1) Thank you! 2) Spare some Amex advice

For just about anything you want to get off your chest about credit cards.
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Eav1277
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1) Thank you! 2) Spare some Amex advice

Postby Eav1277 » Wed Jan 30, 2013 6:55 pm

I wanted to say thank you to all those who post on here regularly. Your threads are very helpful. I very new to the whole credit card scheme and am not the most knowledgable at this point (so please bear with me). I am a college senior and Trying to build up my credit score/history as i enter the "real world."Your posts helped me get a chase freedom card (only one thousand) on recon. I was instantly approved for the citi dividend for college students card on the same day (prior to discovering this site). I have had a Wells Fargo visa since 09 (2600) but did not receive any rewards or points (3 yrs of lost rewards).

My next question is which card should I get next? I will wait to apply until I am employed (accepted a 42k per yr job & will start after graduation). I have looked at the Amex blue everyday, Amex Costco true earnings (my father has offered to add me as an au if I don't qualify), or are there any another cards I should really look at. Thank you for all advice and help

Checked my fico score (ex) 716. 3 inquiries. the two recently opened cards and about a yr ago a hp to lease my current apt


lexrj
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Postby lexrj » Thu Jan 31, 2013 6:20 pm

I would wait until your Freedom and Citi reaches 6 months and try a soft pull CLI for both, if you can't CLI with a soft pull I would choose Freedom to CLI with a hard pull and then depending on the outcome I would apply for another CC. Meanwhile I would make sure to PIF (pay in full) and not carry any balance on any card. Also if you know you're going to have a high balance (above 50%) on any card I would pay it down before the statement closing date so it won't show on your report the high balance.
As far as getting an AMEX it really depends on your spending profile (groceries, gas, travel and etc). I really like my BCP but it makes sense to me cus I offset the AF by a lot by spending a little over $6K/yr on 6% cashback category (groceries/gift cards). If you don't spend enough to offset then the BCE it's probably better as far as AMEX blue cards.
---------------------------------------
Current in my Wallet
Amex BCP - 25K (02/12)
Barclaycard Arrival WMC - 15K (10/13)

Future
US Bank Cash +

Socks drawer
Crap One Quicksilver - 1.7K (04/11)
CSP - 15K (03/13)

Scores
FICO EX 772 / TU 765 / EQ 762 - (09/14)
AAoA 2.1

craigm1
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Advice

Postby craigm1 » Thu Jan 31, 2013 8:04 pm

best advice if you take your fathers card as an authorized user first you will take his membership date so if he has had his card a long time it will show his member date as you having an amex card since then, when you get your own card it will still have your fathers original member date. This could help your credit score huge. I put my wife on my amex card I had a card in 89 and then got one in 2008 my account says the card is from 89 on my credit report and it also says the same on my wife's.

craig
Current Cards: American Express:Grandfathered Blue Cash CL 34k member since 89
Chase Freedom CL 7.5k member since 04
Chase Marriot Rewards Premier CL 20k member since 13
Chase Sapphire Preferred CL 25K member since 13
Bank Americard Cash Rewards Signature Visa CL 14k member since 11
Discover Cashback Bonus $10.5k member since 11
US Bank Cash + Signature Visa 19k member since 12
Citibank Thank You Preffered World Mastercard $16.5k member since 14

DavidNY
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Postby DavidNY » Thu Jan 31, 2013 8:21 pm

Aside from the 5% categories that are capped at $1500/quarter Chase Freedom only gives 1% back.

I'd go for a flat 2% card next, either the Fidelity Amex from FIA (better customer service) or the Priceline Visa from Barclays (better acceptance).

I agree with Craig's advice about becoming an authorized user on your father's Amex account.

Eav1277
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Postby Eav1277 » Fri Feb 01, 2013 4:46 am

Thanks for all the replies. I had two questions about being added as an AU. If I'm added, could it negatively affect my father's credit score/ability to get loans at all (I saw one article online where having an AU could have negative effects on ability to obtain credit)?

Also, in the future, could my ability to get more credit be negatively affected by my father's high credit limit?

Eav1277
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Postby Eav1277 » Fri Feb 01, 2013 6:13 am

Also, I know credit utilization affects scores. However, when you apply for new cards or cli's, doe utilization at the time you apply matter most or your utilization in the months/years prior?

I think I am going to ask my father to add me then based on past replies. He has multiple amex...would a charge or revolver help my score more? Thanks for all the help.

Eav1277
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Postby Eav1277 » Fri Feb 01, 2013 8:30 pm

Sorry for all the questions. One last one. I asked about Amex earlier. However if I was open to any credit card, which would be most appropriate for a travel rewards card (could be redeemedbfor flight or hotel. Id be open to a fee if i recover the cost through services such as free checked bags, free nights on anniversary,etc.

details
When i apply ill ne making 42k. light to medium spending I'd be pif generally. Flying roundtrip anywhere from 2 to 10 times per year. Ideas? Thank you



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