Credit Suggestions

[Twas_Sovereign]

Hi,

I'm just looking for some opinions for my next step for my strategy for credit. I began my credit journey 5 months ago and have been reading this forum and many other articles trying to get the best strategy for building a positive credit history for myself. I currently have 3 cards: Freedom 3.1K, Slate 2k, and Exxon Smartcard $1.2k.  Total credit is $6,300 and my utiiization is at 1% currently.  My background is I am a college student and I also work full time. I have no loans and pay for my schooling out of my pocket, and I was extremely fortunate to have one of my parents old cars given to me as a gift to help with my job. So I have never needed an autoloan. I have 4 inq's on each of my reports and my FAKO's are at 720. Once I hit the 6 month mark I am going to purchase myFIco scores to see where I am really standing. 

Question to the forum:

I am looking to apply for two credit cards once I hit my 6 month mark. The Discover IT and the American Express Blue Cash Everyday.  The reason I want the Discover is to alternate 5% rotating catageries with my Freedom and the Blue Cash for gas since I drive a lot for my job.  This will also get me the credit cards I want and if I get approved for both I plan on going to the garden till 2016.

I think I'll have no issue getting the Discover from what I've read, but the card I'm concerned about is the BCE. Do you think I have a good enough shot at it to get it even with my thin file? Or should I just wait a little longer?

Thanks for any suggestions you can provide, everyone here on the forum has been a great help and have provided a wealth of information. 

[gdale6]

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@Twas_Sovereign wrote:

Hi,

I'm just looking for some opinions for my next step for my strategy for credit. I began my credit journey 5 months ago and have been reading this forum and many other articles trying to get the best strategy for building a positive credit history for myself. I currently have 3 cards: Freedom 3.1K, Slate 2k, and Exxon Smartcard $1.2k.  Total credit is $6,300 and my utiiization is at 1% currently.  My background is I am a college student and I also work full time. I have no loans and pay for my schooling out of my pocket, and I was extremely fortunate to have one of my parents old cars given to me as a gift to help with my job. So I have never needed an autoloan. I have 4 inq's on each of my reports and my FAKO's are at 720. Once I hit the 6 month mark I am going to purchase myFIco scores to see where I am really standing. 

Question to the forum:

I am looking to apply for two credit cards once I hit my 6 month mark. The Discover IT and the American Express Blue Cash Everyday.  The reason I want the Discover is to alternate 5% rotating catageries with my Freedom and the Blue Cash for gas since I drive a lot for my job.  This will also get me the credit cards I want and if I get approved for both I plan on going to the garden till 2016.

I think I'll have no issue getting the Discover from what I've read, but the card I'm concerned about is the BCE. Do you think I have a good enough shot at it to get it even with my thin file? Or should I just wait a little longer?

Thanks for any suggestions you can provide, everyone here on the forum has been a great help and have provided a wealth of information. 

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I would say go for it. I read here last eve someone who just turned 18 got AMEX Green.

[Themanwhocan]

Sallie Mae Mastercard, with 5% cash back on Gas, Grocery, Bookstores capped at $250/$250/$750 per month, would be a better fit than the BCE. Why settle for 2% cash back on Gas when you can get 5%?

[Creditaddict]

I would say apply for 3:

Discover

Amex

Sallie Mae as someone else just posted since you are in school this one will probably be a great addition and maybe even better then both of the first ones but I tend to line Discover and especially Amex better then Barclay so I still like your first 2 choices better but wouldn't pass up option 3 as i have no doubrt you will get instantly approved for all 3.

[Twas_Sovereign]

Apprecaite the feedback everyone! Reason for wanting the BCE is so I can start establishing my relationship with American Express. Plus, I just don't have any desire for a charge card and would prefer a revolving acount. 

 I will look at the Sallie May as well, Mastercard would be the only thing missing from my credit portfolio. Main thing right now is I'm trying to diversify my credit portfolio with all the lenders. Not too concerned with CL's I get as long as I get approved. Have no issue letting them grow over time. As soon as I hit my 6 month mark I will apply for the three cards.

Other question would be should I apply for another type of Blue Cash card since two apps only get hit with 1 INQ with American Express? Figure if I could get approved for both I could close the one account and combine the credit lines.

[Creditaddict]

They don't combine as easy as they use to so would just do 1 and cli at 61 days

[Twas_Sovereign]

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@Creditaddict wrote:
They don't combine as easy as they use to so would just do 1 and cli at 61 days

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Ah, did not know this. I will not waste my time then.  If I get the Discover and BCE I am going to be one happy camper.

[Anonymous]

The discover it card is a good choice especially if you shop online a lot. The bce is also on my list of cards to get but I'm waiting until my oldest account is 1yr old first. Good luck to you.