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bluesnowman
Posts: 464
Registered: ‎10-29-2012
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Re: Advice, what should I do?

Movingforward- Thank you for the kind words. I find this a bit weird, but a few nights ago at work I had a customer come in, and after eating and taking care of them, I had them come up forward to pay and they left me a really nie tip, then they asked to bring my boss forward and the customer I was such a sweet guy and always doing what I could to make everything memorable for them...so I do thank you for the words and I do appreciate them. I do my best to be nice to everyone I can be and I can only hope to get that back in return. Yes cancer was very hard to fight, my grandpa, lord bless him, was 88 when he passed away. He had developed some type of cancer that pretty much attacked his bones and slowly worked it's way into his heart, and he finally passed away. I also lost my best friend in elementary school to Leukemia, he passed away in 7th garde (so it's been about 8 years since then.) I also had the unfortunance of losing another of my friends to a car accident, the same year my grandpa passed away but in January. We were t-boned in an intersection, and he wasn't wearing his seatbelt. I did what I could to save him, but he died on the way to the hospital. I feel guilty still that I could have done more...but I've moved on. I figured everything in life, there will come a storm and then it will pass again. 

 

And thank you, I'm hoping things work as well. Do you think my strategy that I posted will work out or not.

Bank of America: Cash Rewards.-1,000. 4/25/12 (CLI Increase 6/15/13), Citi: Forward- 3k. 10/27/12 (CLI on 2/8/14, SP). Discover: More- 2k. 10/27/12 (Increase 6/1/14). Amex: PRG- NPSL (closed 12/13/13). 11/24/12. Chase: Freedom. 5/1/13- 2.4k. Southwest Rapid Rewards Plus.-3.6k. 6/15/13. Amex BCE-2k. 12/7/13. Amex SPG-4k.12/8/13. Last App: 1/8/14.
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enharu
Posts: 6,889
Registered: ‎02-27-2013
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Re: Advice, what should I do?


bluesnowman wrote:

LS- Yeah I'll use it, I'm just too lazy to use the Quote button..lol :smileytongue:

 

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 :smileyhappy:


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.

 

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
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bluesnowman
Posts: 464
Registered: ‎10-29-2012
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Re: Advice, what should I do?

I understand that it will not be easy to get the card, Citi can be kind of tough to get approved with and I realize that. And that's fine rather keep my goals rather simple for now and when my income goes up I'll go for some more higher end cards. I don't want too many Amex cards, maybe 2-3 at the most. And yes I don't want any trouble with FR either, I mean I have the income and tax returns to prove it, but I would rather not go through the hassle of going through it, and the minute they do that, I'm going close my accounts with them, too much of a hassle and too intrusive for a credit card IMHO. I have to wait for a month If I don't get approved? I can't go for 2 cards at once? and yes I will plan to wait for three to six months if I do get approved. 

 

And yeah, I realize that my income is a bit of an issue, but I am hoping over time it will increase and my credit will still be in good shape. And I realize that yhere won't be too many cards available to me either. And I'm not worried, right now I'm just trying to gauage where I am now after 1 year of starting to build my credit and see what I can and can't be approved for right now. Actually right now, I am thinking about going into real estate (maybe becoming a loan broker or something related to that) or I want to work as an underwriter/credit analyst for a CC like Amex or Discover or Chase. My dream job. however, is to work for the California Highway Patrol. Ever since I was little boy I was fascinated by that type of job and one of my friend'd dad was a motor officer and I always thought it would be a great career, I've also been ridealongs and was an explorer so I know what I'm getting myself into. They are not hiring right now, so for now, I am thinking about going into those types of jobs right until the CHP starts hiring, which could be in another 6 months to a year. In the beginning most officers make about 55k and at top step it's about 78k gross, which should get me approved for most cards right? as an underwriter I think or a Loan officer I was researching make about 53k a year. So yeah, those are the types of careers I am interested in/looking into right now.  And yeah you're right, income plays a big factor when trying to get credit.

