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New Contributor
thecentury303
Posts: 70
Registered: ‎04-07-2013
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How to maximize credit card offers if you have only ~ 27 months in the U.S.

Hi,

 

I have read this forum for a few months and think this is a good time to start looking for suggestions.

 

Let me start with my background: I am an international graduate student who is now studying a Master in Economics in one of reputation U.S. university. I receive a graduate assistantship from the University so my annual income is around 19-20k per year.

 

As I am a Master student, and I have no intention to find a job in the U.S. after graduation, I have around 27 months in the U.S. so if I intend to maximize the welcome bonus from credit card offers, I think I might need to strategic plan to archive it, and I need your suggestion for that.

 

The following are my credit activities so far:

 

09/12: Approved for Capital One Cash Rewards for New Comer (CL:300)

10/12: Approved for local Credit Union VISA (CL:1,500)

10/12: Denied for Discover More (I am an idiot at that time and I suffered 2 hard pull from this T_T)

11/12: 1 Hard pull for buying a car in cash, I still don't understand why they hard pull me but seems like I have to live with it

02/13: Denied for NFL Extra Point (Again, I am an idiot thinking that I stand a chance for $400 welcome bonus)

04/13: Auto CLI on CapOne (300->500)

04/13: Approved for Chase Freedom (CL:1,500)

04/13: Approved for Discover IT Student (CL:1,500)

 

Credit Score: 721 (Creditkarma), 713 (Creditsesame, credit.com), 707 (FICO from Discover IT letter), 695 (Transunion from Chase Freedom letter)

 

My AAoA is now 5 months with 8 hard inquiries. I always let only one card reported at the balance ~ 7-12% of the card. Then I always pay in full every month.

 

Please note that I have quite a good banking relationship with Chase. I was told (by the banker) that because of this, I was approved for Chase Freedom in 6 months rather than 12 months as usual.

 

I am in the garden now and here is my plan, please feel free to comment, any suggestion would be highly appreciated.

 

07/13: Ask for another CLI on CapOne (Expecting 1,000 - 1,500) only if no additional hard inquiry

07/13: Go for one of AMEX revolver (may be BCE or Delta Gold if the offfer is good)

10/13: Go for Chase United Explorer and Chase Ink Cash (or Classic)

01/14: Go for one of Barclays card (with $400 offer if it is still available)

04/14: ??

07/14: ??

10/14: Go for Chase Sapphire Preferred and Chase Ink Bold (or Plus)

01/15: Go for another Barclays card (if the offer still available) and some airline or hotel card.

 

Many thanks,

Capital One Cash Rewards for New Comer: $1,500 (09/12), Local Credit Union: $1,500 (10/12), Chase Freedom: $1,500 (04/13), Discover IT: $2,100 (04/13), AMEX Gold Charge Card: NPSL (06/13), AMEX BCE: $6,000 (06/13), Chase United Explorer: $6,000 (10/13), Chase Ink Cash: $3,000 (10/13), Barclays Arrival Platinum: $3,000 (10/13), US Bank Flexperk Travel Rewards: $5,000 (01/14), Capital One Venture: $5,000 (01/14), Citi AA World MC: $6,500 (01/14),Citi AA Executive World Elite MC: $5,000 (01/14)
Established Contributor
CashOnDelivery
Posts: 502
Registered: ‎04-17-2013
0

Re: How to maximize credit card offers if you have only ~ 27 months in the U.S.


thecentury303 wrote:

Hi,

 

I have read this forum for a few months and think this is a good time to start looking for suggestions.

 

Let me start with my background: I am an international graduate student who is now studying a Master in Economics in one of reputation U.S. university. I receive a graduate assistantship from the University so my annual income is around 19-20k per year.

 

As I am a Master student, and I have no intention to find a job in the U.S. after graduation, I have around 27 months in the U.S. so if I intend to maximize the welcome bonus from credit card offers, I think I might need to strategic plan to archive it, and I need your suggestion for that.

 

The following are my credit activities so far:

 

09/12: Approved for Capital One Cash Rewards for New Comer (CL:300)

10/12: Approved for local Credit Union VISA (CL:1,500)

10/12: Denied for Discover More (I am an idiot at that time and I suffered 2 hard pull from this T_T)

11/12: 1 Hard pull for buying a car in cash, I still don't understand why they hard pull me but seems like I have to live with it

02/13: Denied for NFL Extra Point (Again, I am an idiot thinking that I stand a chance for $400 welcome bonus)

04/13: Auto CLI on CapOne (300->500)

04/13: Approved for Chase Freedom (CL:1,500)

04/13: Approved for Discover IT Student (CL:1,500)

 

Credit Score: 721 (Creditkarma), 713 (Creditsesame, credit.com), 707 (FICO from Discover IT letter), 695 (Transunion from Chase Freedom letter)

 

My AAoA is now 5 months with 8 hard inquiries. I always let only one card reported at the balance ~ 7-12% of the card. Then I always pay in full every month.

 

Please note that I have quite a good banking relationship with Chase. I was told (by the banker) that because of this, I was approved for Chase Freedom in 6 months rather than 12 months as usual.

 

I am in the garden now and here is my plan, please feel free to comment, any suggestion would be highly appreciated.

 

07/13: Ask for another CLI on CapOne (Expecting 1,000 - 1,500) only if no additional hard inquiry

07/13: Go for one of AMEX revolver (may be BCE or Delta Gold if the offfer is good)

10/13: Go for Chase United Explorer and Chase Ink Cash (or Classic)

01/14: Go for one of Barclays card (with $400 offer if it is still available)

04/14: ??

