Hey everyone! Hows it going!? I'm a soph in college 18 going on 19 next month and looking for some advice, that will dictate my credit future. I'm seeking help from this community because every since I've been on here, anytime I had a question I just search it up and the answers pop up, and you guys have been awesome in giving honest opinion. Be aware I do ramble sometimes, but I love to provide the full situation and leave nothing out so you guys can give me your full judgment with all the in's and outs. (excuse my ramble, here's my situation:
I'm new to the community and credit world, but I have moved in the right direction, thanks to my parents having nothing but bad credit! (I'm trying to change that for many generations to come!) Anywho in the past year I have been with capital one, and I started with a limit of 300 on 10/26/2011. Its been 11 months almost a year, and I utilized the card pretty well (16% rule), and paid it in full every month! Too bad Cap1 stop giving CLI in march 2012. My new CLI since than though is a measly $500. That is the only thing that has been on my record, besides my Sallie mae unsubsidized and subsidized school loans of (2,000 and $3,500). The $2,000 loan is unsubsidized so I will try to pay it off by next year, and keep the other loan until I graduate and slowly pay it off afterwards so I don't have a credit report with nothing on it.
(Is this a good move?)
Also recently I did an inquiry with sprint (EQ) (trans??)-will have this removed as they promised me they would only use EQ., chase(EX.), and amex (all 3) what a bummer, they said they only did an inquiry through one bureau, they just didn't know which one they would pull from..... (sucks).., I figured since my credit scores was high, and I wanted a new phone (I been on a flip phone forever), a card with a better limit/ cash back rotating bonus(chase freedom), and a card I could always use for groceries annually (blue cash preferred) I went out on a gardening spree and applied. I got approved with sprint, and chase freedom, but amex declined me. (I will be appealing with them soon, as I feel I am a great candidate for the card) Btw: If you noticed, I tried to do one inquiry on each account but it failed miserably b/c I was lied too... -.- Amex is understandable, but still it sucks.
(Was this a bad move applying to these companies all at once?)
What I am planning to do but want advice for before I do it: I know DCU offers the free EQ score, so I wanted to open up a checking plus with them and also get a walmart card for the free TU. And as for Exp I am paying the 8:95 per month for the monitoring/score, as I like there service. Plus they offer the plus scores, and I know the supervisor there so he offers me disc. and all I would need to buy is my vantage score quarterly from them and I would have all my scores. (Which I am getting at a bargain). Would this be a good idea, or should I wait to do this? And if so when, or should I just do it, and then after that suffer for a year or two and stay away from seeking credit and focus on utilizing my credit cards/ continue doing what I was doing with my Cap1. As if I get my amex, and these things, I wouldn't be needing to seek credit anytime soon until next year when I apply for my car loan! (Mid 2013)
Lastly I know I should not be seeking out so much credit in such a short period of time, but I figured since my credit was okay/near the excellent margin, that I could use it now and get what I need; and do what I been doing, to get those points back that I lost on the inquiries further down the line! Am I in a bad mind state, and taking to big of risks, or is the process I'm trying to do common?
Thanks in advance, for taking the time out to try to help me! I know I have a lot of questions but I'm new to credit and want to move in the right direction! And please even if you can only give advice on one part of my questions please do so, as I am open to all kinds of advice/constructive criticism
Instead of paying $8.95 a month for an EX FAKO, why not sign up for Credit Sesame? It's free and it's just as good as a pay service for monitoring your EX report. You could put the payment you were making toward a subscription to Score Watch ($14.95 or cheaper if you have a coupon code) here on myfico.com and you can keep track of your EQ FICO score and your EQ report.
While it's great to get a head start with credit, you might want to think about other factors that impact your credit. Having ahigh score early in the 'game' is different than having a few years of credit history under your belt. Amex also really wants to see income and assets available before approval. Which as a student it is difficult to show when you cannot be working full time. I would stop applying for any additional credit and garden for while. Once you finish school you will have some built up history and will have access to more premium card products. Right now just focus on getting that history under your belt.
Sorry for the long wait, I have been very busy lately; using my new card, opening my new accounts with DCU, and signing up for all the benefits! Thank you guys so much for responding and giving your input in as they have been very helpful!
"While it's great to get a head start with credit, you might want to think about other factors that impact your credit. Having a high score early in the 'game' is different than having a few years of credit history under your belt. Amex also really wants to see income and assets available before approval. Which as a student it is difficult to show when you cannot be working full time. I would stop applying for any additional credit and garden for while. Once you finish school you will have some built up history and will have access to more premium card products. Right now just focus on getting that history under your belt."
@Espnjunkie That is true, and I totally agree with that. I have noticed that people with longer credit history's are the one's getting approved for that card, and I was mad, I didn't hear that advice earlier. Because If I knew that I would have never did the amex app! But hey sometimes you have to be hardheaded and make a mistake, before you can learn the tricks and trades of going about something. And I feel that's what happened here, but I am done app spreeing for cards, and will just manage the credit I have for now, until I'm ready to go get my car, and feel ready to apply for 1 last card (the zync card) relevate was telling me about. And I thank you for your input, and will definately go in that direction of lying low for awhile, and building my credit history while I am in school!
Unless I am mistaken, Amex has stopped offering the Zync card.
Unless I am mistaken, Amex has stopped offering the Zync card.
No you are not mistaken. Since 10/1 the Zync is gone for new apps.
Score Watch alerts you to any changes to your EQ credit report and also alerts you when your EQ credit score changes, so I think that would actually meet your needs. You can try a free trial and see if you like it. I've been subscribed to it for months now and it really helps a lot.