Future plans ~ Experts here please help guide me

For just about anything you want to get off your chest about credit cards.
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grifenhagen
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Future plans ~ Experts here please help guide me

Postby grifenhagen » Tue Apr 22, 2014 9:55 pm

I'm 18 and a full time student.
CK puts my score at 680ish as of right now.
I am still in high school but will be attending UGA in the honors program next semester.
I have a very good income for my age; i am a musician and play constantly. around 20-25k
I currently have an AMEX BCE (1000 limit), a Discover IT (500 limit) , and a Cap One Journey (300 limit).
I spend alot, and id prefer to put it all on credit cards for rewards. i always PIF.
i have like 4 or 5 hard inquiries within 5 months.
on may 2nd, ill try the 61 day CLI on my amex.
regardless if i get approved or declined for that CLI, i really want to apply for a few more cards.
i mainly want the chase freedom, citi thank you preferred (regular or student), sallie mae student card, and maybe the bank americard cash rewards for student.
i am thinking about trying an AMEX gold or green, still thinking about if the perks would outweigh the AF.
after i try the 61 day CLI, should i apply for all of these on the same day? after that ill enter into a year of "gardening" as you all call it.
i just want to make sure im going down an OK path.
smack me if im doing something stupid.
thanks for your help.


TerribleTom
 
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Postby TerribleTom » Tue Apr 22, 2014 10:18 pm

grifenhagen wrote: smack me if im doing something stupid.

SMACK! Why are your obsessing about this at this point in your life?

How 'bout them DAWGS?

jahsoul
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Postby jahsoul » Wed Apr 23, 2014 11:55 am

LOL @ TerribleTom

I have to agree with him. At this point, regarding credit atleast, you should be more focused on not ruining it than really building it, if that makes since. Like with that whole BnT craziness, anything in life can happen.

Have you thought about your arrangements for school yet? Seeing as you are in the honors program, it is safe to assume you probably have some scholarship money but are you planning to live on or off campus? How will you juggle being in the honor program (which is nothing like HS), maintaining your GPA, and doing gigs?

And screw those puppies! War Dang Eagle!!!
UFCU Great Rate * AMEX PRG * AMEX EDP * Discover IT

Bama87
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Postby Bama87 » Wed Apr 23, 2014 3:35 pm

Just curious what perks of the Gold or Green card do you think would be useful to you at this time in your life?

Are you going to be living on campus or off?

BTW.........Roll Tide!! ^

grifenhagen
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Postby grifenhagen » Wed Apr 23, 2014 6:47 pm

i have a full scholarship tuition-wise, and everything else (housing, fees, books, etc) is being covered by the parents, thank god.
im living on campus in the freshmen student housing; which is required.
as for the amex green/gold, as ive stated in another post somewhere on here, i prefer bonus points over cash back, and if i got a green or gold card, id use it as my main card so im forced to pay in full every month. the roadside assistance is a plus; just a few weeks ago my truck broke down 4.5 hours away from my house (i was on vacation at the beach) and we had to use my dad's PRG's roadside assistance to get my truck to a shop.
and to the question about being able to find gigs: i am employed by a church where i have a paid position playing guitar and i will continue to do that twice a month, since UGA is 2 or 2.5 hours from the church, and i have a very good connection that guaranteed me a job at the guitar center in athens.
id prefer to go ahead and get the cards that id want to grow with asap

linuxmachine
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Postby linuxmachine » Wed Apr 23, 2014 8:05 pm

grifenhagen wrote:i have a full scholarship tuition-wise, and everything else (housing, fees, books, etc) is being covered by the parents, thank god.
im living on campus in the freshmen student housing; which is required.
as for the amex green/gold, as ive stated in another post somewhere on here, i prefer bonus points over cash back, and if i got a green or gold card, id use it as my main card so im forced to pay in full every month. the roadside assistance is a plus; just a few weeks ago my truck broke down 4.5 hours away from my house (i was on vacation at the beach) and we had to use my dad's PRG's roadside assistance to get my truck to a shop.
and to the question about being able to find gigs: i am employed by a church where i have a paid position playing guitar and i will continue to do that twice a month, since UGA is 2 or 2.5 hours from the church, and i have a very good connection that guaranteed me a job at the guitar center in athens.
id prefer to go ahead and get the cards that id want to grow with asap


Amex Everyday card is FREE and you can accrue points faster than either green or regular gold charge cards. You can get roadside assistance with this card, but you are not covered for services. But considering you are saving ~$100 from the card, you're basically covered for 1~2 incidents. Personally, I'd rather sign up for AAA and get the Everyday card if roadside assistance is a priority. With AAA you get more services and member discounts on a lot of other services/purchases.

