Need credit advice!

[Anonymous]

Hey guys!

I'm one of the newer people inside this forum. I was just hoping you guys could help me plan for my credit lines say 6 months down the line. I'm currently gardening since I have nothing better to do.

My current cards are:

Discover It Chrome for Students, 9 months old, 500 USD limit

AMEX Everyday, 1 month old, 9k Limit

Barclays Sallie Mae, 1 month, 1k Limit

I'm gardening with a goal of ~780s for my scores. 

Now, as a student I'm working part time earning a little under  14k a year. I plan to eventually PC the Amex Everyday to a preferred, but that will be another year before it happens. I don't really want to cancel and re-app for the preferred, it just seems like too much of a headache since I JUST got a CLI on the card.

I no longer use the Discover since I have my AMEX and instead only run my netflix subscription through that. My AMEX i use for everything, and the Sallie Mae I've been using exclusively for gas. 

I feel like between the AMEX and the SM, I have my usage covered pretty well. I see a lot of people mentioning the Capital One Venture, Chase Sapphire and Ink cards a lot on these forums, but I can't really justify trying to app for those because I don't picture myself being able to meet the sign up bonuses without being financially risky, and that just seems irresponsible. If I don't really see myself needing any other card, should I still app for them in the future to increase my overall line of credit or should I refrain until I find cards that will actually be useful?

I see a lot of people with 6-10 cards in their signatures, but I get the feeling that those are also people who are earling 50k+ a year. 

Would love some insight, and some suggestions for other cards that are 'good' or 'useful'. Since both those terms are subjective based on everyone's needs.

[Anonymous]

The cards that are good and useful are, as you said, completely subjective.  If you feel that your spending needs are covered by Sallie, your AMEX and your It Chrome you don't have to do any extra credit shopping.

The only thing I will bring your attention to is the BofA Better Balance Rewards card - you can throw your subscription payment on it instead of the It Chrome and get $100 cash back annually with it (better than the what, $1 or so annually you'd get off of Discover?). Then just use the It Chrome for restaurants and Discover Deals if you ever shop online anywhere that isn't Amazon.  Yes, there are slightly better restaurant cards (Chase AARP, for example) but this kinda works with what you already have rather than opening a bunch of other cards if you don't want to deal with other cards in this particular time of your life.

[Anonymous]

While the BoA Balance Rewards sounds good, is as reading through some of the posts and the way that you have to carry a balance and such seems like such a hassle. I'm pretty bad about dates, and I feel like I'd accidentally forget to pay or something. (Which i haven't had that yet but I get the feeling that I would while overthinking the boa.)

Do you happen to know what kind of files BoA prefers? thanks for responding by the way, you've been very helpful.

[Marths]

Well most people here from what I've gathered only really use a couple of their cards, and "sock drawer" the rest. The main reasoning for multiple cards is to get your availible credit higher, while keeping low utilization. The 2 cards you already have are great cards, so there is no NEED for others. It's more or less do you want high availible credit?

[atd1970]

Personally, I wouldn't do anything. I made the mistake of adding cards, and later closed most of them.

Amex and Barclay will grow quickly, Discover is a little more unpredictable.

The only other suggestion I can add is "Sign-Up" bonuses and interest rate reductions. If you plan to travel, either during school, or on graduation, Chase has some good products, and the pre-quals seem a safe bet. As for interest rates, when your income goes up, make a phone call and ask.

[sunkissed]

Teunsol, I don’t think you need any credit advice.  It looks like you’re doing just fine!  Ignore what others are doing.  Everyone’s situation is unique and the moves they’re making may not line up for you.

You’re a student.  I’m a working mom.  Our lifestyles, earning, spending, and reward needs/wants are not going to be the same.  So our card list will also be different.

Be yourself and do what right for you and you will be fine.

Best of luck to you!

[atd1970]

@sunkissed

Agreed. You said my thoughts more eloquently than I did