Advice on next steps

[4score]

Hi guys,

First time/long time... wondering if you had any advice as I consider my next moves.

 

I'm 25, make about $43k a year before taxes, and have investment assets and income I could include if needed.

 

Had credit since 2010, no missed payments, baddies, or anything like that. Oldest account is 3 yrs 8 months, newest is 7 months, and AAOA is about 1 year 10 months.

 

These are my cards:

 

AMEX Blue Sky, $10,500 limit

AMEX Blue Cash Everyday, $2,000 limit

BofA BankAmericard $5,000 limit

Barclaycard Rewards $2,000 limit (newest, opened 1/2014)

Barclaycard Financing (Apple) $2,350

Chase Slate $3,300 limit

Chase Sapphire $5,000 limit

Chase Freedom $4,000 limit

Citi Dividend Platinum Select $5,900 limit (oldest, opened 12/2010)

Citi Simplicity $3,000 limit

Citi AAdvantage Bronze MasterCard $6,500 limit

Discover IT $4,500 limit

FNB Omaha $6,000 limit

Comenity/JCrew $1,000 limit

Comenity/Express $500 limit

 

Utilization is around 23%. I have roughly $14k spread across several accounts with long-term (>12 months) 0% offers, otherwise I pay everything in full and do not carry a balance. If needed I could pay off the $14k immediately but since it's at 0% and I'm earning more in my investments I don't see a need to do that while the offers are still in effect unless you have better advice.

 

Is it worth applying for more cards (if so, which)? Should I focus on CLIs (again, where should I prioritize and how much to ask for)? Both? Neither? Is it time to garden?

I have an inquiry scheduled to drop off in November, by which point my AAOA should be over 2 years.

 

I appreciate your guidance. Thanks in advance!

 

[cv91915]

Hi guys,

First time/long time... wondering if you had any advice as I consider my next moves.

 

I'm 25, make about $43k a year before taxes, and have investment assets and income I could include if needed.

 

Had credit since 2010, no missed payments, baddies, or anything like that. Oldest account is 3 yrs 8 months, newest is 7 months, and AAOA is about 1 year 10 months.

 

These are my cards:

 

AMEX Blue Sky, $10,500 limit

AMEX Blue Cash Everyday, $2,000 limit

BofA BankAmericard $5,000 limit

Barclaycard Rewards $2,000 limit (newest, opened 1/2014)

Barclaycard Financing (Apple) $2,350

Chase Slate $3,300 limit

Chase Sapphire $5,000 limit

Chase Freedom $4,000 limit

Citi Dividend Platinum Select $5,900 limit (oldest, opened 12/2010)

Citi Simplicity $3,000 limit

Citi AAdvantage Bronze MasterCard $6,500 limit

Discover IT $4,500 limit

FNB Omaha $6,000 limit

Comenity/JCrew $1,000 limit

Comenity/Express $500 limit

 

Utilization is around 23%. I have roughly $14k spread across several accounts with long-term (>12 months) 0% offers, otherwise I pay everything in full and do not carry a balance. If needed I could pay off the $14k immediately but since it's at 0% and I'm earning more in my investments I don't see a need to do that while the offers are still in effect unless you have better advice.

 

Is it worth applying for more cards (if so, which)? Should I focus on CLIs (again, where should I prioritize and how much to ask for)? Both? Neither? Is it time to garden?

I have an inquiry scheduled to drop off in November, by which point my AAOA should be over 2 years.

 

I appreciate your guidance. Thanks in advance!

 

 

You've got your Amex for D*, you have diversity of issuers, you have some rewards cards, you have enough credit to support your lifestyle, your utilization is relatively low (and what you're carrying is at 0%), you should be getting free FICOs from Discover and FNBO. You might join DCU for the Equifax FICO.

 

If that mix of credit cards maximizes your desired rewards (travel, cash-back) based on your spending patterns, you are in a good place.

 

Beyond that, it's hard to make any recommendations because you haven't stated your goal(s) for credit. For most people with your profile that would be more than enough accounts and plenty of credit. It just depends where you want to go next.

[x2theone2x]

You say that "Usually" you pay your balances in full, and carry no reportable balance. Through my research and personal trials having a utilization of 1% on all cards gives you a higher credit score than if you had 0% This is only a temporary raise for each report to report basis if you always stay below 20-30%, but it's good knowledge to have when applying for loans etc.

[4score]

I certainly have enough credit to fund my lifestyle at the moment. While I use my cards for just about everything to float the payments, my purchases are made on the assumption that I would have to immediately pay in cash if requested.

 

I am not in the market for a house anytime soon, and my car has been reliable to date (knock on wood). I suppose my goals are to get as much credit as possible while I'm young and my expenses are low and never use it, so that by the time a major expense comes around where cash is impractical I will have had a nice long history of responsible credit. I want to be able to enjoy favorable rates on large sums of borrowed money if need be. My sister is older and makes more money than I do but her credit history is so limited that her responsible behavior doesn't do her any favors. I want to avoid that scenario by a comfortable margin if at all possible.

 

With that in mind, should I seek additional credit at this time, and would you recommend I pursue it through additional cards and/or by requesting CLI(s)?