Just got my Zync!!! Have some ?'s about best approach for my situation.

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rthjr
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Just got my Zync!!! Have some ?'s about best approach for my situation.

Postby rthjr » Sun Mar 06, 2011 7:24 pm

I am going to give you a little background on my situation. I was a recent graduate and was looking for a job for a good year, until I finally landed a job in the beginning of January. I make 55k a year on salary. I have gathered up about 6k in credit card debt while going to college and looking for jobs (With a student loan of 15k at 5.8%). Just 3 weeks ago I officially paid off all my credit card debt, by sucking it up and stay living with my parents for awhile till I become debt free. My credit score is 728, and I applied for tha Zync charge card (I LOVE IT). Now my question is what card is a good companion with a AMEX charge card. The cards I have now are BS, one is a BofA card which they are charging me 59 bucks a year now.... which I think is stupid. It is going to be hard to close that one since it has been with me since I was 18. I don't want to pay the fee, so I will end up closing that card. My other card is a Mastercard that does nothing, no rewards or anything. I was thinking about closing that one and sticking with the AMEX and my companion card that hopefully you can help me out with.


On another note, would you guys suggest me tackling my student loan debt aggressively. As of now, my min payment is 185 and I am paying 200 bucks a month.


Thanks
Ricky


ashleyAMX
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Postby ashleyAMX » Sun Mar 06, 2011 11:33 pm

Congrats on your zync. :) . I wouldn't close out any account especially not your oldest. Although I agree 59$ annual fee is bad. Just pay the fee and don't use it.. but it helps your score by having a lengthy credit history.

rthjr
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Postby rthjr » Mon Mar 07, 2011 2:02 am

I know, I just hate to pay 60 bucks a year without getting any benefits from the card.

rthjr
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Postby rthjr » Mon Mar 07, 2011 2:22 am

also any advice on a card to get with my income and credit score that would be a great sidekick for my amex

ashleyAMX
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Postby ashleyAMX » Mon Mar 07, 2011 2:09 pm

It depends on what your spending needs are..

If you spend a lot in travel (or potentially) .. your zync also has a pack for travel rewards or Citi Thank You premier is attractive

Best Travel Rewards Credit Cards With Free Signup Bonuses

If you eat out a lot .. your zync also has a pack but the Citi Forward also has a nice rewards package for that as well

If you're looking to earn cashback from the companion and just accumulate points on your zync theres the Discover More which offers 5% in "Categories" (that part bothers me) and then Amex Blue Cash offers 5% on gas after 6,500$ spent.

Best Cash Back Credit Cards For 2011

There's a ton of options it just depends on what you need next/your spending strategy, but those are the top suggestions in each category.

:money: best of luck !

Rob S
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Postby Rob S » Mon Mar 07, 2011 3:51 pm

I say cancel the card with the fee. It won't magically disappear off your credit record instantly and ruin your credit. It'll remain there as a closed account and will continue to be factored in when calculating the length of your credit history.

In 10 years, when the account finally does drop off, your credit score might be affected...but what you do between now and then will have vastly more impact than the old account disappearing. You're talking about a small ding, if anything.

To me, saving a tiny drop in an arbitrary score (which may not even be used by then) a decade in the future isn't worth $590 in fees.

Another option: call them and ask them to remove the fee, saying you'll close the account if they don't. They might just remove it.

rthjr
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Postby rthjr » Mon Mar 07, 2011 5:50 pm

The only reason I am looking for a sidekick to my Zync is for the places that don't accept AMEX. I plan to use my Zync for everything. I would think that a cashback Visa or Mastercard would be the best option for me... agree?

ashleyAMX
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Postby ashleyAMX » Mon Mar 07, 2011 9:35 pm

Chase Freedom and Citi Forward offer cash back and have Visa logos. Citi Dividend has Mastercard logo, but isn't a top ranked card in the cashback category. Discover More of course has a discover logo.

In your case, I agree having a secondary card is essential. I would choose Discover because the options are customizable but Chase Freedom is nearly the same flavor cashback card if you need a Visa card.

From having experience with Amex, its widely accepted except for some merchants. My "companion" card is a Capital One card because there's no foreign transaction fees. Which help when traveling over seas.

Squid7085
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Postby Squid7085 » Mon Mar 07, 2011 11:14 pm

Rob S wrote:I say cancel the card with the fee. It won't magically disappear off your credit record instantly and ruin your credit. It'll remain there as a closed account and will continue to be factored in when calculating the length of your credit history.

In 10 years, when the account finally does drop off, your credit score might be affected...but what you do between now and then will have vastly more impact than the old account disappearing. You're talking about a small ding, if anything.


Is this true? Can anybody confirm it, I always thought closing an account instantly affected your credit age. I was going to cancel a newer card I opened and paid off to help bring my age back up, but if it doesn't' make a difference for 10 years, I might as well leave it open.

rthjr
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Postby rthjr » Tue Mar 08, 2011 12:10 am

thanks a lot ashleyamx, you have helped me greatly =)



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