@bluesnowman wrote:LS- Yeah I'll use it, I'm just too lazy to use the Quote button..lol
Enharu- That does sound like a good deal! I'll look into it when I start apping, do you think they would approve me though with the stats I have? So when should I apply for Amex? at the end of this month (towards the 25th, and leave a small balance or not?)? Should I go for the BCE and Delta Gold, and maybe try for the SPG too? are my scores good enough to be approved for any of the three. Like I said, I mainly want the BCE, but if it helps getting another Amex card or two I'm all for it, I am considering going up to a max of 5 inquires on each bureau. And yes, I shall see what happens If I am approved
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the thank you premium is a NPSL card, and based upon what other's said and what I've read, getting that card isn't going to be easy. Your chances of getting a BCE/BCP is going to be much much higher compared to this card with your profile at this time. This card is Citi's 2nd best card in their entire lineup, with the best being the Prestige with has a $400+ AF. I would recommend you apply one at a time, and go easy on trying to get lots of AMEX cards. You don't want to get into any FR trouble with AMEX as well. You can start with the BCE, and if you are not approved, apply for the Delta next month. If you are approved for 1, wait 3-6months before you try to apply another.
Because you are still a student with very low income, on top of your thin credit file, a lot of credit cards will not be available to you now. After you graduate and have a much higher income, most of the cards are easily attainable, so there's no need to panic nor worry. Make sure u do well at school and land a good job!!! Income is almost as equally important as whatever is in your credit report and your credit score.
I think your plan is good. You have a great list of cards to shoot for and based on the responses here, it seems like you will have a better chance going for the Amex first since you also already have a Amex. If your Amex is one year old, then I would try for another Amex card. I am a firm believer in 1 year of solid revolving history first and then once you build that first year of solid good revolving payment history, you can start to evaluate apping for cards every 6 months after that. I know folks on here have gotten lucky with Chase approvals with 8-10 months of solid history but after my near miss with Chase and resulting low limit, I know that it is now better to wait until I know there are no red flags that they can raise during an application. Because, those red flags typically result in lower credit limits. I don't want to give them any reason to start me off at a lower limit.
I also think it is a good idea to app for one or two of your favorite cards at a time, then wait another 6 months for more solid history and apply again. Doing this will also prevent you from getting more credit than you can handle. you might say after gaining experience gardening two additional cards that that is enough additional monthly debt that you are willing to take on at this time. I do think at some point your income may become a hindrance as typically most folks get the same amount of credit as they have in income max. There are exceptions but usually those exceptions are made when a person has a long revolving history of high limit cards along with a long, stable employment history...this shows the lender that even though income is lacking, the person has been responsible with limits higher than their income for X amount of years. Revolving history is so important at lower incomes because it shows the lender that even though this person doesn't make enough money to pay the large balances should they max them all out, their history shows that they have handled a certain total limit responsibly for X number of years. The longer the better.
Since you are still very young and already have a good amount of credit for your income already, I would recommend going slow. I wouldn't acquire 8-10 credit cards while in college. I think 3-4 cards is enough for now. After you graduate and your salary increases, you can then try for additional cards. As I think 5-6 cards might be a little above your head. I know you are responsible but all of those balances on all of those cards add up quickly and with only 12,000 in income coupled with the other expenses you have can get you in trouble. I was definitely one of those that got in trouble from the debt I racked up during college and I was happy I didn't have to file BK on the full rainbow of lenders such that when I finally emerged from BK, I still had a decent list of companies I could still get credit through as many blacklist. Even if BK doesn't burn them, charge offs have the same blacklisting affect with most prime lenders.
You have your whole life ahead of you. Once you graduate and get a great job, you can have the credit of your dreams. I think you have taken a step in the right direction by building the credit you have today. There could be a lag in employment after graduation as well and you don't want to have a lot of credit card debt taunting you while you are searching for a job.
I don't know much about your intentions with the list of cards you mentioned but the more cards you have, the easier it is to drown yourself in debt especially given the amount you currently make per year. These are the things that lenders are going to mull over when they review your apps.
