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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!
@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
@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
Thank you for all of your replies! Is the general consensus that I shouls garden for 6mo and then revisit, or perhaps longer?
@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.
@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?
@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
Oh wait, are you the OP that has the Cayenne? So, what kind of vehicle are you looking to get?