Hey folks. Finally decided to sign up after spending (literally) about 15 combined hours reading through the forums and articles for this website. Great source of info, and after having reviewed a TON of credit cards, I now have a wish list of what I would like to acquire.
First, a brief background. I am a 22 year old male. I am an army officer with a good income. My credit score with the 3 companies is ~740 each. I have 4 credit cards currently:
-2 generic VISA cards through Usbank and wells fargo (both of them around 4 years old with terrible rewards)
- an Escape discover card (recently acquired within the past 3 months, on an off note I have been told that acceptance for this card is relatively difficult?)
- a capitol one venture card (recently acquired within the past 4 months)
I have one installment loan (loan to pay for a bad semester in college where I thought it would be fun to ditch classes and lost my full ride for a semester, haha).
I have not applied for any other credit cards or anything else recently. My credit limit on my cards is in the 5 digits. My credit report with all companies is flawless: no missed or late payments, nothing.
After having browsed through this website, I have decided that my near term goal (within the next year) is to obtain, in order of importance, the following credit cards:
Amex blue cash preferred card
Penfed travel card
Penfed gas card
With those combined, that would more or less cover every expense I make excluding rent. I plan on eventually moving to and opening up a business in central or south america, hence my preference for the quality airline rewards. Now for the actual questions!
1. First of all, the capitol one card I have only had for 4 months: long story short I did not intend on getting both the venture one card and the discover card. I have not even used the capitol one card, nor do I intend to. Since it is only 3 months old, would I be better off closing that card now and just sticking with the discover card (which I have, and plan on continuing to use)?
2. Given the credit statistics I mentioned, were I to apply for the blue cash card now, any insight on the likelihood that I would be accepted for it?
3. With the 2 credit cards I have had for the 4 years, I have never requested, or needed to request, a CLI. Should I do that now before trying to get the other cards or not?
4. What suggestions or strategy would you suggest for acquiring the 3 cards that I would like, in the least amount of time, with the least effect possible on my credit score? Any tips appreciated
5. Lastly, if necessary, I am willing to pay for a good credit tracking service to be able to be aware of and manipulate my credit score as time progresses. Are there any services that you would recommend for frequently monitoring your credit score/reports?
Thanks in advance for any help, I know it is a long read and alot of questions, and I tried to search around the website for as many answers as I could to all my questions before making this thread.