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Regular Contributor
Posts: 155
Registered: ‎04-07-2013
0

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. 

Blue Cash Everyday - $33,600 | United MileagePlus Explorer Card - $16,000 | Discover It - $12,500 | Sapphire - $5,000 |
Freedom - $5,000 | Southwest Airlines Premier $5,000 l Better Balance Rewards - $2,500 | Golden 1 Credit Union Student Visa - $1,000

FICO as of 3/1/2015: 766
Recent College Graduate l Age: 22 l Gardening as of 12/26/2014


Senior Contributor
Posts: 3,919
Registered: ‎10-02-2012
0

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!


(EQ FICO ---) (EX FICO ---) (TU FICO ---) Gardening Since 07/15/15 For All 3 Credit Bureaus
(EQ Inquiries --) (EX inquiries --) (TU Inquiries --) All of my 3 Credit Cards are Secured with a $300 Credit Limit.
Established Contributor
Posts: 850
Registered: ‎04-21-2013
0

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.
Amex’s- BCE, Hilton and SPG®, NFCU Cash Rewards, FHB Destinations World Elite.
(Citi)- Dividends Platinum Select, Executive/Platinum® Advantage,Hawaiian Airlines World Elite


Alaska Airlines
Valued Contributor
Posts: 1,267
Registered: ‎09-14-2012
0

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!!

Never take credit personally

Amex BCP $24,900; Chase Sapphire Preferred $24,200; Chase Marriott $20,000; Discover It $12,500; Chase Ink Cash $15,000; Chase Slate $13,500; Citi TYP $12,900; Capital One Venture $15,000; Amex SPG Biz $3,000; DCU Visa $10,000; Logix FCU $15,000; Citi Home Depot $8,800; Lowes $8,000; Care Credit $6,000; Penfed Platinum Sig $16,000; Barclay Arrival Plus WEMC $15,000; US Bank PLOC Overdraft $1,500; US Bank Perks+ Visa Signature $8,600; US Bank Edge Rewards Business $10,000; PenFed PLOC $5,000

Moderator
Posts: 27,207
Registered: ‎09-13-2012
0

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: 424
Registered: ‎09-12-2013
0

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

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

TU: 757 | EQ: 749 | EX: 751
Last INQ: 1/23/15
AAoA: 2y 5m
Lowest limit: Sallie Mae MasterCard - $5,000
Highest limit: AmEx EveryDay - $30,000
Available credit: $112,600 (7 cards)
Valued Contributor
Posts: 1,486
Registered: ‎08-30-2011
0

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 ! ! ! !

Diners Club Premier MasterCard $50K / AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10.5K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 818 EQ = 823 TU = 822 as of 07/15
Valued Contributor
Posts: 1,238
Registered: ‎07-18-2009
0

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: 155
Registered: ‎04-07-2013
0

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 =) .

Blue Cash Everyday - $33,600 | United MileagePlus Explorer Card - $16,000 | Discover It - $12,500 | Sapphire - $5,000 |
Freedom - $5,000 | Southwest Airlines Premier $5,000 l Better Balance Rewards - $2,500 | Golden 1 Credit Union Student Visa - $1,000

FICO as of 3/1/2015: 766
Recent College Graduate l Age: 22 l Gardening as of 12/26/2014


Super Contributor
Posts: 10,872
Registered: ‎04-22-2013
0

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).

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