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Guidance needed: In college, what should I do next?

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Anonymous
Not applicable

Guidance needed: In college, what should I do next?

Hello all.

 

Currently a sophomore in college and will be graduating in May of 2021. Will sit for CPA exam in 2021 as well. I love the credit card hobby, but I need guidance on where I should go with my credit. 

 

Short term goals:

$20-$30,000 car loan in 2022.

5% Gas credit card (I am a member of USAA, so I'm thinking about that one)

 

Long term goals:

Mortgage at best rate possible

Super high limits...lol

 

Here's what I've done so far:

7/16 WF student

7/16 BoA CB

7/16 Discover It

11/16 Motorcycle Loan ($6,000)

3/17 Loan Paid off

1/19 Amex Gold

1/19 Chase Freedom Unlimited

1/19 Shell Fuel Rewards

1/19 DISC CLI

1/19 BoA CLI

1/19 Cap1 QS – Have to prove my income then they will "finish" my applicaion, so I'm in the process of doing that.

1/19 Ducks Unlimited – DENY

1/19 PenFed Visa Signature – DENY

1/19 US Bank Cash+ – DENY

 

 

Credit Cards

DISC 7600

BOA 5500

WF 1900

CFU 6000

Shell 1000

Amex NPSL (But I checked and 5000 went through)

Total: $22,000

 

UT: 3.4%

Income $34,000

I always pay balances in full and I have no loans and will not have any loans when I graduate.

 

What should I do next?

 

Thank you!

18 REPLIES 18
dragontears
Senior Contributor

Re: Guidance needed: In college, what should I do next?

Quit applying and garden
Message 2 of 19
Remedios
Credit Mentor

Re: Guidance needed: In college, what should I do next?


@Anonymous wrote:

Hello all.

 

Currently a sophomore in college and will be graduating in May of 2021. Will sit for CPA exam in 2021 as well. I love the credit card hobby, but I need guidance on where I should go with my credit. 

 

Short term goals:

$20-$30,000 car loan in 2022.

5% Gas credit card (I am a member of USAA, so I'm thinking about that one)

 

Long term goals:

Mortgage at best rate possible

Super high limits...lol

 

Here's what I've done so far:

7/16 WF student

7/16 BoA CB

7/16 Discover It

11/16 Motorcycle Loan ($6,000)

3/17 Loan Paid off

1/19 Amex Gold

1/19 Chase Freedom Unlimited

1/19 Shell Fuel Rewards

1/19 DISC CLI

1/19 BoA CLI

1/19 Cap1 QS – Have to prove my income then they will "finish" my applicaion, so I'm in the process of doing that.

1/19 Ducks Unlimited – DENY

1/19 PenFed Visa Signature – DENY

1/19 US Bank Cash+ – DENY

 

 

Credit Cards

DISC 7600

BOA 5500

WF 1900

CFU 6000

Shell 1000

Amex NPSL (But I checked and 5000 went through)

Total: $22,000

 

UT: 3.4%

Income $34,000

I always pay balances in full and I have no loans and will not have any loans when I graduate.

 

What should I do next?

 

Thank you!


 

 

Congrats on what you have done so far, nicely done

 

With that said, see those denials?  That means slow down, stop applying and  grow what you have for the time being.  

 

In about six months, you can revisit and see if adding anything new would  truly meet your financial needs 

 

 

Message 3 of 19
FinStar
Moderator Emeritus

Re: Guidance needed: In college, what should I do next?


@Remedios wrote:

@Anonymous wrote:

Hello all.

 

Currently a sophomore in college and will be graduating in May of 2021. Will sit for CPA exam in 2021 as well. I love the credit card hobby, but I need guidance on where I should go with my credit. 

 

Short term goals:

$20-$30,000 car loan in 2022.

5% Gas credit card (I am a member of USAA, so I'm thinking about that one)

 

Long term goals:

Mortgage at best rate possible

Super high limits...lol

 

Here's what I've done so far:

7/16 WF student

7/16 BoA CB

7/16 Discover It

11/16 Motorcycle Loan ($6,000)

3/17 Loan Paid off

1/19 Amex Gold

1/19 Chase Freedom Unlimited

1/19 Shell Fuel Rewards

1/19 DISC CLI

1/19 BoA CLI

1/19 Cap1 QS – Have to prove my income then they will "finish" my applicaion, so I'm in the process of doing that.

