Goals and plans for the upcoming months and years

For just about anything you want to get off your chest about credit cards.
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Snowman
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Goals and plans for the upcoming months and years

Postby Snowman » Tue Jul 30, 2013 12:48 pm

When I started my journey on this forum a little over a year ago, I had no Idea how credit worked or even what was required to have a good score. Since then, I have been able to learn a lot about credit in general, and thanks to this forum, my credit is in pretty good shape.

Now that I have passed over the year mark, I have been fortunate enough to be approved for some very good cards and I am planning to apply for 3-4 more in the upcoming months, and then let my accounts age for a while.

I really do want the Marriott Premier and BCE as my next 2 cards and in the future I want to get the CSP and AAdvantage card (I fly Southwest and American quite a bit, along with Delta.) I'm also going to be able to get more hours in another store I work at, which will raise what I currently make from 12k to 18k (I'm also looking to be hired at a restaurant of a family friend as a manager, and pull in about 30k, but that will be sometime next year If I do get hired.) Based on my current income rising this year, would I qualify for the 2 cards I mentioned? I currently don't have rent or any major bills. All I have is credit cards, phone, gas, school and books, and food to pay for. Or would I have a better chance if I get the manager job? Should I apply for both or just one? I currently have about 10k in credit, and I will ask for a CLI when I apply in December. I currently have 6 INQ's on EX, 3 on TU, and 2 on EQ, and all my cards are located in my signature.

I also plan to save much of my money at this point in my life and invest it in Real Estate in a few years (specifically commercial real estate and maybe apartments and condo's and the like. I know it takes a lot of money, but giving it a few years with enough money saved up+ my credit being good will hopefully make it easier to invest and get a loan if need be. Start small, and hopefully become successful over time. Maybe Fast can chime in on how to start and be successful?.) I also want to be in Law Enforcement and am working on getting in shape as well, so I'm hoping if I'm successful in investing in Real Estate and have enough residual income, I would be able to pursue that or any other business I would be interested in. I'm only 20, so I still have a good amount of time to start and be able to recover from trouble if it ever arises, or make mistakes and not be in to much trouble. I also have an IRA set up with Fidelity with about 100$ in there at the moment, and have checking and savings with both Chase and Bank of America.

Anyways, I just want to thank you guys on this forum for answering any and all questions I have had over the course of the last year, and I want to thank you for reading this pretty long post. If there is anything I did not address or if there are plenty of things wrong with my plan, tell me before I make any major mistakes or do something I would regret later on.

Thank you for reading this post,

-Snowman.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.


MemberSince99
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Postby MemberSince99 » Tue Jul 30, 2013 1:33 pm

I don't think you are messing it up Snowman. I wish you every success in getting those last cards you want. All I would do is suggest you maybe apply for the Amex Delta Gold, and PC it to the BCE as the approval criteria is a little looser apparently. Otherwise, I think you are golden :)

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AmEx Bear
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Postby AmEx Bear » Tue Jul 30, 2013 2:49 pm

poke lightly
Poke me and I will F/R you

MemberSince99
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Postby MemberSince99 » Tue Jul 30, 2013 3:36 pm

But AmEx Bear, your policies allow for the product change to be done. Granted it's a hole, no doubt, but if your policies allow it, it isn't doing anything wrong, it's simply raiding the honey pot while the bees are away :D

Midori
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Postby Midori » Tue Jul 30, 2013 4:11 pm

re: the real estate, make sure you're reading up on ll'ing while you're saving your money. CA is a headache and a half to be a ll in, so know what you're getting into.

One of the interesting pieces of advice I once got was to figure out who you want to rent to. Students? Low-income blue-collar? High-end professionals? Vacationers? etc. Each has its benefits and its downsides. Spend time researching the real estate that would appeal to that demographic in your area. Become familiar with your territory, so you know a good steal vs a bad deal vs the average deal, etc, etc, etc. And you'll save yourself tons of money starting out if you possess basic electricity, plumbing, and carpentry skills.

So don't just spend this time saving your $$, although that's important. Spend your time familiarizing yourself with your future market, improving your skillset, and read, read, read. Good luck!

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Snowman
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Postby Snowman » Tue Jul 30, 2013 6:12 pm

Member- I thought of doing the same thing but when I talked to an Amex CSR, he told me that they don't allow PC's, however, maybe the loophole won't be closed by then. I just don't want to waste an inquiry on a card that I don't really want. But I will keep it in mind when the time comes.

Amex Bear-LOL, I'll poke really lightly :) .

Midori- I have been reading up on it, and it is something I would like to pursue. I would like to buy in areas throughout LA, but my targets would be students and professionals essentially and maybe families as well. I will read, read, read! Thank you for bringing this up and reading my post!
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.



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