Just keep in mind that for a lot of people, 5-6 cards is enough. And for college students, I recommend 3-4 cards max but really 2 cards is ideal for a college student. You have got to think long term and about the what ifs associated with it. I know you want all 5 of those cards, but you have to ask yourself, is it realistic to obtain them all while still in college? Will I be able to charge enough to keep it open? Will I be able to charge enough so that the rewards I earn offset the annual fee if the card has one? How do I plan to use the cards and what is my budget for paying for the usage? These are all questions you need to ask yourself.
I am very worried about the extensive responsibility that comes with having a lot of credit and little income especially for college students as there can end up being a lag in income after graduation especially in today's world when you have 200-300 people applying for the same job. Because the US economy is so uncertain right now, I think that you should be conservative based on that. Once you graduate, get a nice offer, and start working, at that point, you can really consider going on an app spree that will result in approvals across the board and higher limits. I think you are jumping the gun just a little bit and I don't want something unexpected to tip you out of balance.
You have been through a lot in your short lifetime here and I can tell that you have matured significantly because of that. Every time I read your posts, I have to keep reminding myself that you are a college student because you sound like someone who is in their 30's. you have a good head on your shoulders and I know you will consider the things I've written and take them into consideration.
I'm so sorry that you had to experience death at such a young age. But it makes you a stronger person and it makes you a survivor. That is what my mom's friend used to always tell me when I was going through tough times. She would say that nothing compares to the lost of your mother. You are a survivor. You survived her death and so you will survive this. That is what I always keep in the back of my mind when the going gets tough and I've come out on top because of it and gotten stronger. I also have regrets about my mother's death but I continually tell myself that things happen in life for a reason and that God puts you through the fire to test you. Everyone dies and you have to keep reminding yourself that God wanted them home sooner than others and it is in His plan. Don't beat yourself up over your friend's death, you have to know that you truly did all that you could and that they are in a better place.
Anyways, very long post but I think it has a lot of good info to consider. Let me know if I stated something incorrectly as sometimes I accidentally do and let me know what you think overall.
I also think it is a good idea to app for one or two of your favorite cards at a time, then wait another 6 months for more solid history and apply again. Doing this will also prevent you from getting more credit than you can handle. you might say after gaining experience gardening two additional cards that that is enough additional monthly debt that you are willing to take on at this time. I do think at some point your income may become a hindrance as typically most folks get the same amount of credit as they have in income max. There are exceptions but usually those exceptions are made when a person has a long revolving history of high limit cards along with a long, stable employment history...this shows the lender that even though income is lacking, the person has been responsible with limits higher than their income for X amount of years. Revolving history is so important at lower incomes because it shows the lender that even though this person doesn't make enough money to pay the large balances should they max them all out, their history shows that they have handled a certain total limit responsibly for X number of years. The longer the better.
Since you are still very young and already have a good amount of credit for your income already, I would recommend going slow. I wouldn't acquire 8-10 credit cards while in college. I think 3-4 cards is enough for now. After you graduate and your salary increases, you can then try for additional cards. As I think 5-6 cards might be a little above your head. I know you are responsible but all of those balances on all of those cards add up quickly and with only 12,000 in income coupled with the other expenses you have can get you in trouble. I was definitely one of those that got in trouble from the debt I racked up during college and I was happy I didn't have to file BK on the full rainbow of lenders such that when I finally emerged from BK, I still had a decent list of companies I could still get credit through as many blacklist. Even if BK doesn't burn them, charge offs have the same blacklisting affect with most prime lenders.
You have your whole life ahead of you. Once you graduate and get a great job, you can have the credit of your dreams. I think you have taken a step in the right direction by building the credit you have today. There could be a lag in employment after graduation as well and you don't want to have a lot of credit card debt taunting you while you are searching for a job.
I don't know much about your intentions with the list of cards you mentioned but the more cards you have, the easier it is to drown yourself in debt especially given the amount you currently make per year. These are the things that lenders are going to mull over when they review your apps.
Just keep in mind that for a lot of people, 5-6 cards is enough. And for college students, I recommend 3-4 cards max but really 2 cards is ideal for a college student. You have got to think long term and about the what ifs associated with it. I know you want all 5 of those cards, but you have to ask yourself, is it realistic to obtain them all while still in college? Will I be able to charge enough to keep it open? Will I be able to charge enough so that the rewards I earn offset the annual fee if the card has one? How do I plan to use the cards and what is my budget for paying for the usage? These are all questions you need to ask yourself.
