College Student, Commisioning into USAF next Spring

For just about anything you want to get off your chest about credit cards.
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Av8er
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College Student, Commisioning into USAF next Spring

Postby Av8er » Sat Jun 30, 2012 12:40 pm

Good afternoon folks!

Thank you in advance for considering my post.

I am a college student in my last yer before I commission. I do not have a job however I do get about $20k a year through scholarships to live off of. When I enter active duty next year I will start making about $40k/year. My first card opened was with USAA, a Platinum MasterCard with a $1000 limit. Next is a Base Exchange credit card, Miltary Star card, with a current limit of $5k. I had a best buy card for a little bit because of an 18 month interest free financing option but paid that off in Jan. and closed the account. The only other cards I have are a Walmart Discover card (which I hardly use, an yes I know it's a crappy card) and a guitar center card (which I'm about to close b/c I just paid off the entire balance after taking advantage of a 12 month interest free deal). The only balance I carry now is $115 on the USAA card.

I just applied for a credit limit increase on the USAA MasterCard a few weeks ago but was denied due to an error on my credit report which has since been corrected.

I would really appreciate it if one of you could offer some advice for this inexperienced noob as to which cards I should close out, what cards I should try to open, and how to increase my credit score based on the info provided.

Again, thank you so much.


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Postby Money card » Sun Jul 01, 2012 9:58 pm

I would keep the platinum Master card open, since your in the Military I would keep both the base exchange and star card opened, are these credit cards or are they point cards like shoprite, cvs and bottle king? are they cards that can only be used for purchasing items
on the Military base or are they Visas or Mastercards? assuming there are no annual fees keep the cards opened.

how do you like your wal mart Discover card?
since your a student I would suggest capital1 Journey card, or any student card I WOULD NOT SUGGEST a gold delta sky miles, capital1 venture, chase sapphire . after you graduate and move on to the military , if you can keep the card for a while that would be ok. if capital1 moves you to a working persons card, then next year let us know and we can look at the situation a lot closer.

since your going into the Military next year the Usaa card sounds like a nice card.

what do you use your credit cards for? do you like to shop the gap, J Crew, Armania exchange do you use your cards for restaurants
like houilighans, Ruby Tuesdays, Buffalo wild wings, if you have a car do you get your car oiled lubed and greased, do you use your cards
at the grocery store like publix, King Kullen, walbaums, shoprite, department stores like Lord&Taylor?

are you looking for a travel card or cash back?

I would keep the Wal Mart Discover opened even if you don't shop at wal mart, since the card has no annual fee and can be used in a lot of places, any place that takes Discover you can use the card, I would keep this card opened.

Av8er
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Postby Av8er » Sun Jul 01, 2012 10:30 pm

Thanks for responding!

The military star card can only be used at the Base Exchange. No annual fee. They have a MasterCard version but I called once to see if I could be bumped up to it without a hard inquiry and they said "no".

My walmart card just became a discover card. I got it to build credit back in 09 and last week they, out of nowhere, bumped me up to the discover no questions asked and no hard inquiries. It's not too bad a card but there's no walmart gas stations anywhere near me. Plus the APR is pretty bad, but I pay off the full balance every month anyways.

I'm not much of a shopper. Pretty much all of my money is geared towards groceries and gas. My fiance and I have cut back on the eating out both for money and dietary reasons.

As of right now I am on the fence between cash back and flyer miles cards. As a military member it would be nice to have a miles reward system to offset the costs associated with seeing family members as I move around the world. But then again, at this point I have no clue how much I would travel, if at all. On the other hand, I can always count on having to pay for gas and groceries, so a card that would in any way help offset those costs would be great.

After some researching today, the cards I'm really liking are: Blue Cash Everyday, Delta Sky Miles, Chase Freedom, Open Road by Discover, Blue Sky, and VentureOne, with Blue Cash Everyday being my top pick.

Could you tell me if I'm headed in the right direction or if I have no chance of getting some of these cards?

Thanks again!

Av8er
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Postby Av8er » Mon Jul 02, 2012 11:42 am

More info:

PLUS Credit Scores: EX-730, EQ-722, TU-730
2.8 years credit history

EQ and TU say I only have one hard credit inquiry listed, EQ says I have 6. I only applied for credit twice in the past 6 months and once I got denied due to an error on my credit report that has since been corrected.

Out of all of the cards I have I only have a $10 balance now on the USAA card (not sure of I should completely pay it off before the statement date because the 0 debt ratio/ credit utilization stuff). The $20k+ is Air Force stipend and scholarships combination.

bmw1990Z
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Postby bmw1990Z » Mon Jul 02, 2012 5:41 pm

Actually I'm pretty sure you could get approved for any skymiles card or sapphire. What about the Amex PR Gold Charge Card?
Cards in my wallet:
-Citi Forward Card for College Students-July 2011
-American Express Platinum Delta Skymiles--July 2013

Av8er
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Postby Av8er » Mon Jul 02, 2012 6:20 pm

I was actually really looking into the Amex PR Gold today and the 25,000 points deal is good enough in itself to pay for the card for 2 years (the 1st free year included), let alone the other benefits included. Now I am definitely considering that as my first choice.

Only thing is, will I be approved? My USAA statement updates on July 10 so I'm waiting for that to lower my debt ratio for a better chance at getting it.

If I get denied, do you think that's it, and now I have to wait another 6-12 months to apply for a credit card again due to the hard inquiry?

Thanks.

Av8er
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Postby Av8er » Tue Jul 03, 2012 7:33 am

I just took the leap of faith and got approved for the Amex PR GOLD! Super excited! Thanks folks!

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Postby Money card » Sun Jul 08, 2012 1:14 am

your definitely heading in the right direction. here's my opinion being both cards are free for the first year, the basic blue cash you get 3% at grocery stores, 2% on gas stations and department stores, while the preferred you get 6% back on grocery stores, 3% back on gas and department stores annual fee 75.00 but it's free for the first year so you can use this card at your grocery stores and gas stations
when the year comes up you and you see your annual fee on your statement call on the back of your card and tell them you want your level lowered to the basic blue cash, but why not get preferred first.

The Delta skymiles is more for people who travel on business people who check into hotels alot , entertain business customers take them out to dinner and eat out alot, they use there card alot for airline tickets. if your going to be doing this sort of thing in the Military I guess it would be ok.

I have the capital1 venture card from what I was told you have to have a checking account to get the card in the bank, they don't try to help you pick the card for you. I have the gold level which is 1.25 miles per dollar spent, in order to redeem your miles you have to have all or none in other words theres no breaking up miles. with American Express you can but the premium cards green, gold , gold premiere and platinum.

but your definitely doing a good job and your in the right direction.



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