it up a bit. He had a ton of old cards he wasn't using that were still open, and closing them did improve his score.
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  #803  
Old 01-22-2018, 04:00 PM
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He had a ton of old cards he wasn't using that were still open, and closing them did improve his score.
I've never heard of that. I'm not sure which component of a FICO score would benefit from closing down lines of available credit.
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Old 01-22-2018, 04:56 PM
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Yeah, I thought available credit was a factor when applying for loans and if you had too much available they saw that as risky.

I remember cancelling a bunch of hubby's credit cards when we were applying for a mortgage. His credit score was in the 700s, but lower than the magical 740 that gets you the best rate, so we had to clean it up a bit. He had a ton of old cards he wasn't using that were still open, and closing them did improve his score.
was this a long time ago?
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Old 01-22-2018, 05:19 PM
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was this a long time ago?
4 years ago.

It's possible I'm remembering something wrong, but I thought that's what we did to bring up his credit score.

It did bring it up ("it" being whatever we did), but didn't make a huge difference. We ended up getting the mortgage in only my name because the bank, in its infinite stupidity, thought that [twig alone] was more able/likely to repay the mortgage than [twig + hubby].

Idiots, but that's a story for a different day.

I thought the credit card thing brought his score from like 710 to 730 or something, but since he was still under 740, it was going to cost us an eighth of a point to put his name on the mortgage. Not worth it.
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