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FICO Credit Advice/Planning

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Anonymous
Not applicable

FICO Credit Advice/Planning

Hi,

 

I'm kind of a lurker but I'm in need of credit advice to plan out my credit future. I'm a nineteen year old student (started building my credit since I was 18) and I currently have

1. Wells Fargo Secured $500 (will be unsecured in April 2013) 1yr 1m old.

2. AMEX ZYNC NPSL 4m old

3. Capital One Student Journey $1500 10m old

4. Chase Freedom $500 1m old

5. Chase Amazon $500 4m old

AAoA ≈ 7 months

 

I usually carry a very low (≈$50) balance on the Chase Amazon and leave the rest at zero. My question is, how should I proceed from here? Just stay in the garden? I do want to app for a BCE on January and close out the ZYNC as I don't want to pay the annual fee. Is this advisable?

 

Although I do like the idea of having a NPSL so I can buy tickets to fly back home, I don't find the reward structure of MR Express to be satisfying at all for the annual fee I pay. Instead, the cash back option of BCE seems much more attractive and I'll have the potential of upgrading it to BCP once I get a decent/high paying job after college/grad school. I would like to also keep the number of cards I have to about 5-6 cards, any more I don't think I can manage or find use for them all.

Message 1 of 7
6 REPLIES 6
daybreakgonesXe
Valued Contributor

Re: FICO Credit Advice/Planning

I know you want to apply for BCE to get rid of the Zync, but i fear your AAoA is a little too low Smiley Sad but since your oldest account is a year old, you may have a shot...what are your FICO scores?

Otherwise i think you're doing great so far! Itsnalways a great idea to garden, especially with the number of new accounrs you have...age is the key to great credit!

All the best in your path to a great credit history!!!!
Message 2 of 7
daybreakgonesXe
Valued Contributor

Re: FICO Credit Advice/Planning

Drat, sorry for the spelling errors...im on a tablet Smiley Sad
Message 3 of 7
bs6054
Valued Contributor

Re: FICO Credit Advice/Planning


@daybreakgonesXe wrote:
I know you want to apply for BCE to get rid of the Zync, but i fear your AAoA is a little too low Smiley Sad but since your oldest account is a year old, you may have a shot...what are your FICO scores?

Otherwise i think you're doing great so far! Itsnalways a great idea to garden, especially with the number of new accounrs you have...age is the key to great credit!

All the best in your path to a great credit history!!!!

Yes, certainly far from a sure thing, but might be worth a try, especially if you do succeed!  How much is the Zync AF, something like $25?  Or more?  If it's not too much, I might be tempted just to pay it, and apply for the BCE in 6 months time or something.  But applying now shouldn't hurt much anyway.

Message 4 of 7
daybreakgonesXe
Valued Contributor

Re: FICO Credit Advice/Planning

I concur with keeping the Zync! Compared to the annual fees on the other charge cards its not too bad...hell, i still keep my orchard secured around with its $35 fee because its my oldest account plus i want to see what cap one does with it, and i LOATHE annual fees...kinda hoping they unsecure it so i can get my deposit back! XD
Message 5 of 7
Anonymous
Not applicable

Re: FICO Credit Advice/Planning

Thanks for the advice guys!

 

I think I will try for the BCE since it's only a soft pull if it's a denial. But I'm definitely aiming for a BCE next January 2013, which should increase my AAoA by a lot if approved.

 

For now, after BCE, I will just garden and try increasing my current limits... I guess this year will be a year of patience for me.

Message 6 of 7
bs6054
Valued Contributor

Re: FICO Credit Advice/Planning

The Cap One Student Journey seems to be quite a good card (my daughters have it and got an auto-CLI after a few months.)   The older one started getting pre-approved offers for other Capital One cards (such as Venture) after having it for 18 months, so I think that will grow.

 

I assume the same is true of stuff like Chase Freedom, but I don't have one, so don't know.

 

Edit:  I DO have the chase amazon, had it for 8 years with no CLI, but I never asked for one so I don't know how easy that is.

 

Message 7 of 7
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