Jump to content

xenoz

Where do I go from here? Newbie looking for advice

Recommended Posts

Hello everyone,

 

I'm new to the forum but was recommended to come here for advice. I'm currently a freshman in college and recently turned 19. I currently have two credit cards: Bank of America Cash Rewards (had for 12 months and $2500 limit) and Discover It Student Cash Back card (had for 3 months and $1250 limit). My current creditkarma score is 718 and I attached my credit factors from there. 

 

I'm always looking for ways to open more accounts and to improve my spending power and score. I never put anything on interest and don't plan to use a full balance on either of my cards every month at least while I'm in school. Balance transfer is also not a priority. I also have no student loans so in have no large balances to pay off. Rewards (whether cash back or points) are my biggest need in a new card, and low to zero annual fee as well since Im not spending a huge amount at the moment. 

 

I'm looking for a new credit card to apply for. Through my own research, I've found that Citi Double Cash card is a great for rewards for myself but it may be a little too far out of my reach (I applied for it about 6 months ago and they didn't even do a hard pull). I'd also like to start earning recognition by Amex and the BlueCash EveryDay card sounds quite good, especially the absence of an annual fee. But, of course, I'm not an expert and that's why I came here. Also I'm impatient and want to apply soon, but if waiting longer will be more beneficial in the long run, I can wait.

 

My monthly spending during the school year is mostly comprised of food (evenly split between restaurants and fast food), spending on airfare and hotels, online shopping on amazon and Best Buy, and shopping at the local Walmart for groceries. I average about $300-$600 per month but it varies wildly. 

 

During the summer I actually work above minimum wage in Arizona so my cash flow will probably be about double. Also I expect to spend more on travel and food over the summer as well, with much less spent at Walmart and more spent at grocery stores.  

 

Since I'm still very new to this, I'm just looking for some advice. Should I wait longer before applying for a new card? Should I try for another student card? Are you bullish on Amex or should I try focusing on their travel and rewards benefits? 

 

Thank you for the help,

 

Xenoz

 

P.S. My only other dream from a credit card it for it to have contactless payment but I know this is very rare here in the states.

 

Screen Shot 2019-03-21 at 6.30.22 PM.png

Share this post


Link to post
Share on other sites

Welcome to Crediboards!

We hope that you find what you're looking for here.

Some helpful tips:

  • Your post may not get a reply right away. Don't be discouraged, this is a very busy board. If it falls off of the first page, feel free to reply to your post yourself, with the word *bump* in the text. This will *bump* your post back up to the top of the board.
  • If you haven't yet, take a peek at out Newbies Section. Everything that you need to know is in that forum, for the most part. It's a lot of reading, we know, but this credit stuff can have a steep learning curve. In no time, you'll be posting like the pros!
  • If you find that someone is discourteous to you, use the REPORT button at the top right of every post - that will ensure that a moderator or admin looks at the post and decides if it is against the TOS.
  • Off -topic posts should go in the General Forum.

 

Again, welcome to the CreditBoards family!

CB Admin: LKH, Pam, radi8, breeze & MarvBear

 

Share this post


Link to post
Share on other sites

BlueCash Everyday is not a bad call. MSR is only $1000 so you should easily hit it with natural spend.

 

Shop around for the best SUB. $200 is good but you might get $250. At $200, you would net 21%-23% back on your first $1k of spending.

 

Adding a 3rd card will boost your FICOs immediately.

Share this post


Link to post
Share on other sites
23 minutes ago, Occam said:

BlueCash Everyday is not a bad call. MSR is only $1000 so you should easily hit it with natural spend.

 

Shop around for the best SUB. $200 is good but you might get $250. At $200, you would net 21%-23% back on your first $1k of spending.

 

Adding a 3rd card will boost your FICOs immediately.

Thank you for the advice. Do you think I should wait to apply or just go for it as soon as I find the best SUB? Is there any advantage to waiting?

Share this post


Link to post
Share on other sites

IMO - Get in the door with Amex. Once you open new accounts with them any additional accounts are always a soft pull. Start with a charge card, they carry an annual fee but again are great to get a foot in the door. Once you show them good history they will always treat you right.


Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

You can go to americanexpress.com and check for pre-qualified offers. Click on the 'Cards' link and choose 'Check for Pre-qualified Credit Card Offers'...

SE3fOcN.jpg

 

If you see the PRESCREEN & OPT-OUT NOTICE and a fixed interest rate (not variable), you should be good to go...

rSO0qb9.jpg

 

Note - Amex cards are easier to get approved for today than they were in the past. You shouldn't have to get a Charge card first.

 

Share this post


Link to post
Share on other sites
4 hours ago, expertvis said:

IMO - Get in the door with Amex. Once you open new accounts with them any additional accounts are always a soft pull. Start with a charge card, they carry an annual fee but again are great to get a foot in the door. Once you show them good history they will always treat you right.


Sent from my iPhone using Tapatalk

 

New accounts for existing AmEx cardholders are not always without hard pull.  Often maybe, but certainly not always.  In any event, on CB we know that inquiries are nothing to fear.  

