Review my Profile! (20 Years Old)

[Anonymous]

Hello! I have posted once before but figured I would update with my current profile status and field any advice/comments from the group. As mentioned in the title, I am 20 years old and applied for my first card the day I turned 18. 

My FICO score is reporting as 768 as of June 22, 2017.

Here are my current cards:

Discover IT (6K limit, opened 12/2014)

Citi Double Cash (6.3K limit, opened 6/2016)

Amex BCE (15K limit, opened 6/2016)

Chase Sapphire Preferred (8.4K limit, opened 11/2016)

Chase Freedom (2.5K limit, opened 5/2017)

Amex PRG (NPSL, opened 5/2017)

The PRG and Sapphire are most likely going to be closed before the first year of no AF is up, I hit the 50K point bonuses for each (I had a targeted PRG 50k offer)

Total Credit Owed vs Total Credit Line: $450/$38,200 = 1.2% Utilization (PIF every month)

No loans, 100% payment history, no negative marks, 2 accounts closed by myself (crappy Wells Fargo and BoA cards).

What do you think?

[Anonymous]

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@Anonymous wrote:

Hello! I have posted once before but figured I would update with my current profile status and field any advice/comments from the group. As mentioned in the title, I am 20 years old and applied for my first card the day I turned 18. 

My FICO score is reporting as 768 as of June 22, 2017.

Here are my current cards:

Discover IT (6K limit, opened 12/2014)

Citi Double Cash (6.3K limit, opened 6/2016)

Amex BCE (15K limit, opened 6/2016)

Chase Sapphire Preferred (8.4K limit, opened 11/2016)

Chase Freedom (2.5K limit, opened 5/2017)

Amex PRG (NPSL, opened 5/2017)

The PRG and Sapphire are most likely going to be closed before the first year of no AF is up, I hit the 50K point bonuses for each (I had a targeted PRG 50k offer)

Total Credit Owed vs Total Credit Line: $450/$38,200 = 1.2% Utilization (PIF every month)

No loans, 100% payment history, no negative marks, 2 accounts closed by myself (crappy Wells Fargo and BoA cards).

What do you think?

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Looks like you are doing very well for yourself.  The only think I will mention is that by closing the CSP you will lose the ability to transfer any UR points you have to travel partners and the Freedom will become purely a cash back card. If you don't care about that then closely it will only affect your overall credit limits which could potentially affect your utilization and credit scores if you started to carry higher balances.  Also by closing the PRG you will lose any MR points that you have earned.  Just keep those caveats in mind.

[Anonymous]

Great points! I would use the Amex points before closing though, too.

[Anonymous]

Have you considered downgrading the Chase Sapphire Preferred to just a regular non-annual-fee Chase Sapphire? 

Opening cards with big signup bonuses is great, and wanting to also avoid the annual fee at month 12 is also smart.  But you should always explore a downgrade path first before closing.

[Anonymous]

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@Anonymous wrote:

Hello! I have posted once before but figured I would update with my current profile status and field any advice/comments from the group. As mentioned in the title, I am 20 years old and applied for my first card the day I turned 18. 

My FICO score is reporting as 768 as of June 22, 2017.

Here are my current cards:

Discover IT (6K limit, opened 12/2014)

Citi Double Cash (6.3K limit, opened 6/2016)

Amex BCE (15K limit, opened 6/2016)

Chase Sapphire Preferred (8.4K limit, opened 11/2016)

Chase Freedom (2.5K limit, opened 5/2017)

Amex PRG (NPSL, opened 5/2017)

The PRG and Sapphire are most likely going to be closed before the first year of no AF is up, I hit the 50K point bonuses for each (I had a targeted PRG 50k offer)

Total Credit Owed vs Total Credit Line: $450/$38,200 = 1.2% Utilization (PIF every month)

No loans, 100% payment history, no negative marks, 2 accounts closed by myself (crappy Wells Fargo and BoA cards).

What do you think?

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You mention that you have no loans.  Have you considered the Share Secure Loan Technique? 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/m-p/4506756

That is in my opinion the next thing you should definitely do.  You certainly don't need any more cards... though if you see a chance for a lucrative signup bonus, no reason not to open another.  (The risk here is that it might induce you to spend more in pursuit of meeting the minimum spend req, and spending even a dollar more is always a bad choice in my option.  A great rule of thumb for all CC spending is: Would I buy this if I had to pull actual cash out of my wallet?)