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Regular Contributor
subsnao
Posts: 132
Registered: ‎08-22-2013
0

Looking for advice from you credit gurus

Hello forum. Been awhile since I posted anywhere besides the GC thread. This time I come to you looking for some advice. Let me outline my issue and my credit profile:

 

Profile:

Loans include car (~$12k balance left, only a little over a year old) and student loans (~$43k and growing, but they are deferred and I am not the one paying for them, although they are in my name).

Cards: Cap1 QS (500), BCE (2k), BoA 123 (800), Chase Amazon (900), Freedom (1k), Citi Dividends (1.6k), IT (1k). Total util right now is about 9% across all cards, but the last reported util was 7%. The Cap1 is my oldest card at just over a year old (this is the problem card I will outline soon).

No baddies

AAoA stands at 8 months currently after a recent app spree and having a thin file. Longest account is 2 years 2 months.

Income sits around $7.5k, but that is because I work at my university and am forced to work no more than 20 hrs/week at minimum wage. I graduate next June and will have a job soon after. I am pretty frugal as is, so I do not really charge more to my cards than I can afford. More or less abuse them for the cashback when I get food, gas, etc. instead of getting nothing when I use my debit.

Scores are in my sig, and are updated as far as I can get without buying a score/report or apping for a new card.

INQs: 7 or 8 on all reports. 4 of which will fall off in May of 2014, the rest will be 6 months old at that point.

 

Now, onto my problem. The Cap1 QS started out as a Journey card with a $300 limit at 19.8%. Credit Steps took it to $500 and same interest. After that, nothing. EO couldn't help me on the CL or the APR, but I was able to PC to the QS a few months ago. This card refuses to grow with me, not to mention my other cards have 2x, 3x and 4x the limits with much lower APRs. I am seriously thinking about SD'ing the card and using it for a small monthly recurring payment (which will be paid off entirely) or closing it entirely. I would like another card to replace the lost 1.5% cash back that will give me a decent limit and APR (for my profile) and will grow with me as I begin my life next year. I was contemplating applying for a travel card to round out my profile (I don't travel at all at this point in my life, but it would be nice to start racking up miles/points in case I do need or want to travel) sometime next year around May/June when a bunch of INQs fall off my CR and the ones from the most recent spree are 6 months old. I was looking at the Boa TravelRewards, Cap1 VentureOne, Barclay Arrival (the no AF one) for travel cards. Was also looking at the Simplicity to have a card in case I ever need to carry balance on a large purchase. What would you guys suggest in terms of the cards I listed and others I may have not considered.

 

Thanks for reading the wall of text. I appreciate any feedback.


In the garden as of 8/28/2014
Scores:
TU: 753 (Discover FICO 7/2014) EQ: 721 (FICO 4/2014) EX: 723 (FICO 3/2014)
Age: 21
Community Leader
Senior Contributor
myjourney
Posts: 26,105
Registered: ‎02-07-2013
0

Re: Looking for advice from you credit gurus


subsnao wrote:

Hello forum. Been awhile since I posted anywhere besides the GC thread. This time I come to you looking for some advice. Let me outline my issue and my credit profile:

 

Profile:

Loans include car (~$12k balance left, only a little over a year old) and student loans (~$43k and growing, but they are deferred and I am not the one paying for them, although they are in my name).

Cards: Cap1 QS (500), BCE (2k), BoA 123 (800), Chase Amazon (900), Freedom (1k), Citi Dividends (1.6k), IT (1k). Total util right now is about 9% across all cards, but the last reported util was 7%. The Cap1 is my oldest card at just over a year old (this is the problem card I will outline soon).

No baddies

AAoA stands at 8 months currently after a recent app spree and having a thin file. Longest account is 2 years 2 months.

Income sits around $7.5k, but that is because I work at my university and am forced to work no more than 20 hrs/week at minimum wage. I graduate next June and will have a job soon after. I am pretty frugal as is, so I do not really charge more to my cards than I can afford. More or less abuse them for the cashback when I get food, gas, etc. instead of getting nothing when I use my debit.

