topic Re: Lurker's First Post... in Credit Cards

Lurker's First Post...

2011beginnings — Sat, 02 Feb 2013 04:53:27 GMT

First of all, thank you to everyone. I just started researching credit this year. It is kind of like I set my own resolution to learn more about it and improve my scores.

I am 24 years old and want to purchase a home in the future.

Currently, I have a Gold AMEX (2011-NPSL), BofA Cash Rewards (2011-$2500) and just got a Chase Sapphire Preferred (1/28/13-$5000) for the sign-on bonus and rewards.

Questions:

Are these good cards for someone starting out? i checked my scores and I am in the low 700's right now. I do have federal student loans from college that I pay on every month and I have never been late.

When should I request a CLI on my BofA Cash Rewards?

When do should I apply for an AMEX revolver? I really like the benefits of the BCE over what I am receiving with my BofA Cash Rewards card.

Any advice is DEFINITELY appreciated...after all, I'm still learning and very new!

Thanks

Re: Lurker's First Post...

chnceit — Sat, 02 Feb 2013 04:50:45 GMT

Those are some nice cards you got and I would not call them start cards at all!!

CSP is a card that I believe everyone wants so you did/are doing really well!!

Since you already are an AMEX member and if you applied for the BCE and get denied (not saying you will, but YMMV) it will be SP.

Good luck and if you have income then I think you got a good chance

Re: Lurker's First Post...

2011beginnings — Sat, 02 Feb 2013 04:55:46 GMT

Thanks for the response.

I appreciate the information. Is it a SP for any AMEX I apply for since I am already a member?

Yeah, I really like the CSP. Tons of customers come in with cards where I work each day but the CSP stands out and I had a customer who told me a plethora of information about it and I figured I would apply earlier this week and was instantly approved with my highest credit limit. This is my first experience with Chase but from what I have read they seem to be a great bank.

Re: Lurker's First Post...

chnceit — Sat, 02 Feb 2013 05:02:34 GMT

For AMEX SP if denied and HP if approved

Yes I get a lot of compliants for the CSP and I sure do like the weight of it

Chase can give nice starting CLs and CLI after 6 months, but if you initiate a CLI then at most times it will result in a HP.

Re: Lurker's First Post...

2011beginnings — Sat, 02 Feb 2013 05:06:23 GMT

Oh okay. I see.

I don't plan to apply for anything else until perhaps next year or so unless there is a great reward that comes out unless there is something that I learn more about from researching that can help my score. I know the more credit you have, the lower your utilization but I do not want to risk HP's either.

Re: Lurker's First Post...

koalablue — Sat, 02 Feb 2013 21:46:00 GMT

You have some excellent cards - congratulations! For the Amex revolver, I don't know that you need to wait a year unless you really want to. Six months or so is enough time. One more HP is not going to hurt. Also, I'd really recommend the BCP over the BCE. With 6% cash back on groceries, 3% back on dept stores and gas, and 1% on everything else, you will easily earn enough to make up the 75.00 AF and have plenty left over. I've read in a few places that if you spend at least 25.00 a week on groceries, the BCP is a better card to get. Just run a decent amount of expenses through your PRG, pay on time, and you should be good to go!

Re: Lurker's First Post...

shakalaka — Sat, 02 Feb 2013 22:56:21 GMT

Well the good thing is, it will be a SP on denial. Run some money through the Gold, pay them in large amounts (or best one large amount) and you will be in good shape. I had the ZYNC for 4 months, prior to my BCE approval last weekend. I paid always the day after the statement. I guess that helped my internal score with AX. And you already have a good lone of cards there. Congrats.

Re: Lurker's First Post...

Anonymous — Sat, 02 Feb 2013 23:32:55 GMT

What is the allure of the CSP.besides it looks good? I mean, I got it last month for the 40k bonus, but no way I'm paying the annual fee next year. 2x for dining is ok..but not worth the $95 AF IMO... I will prob downgrade to regular Sapphire when af comes up.

Re: Lurker's First Post...

2011beginnings — Sat, 02 Feb 2013 23:47:42 GMT

I'm considering the BCP too. I get 3% cash back on my BofA now. Can you get cash back with the BCP and membership rewards points too?

Re: Lurker's First Post...

