Credit Card Center Advertiser Disclosure

Reply
Regular Contributor
Posts: 156
Registered: ‎04-07-2013
0 Kudos

No need to apply for anymore credit cards...!

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. 

Senior Contributor
Posts: 4,061
Registered: ‎10-02-2012
0 Kudos

Re: No need to apply for anymore credit cards...!

Good thinking on not applying for CSP it would of only added an inquiry and lowered score. Keep up the good work!

Banking with CBofTV, BofH, and BBVA. All three are free checking accounts.
First Premier CC $500
Chapter 7 BK Discharged on 7/11/16
Equifax, Experian, Transunion, and ChexSystem are FROZEN.
Gardening Since 09/20/2017
Established Contributor
Posts: 900
Registered: ‎04-21-2013
0 Kudos

Re: No need to apply for anymore credit cards...!

Congrats..

I'm Impressed...


(Chase)- Freedom, CSP®, United MileagePlus® Explorer, Marriott Rewards® Premier, Penfed cash+ rewards/Promise/Defender.
Amex’s- BCE, Hilton, SPG®, PRG® and Blue®, NFCU Cash Rewards, FHB Destinations World Elite.
- Amex Centurion,(Citi) Executive/Platinum® Advantage


Alaska Airlines
Valued Contributor
Posts: 1,531
Registered: ‎09-14-2012
0 Kudos

Re: No need to apply for anymore credit cards...!

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!!

Starting a whole new chapter
Moderator Emerita
Posts: 27,204
Registered: ‎09-13-2012
0 Kudos

Re: No need to apply for anymore credit cards...!

Bravo! You have demonstrated a level of financial maturity and responsibility that is sometimes missing in adults 2-3x your age. Your parents taught you well.
Frequent Contributor
Posts: 448
Registered: ‎09-12-2013
0 Kudos

Re: No need to apply for anymore credit cards...!

Nice limits for a 20-year old...do you work?

TU: 768 | EQ: 769 | EX: 764
Last INQ: 9/3/16
AAoA: 2y 11m
Lowest limit: Citi Double Cash MasterCard - $14,000
Highest limit: Discover It - $56,000
Available credit: $177,100 (6 cards)
Valued Contributor
Posts: 1,612
Registered: ‎08-30-2011
0 Kudos

Re: No need to apply for anymore credit cards...!

[ Edited ]
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 ! ! ! !

EX = 849 EQ = 850 TU = 850 as of 07/2017
Retired and Retiring Cards!
Valued Contributor
Posts: 1,257
Registered: ‎07-18-2009
0 Kudos

Re: No need to apply for anymore credit cards...!

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.


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Regular Contributor
Posts: 156
Registered: ‎04-07-2013
0 Kudos

Re: No need to apply for anymore credit cards...!

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 =) .

Super Contributor
Posts: 15,250
Registered: ‎04-22-2013
0 Kudos

Re: No need to apply for anymore credit cards...!

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).

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.