I am very worried about the extensive responsibility that comes with having a lot of credit and little income especially for college students as there can end up being a lag in income after graduation especially in today's world when you have 200-300 people applying for the same job. Because the US economy is so uncertain right now, I think that you should be conservative based on that. Once you graduate, get a nice offer, and start working, at that point, you can really consider going on an app spree that will result in approvals across the board and higher limits. I think you are jumping the gun just a little bit and I don't want something unexpected to tip you out of balance.
You have been through a lot in your short lifetime here and I can tell that you have matured significantly because of that. Every time I read your posts, I have to keep reminding myself that you are a college student because you sound like someone who is in their 30's. you have a good head on your shoulders and I know you will consider the things I've written and take them into consideration.
I'm so sorry that you had to experience death at such a young age. But it makes you a stronger person and it makes you a survivor. That is what my mom's friend used to always tell me when I was going through tough times. She would say that nothing compares to the lost of your mother. You are a survivor. You survived her death and so you will survive this. That is what I always keep in the back of my mind when the going gets tough and I've come out on top because of it and gotten stronger. I also have regrets about my mother's death but I continually tell myself that things happen in life for a reason and that God puts you through the fire to test you. Everyone dies and you have to keep reminding yourself that God wanted them home sooner than others and it is in His plan. Don't beat yourself up over your friend's death, you have to know that you truly did all that you could and that they are in a better place.
Anyways, very long post but I think it has a lot of good info to consider. Let me know if I stated something incorrectly as sometimes I accidentally do and let me know what you think overall.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Enharu- Alright, I think it is best if I wait until, say the end of December to apply for Chase? like before Christmas? hopefully then I would be approved and not given much of a toy limit, + it'd be a nice christmas present...lol. That's true, things could change and I might need different cards. And I will. I'll come inform you guys of what happened during the application, and I am hoping very much so that how my credit is now, I will be approved (maybe not instantly, but an approval is an approval.)
Movingfoward- I hope so, that my chances are good for getting another Amex since I already have one. I am considering closing my PRG though, because I just don't spend enough to make it worthwhile, and maybe I'll be re-allowed to open it once my income is higher. I mainly got it to get my foot in the door with them. My Amex was opened in November 2012. So it's only been about 4 1/2-5 months since I've had it. I don't want them to start me at a lower limit either, but I truly want their card, and I'll take a low limit for now and then from then on I'm hoping once my income gets better I will be able ask them for a CLI (by then 2 years will have elapsed, and I'll take the inquiry for it then.) If they choose not to me approve me now either, I'll wait 6 more months and then try again. Ahh I see about that, I just want enough credit for about 1/2 of my income. Then I'll just stop apping until I graduate or land a better paying job. I don't plan on using all of those cards either, I have developed a system of which card I'd use and in what situation, so I'll keep my debt low. Heck, there are times when I pull out cash so I'm not tempted to put everything on a card, even though it is easier. That's true, and I'm going to do my best to keep my debt as low as possible when I'm looking for a job, and you never know with this economy. Primarily, I wanted the BCE to be my backup gas card, so while I'm paying Cash Rewards card, I'm still to fill up my tank and then easily pay it off, and maybe use it for small purchases here and there. The Freedom was for the categories really. Southwest (there are some people on the forums that have been approved for it with 2-3k limits.) and SPG were for the airlines/hotels (my family and I also stay at Marriott, but there is no chance I'd be approved for that right now.) Fidelity was for the Cash back, if I opened with them, but I'll wait on that for now. I don't intend to max out my cards, and if I do use a card, I fully intend to pay it off ASAP. No tbh, I don't think it's realistic to obtain all of them right now, maybe one day, but not now. Aww, movingforward, I'm not that old (I turn 20 next month), and of course I will take your words into consideration, you've been through some of what I'm going through so you know what I mean. Yes I always thought the same thing, It is all god's will and if they were meant to go now, then it was meant to happen. And I do my best to move on and not think about it not beat myself up over it becuase I did what I could, it's tough but it's life. I do thank you for the kind words, and sorry about the long post..lol