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College Student Credit Card Advice

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College Student Credit Card Advice

Hello, I actually don't need any advice. Im 21 and in college part time and working full time. When I turned 18, I discovered this forum. And man has it been a journey. I just want to finally give back a little and share some of my data points so a younger person who was/is interested like me can benefit! Because I know I have benefitted greatly from so many people on this forum!!

 

For anyone curious I started my card journey at the bottom rung with a secured card with my bank and a 300 dollar limit. I had actually walked into a Chase a few days after my birthday and tried to apply for a premium card (thinking that since I banked with them, they would approve me no problem!) and was I turned down! So I went from having a secured card for a year (different bank), then the Discover IT, Chase Freedom, and Amex BCE (all in the span of a few months). I gardened for another year and got my Amazon Prime Signature Visa, then the Citi Costco and most recently my Amex Gold.

 

A few things to consider. I would say I was addicted to applying for more credit for a solid 3 months. During that summer, I binged watched every AskSebby/CreditShifu video about credit and travel, etc, and read through hundreds of hundreds of myfico forum pages. I would caution fellow college students coming into the game now and younger high school grads to watch out. In the end it didnt matter for me because I've always been a mature kid.. the reason I wanted to get into the credit game was because I knew I had to have a great score to get the lowest interest rates on cars, mortgages, etc. But for those who can't control their spending, you should be more cautious. 

 

Also, I'm extremely lucky and gracious to have supportive parents who A) don't charge me rent B) Are willing and enthusiastic about helping me meet minimum spend (in the case of the Amex Gold) and C) dont control me and stop me from making my own mistakes. 

 

I had full knowledge that I was disregarding Chase 5/24. While my parents are supportive, I personally believe that asking my parents to help me with 4000 dollars of minimum spend is ridiculous. I went the Amex route knowing that (from myFico data points!) that you are able to raise your credit the fastest with American Express' 3x credit limit rule every 180 days (after 61? days of account opening). But we all know that Chase is superior in it's travel rewards (ease of use of UR points) so I raised my limits with American Express to prepare myself for when I apply for the Chase Sapphire Reserve in a few years. (FYI chase will not be the first one to extend you that 10000 dollar limit or 5000 in the case of the CSP)

 

Hopefully that wasn't too much of a ramble. I'm very thankful of everyone on this forum. So incredibly helpful. Thank you. If you are reading this and you're a young adult, you can follow my path or choose your own way. I'm an INTJ, I try to be as efficient as I can. I could have done without applying for the Amazon card but at the time I really cared about the metal aspect of credit cards. I wanted what the rich folks had. Or so I thought.. and now I could care less.... especially when you do your monthly budgeting and see how much your spending just to impress some random nobody you'll never see again. Oh and last piece of advice. Sign up bonuses will always trump percentage cash back. Unless you're spending a lot. In which case, youll benefit from both sign up bonus and cash back. A penny saved with cashback is still a penny! I created my account today but please message? me if you have any questions! I love giving my friends credit advice and chances are I've been in your shoes, unless you're older than me!

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