Am I pushing it with Amex?

[DangerNoodle]

Hello all,

My first card with Amex was the BCE, which I was approved for $2000 on 3/2/18.

I then applied for the Platinum card, which I was approved for NPSL on 3/3/18.

I did a 3x CLI on my BCE card on 5/2/18, and was approved for $6000

Later, I applied for the Hilton Honors card, and was approved for $1000 on 5/7/18.

The last card I want from Amex is the Gold Delta Skymiles, because of a targeted 60k point signup bonus for me.

I plan to apply for it tonight, but I don't want to risk getting an FR/shudown because of too much credit.

I'm 18 with a 15k income, I have 8 inquiries and about 10 cards opened in the last 12 months. Amex says I am pre-approved for the card.

Should I go for it? Thank you for any input!

[pipeguy]

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@DangerNoodle wrote:

Hello all,

My first card with Amex was the BCE, which I was approved for $2000 on 3/2/18.

I then applied for the Platinum card, which I was approved for NPSL on 3/3/18.

I did a 3x CLI on my BCE card on 5/2/18, and was approved for $6000

Later, I applied for the Hilton Honors card, and was approved for $1000 on 5/7/18.

The last card I want from Amex is the Gold Delta Skymiles, because of a targeted 60k point signup bonus for me.

I plan to apply for it tonight, but I don't want to risk getting an FR/shudown because of too much credit.

I'm 18 with a 15k income, I have 8 inquiries and about 10 cards opened in the last 12 months. Amex says I am pre-approved for the card.

Should I go for it? Thank you for any input!

---

Absolutely not!

You have a 15k income and you are paying a lot of money in AF's to AmEx now ($550 alone for the Platinum and looking to add more) - I have no idea how you expect to meet spending bonuses on the cards you have now with a poverty level income. I assume you live at home with your parents but even just the AmEx platinum on a $15k gross income? If AmEx looks closer and including the requirements of the Card Act,  I'd be surprised if they leave any of your cards open. Did you use $15k as your annual income on the applications? 

I'm not trying to be disrespectful but seriously exercise restraint.  

Card Act of 2009:

Section 226.51 includes special rules for consumers under 21 years of age (young consumers), as determined on the date the application or request to increase a credit limit is submitted. A card issuer generally cannot issue a card to a young consumer unless the consumer has submitted information showing an independent ability to make the minimum payments, as determined in §226.51(a). As an alternative, an account can be opened for a young person if a person who is at least 21 years of age agrees to be secondarily or jointly liable with the young person for the account and provides financial information indicating the ability to make the required minimum periodic payments, as set forth in §226.51(a).

[DangerNoodle]

Thanks for the input. I generally just give my new cards to my parents to use normally and pay to meet the minimum spend.

I'm actually starting a new part time job (currently in college as well), which will be paying me $23,400 fixed annually. Not sure if I should report that to Amex since I can't really prove it until I pay taxes next year. And yes, I did report 15k to them, which is provable via 4506T.

I'll definitely admit though, I have fallen into a slight addiction of applying for credit cards just to have them.

[Anonymous]

+ 1000 @pipeguy

[Anonymous]

Yes put your new income. If that's your job and that's your income, you should absolutely put it down.

I would apply for it. The worst they can say is no.

[Pikaboo-icu]

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@DangerNoodle wrote:

Thanks for the input. I generally just give my new cards to my parents to use normally and pay to meet the minimum spend.

I'm actually starting a new part time job (currently in college as well), which will be paying me $23,400 fixed annually. Not sure if I should report that to Amex since I can't really prove it until I pay taxes next year. And yes, I did report 15k to them, which is provable via 4506T.

I'll definitely admit though, I have fallen into a slight addiction of applying for credit cards just to have them.

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The first step is admitting you have a problem; now off to rehab!

Seriously, it can be addictive..

The rush of the app- the high of a new approval or the low of a denial..

Think about your future! You must exercise restraint and use your credit wisely..

Too much too soon is too much too soon, if ya know what I mean. 

Believe me (and ask many others here) it can come back to bite you in the behind!

Remember those shiny little cards represent real GREEN dollars leaving your wallet..

[pipeguy]

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@DangerNoodle wrote:

Thanks for the input. I generally just give my new cards to my parents to use normally and pay to meet the minimum spend.