2011beginnings — Sat, 02 Feb 2013 23:48:57 GMT

What made you choose a BCP? I always run a lot through my Amex and pay in full. When I call, the reps always say thank you so much for keeping your account in excellent condition haha.

Re: Lurker's First Post...

2011beginnings — Sat, 02 Feb 2013 23:50:16 GMT

Honestly because I'm not satisfied with the rewards with Amex. I like the customer support but I want to see what the 40,000 points can truly do. Plus, it's a nice looking card and the AF is waived.

Re: Lurker's First Post...

thom02099 — Sun, 03 Feb 2013 02:28:25 GMT

@2011beginnings wrote:
First of all, thank you to everyone. I just started researching credit this year. It is kind of like I set my own resolution to learn more about it and improve my scores.

I am 24 years old and want to purchase a home in the future.

Currently, I have a Gold AMEX (2011-NPSL), BofA Cash Rewards (2011-$2500) and just got a Chase Sapphire Preferred (1/28/13-$5000) for the sign-on bonus and rewards.

Questions:
Are these good cards for someone starting out? i checked my scores and I am in the low 700's right now. I do have federal student loans from college that I pay on every month and I have never been late.

When should I request a CLI on my BofA Cash Rewards?

When do should I apply for an AMEX revolver? I really like the benefits of the BCE over what I am receiving with my BofA Cash Rewards card.

Any advice is DEFINITELY appreciated...after all, I'm still learning and very new!

Thanks

First, congrats on getting the cards you've got! That's a very good selection of cards.

My suggestion would be to think about the future and set goals for specific timelines. Where do you want to be in, say 5 years? 10years? You said you want to buy a house in the future. Good for you! Get your credit established while you're young, and let your credit profile grow and age. That will certainly help for when you go mortgage shopping. But...keep an eye on the mortgage rates, they've been creeping back up. A financial advisor may be able to give you some direction on the probabiltiy of continued rate increases, so you may not want to wait too long.

The wonderful thing about AMEX is the backdating. Whenever you get another AMEX card, it should backdate to the YEAR of your first card, but the MONTH for when you apply. If you were to apply now, it would backdate and show MEMBER SINCE 02/2011. That will surely help when you get ready to mortgage shop, as your AAofA will increase with the new TL. And if you prefer the AMEX BCE, then go for it! As others have stated, it SP if declined/HP if granted. If you get it, the HP inquiry will not impact your FICOs a year from now.

Regarding the BofA, if you're not thrilled with it, you can a) sock drawer it b) request a PC to a different card, if there's one that you might find more beneficial. PC with BofA is very easy and doesn't result in any pull at all...at least it didn't in my case. Only when a CLI is requested.

Good Luck to you !

Re: Lurker's First Post...

2011beginnings — Sun, 03 Feb 2013 02:45:49 GMT

Yeah buying a house is my ultimate goal. I'm just trying to research more and more to see what that process looks like so I can prepare. It can be very intimidating.

Thank you for all of the advice. I'm paying off my BofA completely this month. Will BofA give me an auto CLI after a certain period of time or do I need to ask?

Re: Lurker's First Post...

thom02099 — Sun, 03 Feb 2013 03:40:54 GMT

@2011beginnings wrote:
Yeah buying a house is my ultimate goal. I'm just trying to research more and more to see what that process looks like so I can prepare. It can be very intimidating.

Thank you for all of the advice. I'm paying off my BofA completely this month. Will BofA give me an auto CLI after a certain period of time or do I need to ask?

That's a YMMV type situation. Some folks report auto-CLI, others have to ask for it. The nice thing about BofA CLI requests, you can select an amount you want to increase to, and it could be an automatic approval or they could come back with a counter offer that you can accept or reject. For my recent CLI request, I was at $7500, asked for $10K, and was instantly approved. Could have asked for more, I suppose, but I like to be a bit on the conservative side for CLI and improve my odds of getting auto-CLI.

Re: Lurker's First Post...

Anonymous — Sun, 03 Feb 2013 08:17:42 GMT

When are you thinking of buying a house? Your credit profile suggests you will be approved for a mortgage in as little as six months. Your score is there. Just a little more history and a downpayment and you will be set!

Re: Lurker's First Post...

Anonymous — Sun, 03 Feb 2013 08:21:27 GMT

Oh, I would suggest some reading over on the mortgage forum so you can see what others are going through right now with the housing market. Best of luck to you!