1/19 Ducks Unlimited – DENY

1/19 PenFed Visa Signature – DENY

1/19 US Bank Cash+ – DENY

 

 

Credit Cards

DISC 7600

BOA 5500

WF 1900

CFU 6000

Shell 1000

Amex NPSL (But I checked and 5000 went through)

Total: $22,000

 

UT: 3.4%

Income $34,000

I always pay balances in full and I have no loans and will not have any loans when I graduate.

 

What should I do next?

 

Thank you!


 

 

Congrats on what you have done so far, nicely done

 

With that said, see those denials?  That means slow down, stop applying and  grow what you have for the time being.  

 

In about six months, you can revisit and see if adding anything new would  truly meet your financial needs 

 

 


I would agree with what's been mentioned above OP.

 

While the world of credit may be a fascinating or exciting hobby for some, there's no need to rush things.  Those denials are a key message Smiley Happy

 

ILL Choc Factory.gif

Message 4 of 19
Anonymous
Not applicable

Re: Guidance needed: In college, what should I do next?

Thank you for all of your replies! Is the general consensus that I shouls garden for 6mo and then revisit, or perhaps longer?

Message 5 of 19
Remedios
Credit Mentor

Re: Guidance needed: In college, what should I do next?


@Anonymous wrote:

Thank you for all of your replies! Is the general consensus that I shouls garden for 6mo and then revisit, or perhaps longer?


I would say 6 months minimum. It's a lot more pleasant experience if you stop yourself vs. lenders slowing your roll. 

 

Garden your cards and patience. 

Message 6 of 19
Anonymous
Not applicable

Re: Guidance needed: In college, what should I do next?


@Remedios wrote:

@Anonymous wrote:

Thank you for all of your replies! Is the general consensus that I shouls garden for 6mo and then revisit, or perhaps longer?


I would say 6 months minimum. It's a lot more pleasant experience if you stop yourself vs. lenders slowing your roll. 

 

Garden your cards and patience. 


Ah ok, will do. Thank you for the input. 

 

I plan to apply for my first "real" car loan in 2022. Do you know if I will need to have all INQ off of my CR before then? If you were me, would you garden until then?

Message 7 of 19
Remedios
Credit Mentor

Re: Guidance needed: In college, what should I do next?


@Anonymous wrote:

@Remedios wrote:

@Anonymous wrote:

Thank you for all of your replies! Is the general consensus that I shouls garden for 6mo and then revisit, or perhaps longer?


I would say 6 months minimum. It's a lot more pleasant experience if you stop yourself vs. lenders slowing your roll. 

 

Garden your cards and patience. 


Ah ok, will do. Thank you for the input. 

 

I plan to apply for my first "real" car loan in 2022. Do you know if I will need to have all INQ off of my CR before then? If you were me, would you garden until then?


Oh hell no! 

 

The best approach is to apply for credit when you need it. That may be 6 months, a year etc. There really is no magic number, but longer you wait, better your chances of getting the cards and loans you want, under the best terms. 

As your profile ages, you'll be able to pick up the speed. Right now, you just need time 

 

Good luck 

 

 

Message 8 of 19
FinStar
Moderator Emeritus

Re: Guidance needed: In college, what should I do next?

Oh wait, are you the OP that has the Cayenne?  So, what kind of vehicle are you looking to get?  

Message 9 of 19
Shadowfactor
Valued Contributor

Re: Guidance needed: In college, what should I do next?

The above advice is definitely a great place to start.

Since you have 3 very recent denials. That’s a huge sign to stop applying. Let things cool off for a while and manage the cards you have.

As mentioned above. I would garden until you needed to add some more credit or picking up a new card would benefit you in the long run.
You have more then 5 cards which is the recommended amount of cards to maximize fico scoring. Now work towards the other aspect of that which is 5 cards over 2 years old.

I’m the last person to give advice for gardening (18/24) but it would seriously serve you well.





Total Revolving Limits $254,800

Message 10 of 19
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