Share this post


Link to post
Share on other sites
Posted (edited)

OP has two open cards and an AAoA of 7 months.  It's the classic definition of a thin file.

 

Luckily one of his two cards is a year old so he could possibly get his foot in the door with AmEx.  Chase will usually accept thin files if there's an account reporting for over a year.  Barclays will not.  He's already seen Citi's policy.  Our favorite credit union should welcome him, if qualified to join.  

 

I'd go for an AmEx and a Chase and let them marinate and build up credit limits.  

 

It has been reported that Chase is going all contactless.

Edited by PotO

Share this post


Link to post
Share on other sites
 
New accounts for existing AmEx cardholders are not always without hard pull.  Often maybe, but certainly not always.  In any event, on CB we know that inquiries are nothing to fear.  


Was explaining to OP that in my experience. I have 5 cards with Amex now. After original HP all consecutive pulls thereafter have been soft.

While here at CB we know inquiries may be “nothing to fear” minimizing them certainly is “nothing to not celebrate”


Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites
You can go to americanexpress.com and check for pre-qualified offers. Click on the 'Cards' link and choose 'Check for Pre-qualified Credit Card Offers'...
SE3fOcN.jpg
 
If you see the PRESCREEN & OPT-OUT NOTICE and a fixed interest rate (not variable), you should be good to go...
rSO0qb9.jpg
 
Note - Amex cards are easier to get approved for today than they were in the past. You shouldn't have to get a Charge card first.
 


Great post Kat


Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites
Posted (edited)
1 hour ago, expertvis said:

 


Was explaining to OP that in my experience. I have 5 cards with Amex now. After original HP all consecutive pulls thereafter have been soft.

While here at CB we know inquiries may be “nothing to fear” minimizing them certainly is “nothing to not celebrate”


Sent from my iPhone using Tapatalk

 

 

You can't minimize what is insignificant.  Inquiries are insignificant.  

 

"Once you open new accounts, in my experience, any additional accounts are always a soft pull."    FTFY.  

Edited by PotO

Share this post


Link to post
Share on other sites
 
You can't minimize what is insignificant.  Inquiries are insignificant.  
 
"Once you open new accounts with them any additional accounts are always a soft pull."  


Dude you’re just a jerk that always has to be right. I’ve seen your posts around the boards before. Ie “Jethro” “Here on earth” I can only imagine how the people in your circle hate you behind your back, because you’re too annoying to bother to debate with.

I’ll use your terminology... “Here on earth many people have been declined credit for too many inquiries. Inquiries also drop your score in points to some degree which could impact a loan interest rate.” Insignificant is in the eye of the individual seeking credit.

You’ll respond with something you think is clever. I won’t respond b/c you’re not worth it - so have it ...... but hey good luck on that $5,000 discover


Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites
Posted (edited)
1 hour ago, expertvis said:

 


Dude you’re just a jerk that always has to be right. I’ve seen your posts around the boards before. Ie “Jethro” “Here on earth” I can only imagine how the people in your circle hate you behind your back, because you’re too annoying to bother to debate with.

I’ll use your terminology... “Here on earth many people have been declined credit for too many inquiries. Inquiries also drop your score in points to some degree which could impact a loan interest rate.” Insignificant is in the eye of the individual seeking credit.

You’ll respond with something you think is clever. I won’t respond b/c you’re not worth it - so have it ...... but hey good luck on that $5,000 discover emoji23.png


Sent from my iPhone using Tapatalk

 

 

I'm sorry, Tophie, that your itty bitty ego got stepped on.  The pesky little fact is that amongst your Neanderthal pals over at myFUKO it might be ok to lie and mislead newbies such as the OP, but here on CB we refrain from that.  

 

We we also don't need to scaremonger newbies about inquiries.  The point or two you lose from an inquiry is irrelevant, even if it did last longer than a few months.  If two points is going to make a difference about your APR on a loan, then you were too stupid to follow some of the failsafe methods we have here to maximize your score.  Besides, the OP, with barely two credit cards to his name and a thin file isn't going for a loan.  

 

We we also know here on CB that when a lender says you were shot down for inquiries it's a bullsh!t excuse.  You don't know that, obviously, but then there is actually very little you do know.   

 

Life on your earth must really suck.  It must get crowded with you and all the other floating little turds, Tophie.  Make sure you hold onto the handrail or you will fall off.  Meanwhile, brush up on your investigative skills. Or stick to something you have a reasonable chance of success at, like precisely pouring milk over a bowl of cold cereal.  

Edited by PotO

Share this post


Link to post
Share on other sites
 
I'm sorry, Tophie, that your itty bitty ego got stepped on.  The pesky little fact is that amongst your Neanderthal pals over at myFUKO it might be ok to lie and mislead newbies such as the OP, but here on CB we refrain from that.  
 
We we also don't need to scaremonger newbies about inquiries.  The point or two you lose from an inquiry is irrelevant, even if it did last longer than a few months.  If two points is going to make a difference about your APR on a loan, then you were too stupid to follow some of the failsafe methods we have here to maximize your score.  Besides, the OP, with barely two credit cards to his name and a thin file isn't going for a loan.  
 