07/14: ??

10/14: Go for Chase Sapphire Preferred and Chase Ink Bold (or Plus)

01/15: Go for another Barclays card (if the offer still available) and some airline or hotel card.

 

Many thanks,


Many will say to let your new accounts age at least a 12-24 months. These are some factors that may not help you if you plan to app again in July

-You just got approved for 2 new cards in April 

-You already have 8 inquiries

-AAoA is 5 months, which is very "young" at the moment

-You would be in the garden for 3 months if you app in July

 

Even though you got approved for the Chase Freedom at 6 months vs. 12 months, it wouldn't mean this would work when you app for the Chase United Explorer in Oct.

Are the inquires spread out between EX, TU, EQ or are they all from one Credit Reporting Agency?

 

I would wait a while before apping. Like others will say, YMMV.


2010: 475 EQ 2011: 503 EQ 2012: 600 EQ2013:632 EQ
Starting Score: 634 EQ-3/13/13
Current Score: 706 EQ-8/29/13 703 EX-7/12/13 705 TU-8/9/13
Goal Score: 700

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Super Contributor
enharu
Posts: 7,132
Registered: ‎02-27-2013
0

Re: How to maximize credit card offers if you have only ~ 27 months in the U.S.


thecentury303 wrote:

Hi,

 

I have read this forum for a few months and think this is a good time to start looking for suggestions.

 

Let me start with my background: I am an international graduate student who is now studying a Master in Economics in one of reputation U.S. university. I receive a graduate assistantship from the University so my annual income is around 19-20k per year.

 

As I am a Master student, and I have no intention to find a job in the U.S. after graduation, I have around 27 months in the U.S. so if I intend to maximize the welcome bonus from credit card offers, I think I might need to strategic plan to archive it, and I need your suggestion for that.

 

The following are my credit activities so far:

 

09/12: Approved for Capital One Cash Rewards for New Comer (CL:300)

10/12: Approved for local Credit Union VISA (CL:1,500)

10/12: Denied for Discover More (I am an idiot at that time and I suffered 2 hard pull from this T_T)

11/12: 1 Hard pull for buying a car in cash, I still don't understand why they hard pull me but seems like I have to live with it

02/13: Denied for NFL Extra Point (Again, I am an idiot thinking that I stand a chance for $400 welcome bonus)

04/13: Auto CLI on CapOne (300->500)

04/13: Approved for Chase Freedom (CL:1,500)

04/13: Approved for Discover IT Student (CL:1,500)

 

Credit Score: 721 (Creditkarma), 713 (Creditsesame, credit.com), 707 (FICO from Discover IT letter), 695 (Transunion from Chase Freedom letter)

 

My AAoA is now 5 months with 8 hard inquiries. I always let only one card reported at the balance ~ 7-12% of the card. Then I always pay in full every month.

 

Please note that I have quite a good banking relationship with Chase. I was told (by the banker) that because of this, I was approved for Chase Freedom in 6 months rather than 12 months as usual.

 

I am in the garden now and here is my plan, please feel free to comment, any suggestion would be highly appreciated.

 

07/13: Ask for another CLI on CapOne (Expecting 1,000 - 1,500) only if no additional hard inquiry

07/13: Go for one of AMEX revolver (may be BCE or Delta Gold if the offfer is good)

10/13: Go for Chase United Explorer and Chase Ink Cash (or Classic)

01/14: Go for one of Barclays card (with $400 offer if it is still available)

04/14: ??

07/14: ??

10/14: Go for Chase Sapphire Preferred and Chase Ink Bold (or Plus)

01/15: Go for another Barclays card (if the offer still available) and some airline or hotel card.

 

Many thanks,


IMO because your credit history is really short (less than 1 year total) and you already racked up 8 inquiries, it's best you wait until at least Nov / Dec 2013, if not April 2014. The sign-up bonuses right now are not as compelling anyways and you don't seem to need it urgently, so time is still on your side even though you will not be in the US for long. It's best to just build history, and then get 4-5 cards at once, rather than to spread them out every 2-3 months. Right now you need to build up history. This is your main priority in order to get approvals. Racking up new accounts with a short file will get you into trouble with your current and prospective lenders.

 

In the plan that you listed, you are essentially adding 15 accounts over a span of 2 years. That is way too much to be honest. A lot of inquiry sensitive lenders, especially American Express and Barclays, will be denying you for too many recent inquiries. 

 

Basically you're in good shape. All you really need is to let your credit history build up and only time can fix that.

 

 

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).
New Contributor
thecentury303
Posts: 70
Registered: ‎04-07-2013
0

Re: How to maximize credit card offers if you have only ~ 27 months in the U.S.

[ Edited ]

Thank you for your reply!

 

I might skip 07/2013 round and try to cut some Barclays card then.

Capital One Cash Rewards for New Comer: $1,500 (09/12), Local Credit Union: $1,500 (10/12), Chase Freedom: $1,500 (04/13), Discover IT: $2,100 (04/13), AMEX Gold Charge Card: NPSL (06/13), AMEX BCE: $6,000 (06/13), Chase United Explorer: $6,000 (10/13), Chase Ink Cash: $3,000 (10/13), Barclays Arrival Platinum: $3,000 (10/13), US Bank Flexperk Travel Rewards: $5,000 (01/14), Capital One Venture: $5,000 (01/14), Citi AA World MC: $6,500 (01/14),Citi AA Executive World Elite MC: $5,000 (01/14)

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