College student looking to set up for the future

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smc333
 
Posts: 2
Joined: Mon May 10, 2010 12:19 am
Location: Boston, MA

College student looking to set up for the future

Postby smc333 » Mon May 10, 2010 12:29 am

Hi everyone,
So I'm a college student, I work in college, and I'm trying to do everything the right way to build up credit for the future, as well as build a nice savings.

So here's a little background, I have accounts at two seperate Banks

Bank of America:
Checking: $100
Savings: $8700

Citibank:
Checking: $100
Savings: $970

About 6 weeks ago, after being denied for several unsecured cards, I got a Banana Republic store card (Dumb, I know). I paid off the single purchase I made and haven't touched it since. After fighting with BofA, I was able to get a secured BankAmericard Visa for $500.

Now, my question is, which two of the following plans is the better way moving forward (or if someone thinks a third plan is better, please do share).

1. Keep the accounts as they are, eventually getting a Citibank unsecured Mastercard, Amex Blue, and Discover card

or

2. Move all my money back into Bank of America, and go for the MasterCard and American Express they offer.

So I'd appricate any feedback on that.

Also, I am wondering what would be the best way to go about getting the next cards (I would stick to just the Visa, but I hear 1 card is not a good idea). I was thinking of going for the MasterCard soon, since my income has inflated to a whopping $8600 (not bad for a student), and the Amex in November and use it for Xmas gifts.

My plan on every one of these cards is to pay the balance the minute it comes in, and to be very responsible and conservative with spending, as they are purely for the purpose of building and maintaining credit.

So if anyone has any suggestions for me going forward, they would be greatly appriciated.


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