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New Contributor
billsfan14
Posts: 70
Registered: ‎02-13-2009
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Advice on my situation...

[ Edited ]

I just started credit building as many of you know, here's a current snapshot of my accounts:

 

Cards:

 

Chase        109/3500    1 month

Discover     261/500     4 months

Sovereign   155/1500   14 months

Nordstrom Store   0/1000      1 month

 

Also have an Amex Gold, 1 month old.

 

Installments:

 

Auto loan, $15k    6 months

Student loan, $2750  7 months

 

INQs:

 

TU - 11

EX - 7

EQ - 4 

 

 

My reports are not showing any of my three new accounts.  I'll be in Europe for most of the summer and would like to have a 0% card with me incase I run into any emergency expenses that will need to be revolved.  Also, I do not have a Visa, which I'd like to acquire before the trip.

 

I feel like now is the time to apply because once my new accounts post I'm sure I'll take a score hit.  But, I don't want to risk any AA action by having too many new accounts show up at once.

 

 

Suggestions?  Thanks everyone! 

 

 

Message Edited by billsfan14 on 03-24-2009 06:33 PM
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2/21 - TU 637 EQ 643
3/21 - TU 691 EQ 711

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Creditaddict
Posts: 19,570
Registered: ‎10-23-2007
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Re: Advice on my situation...

amex would be the only one I would worry about doing anything for new accounts and since it's charge, the probably won't.

your looking pretty good though, maybe even another chase card?

Fico Scores: EQ 657 Cabelas, TU 662 Walmart, EX 699 Wells (07-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Express $300
Over 40 Cards in between :smileytongue:
Contributor
Mark-MD
Posts: 146
Registered: ‎01-06-2008

Re: Advice on my situation...

That is alot of new credit in a very short period (under a year).  You may take a big hit on your FICO scores once the new account start to show up.

 

I do not think it is wise for you to apply for a visa card until all of your present credit accounts are at least 12 months old.

02/14/2009 EQ 797, EX 811, TU 805
New Contributor
billsfan14
Posts: 70
Registered: ‎02-13-2009
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Re: Advice on my situation...

My AAoA will go from 8 months to 5 months with my new accounts.  I'm only 19 and figured now is the time to open accounts so they'll all age together. 

 

Mark, regardless of Visa (because the Nordstrom card will get there eventually) do you recommend any 0% intro card.  I really don't want to be stuck in Europe without an option to charge something that may need to be revolved. 

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2/21 - TU 637 EQ 643
3/21 - TU 691 EQ 711

Established Contributor
KingAdrock
Posts: 656
Registered: ‎07-17-2007
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Re: Advice on my situation...

One thing to keep in mind, most CCCs add an extra charge for transactions made in a foreign currency. Some charge extra if the transaction is made overseas period, even if it's in US dollars. If you're looking for a card to bring to Europe, this is definitely something you need to check for in the fine print.
New Contributor
billsfan14
Posts: 70
Registered: ‎02-13-2009
0

Re: Advice on my situation...


KingAdrock wrote:
One thing to keep in mind, most CCCs add an extra charge for transactions made in a foreign currency. Some charge extra if the transaction is made overseas period, even if it's in US dollars. If you're looking for a card to bring to Europe, this is definitely something you need to check for in the fine print.

 

Definitely looked into this King, and the card I'm searching for will be used in the event of emergencies only while I'm in Europe.  I'll be using my Gold charge where accepted overseas, the lowest of my foreign transaction fees, but would hate to have to put an unplanned charge on there that I wouldn't be able to pay in full.

 

I'm really comfortable with my current credit, but really want that added security of knowing I can put something on a 0% revolver if need-be.  

 

Thanks for the heads up. 

_________________


2/21 - TU 637 EQ 643
3/21 - TU 691 EQ 711

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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Advice on my situation...

0% APR's for new purchases are drying up fast these days.

If you don't mind my asking, how would you be paying off these possible emergency charges when you get back? You're sounding kinda scary there --a boatload of new credit, off to Europe for the summer, and looking for yet another card to park extra charges on, just in case.

It would make a lot more sense to me for you to stop now, have an emergency savings fund in place before you go, and pay online if you do have to run a card up higher than expected while there.

You're in a perfect position now to build great credit, but you're showing some risk factors for getting in credit trouble in the near future, if you don't mind my saying so.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Contributor
Mark-MD
Posts: 146
Registered: ‎01-06-2008

Re: Advice on my situation...

I agree with the above post.  You may be getting in over your head.  You are new with credit and this could be a future disaster for you.

 

Honestly, I have credit cards for approx 32 years now and I dont see anyone throwing 0% at me these days.  You may be looking for an impossible task in this market.

02/14/2009 EQ 797, EX 811, TU 805
New Contributor
billsfan14
Posts: 70
Registered: ‎02-13-2009
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Re: Advice on my situation...

[ Edited ]

Ah, you're right.  I went a little overboard.  Thanks for knocking some sense into me, HTSU.   Emergency fund in cash, and I do always have that Visa Checkcard that I so often used before my financial life was consumed by myFico and all this wonderful credit.

 

I worked hard to get my scores up quickly so I could get myself some decent cards, that was my goal.  Seems like I'm getting ahead of myself at this point.  I think we all know how easy it is to keep applying and applying!  

 

Anyways, to answer your question... I do have a well paying job currently (minus the time off for this recent surgery).  

 

I can tell you have a few of your own, you're saying the same thing my parents are! Haha. 

 

 EDIT:

 

Good call as well Mark, just saw that additional post.  Time for me to settle down.

Message Edited by billsfan14 on 03-24-2009 08:18 PM
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Advice on my situation...

lol, glad to hear it, and your mom and dad say hi.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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