We we also know here on CB that when a lender says you were shot down for inquiries it's a bullsh!t excuse.  You don't know that, obviously, but then there is actually very little you do know.   
 
Life on your earth must really suck.  It must get crowded with you and all the other floating little turds, Tophie.  Make sure you hold onto the handrail or you will fall off.  Meanwhile, brush up on your investigative skills. Or stick to something you have a reasonable chance of success at, like precisely pouring milk over a bowl of cold cereal.  


Hahahahhaha! Took you that long to work that up . you’re sad


Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites
1 hour ago, expertvis said:

I won’t respond b/c you’re not worth it - so have it

 

13 minutes ago, expertvis said:

 


Hahahahhaha! Took you that long to work that up . you’re sad


Sent from my iPhone using Tapatalk

 

 

Well, Tophie, you've proven yourself to be a congenital liar.  Of course, nobody is surprised.  

Share this post


Link to post
Share on other sites

I can’t see the sad sad scroat who smells his fingers while he types thanks to the block button. But I know he has sad life while he sits in a cold basement counting his discover cards pretending he knows stuff begging mommy for her approval.


Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

What the opinion on here about the Chase Sapphire Preferred compared to something like the Amex gold card? Especially for someone young and with a thin credit file and not that much spending power like myself. 

Share this post


Link to post
Share on other sites

So back before I blew up my credit, I was in your same spot. Young, had 2 decent cards, and was wanting to find a 3rd. 

 

I went to Chase. Applied for the Freedom card, and was approved for a 10k limit (i was shocked at the time). It was my in with Chase. 6 months later I applied for a Sapphire card, and was approved. The Preferred card is nice, but ill let the other pro's put in their opinion on if you should be approved. 

Share this post


Link to post
Share on other sites

Pot/Expert - Both of you knock it off with the personal attacks and stick to the topic at hand, which was answering the OPs questions.

Share this post


Link to post
Share on other sites
17 minutes ago, AlabamaSteve said:

So back before I blew up my credit, I was in your same spot. Young, had 2 decent cards, and was wanting to find a 3rd. 

 

I went to Chase. Applied for the Freedom card, and was approved for a 10k limit (i was shocked at the time). It was my in with Chase. 6 months later I applied for a Sapphire card, and was approved. The Preferred card is nice, but ill let the other pro's put in their opinion on if you should be approved. 

Were you prequalified for your freedom card when you applied? I just checked chase’s website to see and it said that I wasn’t prequalified for any cards at all. Should i worry?

Share this post


Link to post
Share on other sites
11 minutes ago, xenoz said:

Were you prequalified for your freedom card when you applied? I just checked chase’s website to see and it said that I wasn’t prequalified for any cards at all. Should i worry?

I was not. I actually applied for the slate card first. Was approved...I believe that was 3k. Then did the Freedom, and my eyes about bugged out of my head. Being 24, that was crazy for me. 

 

Chase may have changed their policies for approving applications (for better or worse) since 2011. Again inquiries are not as big of a deal, as everyone makes them out to be. If they deny you, you can recon with Chase. Worst that happens is they say no, and you wait 3-6 months to let your AAOA get higher. 

 

What is your overall utilization at this point? 

Share this post


Link to post
Share on other sites
6 minutes ago, AlabamaSteve said:

I was not. I actually applied for the slate card first. Was approved...I believe that was 3k. Then did the Freedom, and my eyes about bugged out of my head. Being 24, that was crazy for me. 

 

Chase may have changed their policies for approving applications (for better or worse) since 2011. Again inquiries are not as big of a deal, as everyone makes them out to be. If they deny you, you can recon with Chase. Worst that happens is they say no, and you wait 3-6 months to let your AAOA get higher. 

 

What is your overall utilization at this point? 

I spend about $400 per month during the semester but I only allow $200 or so show up on the statement balance on a total limit of $3750 between 2 cards. 

Share this post


Link to post
Share on other sites

Yeah you shouldn't have an issue. I just did a quick search through the Creditpulls database, and it looks like for most Chase cards in the past year or two, have been pulling Experian or Equifax. Now keep in mind, Credit Karma scores are Fako's. Not real scores. 

 

Most Sapphire approvals I saw were 720+, and had thicker files than yours. Again may want to get your foot in the door with a Freedom card, and go from there, just my opinion. 

Share this post


Link to post
Share on other sites
12 minutes ago, xenoz said:

I spend about $400 per month during the semester but I only allow $200 or so show up on the statement balance on a total limit of $3750 between 2 cards. 

 

Read this thread...

Note - It doesn't have to be exactly $2/$3... ~$10 is fine. Do not let both/all cards report a $0 balance, this will actually lower your FICO score.

 

Creditkarma uses Vantage scores, not FICO. Do you get a TU FICO 08 score on your student Discover card?

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Today's Birthdays

  • Member Statistics

    • Total Members
      176,735
    • Most Online
      1,528

    Newest Member
    Kochshorn
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines