Lurker's First Post...

[2011beginnings]

First of all, thank you to everyone.  I just started researching credit this year.  It is kind of like I set my own resolution to learn more about it and improve my scores.

I am 24 years old and want to purchase a home in the future.

Currently, I have a Gold AMEX (2011-NPSL), BofA Cash Rewards (2011-$2500) and just got a Chase Sapphire Preferred (1/28/13-$5000) for the sign-on bonus and rewards.

Questions:

Are these good cards for someone starting out? i checked my scores and I am in the low 700's right now.  I do have federal student loans from college that I pay on every month and I have never been late.

When should I request a CLI on my BofA Cash Rewards?

When do should I apply for an AMEX revolver?  I really like the benefits of the BCE over what I am receiving with my BofA Cash Rewards card.

Any advice is DEFINITELY appreciated...after all, I'm still learning and very new!

Thanks

[chnceit]

Those are some nice cards you got and I would not call them start cards at all!! 

CSP is a card that I believe everyone wants so you did/are doing really well!!

Since you already are an AMEX member and if you applied for the BCE and get denied (not saying you will, but YMMV) it will be SP. 

Good luck and if you have income then I think you got a good chance

[2011beginnings]

Thanks for the response.

I appreciate the information.  Is it a SP for any AMEX I apply for since I am already a member?

Yeah, I really like the CSP.  Tons of customers come in with cards where I work each day but the CSP stands out and I had a customer who told me a plethora of information about it and I figured I would apply earlier this week and was instantly approved with my highest credit limit.  This is my first experience with Chase but from what I have read they seem to be a great bank.

[chnceit]

For AMEX SP if denied and HP if approved

Yes I get a lot of compliants for the CSP and I sure do like the weight of it 

Chase can give nice starting CLs and CLI after 6 months, but if you initiate a CLI then at most times it will result in a HP. 

[2011beginnings]

Oh okay.  I see.

I don't plan to apply for anything else until perhaps next year or so unless there is a great reward that comes out unless there is something that I learn more about from researching that can help my score.  I know the more credit you have, the lower your utilization but I do not want to risk HP's either.

[koalablue]

You have some excellent cards - congratulations!  For the Amex revolver, I don't know that you need to wait a year unless you really want to.  Six months or so is enough time.  One more HP is not going to hurt.  Also, I'd really recommend the BCP over the BCE.  With 6% cash back on groceries, 3% back on dept stores and gas, and 1% on everything else, you will easily earn enough to make up the 75.00 AF and have plenty left over.  I've read in a few places that if you spend at least 25.00 a week on groceries, the BCP is a better card to get.  Just run a decent amount of expenses through your PRG, pay on time, and you should be good to go!

[shakalaka]

Well the good thing is, it will be a SP on denial. Run some money through the Gold, pay them in large amounts (or best one large amount) and you will be in good shape. I had the ZYNC for 4 months, prior to my BCE approval last weekend. I paid always the day after the statement. I guess that helped my internal score with AX. And you already have a good lone of cards there. Congrats.

[sambam94]

What is the allure of the CSP.besides it looks good?  I mean, I got it last month for the 40k bonus, but no way I'm paying the annual fee next year.  2x for dining is ok..but not worth the $95 AF IMO...  I will prob downgrade to regular Sapphire when af comes up.

[2011beginnings]

I'm considering the BCP too. I get 3% cash back on my BofA now. Can you get cash back with the BCP and membership rewards points too?

[2011beginnings]

What made you choose a BCP? I always run a lot through my Amex and pay in full. When I call, the reps always say thank you so much for keeping your account in excellent condition haha.