Advice for college student

[parakleet]

Okay - I don't know if you understand what UTL really is - UTL is the balance that you let it report to the CB - I think @Focused was suggesting that you should use your card at 30-40% but not let that amount report. I could be wrong, however. 

For maximum fico scoring only, it's generally advised that you should have <10% UTL on your CB. If you're not apping, then it really doesn't matter how high your UTL is, provided that you're PIF by the due date and not paying in interest. 

So I'd recommend giving another 6 mos to let your INQs age and have only <10% reporting as UTL then you should have better shot at an Amex. 

[Points101]

k

[longtimelurker]

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@Points101 wrote:

Oh okay thanks for that, and are their any other CC I can get other than Amex?

I want a points earning card, Citi AA, Delta, something I can use for tickets back home from colllege.

Let me know what you suggest 

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I hope you mean later on!  You are simply not in a position to apply for anything much worthwhile now, until those INQs age a few months.   You also need to consider value for money when you apply (Lexie's point re CSP).  The Citi AA cards waive AF the first year (and if you are a good customer, you can waivers/reductions/credits later on) but are you going to charge enough to get rewards you can use?   Only you know that!    If the possible amounts you will charge are small, cashback cards are the way to go, and there are lots of possibilities there, including student cards.

[Points101]

k

[FocusedAndDetermined]

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@Points101 wrote:

So you think 6 months of a 30 percent Utilazation with no apps and then I should get approved for amex?

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Yes, at least 6mos, maybe a wee bit longer.  Let the sting of the inquiries diminish.

[Rikku]

Personally, I think you should slow down. You'll have the rest of your life to establish a relationship with Amex, to get better CCs, or to get more credit. You sound like you're responsible with your credit, but life often takes unexpected turns. What if you can't get a job when you graduate? What if you have to leave school? God forbid, what if something terrible happens?

These things are a risk at any age, but they are especially difficult to deal with when you have less life experience, nothing in the bank, and no job history. I don't mean this to sound harsh, but if you look at the people's experiences with messing up credit, many of them messed up in college or in their 20s - and while some of them messed up because they were ignorant, others had some knowledge about credit and their problems started with one unexpected issue and snowballed from there. As a college student, having more credit than your limited income can sustain can be very dangerous to your financial future.

Since you need to garden so that those inquiries age off, I would suggest gardening until you're finished with college and get your first job. By then, your scores will be better so you'll probably be able to get the cards you want, and you'll have a reasonable income. You're in fine shape for someone your age.

[longtimelurker]

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@Points101 wrote:

Yes, with my reimbursed travel expenses and other expenses I believe I will be able to reap the benifits!

I know you mention I am not in a position to get anything worthwile.

In your opinion what cards am I in a posiition to get approved for?

I just want to get my foot in the door, will take any low level card with no earning, such as the Amex blue, or any other kind from another issuer.

Is their any you can suggesT?

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OK, good that you will have a decent spend.   I (and others) are suggesting that you just wait 6 months or so, that way you will be able to get a better card (or with better limits).  With your recent inqs and thin file, even if you are approved you are likely to get a very small (toy) limit.   Do you have a real need to apply now?