I'm actually starting a new part time job (currently in college as well), which will be paying me $23,400 fixed annually. Not sure if I should report that to Amex since I can't really prove it until I pay taxes next year. And yes, I did report 15k to them, which is provable via 4506T.

I'll definitely admit though, I have fallen into a slight addiction of applying for credit cards just to have them.

---

I took the time to look over some of your previous posts and I think you are either caught up in the moment or you are playing a dangerous game that has a high probability to not end well. In your sig you show AAoA to be 5 years which would put you at 13 and your oldest account at 19 years (you said you were 18) so I'll assume your parents added you as an AU as an infant - that's all good. You also said you've opened 8+/- accounts within the last year - I'll assume after you turned 18 which calls into question the 5 year AAoA. What is more disturbing is the fact that you said you are handing out AU's to 3 other relatives including a 16-year-old - you do realize that YOU are responsible for any charges should they not pay or pay late. 

The highlighted statement above suggests that your credit cards seem to be "community property" within your family, an equally dangerous game because again YOU are responsible and you make $15k a year. I'll assume that your parents fulfilled the Card Act requirements of guaranteeing payment for your charges because $15k a year certainly won't cover all that spending, while that may be your fall back plan to the "family credit cards" it raises red flags to lenders for a full-time freshman college student.

With all due respect, this is a worrisome thread especially if it spawns others to try to duplicate your "success". I'm not going to comment further on this thread but I fear for your future credit-life.   

[SouthJamaica]

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@DangerNoodle wrote:

Hello all,

My first card with Amex was the BCE, which I was approved for $2000 on 3/2/18.

I then applied for the Platinum card, which I was approved for NPSL on 3/3/18.

I did a 3x CLI on my BCE card on 5/2/18, and was approved for $6000

Later, I applied for the Hilton Honors card, and was approved for $1000 on 5/7/18.

The last card I want from Amex is the Gold Delta Skymiles, because of a targeted 60k point signup bonus for me.

I plan to apply for it tonight, but I don't want to risk getting an FR/shudown because of too much credit.

I'm 18 with a 15k income, I have 8 inquiries and about 10 cards opened in the last 12 months. Amex says I am pre-approved for the card.

Should I go for it? Thank you for any input!

---

Yes you're pushing it.

No you should not go for it.

You should stop applying for things for awhile.

[Anonymous]

OP, please take the excellent advice given and hold off on any more cards.  In addition to the reasons given above regarding income and AUs, who you are responsible for, credit card debt is insidious if you don't keep on top of it.  Those tiny minimum payments look so manageable until you realize it's out of control and your balance isn't going down at all. It really can and does go sideways very quickly without discipline.

If you can't PIF every month, you're heading for trouble sooner or later, especially without some years of experience in managing your finances and credit. Treat your credit cards exactly as you would a debit card, and don't spend a penny more than you would in cash.

I had a Platinum card when I was 21, for similar reasons to you.  I might as well have taken $350 annual fee at the time and set paper money on fire. The people who were "impressed" by it are long gone from my life, and they certainly didn't make the hard earned money I wasted worth it in the long run. Think long term, build a strong credit profile slowly and impress someone who matters, such as a future SO/spouse, with your impressive savings account and ability to qualify for an excellent mortgage.  I wish I had, and I can tell you my wife would have been much more impressed with better financial resources than ANY credit card. Just my 2c.

[DangerNoodle]

I can understand where a lot of you are coming from, but I just want to set the records straight: I always pay in full on time, and I never spend more than I know I'll be able to pay off at the end of the month. I think carrying balances and paying interest is one of the dumbest things one can do.

I know that hearing "18 years old" and "10+ credit cards" in the same sentence may scare some people to death, but I just want to make it clear that I am extremely responsible with my payments.

Also, I'm not paying for the platinum card to impress people, as that's absolutely delusional, but because I get the uber credits (which I use frequently) and the travel perks. I'm not technically paying at all because the benefits I get pay for itself and they're still things I would have been paying for regardless of whether or not I have the card.

I know how a lot of people get caught up in this game and end up in a lot of debt, but I know for a fact that's not something I'd ever play around with. I think of my cards as guns, they're great tools if used responsibly, but disastrous if used recklessly.

Thanks for everyone's input, I think I'll wait this one out for a bit.