Scores are in my sig, and are updated as far as I can get without buying a score/report or apping for a new card.

INQs: 7 or 8 on all reports. 4 of which will fall off in May of 2014, the rest will be 6 months old at that point.

 

Now, onto my problem. The Cap1 QS started out as a Journey card with a $300 limit at 19.8%. Credit Steps took it to $500 and same interest. After that, nothing. EO couldn't help me on the CL or the APR, but I was able to PC to the QS a few months ago. This card refuses to grow with me, not to mention my other cards have 2x, 3x and 4x the limits with much lower APRs. I am seriously thinking about SD'ing the card and using it for a small monthly recurring payment (which will be paid off entirely) or closing it entirely. I would like another card to replace the lost 1.5% cash back that will give me a decent limit and APR (for my profile) and will grow with me as I begin my life next year. I was contemplating applying for a travel card to round out my profile (I don't travel at all at this point in my life, but it would be nice to start racking up miles/points in case I do need or want to travel) sometime next year around May/June when a bunch of INQs fall off my CR and the ones from the most recent spree are 6 months old. I was looking at the Boa TravelRewards, Cap1 VentureOne, Barclay Arrival (the no AF one) for travel cards. Was also looking at the Simplicity to have a card in case I ever need to carry balance on a large purchase. What would you guys suggest in terms of the cards I listed and others I may have not considered.

 

Thanks for reading the wall of text. I appreciate any feedback.


I would go with the BofA TR and Barclay arrival both good cards 

Scores and CR's look great 

My number one pick would be the arrival for the sign up bonus and 10% on miles when redeem for travel and the 2x points

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


Regular Contributor
subsnao
Posts: 132
Registered: ‎08-22-2013
0

Re: Looking for advice from you credit gurus

Thanks MJ. I know for a fact that I would not be able to get the sign up bonus for the Arrival card, plus Barclays seems to not like new accounts and INQs. The BoA TravelRewards also has a really broad definition of travel, including things like Amusement parks, Tourist Attractions and other things of the like. Also, 1.5 points/$1 on everything seems like a better deal than 2x on only travel and dining. Maybe in a couple years I will try and get the CSP, as I tried to get the regular Sapphire a few months ago and was denied only because my income was too low. 

Anyone else wanna chime in and help a bro out?


In the garden as of 8/28/2014
Scores:
TU: 753 (Discover FICO 7/2014) EQ: 721 (FICO 4/2014) EX: 723 (FICO 3/2014)
Age: 21
Valued Contributor
Themanwhocan
Posts: 1,511
Registered: ‎04-04-2013
0

Re: Looking for advice from you credit gurus

I wouldn't be applying for travel cards until you actually start travelling on a regular basis.

 

All your credit limits are low. I wouldn't single out the QuickSilver on that account. Keep it and use it.

 

If you want a new card, I suggest another cash back card, the Sallie Mae World Mastercard. That should grow via auto CLI, and the 5% cash back categories should be very useful to you (Gas Stations, Grocery Stores, Bookstores like Amazon.com).

 

Remember to request a 3X CLI on the American Express after 61 days, but considering your income, I wouldn't expect too much. Similarly, request a small increase on your Discover IT every 3 months.


Frequent Contributor
Networth
Posts: 265
Registered: ‎07-11-2013
0

Re: Looking for advice from you credit gurus

I have to disagree with waiting to apply for a travel card untill you start traveling. I applied for my Blue Sky back in 07' while still in my undergrad years I have since been banking points and have $1000 in statement credits in travel just waiting for me to use. I am holding on to them for a eventual ultimate honeymoon. Now all of my "points" go to Chase, but point being its never to early to save up for travel rewards IMO OP.

