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Where to go from here? [Student]

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sergi0wned
Contributor

Where to go from here? [Student]

I'm a sophomore in college and I have what I think is a pretty solid portfolio for my age:

 

First Financial Bank Platinum Visa (Dec 2012) - $1,500 limit 

Discover It Student (Jun 2013) - $2,100 limit

Citi Forward (Jun 2013) - $2,900 limit 

Macy's American Express (Dec 2013) - $1,000 limit 

American Express Blue Cash Everyday (Feb 2014) - $3,000 limit 

 

TOTAL CL: $10,500

AAOA: 9 months


I also have student loans, all federal, that total about $12,000, that are deferred.

 

I also have a $200 personal line of credit through my credit union that I never use, but reports.


I have a taxable income of approximately $5,000, as well as $7,000 in parental support, gifts, and other money, for a total income of about $12,000.

 

I of course always pay my cards in full every month, and generally keep utilization under 10%.


The First Financial Card has been SD'd since June when I got the Discover It, and the Macy's card has been SD'd since I opened it and paid it in full.

 

I know that I should be gardening, and I'm quite content to do that now that I'm in with Amex. I still want to add a Mastercard to complete the portfolio, but I know that that should wait.

 

Of course the garden will treat me well, but is there anything else I should be doing in the short-term and long-term?

 

Should I use the Macy's and First Financial every once in a while to keep them active, or should I just SD them and let them close? Is it even worth bothering to apply for a Chase Freedom or Sallie Mae MC later this summer, or will I be denied because my CLs are so close to my income? Should I try to get a CLI on my personal line of credit?

 

You guys have been very helpful and I wouldn't be where I am now without your help and guidance. Any advice is appreciated!

20 years old | 4 Cards in my wallet | TU (3/28/14) 743
January 2013 - 1st Financial Bank USA Platinum VISA ($500 --> $1,500)
June 2013- Discover IT Student ($1,500 --> $1,800 --> $2,100), Citi Forward Student ($1,500 --> $2,900)
December 2013 - Macy's American Express ($1,000 --> $3,000)
February 2014 - American Express Blue Cash Everyday ($3,000), Chase Freedom ($2,000)
April 2014 - Sallie Mae MasterCard ($3,800)
Message 1 of 10
9 REPLIES 9
Trivolve
Contributor

Re: Where to go from here? [Student]

I'd say go for Chase Freedom, Sallie Mae has higher requirement for excellent credit so you may want to try Barclaycard Rewards (there's an average credit version).

 

You just apped in Feb (there should be a score on the approval letter) and you have Discover free FICO - what's your latest FICO score?

 

You can use macy's and first financial once a year if you want to keep it active, think they're good for just building AAoA, prob won't get closed for inactivity anytime so but otherwise not useful in the long run.

 

If you get rejected for too high existing credit in relation to current income, no problem since the inquiries will go away in 2 years (after 6 months won't be "recent" anymore) and you'll have that time to garden + increase your income level. Since you apped in Feb, might as well complete that app spree!

[Total CL: $97K] Citi Forward, BoA BankAmericard Travel Rewards, Discover It, Chase Freedom, Chase Hyatt, AMEX Blue Cash, AMEX Hilton Hhonors, Chase Sapphire Preferred, Citi Thankyou Preferred, Barclaycard Arrival Plus, AMEX Platinum, Chase IHG
Message 2 of 10
sergi0wned
Contributor

Re: Where to go from here? [Student]

Thanks for your response. I have 6 INQs on EX as far as I can tell, which I'm worried is problematic given my relatively thin file. If you think that's not a problem (except for amex and macys they're from august or earlier), I might just give it a shot. Unfortunately I haven't received my card yet so I don't know my score as of now.

Do you think my situation (trying to get in with chase) would be explainable should I need to recon? You've got me thinking, and now I need someone to talk me down or convince me to pull the trigger.
20 years old | 4 Cards in my wallet | TU (3/28/14) 743
January 2013 - 1st Financial Bank USA Platinum VISA ($500 --> $1,500)
June 2013- Discover IT Student ($1,500 --> $1,800 --> $2,100), Citi Forward Student ($1,500 --> $2,900)
December 2013 - Macy's American Express ($1,000 --> $3,000)
February 2014 - American Express Blue Cash Everyday ($3,000), Chase Freedom ($2,000)
April 2014 - Sallie Mae MasterCard ($3,800)
Message 3 of 10
rustystick
New Contributor

Re: Where to go from here? [Student]

first, try the pre-qualified for chase...

 

Since you have more than 6mo history. for chase i say you are good as far as approval. Though your income is low, with other credit lines exisiting, chase might give you a baby CL. AND Since you applied for amex (and 2 other cards in december), i say either app now before amex show up or wait another 6mos.

