Advice on my situation...

[billsfan14]

I just started credit building as many of you know, here's a current snapshot of my accounts:

Cards:

Chase        109/3500    1 month

Discover     261/500     4 months

Sovereign   155/1500   14 months

Nordstrom Store   0/1000      1 month

Also have an Amex Gold, 1 month old.

Installments:

Auto loan, $15k    6 months

Student loan, $2750  7 months

INQs:

TU - 11

EX - 7

EQ - 4 

My reports are not showing any of my three new accounts.  I'll be in Europe for most of the summer and would like to have a 0% card with me incase I run into any emergency expenses that will need to be revolved.  Also, I do not have a Visa, which I'd like to acquire before the trip.

I feel like now is the time to apply because once my new accounts post I'm sure I'll take a score hit.  But, I don't want to risk any AA action by having too many new accounts show up at once.

Suggestions?  Thanks everyone! 

Message Edited by billsfan14 on 03-24-2009 06:33 PM

[Creditaddict]

amex would be the only one I would worry about doing anything for new accounts and since it's charge, the probably won't.

your looking pretty good though, maybe even another chase card?

[Anonymous]

That is alot of new credit in a very short period (under a year).  You may take a big hit on your FICO scores once the new account start to show up.

I do not think it is wise for you to apply for a visa card until all of your present credit accounts are at least 12 months old.

[billsfan14]

My AAoA will go from 8 months to 5 months with my new accounts.  I'm only 19 and figured now is the time to open accounts so they'll all age together. 

Mark, regardless of Visa (because the Nordstrom card will get there eventually) do you recommend any 0% intro card.  I really don't want to be stuck in Europe without an option to charge something that may need to be revolved. 

[KingAdrock]

One thing to keep in mind, most CCCs add an extra charge for transactions made in a foreign currency. Some charge extra if the transaction is made overseas period, even if it's in US dollars. If you're looking for a card to bring to Europe, this is definitely something you need to check for in the fine print.

[billsfan14]

---

@KingAdrock wrote:
One thing to keep in mind, most CCCs add an extra charge for transactions made in a foreign currency. Some charge extra if the transaction is made overseas period, even if it's in US dollars. If you're looking for a card to bring to Europe, this is definitely something you need to check for in the fine print.

---

Definitely looked into this King, and the card I'm searching for will be used in the event of emergencies only while I'm in Europe.  I'll be using my Gold charge where accepted overseas, the lowest of my foreign transaction fees, but would hate to have to put an unplanned charge on there that I wouldn't be able to pay in full.

I'm really comfortable with my current credit, but really want that added security of knowing I can put something on a 0% revolver if need-be.  

Thanks for the heads up. 

[haulingthescoreup]

0% APR's for new purchases are drying up fast these days.

If you don't mind my asking, how would you be paying off these possible emergency charges when you get back? You're sounding kinda scary there --a boatload of new credit, off to Europe for the summer, and looking for yet another card to park extra charges on, just in case.

It would make a lot more sense to me for you to stop now, have an emergency savings fund in place before you go, and pay online if you do have to run a card up higher than expected while there.

You're in a perfect position now to build great credit, but you're showing some risk factors for getting in credit trouble in the near future, if you don't mind my saying so.

[Anonymous]

I agree with the above post.  You may be getting in over your head.  You are new with credit and this could be a future disaster for you.

Honestly, I have credit cards for approx 32 years now and I dont see anyone throwing 0% at me these days.  You may be looking for an impossible task in this market.

[billsfan14]

Ah, you're right.  I went a little overboard.  Thanks for knocking some sense into me, HTSU.   Emergency fund in cash, and I do always have that Visa Checkcard that I so often used before my financial life was consumed by myFico and all this wonderful credit.

I worked hard to get my scores up quickly so I could get myself some decent cards, that was my goal.  Seems like I'm getting ahead of myself at this point.  I think we all know how easy it is to keep applying and applying!  

Anyways, to answer your question... I do have a well paying job currently (minus the time off for this recent surgery).  

I can tell you have a few of your own, you're saying the same thing my parents are! Haha. 

 EDIT:

Good call as well Mark, just saw that additional post.  Time for me to settle down.

Message Edited by billsfan14 on 03-24-2009 08:18 PM

[haulingthescoreup]

lol, glad to hear it, and your mom and dad say hi.