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I wanted to apply for the Chase Sapphired Preferred card, but I decided not to. Why? I'm 20 years old with a limited income and I already have a decent collection of credit cards. Sometimes all it takes is that realization that... enough is enough!
Maybe when I get a better salary, or something---but I've always been taught to live within my own means. Thanks mom and dad for teaching that.
Good thinking on not applying for CSP it would of only added an inquiry and lowered score. Keep up the good work!
Congrats..
I'm Impressed...
Your thought process in making that decision is spot on and shows an exceptional maturity for a 20 year old. The card only works if you can justify the cost. I, personally, run about $5k through my CSP each month, it payd for itself. Good thinking!!
Nice limits for a 20-year old...do you work?
@CollegeStudent530 wrote:I wanted to apply for the Chase Sapphired Preferred card, but I decided not to. Why? I'm 20 years old with a limited income and I already have a decent collection of credit cards. Sometimes all it takes is that realization that... enough is enough!
Maybe when I get a better salary, or something---but I've always been taught to live within my own means. Thanks mom and dad for teaching that.
Good on you ! ! ! !
You are wise beyond your years. Having found this site is certainly to your advantage as well, but NOW you're in a position to GIVE advice in addition to receiving advice. Other younger members, as well as us old timers, should follow your example! Be happy with what you've earned ! !
ONWARD AND UPWARD ! ! ! !
I'm on the other side of the OP's situation but have similar feelings. I'm retired so growing credit for a mortgage or whatever is really something I no longer have any need to do.
I really don't need any more credit cards or available credit except perhaps another Citi card as the one I have doesn't have virtual account numbers. I really miss that from my old secured card.
Yes. I have been working since 15 years old. Currently, I work part-time and go to school full-time.
@All: Yup! Thanks for everyone's encouraging words. When I first discovered this website, I was addicted and checked it out everyday. I was always intrigued and influenced by seeing everyone's credit card approvals---that I wanted them for myself too. I didn't realize how addicted I was until I opened my safe to discover a lot of cards in there. After not going on this website as often, I realized my anxiety and desire for more cards went away.
If you haven't noticed, all my credit cards (besides my starter card from Golden1) are reward-based credit cards. I recently just got my $30 reward from BOA a few days ago! I am super proud of my profits and have been sharing financial advice to my peers =) .
And just to give the other side! If you could meet the minimum spend ($2K if you apply through a branch) it actually is worth getting the CSP for the $400 bonus, and then downgrading to the CS as the annual fee comes due. This is basically a free $400 (if the HP and spend isn't an issue).