 

sallie mae is new account/inquiry sensitive so garden at least a year....  (last time i apped, i got approved for csp but not sallie mae... shame.. btw i am a 1st year grad student,  financial situiation is similar as yours, though i have my dad use my csp to get me some points Smiley Happy 

 

 OH, and don't worry too much about credit line being close to your income (see my CLs below).. last night i just apped for sallie, and i put only 10k as income and got approved isntantly for 3.8k

CSP 10k 0 Discover It 7.8k AmazonVisa 3k Freedom 1500 US Bank Cash Rewards 1500 BofA123 3300 SallieMae 3800
Message 4 of 10
sergi0wned
Contributor

Re: Where to go from here? [Student]

No prequal for chase Smiley Sad

I'm fine with a toy limit, as long as I can get the TL and start establishing that relationship.

Should I still give it a shot even though I wasn't pre qualified?
20 years old | 4 Cards in my wallet | TU (3/28/14) 743
January 2013 - 1st Financial Bank USA Platinum VISA ($500 --> $1,500)
June 2013- Discover IT Student ($1,500 --> $1,800 --> $2,100), Citi Forward Student ($1,500 --> $2,900)
December 2013 - Macy's American Express ($1,000 --> $3,000)
February 2014 - American Express Blue Cash Everyday ($3,000), Chase Freedom ($2,000)
April 2014 - Sallie Mae MasterCard ($3,800)
Message 5 of 10
rustystick
New Contributor

Re: Where to go from here? [Student]

depends on how bad you want the card..

i think you should be able to get it but ymmv
CSP 10k 0 Discover It 7.8k AmazonVisa 3k Freedom 1500 US Bank Cash Rewards 1500 BofA123 3300 SallieMae 3800
Message 6 of 10
sergi0wned
Contributor

Re: Where to go from here? [Student]

Thank you very much for your response! It's nice to know I don't have to worry too much about the CL/income ratio.

I'm also happy you talked me down from the Sallie Mae. I'm thinking I might give the Freedom a shot after class, since worst case it's just an INQ that will age off and send me to the garden.
20 years old | 4 Cards in my wallet | TU (3/28/14) 743
January 2013 - 1st Financial Bank USA Platinum VISA ($500 --> $1,500)
June 2013- Discover IT Student ($1,500 --> $1,800 --> $2,100), Citi Forward Student ($1,500 --> $2,900)
December 2013 - Macy's American Express ($1,000 --> $3,000)
February 2014 - American Express Blue Cash Everyday ($3,000), Chase Freedom ($2,000)
April 2014 - Sallie Mae MasterCard ($3,800)
Message 7 of 10
Trivolve
Contributor

Re: Where to go from here? [Student]

Barclaycard pulls TU and I think chase pulls EQ (but might pull more if borderline case). For TU you can check CK for what accounts have reported, if Macy and BCE hasn't reported yet then your most "recent" account listed would be 7 months old.

You have free FICO from discover but from what I see your scores should be good.
[Total CL: $97K] Citi Forward, BoA BankAmericard Travel Rewards, Discover It, Chase Freedom, Chase Hyatt, AMEX Blue Cash, AMEX Hilton Hhonors, Chase Sapphire Preferred, Citi Thankyou Preferred, Barclaycard Arrival Plus, AMEX Platinum, Chase IHG
Message 8 of 10
Trivolve
Contributor

Re: Where to go from here? [Student]

I got all my cards in one big app spree in sept'13 and my situation is nearly the same as yours
[Total CL: $97K] Citi Forward, BoA BankAmericard Travel Rewards, Discover It, Chase Freedom, Chase Hyatt, AMEX Blue Cash, AMEX Hilton Hhonors, Chase Sapphire Preferred, Citi Thankyou Preferred, Barclaycard Arrival Plus, AMEX Platinum, Chase IHG
Message 9 of 10
sergi0wned
Contributor

Re: Where to go from here? [Student]

Wow! I just applied and got instantly approved for a $2,000 line at 18.99% APR!


Thank you so much for your support! Now I'm happily off to the garden! Smiley Very Happy

 

EDIT: WOW! I just called Chase to see if the card could be shipped to my college address, and the CSR was incredibly helpful! She even rushed it for no additional fee! Smiley Very Happy 

20 years old | 4 Cards in my wallet | TU (3/28/14) 743
January 2013 - 1st Financial Bank USA Platinum VISA ($500 --> $1,500)
June 2013- Discover IT Student ($1,500 --> $1,800 --> $2,100), Citi Forward Student ($1,500 --> $2,900)
December 2013 - Macy's American Express ($1,000 --> $3,000)
February 2014 - American Express Blue Cash Everyday ($3,000), Chase Freedom ($2,000)
April 2014 - Sallie Mae MasterCard ($3,800)
Message 10 of 10
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