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Hey! I've been checking out the forum for about the last month and I've finally decided to join!
I was hoping that I can get any advice or recommendations on my financial situation. First of let me say that I am an 18 year old student that works full time. I gross about $1400 per month after taxes. I currently have an auto loan for $26,000 @ 13% interest for 72 mos w/ monthly payments of $540(Pretty bad rate but I am hoping to refinance after 6 months). I just made my first payment so I'm not sure when that will relect on my credit report. As far as revolving accounts go, I currently have: Kay Jewelers -$300 limit balance of $16.39, Capital One Platinum - $300 limit balance of $239.00, CIti Forward Student Card $500 limit balance of $460.00, Amazon Credit- $500 limit no balance, and CareCredit- $800 limit no balance. I have no late payments or anything like that, I do have a significant amount of inquiries, 7+.
If anyone has any advice for me, I.e. cards I should apply for in the future, which cards should I pay off first, how to improve my credit, tips for my auto refinance etc., it would be greatly appreciated!
All in all, I hope to be a valuable contribution to this site! Thanks again!
@Anonymous wrote:Hey! I've been checking out the forum for about the last month and I've finally decided to join!
@I was hoping that I can get any advice or recommendations on my financial situation. First of let me say that I am an 18 year old student that works full time. I gross about $1400 per month after taxes. I currently have an auto loan for $26,000 @ 13% interest for 72 mos w/ monthly payments of $540(Pretty bad rate but I am hoping to refinance after 6 months). I just made my first payment so I'm not sure when that will relect on my credit report. As far as revolving accounts go, I currently have: Kay Jewelers -$300 limit balance of $16.39, Capital One Platinum - $300 limit balance of $239.00, CIti Forward Student Card $500 limit balance of $460.00, Amazon Credit- $500 limit no balance, and CareCredit- $800 limit no balance. I have no late payments or anything like that, I do have a significant amount of inquiries, 7+.
If anyone has any advice for me, I.e. cards I should apply for in the future, which cards should I pay off first, how to improve my credit, tips for my auto refinance etc., it would be greatly appreciated!
All in all, I hope to be a valuable contribution to this site! Thanks again!
Pay down your current accounts (not the auto loan obviously), it will make it easier for you to refinance the car loan.
Try to set aside money for emergencies, as much as you can (I know that's not easy, esp these days and with a car and it's gas and insurance).
After doing the above (and at least 6 months of car payments under your belt), check AMEX's site to see if you show up in their system (offers they might have for you or or could), you'd want Zync, easiest to get and you'll understand by reading around about it on the forum. You should be able to check here:
+1 to the gardening. Pay off those balances and chill out with the rest of us in the Garden Thread. Which will actually be replaced by a new one tomorrow, so you've got perfect timing!
Yep...garden, garden, garden.
SIgn up for Upromise and/or iDine, to get some cashback rewards on the cards you already have.
Pay down your balances, highest APR first.
Start a savings account and put a little in it every month, however small. Consider getting the high-yield savings account Upromise offers, since that will increase your cashback rewards AND pays a high (for savings) interest rate.
After those inquiries age and those balances are paid down, go for the refinance BEFORE you app any more cards. Very important to get the best possible refi, and that will save you more in the long run than even the world's greatest rewards card.
After - and ONLY after - that, here are a few cards I'd recommend for you:
WalMart - Even if you get a toy limit like the one I have, this card is worth it for the gas discounts alone. 5 cents off per gallon regularly, but they do promotions where it's as much as 15 cents off (like I am getting right now). Since the Wal-Mart near me has some of the lowest gas prices in town already, I am getting an excellent deal at 15 cents off of that. Bonus: If you do electronic statements you get a free TU FICO score every month so you can monitor your credit health.
Amex Zync - Easiest Amex to qualify for, it's more or less their "young adult" card. And once you have 1 year of clean history on all those accounts you have now, you're a solid bet to get it.
Chase Freedom - The rewards are really only worthwhile if you pay down the balance every month - that's a truth to keep in mind about all rewards cards. The nice thing about the Freedom is it's reasonably easy to get with the short credit history of a young student, and the rewards categories are reasonably complementary to the ones you get from the Citi Forward.
IMO, You don't need any more CC's.
The most important thing to do is to PIF all your CC by the due date. Paying interest on credit cards is very expensive, and a dangerous credit risk. It should only be done when necessary and for short periods.
+ 1 on the gardening... THE MOST IMPORTANT piece of ADVICE I can give you is : Dont EVER EVER be late ! When $ gets tight make sure you pay at least the minimum on your accounts ! Cash in aluminum cans , mow your grandmas lawn , sell your bicycle, or whatever ! Just dont be late !
@Wolf3 wrote:IMO, You don't need any more CC's.
The most important thing to do is to PIF all your CC by the due date. Paying interest on credit cards is very expensive, and a dangerous credit risk. It should only be done when necessary and for short periods.
I agree with wolf, You don't need any more cards right now. You need to let those inq's age because you DEFINITELY need to get that Car loan refinanced. Right now, its eating up roughly MORE than 1/3 of your monthly income. That's way too much IMO, and in a creditors view its gonna throw off your DTI big time. With 13% on 25,000 your going to be paying a boat load in interest and not so much on the principal. AFTER the car refi, you can start looking at better cards with better rewards, interest, etc. I think you'd definitely have a much better shot at more sought after cards.