Establishing my credit, thoughts, tips and suggestions?

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Establishing my credit, thoughts, tips and suggestions?

Postby Arielnyc2006 » Mon Feb 23, 2015 8:37 am

This is my first post here! So this is my plan: In September 2014 my CRs were basically a blank sheet of paper, I responded to a Discover IT card mailer (thank you Discover!:cheers :) and recieved a 500 CL Discover IT card, always pay on time. In April 2015 I plan to apply for the BofA secured card ($1,300-1800 CL) and keep util at 0-9% and always PIF. In April 2016 the BofA should graduate and maybe auto CLI? At that time I would have had BofA for 1 year and Discover IT for 18 months. That's when I will apply for my third card, the Amex Every Day card, which from my research seems as easy to get as a Delta Gold? Do you guys/gals think an Amex ED is feasible with such short history? (Assume perfect payment history and util <9%) Or is the Green/Gold the only one I will be able to get at that time?

PS, I resisted the tempation to apply for more cards after I got my Discover IT card. So at 18 months I will only have two inquiries, the original Sept 2014 Discover one and April 2015 BofA inquiry. I also plan to online SP CLI Discover throughout 2015.

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Postby CarefulBuilder14 » Mon Feb 23, 2015 9:58 am

I wouldn't bother with secured cards. Secured cards are for people who are rebuilding or who haven't been able to get decent unsecured cards. It's better to have a short history than to have a bad history. Your plan is more conservative and cautious than is probably necessary.

I got an Amex PRG with 6.5 months of history, and an Amex BCE (comparable to ED) with about 9.5 months. Amex is pretty warm towards people with a short but clean history. They're really not as conservative as they were years and years ago.

I'd wait until April (when you have a full 6 months of history reporting) to get another card, but I'd go for a no-fee rewards card then. Maybe something from BofA, if you want a card from them. Maybe get an Amex ED with 10 months of history (if you don't want a charge card).
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

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