@2011beginnings wrote:
First of all, thank you to everyone. I just started researching credit this year. It is kind of like I set my own resolution to learn more about it and improve my scores.
I am 24 years old and want to purchase a home in the future.
Currently, I have a Gold AMEX (2011-NPSL), BofA Cash Rewards (2011-$2500) and just got a Chase Sapphire Preferred (1/28/13-$5000) for the sign-on bonus and rewards.
Questions:
Are these good cards for someone starting out? i checked my scores and I am in the low 700's right now. I do have federal student loans from college that I pay on every month and I have never been late.
When should I request a CLI on my BofA Cash Rewards?
When do should I apply for an AMEX revolver? I really like the benefits of the BCE over what I am receiving with my BofA Cash Rewards card.
Any advice is DEFINITELY appreciated...after all, I'm still learning and very new!
Thanks
First, congrats on getting the cards you've got! That's a very good selection of cards.
My suggestion would be to think about the future and set goals for specific timelines. Where do you want to be in, say 5 years? 10years? You said you want to buy a house in the future. Good for you! Get your credit established while you're young, and let your credit profile grow and age. That will certainly help for when you go mortgage shopping. But...keep an eye on the mortgage rates, they've been creeping back up. A financial advisor may be able to give you some direction on the probabiltiy of continued rate increases, so you may not want to wait too long.
The wonderful thing about AMEX is the backdating. Whenever you get another AMEX card, it should backdate to the YEAR of your first card, but the MONTH for when you apply. If you were to apply now, it would backdate and show MEMBER SINCE 02/2011. That will surely help when you get ready to mortgage shop, as your AAofA will increase with the new TL. And if you prefer the AMEX BCE, then go for it! As others have stated, it SP if declined/HP if granted. If you get it, the HP inquiry will not impact your FICOs a year from now.
Regarding the BofA, if you're not thrilled with it, you can a) sock drawer it b) request a PC to a different card, if there's one that you might find more beneficial. PC with BofA is very easy and doesn't result in any pull at all...at least it didn't in my case. Only when a CLI is requested.
Good Luck to you !
