Thinking of getting a Platinum (details inside)

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MemberSince99
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Postby MemberSince99 » Sun Mar 31, 2013 7:14 am

Well let's face it, how many of us would try to use the Plat to impress chicks? Honestly that's about the only practical use for a lot of us.


AMEXPlatino86
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Postby AMEXPlatino86 » Sun Mar 31, 2013 10:05 am

Well i have no chicks to impress. The only people that it would impress is my damn self.
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
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shhyfz
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Postby shhyfz » Sun Mar 31, 2013 1:29 pm

I don't really know FDIC cause I am in Canada. I do have all my money invested in term deposit(we call them GIC). That gives me around 1.5% APR. I don't see how "additional sources relating to being a student and paying for school" could help me in my application?

DavidNY
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Postby DavidNY » Sun Mar 31, 2013 2:09 pm

shhyfz wrote:I don't really know FDIC cause I am in Canada.


The Canadian equivalent is the CDIC.

shhyfz
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Postby shhyfz » Sun Mar 31, 2013 3:58 pm

DavidNY wrote:The Canadian equivalent is the CDIC.


Too bad it only covers 100k......

Bksuper
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Postby Bksuper » Sun Mar 31, 2013 4:54 pm

shhyfz wrote:I don't really know FDIC cause I am in Canada. I do have all my money invested in term deposit(we call them GIC). That gives me around 1.5% APR. I don't see how "additional sources relating to being a student and paying for school" could help me in my application?

Okay, Im just suggesting that your level of assets calls for more diversification which should increase your return. The credit card companies count all income, not just employment income, so instead of putting down 12k for income, you would currently put down (600k at 1.5% = $9k per year + 12k per year) $21k income, plus any other income. What I mean by that is that since you say you're a student, if you're getting sponsored by a parent, relative, friend, employer, etc to go to school, receive financial aid from the school and/or government (which is decided based on income and parent's income I think, not assets), or have any scholarships that can be counted as income, even if its being paid directly to the school for tuition and fees. If you put down a lower income than you need to, it may hurt your chances on the application since you have little CRA history and they may not ask about assets, or rule you out for low income in the computer before seeing your assets.
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
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Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
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DavidNY
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Postby DavidNY » Sun Mar 31, 2013 6:29 pm

shhyfz wrote:Too bad it only covers 100k......


Maximizing CDIC Coverage:

http://retirehappy.ca/maximizing-cdic-coverage/ .

shhyfz
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Postby shhyfz » Sun Mar 31, 2013 8:25 pm

Bksuper wrote:Okay, Im just suggesting that your level of assets calls for more diversification which should increase your return. The credit card companies count all income, not just employment income, so instead of putting down 12k for income, you would currently put down (600k at 1.5% = $9k per year + 12k per year) $21k income, plus any other income. What I mean by that is that since you say you're a student, if you're getting sponsored by a parent, relative, friend, employer, etc to go to school, receive financial aid from the school and/or government (which is decided based on income and parent's income I think, not assets), or have any scholarships that can be counted as income, even if its being paid directly to the school for tuition and fees. If you put down a lower income than you need to, it may hurt your chances on the application since you have little CRA history and they may not ask about assets, or rule you out for low income in the computer before seeing your assets.


Thanks I get it now.. I think I might reach the 60k line if I add all the fees in school in.

shhyfz
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Postby shhyfz » Sun Mar 31, 2013 8:27 pm

DavidNY wrote:Maximizing CDIC Coverage:

Maximizing CDIC Coverage .


Thank you. It is really helpful

shhyfz
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Postby shhyfz » Mon Apr 01, 2013 7:06 pm

shhyfz wrote:I am thinking of getting an AMEX card and not sure if I am qualified for a Platinum.

So i am a full-time student(age of 19) and my credit history of around 2 years. I currently hold a credit card of 5k limit and never miss a payment. I think the only chance I have for the Platinum is my assets(around 600k in my bank account) I not sure if that helps my application(I mean does AMEX as access to my bank account balance).

Should I try on Platinum or should I start from something lower.

(I do have a part time job which makes me around 12k a year)


Moneytalks wrote:I think you have to be 21, but I may be wrong. You have a solid profile otherwise, good luck and let us know what happens



Thanks everyone for giving advices. I got pre-approvd today but I had some identity issues. I think should be able to get the card soon.



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