Bank of America: Cash Rewards.-1,000. 4/25/12 (CLI Increase 6/15/13), Citi: Forward- 3k. 10/27/12 (CLI on 2/8/14, SP). Discover: More- 2k. 10/27/12 (Increase 6/1/14). Amex: PRG- NPSL (closed 12/13/13). 11/24/12. Chase: Freedom. 5/1/13- 2.4k. Southwest Rapid Rewards Plus.-3.6k. 6/15/13. Amex BCE-2k. 12/7/13. Amex SPG-4k.12/8/13. Last App: 1/8/14.
Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013
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Re: Advice, what should I do?


bluesnowman wrote:

I understand that it will not be easy to get the card, Citi can be kind of tough to get approved with and I realize that. And that's fine rather keep my goals rather simple for now and when my income goes up I'll go for some more higher end cards. I don't want too many Amex cards, maybe 2-3 at the most. And yes I don't want any trouble with FR either, I mean I have the income and tax returns to prove it, but I would rather not go through the hassle of going through it, and the minute they do that, I'm going close my accounts with them, too much of a hassle and too intrusive for a credit card IMHO. I have to wait for a month If I don't get approved? I can't go for 2 cards at once? and yes I will plan to wait for three to six months if I do get approved. 

 

And yeah, I realize that my income is a bit of an issue, but I am hoping over time it will increase and my credit will still be in good shape. And I realize that yhere won't be too many cards available to me either. And I'm not worried, right now I'm just trying to gauage where I am now after 1 year of starting to build my credit and see what I can and can't be approved for right now. Actually right now, I am thinking about going into real estate (maybe becoming a loan broker or something related to that) or I want to work as an underwriter/credit analyst for a CC like Amex or Discover or Chase. My dream job. however, is to work for the California Highway Patrol. Ever since I was little boy I was fascinated by that type of job and one of my friend'd dad was a motor officer and I always thought it would be a great career, I've also been ridealongs and was an explorer so I know what I'm getting myself into. They are not hiring right now, so for now, I am thinking about going into those types of jobs right until the CHP starts hiring, which could be in another 6 months to a year. In the beginning most officers make about 55k and at top step it's about 78k gross, which should get me approved for most cards right? as an underwriter I think or a Loan officer I was researching make about 53k a year. So yeah, those are the types of careers I am interested in/looking into right now.  And yeah you're right, income plays a big factor when trying to get credit.


i think it is best you go for 1 app at a time, regardless of approval. 

and some people said that amex only allows 1 app per 30 days for 1 type of account (i.e. 1 for charge, 1 for revolver, 1 for business, etc). not sure if true.

but the main point is that you don't want to seem like you're desperate for credit by amex.

Sometimes when people get FR'ed, they still get CLD or account closure even though they sent in the documents. FR is often confused with income verification. Both are technically considered as financial review but the FR people are scared of isn't just about income verification. Most of the people who get FR'ed, other than for income verification, get some kind of AA taken against them. 
There's really no need nor justification for you to apply more than 1 card at once, or trying to get so many different cards with Amex over a short period of time. This is going to be hard to explain to any underwriter especially when you are just a student with 10k+ income. They do not consider "I'm just trying to increase my credit report / score / history, or lower my utilization" as a valid reason. There's another post on the forums just today about someone who had all his AMEX accounts closed by AMEX for opening and trying to open too many accounts over a short period of time.

 

like others have said, there's nothing much you need to do, other than to wait. AAoA and account history takes time to build up. There's no real shortcut nor express lane. There's been many shortcuts/exploits (such as the AU trick), but most don't end well if discovered by the banks.

 

50-70k income will qualify u for most cards, but it also depends on your dispensible income (i.e. money left after taxes, rent/mortage, loan payments etc). Overall, you are in very good shape for where you are right now. You really need to let your account age. I know the feeling of just wanting that top tier card right now. I want my amex BCP and cash+ too. However trying to rush and get those cards right away might just make everything worse.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
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bluesnowman
Posts: 464
Registered: ‎10-29-2012
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Re: Advice, what should I do?