Chase Sapphire Preferred - American Express Blue Sky - Chase Freedom - BankAmericard Travel Rewards - Walmart - Macy's

Walmart TU 823 (Most Recent) EX 807 EQ 810
Valued Contributor
SnackTrader
Posts: 1,566
Registered: ‎09-15-2012
0

Re: Looking for advice from you credit gurus

For higher limits, and the best results from obtaining new cards (I.e. getting the Barclays World MasterCard rather than just regular MasterCard) I would wait until your most recent spree is 6 months old AND you have better income. No one is going to trust you with a $5k+ CC limit when you only make $7.5k. Plus, you have applied for 5+ cards in the last year with a thin file. You are doing great for your age, but now you need to wait this out for best results. Otherwise, you will be stuck in low limit he'll forever. We all have things to overcome in our credit lives, just be thankful that yours is as easy as graduating school, finding a job, and letting your accounts age.

Remember this: YMMV means two things.
1) your experience will depend on the CC company's policies towards you AND
2) your experience will depend on your ability to meet the CC company's policies. These aren't the same thing. In the first scenario, you have to find the right customer service rep, on the right day, for the right product. In number two, once you find the right product, you need to have a good enough credit profile to qualify for that benefit/approval/reward etc.

Unfortunately, your experiences will be drastically different than mine just due to income and length of history. But you can get here! Keep reading the forums and asking questions and everything will be fine.

In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Frequent Contributor
jenn_bar
Posts: 315
Registered: ‎05-24-2013
0

Re: Looking for advice from you credit gurus

[ Edited ]

Do you have any other outlets to pay your bills? Parents, for example?

You mentioned your still in school, which I am too (yippee :smileysad: ), and I forgot on my initial round of apps that I was able to put supplemental income that I received throughout the month. That can easily add up, especially if on a monthly basis.

Like some above, I would wait and worry about increasing those limits. Don't take a hard pull for them, but the BCE could be a little less than your income at some point due to success with the 3x CLI after first 60 days and then 180 days.

Wait also until you get out of school and into a job. It's much better to freshly apply for an app with a new income then it is to alert the bank of it later and hope it pushes an auto CLI. Chances are way better that you'll get the higher CLI from the app than otherwise. Plus, you look way less risky.

In summation, I think you should chill and live with the cards you have now! Try all the soft pull CLI's you can as time goes on and then work on getting great cards in 6 months-year or so and lets those cards age. You're on a great track so keep up with it!

As far as travel rewards cards go, if there's no need to rush now, I'd wait until there's a decent sign-up bonus on either a co-branded card with a travel agency that you use often (United/Southwest/Hotel brand) or a decent sign-up bonus with an every day one (ie. AMEX SPG in the summer for 30k or PRG for 50k). Also, if you were to be denied for the SPG/PRG, it would only be a soft pull!

Good luck! :smileyhappy:

Regular Contributor
subsnao
Posts: 132
Registered: ‎08-22-2013
0

Re: Looking for advice from you credit gurus

Thanks for the input everyone. I was already planning on sitting in the Garden for a good while before doing anything besides SP CLIs. I already tried for my 61 day 3x CLI at AMEX and was denied with only 1 reason, and that was "Not enough time as an AMEX customer". So income with them seems to not be a problem. I just wish Cap1 wasn't so stingy with their cards. Heck, they even made some money off me before I transferred my balance to Discover for 0% APR instead of 19.8%. I mean, even a $500 CLI would suffice.


In the garden as of 8/28/2014
Scores:
TU: 753 (Discover FICO 7/2014) EQ: 721 (FICO 4/2014) EX: 723 (FICO 3/2014)
Age: 21
Valued Contributor
SnackTrader
Posts: 1,566
Registered: ‎09-15-2012
0

Re: Looking for advice from you credit gurus

Cap 1 isn't being that stingy. Your CL from them is really only a few hundred dollars lower than your average CL when you exclude their card. Your total credit lines exceed your annual income. You have continued to add new tradelines during your time with their card. They are pretty much acting as any other company would in my opinion.

The interest they made off you is a completely different discussion than your CL. $500 revolving balance at 20% is roughly $100 per year, but if you default on that $500 and they charge it off they lose $400. So, ability to repay in your situation is clearly overpowering any profitability measures on your card. As I mentioned earlier, sit tight, grow your limits organically. If you want to SD Cap 1 go ahead, but it could be a helpful card down the line when you become a much bigger spender.

In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014

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