Planning my goal cards

[jimmy2000]

So, as you can see I have plenty of cards already and am in the garden for at least a year or so, I do want to plan ahead for my goal cards as I get ready to leave college.

I don't spend a ton of money now, most of my money goes to a stock plan or just a liquid savings account.  I am on track to graduate college debt-free.

My current spend is mostly on gas and restaurants, so most of my spend goes on my Citi Costco card.  Any groceries go on Amex BCE, and any other merchandise or big purchases on BCE or BECU Visa. My other cards sit with $0 balance and only get used if I have a good reason to use them.  Barclays just stays open since it's oldest, same with Quicksilver. Then of course my store cards.

I plan to cancel my Nordstrom Visa and Express cards in a few months once the inquiries wear away.  Both of them are just unneccesary and don't need to be there, and I'd rather not worry about them.  I don't use them much at all, and really only got them for the sign up discount on some shopping I was doing.

Here are the cards I am considering adding to the goal list:

- Amex Gold (depends on if my spend and benefits will outweigh AF)

- Amazon Prime Visa Signature (replace the Prime store card)

- Chase Sapphire Preferred or Alaska Airlines (I do have a good bit of travel plans over the next few years (spring break, graduation trip, some other family trips, and the Alaska companion fare would be a huge benefit, SUB for CSP)

- Capital One Venture One or BofA Travel Rewards (If I cannot justify AF on CSP or Alaska)

Cards 5-10 years down the road:

- Chase Sapphire Reserve

- Amex Centurion (lol)

What other cards should I consider adding to (or removing from) the list?  I do not plan on apping for any of them for 12-24 months but want to plan over the next year for them to get good approvals.

[CreditInspired]

It’s difficult to give concrete advice on cards that you want to apply for 12-24 months down the road because a million and one things can change:

*You may not be employed.
*The credit card you like/want today may have different features, SUBs, etc. tomorrow.
*You may get married and goals may change.
*Life happens and your scores may change although you didn’t provide us w/FICO scores.
*Depending on the field you’re getting into, Nordstrom may be a good card to keep. Just SD it.

Yep, I think waiting until you’re ready to actually apply would be more beneficial because any advice we provide today may or may not be applicable a year from now.

[Anonymous]

Goal wise, they are fine.

I wouldn't bother with Venture 1. Sucks in every way.

I would suggest adding one or two 5% rotating category card.

[jimmy2000]

Asking this for a friend, who asked me for help in getting into the credit world. He spends most on Gas, Auto Parts and Fast Food.

Here is DPs:
19 years old, ~25,000 income, 9 inquiries (shady car dealer), 1 AU Tradeline from parents (Cap 1 QS, ~ 2 yrs history), though I don’t know current FICO.

What card do you think would be a good “first”?

What came to my mind was Citi DC, Citi Costco, or WF Cash Wise. Any others that could be added to the potential list?

[Aim_High]

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@jimmy2000 wrote:
Asking this for a friend, who asked me for help in getting into the credit world. He spends most on Gas, Auto Parts and Fast Food.  Here is DPs:  19 years old, ~25,000 income, 9 inquiries (shady car dealer), 1 AU Tradeline from parents (Cap 1 QS, ~ 2 yrs history), though I don’t know current FICO.   What card do you think would be a good “first”?  What came to my mind was Citi DC, Citi Costco, or WF Cash Wise. Any others that could be added to the potential list?

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Not to be flippant, but the best first card for him would be the one that will offer him a card first.  He seems to have a very thin file, so the first item of business is just building a credit history, NOT where his spend is concentrated or maximizing cash rewards.  That will come in time. 

Yes, it would be good to get both, but if he wastes HPs chasing cards that he is not yet a good fit for, it will add unnecessary inquiries and make him seem desperate.   And he already has those 9 inquiries from the shady car dealer. I don't think he's ready for CITI or Wells Fargo yet - unless maybe he banks with them.

So, where does he bank?  That might be one place to start. 

If he has AU status with Capital One, they would be my next target for a primary user card for him.  They tend to be a little more open to thin files.  Same for Discover.  

From my experience, those basic Visa or Mastercards offered by many lenders with no rewards and low/no-AF tend to be easier to get for a thin profile.  Build a little experience and payment history and then he can start to target those better cash-back cards.   Depending on FICO, he might even have to start with a secured card for six months or so before he moves up to a regular card.   But I would forget about cash-back cards for the short-term and be more realistic.  

[AllZero]

Have him join a credit union like BECU and DCU. Let his membership marinade. He'll benefit from account age when he's ready to apply for a CC.

DCU might even offer a soft pull Platinum CC at sign up, depending on credit worthiness.

[AllZero]

For bank cards:
Secured BoA $99 deposit $500 credit line. Known to graduate early and soft pull CLI.

Secured or Student Discover

Unsecured Capital One as mentioned up thread. Avoid their secured CC. It will not graduate.

Secured Wells Fargo, avoid. Takes a long time to graduate.

[jimmy2000]

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@AllZero wrote:
Have him join a credit union like BECU and DCU. Let his membership marinade. He'll benefit from account age when he's ready to apply for a CC.

DCU might even offer a soft pull Platinum CC at sign up, depending on credit worthiness.

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Has already been a part of BECU for awhile

[AllZero]

^ Excellent. As you know they offer the low APR and 1.5% cash back cards.

Is he in or out of the geo-fence? I recall another good CU in Washington state. I don't recall if it's a hard pull for membership.

[jimmy2000]

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@AllZero wrote:
^ Excellent. As you know they offer the low APR and 1.5% cash back cards.

Is he in or out of the geo-fence? I recall another good CU in Washington state. I don't recall if it's a hard pull for membership.

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Inside WA State.  I have that low APR 1.5% card, it's a great "Everything else" Visa card.

For some reason in my area Citi seems way more lax to thinner files so I think if he can get approved for Costco, he should go get approved for Costco.  Wait on BECU until later because BECU will give out some good CLs with better history.