Enharu- I see. It looks like then at the end of this month, I'll leave a small balance on one of my cards and try for the BCE (maybe 26th-27th) pay it off and then apply for it. If not, I'll wait a month, go for the Gold Delta and see if they approve that. Does that sound like a good plan for now? And yeah, I agree, I don't want to come across as desperate for credit, especially by Amex. I see your point, and I've learned my lesson to go 1 card at a time, and not apply for so many in a short period of time, and yeah giving an underwriter that type of excuse probably won't help me get a card. I can't imagine it ending well either if they found out, so I'll take your advice and just keep paying on time and maybe in a year or two my situation credit wise will be better and I'll get every card I want. I figure after I apply for the BCE/Delta, I'm not going to app anything for a while, and I'll take a chance with Chase and see if they will approve me this month, if not I'll burn an inquiry and probably apply again in a year or so once my scores will be higher and AAOA will be better. And I see that the key is to be patient, because if I do, my chances of getting the cards I really want will improve and it make it much easier to get credit, all in all, I'd rather keep my credit as pretty as it can be and not go to fast and make it less likely to be approved. So I hope my plan or now sounds reasonable and apping times sound reasonable as well, if so, I'll app on the 26th or 27th of this month and depending on what happens, I'll put myself back on the garden for a while. Does that sound okay?

Bank of America: Cash Rewards.-1,000. 4/25/12 (CLI Increase 6/15/13), Citi: Forward- 3k. 10/27/12 (CLI on 2/8/14, SP). Discover: More- 2k. 10/27/12 (Increase 6/1/14). Amex: PRG- NPSL (closed 12/13/13). 11/24/12. Chase: Freedom. 5/1/13- 2.4k. Southwest Rapid Rewards Plus.-3.6k. 6/15/13. Amex BCE-2k. 12/7/13. Amex SPG-4k.12/8/13. Last App: 1/8/14.
Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013
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Re: Advice, what should I do?

yea your plan sounds great. i would hold off on the Chase until end of the year though, unless you really don't mind a toy limit card or burning an inquiry. It's kinda a waste though IMO for chase because their cards really don't grow with you. Only way it grows is to apply for other cards with them or to burn another HP, so you're essentially wasting inquiries for no reason. Keep in mind inquiries stay on for 2 years, so in 1.5 years from now you might have other plans and need a certain card to complement your needs.

 

Best of luck with your amex app and keep us informed!

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
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MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
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Re: Advice, what should I do?

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. :smileyhappy:
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! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
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bluesnowman
Posts: 464
Registered: ‎10-29-2012
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Re: Advice, what should I do?

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 :smileyhappy: 

Bank of America: Cash Rewards.-1,000. 4/25/12 (CLI Increase 6/15/13), Citi: Forward- 3k. 10/27/12 (CLI on 2/8/14, SP). Discover: More- 2k. 10/27/12 (Increase 6/1/14). Amex: PRG- NPSL (closed 12/13/13). 11/24/12. Chase: Freedom. 5/1/13- 2.4k. Southwest Rapid Rewards Plus.-3.6k. 6/15/13. Amex BCE-2k. 12/7/13. Amex SPG-4k.12/8/13. Last App: 1/8/14.
Frequent Contributor
bluesnowman
Posts: 464
Registered: ‎10-29-2012
0

Re: Advice, what should I do?

Bumping post.
Bank of America: Cash Rewards.-1,000. 4/25/12 (CLI Increase 6/15/13), Citi: Forward- 3k. 10/27/12 (CLI on 2/8/14, SP). Discover: More- 2k. 10/27/12 (Increase 6/1/14). Amex: PRG- NPSL (closed 12/13/13). 11/24/12. Chase: Freedom. 5/1/13- 2.4k. Southwest Rapid Rewards Plus.-3.6k. 6/15/13. Amex BCE-2k. 12/7/13. Amex SPG-4k.12/8/13. Last App: 1/8/14.
Frequent Contributor
bluesnowman
Posts: 464
Registered: ‎10-29-2012
0

Re: Advice, what should I do?

bumping again..lol. 

Bank of America: Cash Rewards.-1,000. 4/25/12 (CLI Increase 6/15/13), Citi: Forward- 3k. 10/27/12 (CLI on 2/8/14, SP). Discover: More- 2k. 10/27/12 (Increase 6/1/14). Amex: PRG- NPSL (closed 12/13/13). 11/24/12. Chase: Freedom. 5/1/13- 2.4k. Southwest Rapid Rewards Plus.-3.6k. 6/15/13. Amex BCE-2k. 12/7/13. Amex SPG-4k.12/8/13. Last App: 1/8/14.

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