As for your credit... unless you need high credit rating in the near future, don't worry so much about taking a few hits to your credit with all these apps. They'll bounce back soon enough. Prioritize your CC 'must-have' list and see how far you can go before you hit a wall. I'd personally prefer the Sallie Mae, and then the Freedom. Maybe forget the other two and consider the USBank cash+ instead. After a while, you will start to see a lot of overlap, so flexibility helps.

Bama87
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Postby Bama87 » Thu Apr 24, 2014 10:43 am

grifenhagen wrote:i have a full scholarship tuition-wise, and everything else (housing, fees, books, etc) is being covered by the parents, thank god.
im living on campus in the freshmen student housing; which is required.
as for the amex green/gold, as ive stated in another post somewhere on here, i prefer bonus points over cash back, and if i got a green or gold card, id use it as my main card so im forced to pay in full every month. the roadside assistance is a plus



Maybe I'm just too new to Credit cards, but I just don't see a good benefit for the green/gold cards for you. Get a credit card and pay in full every month. Why do you feel you would pay a Charge card off every month vs not for a Credit card?

Who is your car insurance through? I know with ALFA I have road side assistance at no additional cost to me. I would check on that before you go paying $95 a year for a Charge Card just to have that.

But look at it this way:
Green - $95 a year(10 miles per tow) vs AAA - $100 for thier best package + $20.00 first year fee (200 first tow and 100 after that) and I feel like a lot more benefits. You are already in the AMEX family so you laready have access to many perks that they offer already.

I think the AMEX Everyday card ($0 a year fee) would be better suited for you since you want Reward Points. You live on campus, so when you buy things it will prob be smaller items at a higher rate (see Everyday card adds 20% Extra points if you swipe 20 or more times in a billing period). 2x points at super markets and 1 MR point on everything else. Green/Gold (at $95 and $125 a year you get 1 MR point per dollar, or 2 MR poiints if you book travel through their MR program). As a college student you prob wont be flying very much if at all or staying at hotels.

grifenhagen
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Postby grifenhagen » Thu Apr 24, 2014 3:11 pm

i havent thought much about the everyday card, but i am starting to think now.
i initially dismissed it because i am not sure that i would be approved for another revolver (especially after i do the 3x cli), whereas i am much more likely to be approved for a charge card; i think.
i do like the AAA thing, but at 100 bucks a month for purely roadside assistance, then at 125 a month for roadside assistance and having a charge card, i think id rather have the charge card instead. still not 100% sure about that, but i have time to think because i do not plan on applying until after i attempt the 3x cli on my blue cash card.
my car insurance is with state farm. i have no idea if they provide roadside assistance; i will definitely look into it.

since i absolutely do not plan on applying for a car loan, mortgage, student loan, or any other type of loan in the next 4 years, i figure i might as well apply for a buttload of cards (esp no annual fee cards) all on the same day after i do the 3x cli. the inquires dont matter since theyll be gone in a year, like linux machine said.

linuxmachine
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Postby linuxmachine » Thu Apr 24, 2014 6:40 pm

grifenhagen wrote:i havent thought much about the everyday card, but i am starting to think now.
i initially dismissed it because i am not sure that i would be approved for another revolver (especially after i do the 3x cli), whereas i am much more likely to be approved for a charge card; i think.
i do like the AAA thing, but at 100 bucks a month for purely roadside assistance, then at 125 a month for roadside assistance and having a charge card, i think id rather have the charge card instead. still not 100% sure about that, but i have time to think because i do not plan on applying until after i attempt the 3x cli on my blue cash card.
my car insurance is with state farm. i have no idea if they provide roadside assistance; i will definitely look into it.

since i absolutely do not plan on applying for a car loan, mortgage, student loan, or any other type of loan in the next 4 years, i figure i might as well apply for a buttload of cards (esp no annual fee cards) all on the same day after i do the 3x cli. the inquires dont matter since theyll be gone in a year, like linux machine said.


i will sound like an evangelist for AAA, which I am usually not.. but since you mentioned roadside coverage as something important...

the base AAA membership should cost under $75 in most places in the US, and it includes $500+ in travel continuance, which covers you whenever your car breaks down while you're on that road trip. It will cover expenses for repair, including labor/parts, and any hotel expenses, meals, transportation back home if you can't go back with your car as well as car rentals. Amex doesn't cover any of those, so you're actually getting a lot more from this membership. That, and the Everyday card is free and has the same purchase protections of gold level charge cards. Add onto that AAA gets discounts at a lot of places, i really think you are valuing the charge card for more than what it really is. And this is coming from a current PRG cardholder :P

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Snowman
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Postby Snowman » Thu Apr 24, 2014 10:13 pm

Grief- My only advice is this: If your not spending a heavy spender, avoid the NPSL cards, their not worth it. Especially for the AF. If I were you just stick with the BCE for now, and maybe down the road app for the charge cards. I had a PRG that I closed, simply because of the fee and I didn't spend all that much on it to keep it.
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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