Starting out- thoughts?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
5 posts
haikuginger
Centurion Member
Centurion Member
 
Posts: 129
Joined: Wed Feb 08, 2012 8:09 am
Location: Norman, OK

Starting out- thoughts?

Postby haikuginger » Wed Feb 08, 2012 8:23 am

Well, I'm a year into my experiment with credit cards, and I think I'm starting to do pretty well!

I started out with a $300 limit Platinum Visa from Capital One (I could have had an unsecured card from Orchard, but decided against it) last February, and have just recently been applying for more cards to purchase an engagement ring with (I COULD pay up front, but I'd rather use the chance to build credit!).

In January, I was approved for a Zync with a $500 spending cap, which seems fine to me for everyday use; I really shouldn't be spending more than that a month anyway.

Next up, just this month, I've been approved for both a Discover More with a $1500 limit and a 15-month introductory term at 0% on both purchases and transfers, and a $3000 Citi Simplicity card with the standard 18-month 0% term. I applied for a Blueprint from Chase, but they declined me based on utilization of my Capital One (for some reason, even though it's been paid off for nearly two months, it still shows UTIL near 100%).

My future goals when it comes to credit cards: I'm quite happy with my Zync, but I might want to get that upgraded to a non-limited card at some point, both for the flexibility and for the better rewards points on the higher-end Amexes. I'd also like to get a Blue Cash Everyday at some point; it seems like a good card. I'd also like to upgrade the Citi at some point to a Diamond Preferred; I can't say that I'd mind having a concierge at my beck at call! It goes without saying that of course I'd like CLIs across the board.

So what are your thoughts? Should I just sit tight for now, buy the ring, and pay it off using the wonderful effects of a year and a half of 0% (what I was aiming for when I applied for the Citi and the Discover)? Or are there more cards I should apply for? Thanks for your suggestions!


CC Deville
Centurion Member
Centurion Member
 
Posts: 1067
Joined: Thu Aug 04, 2011 7:07 pm
Location: Phoenix

Postby CC Deville » Wed Feb 08, 2012 6:30 pm

I'd say you are doing pretty well. You have an Amex, a Discover and a MasterCard from a prime bank. I would lay low for a while and allow your accounts to age.

The smartest thing you did was open an Amex. Now any susbsequent Amex you obtain will be backdated to your original Member Since year. So opening future Amex's will only cost you an inquiry and will help with your average age of account. Wait until 1/13 to apply for the BCE. Otherwise, use your Discover and Citibank MasterCard a lot and get those limits increased.

irvine801
Centurion Member
Centurion Member
 
Posts: 329
Joined: Thu Jan 19, 2012 6:26 pm
Location: Salt lake city, UT

Postby irvine801 » Wed Feb 08, 2012 9:51 pm

That's funny. I got approved in 10 seconds for chase' card but denied in ten seconds for zync. But after a while I got my zync with that same cap. Deville is right, work on that util keep solid history and best of all... Don't even miss a payment with that amex or have any payments returns. American express ive heard extremely hates late people and returned checks.
-American Express Zync.
-Discover IT. 4.5k limit 7.99%
-MC Citi diamond preferred. 1500 limit
-Visa Chase freedom. 2k limit.(23.24%, NOT IN USE)
-Miles by discover 1.5k limit.7.99%
-Best buy store card. 1500 limit
-Mt. America visa 1k limit

haikuginger
Centurion Member
Centurion Member
 
Posts: 129
Joined: Wed Feb 08, 2012 8:09 am
Location: Norman, OK

Postby haikuginger » Thu Feb 09, 2012 3:19 am

Question- now that I have a couple prime cards, should I close the Cap One? I have a couple student loans that are older than it, and I don't want the subprime credit line influencing my score too much.

CC Deville
Centurion Member
Centurion Member
 
Posts: 1067
Joined: Thu Aug 04, 2011 7:07 pm
Location: Phoenix

Postby CC Deville » Thu Feb 09, 2012 5:46 pm

haikuginger wrote:Question- now that I have a couple prime cards, should I close the Cap One? I have a couple student loans that are older than it, and I don't want the subprime credit line influencing my score too much.


It would only hurt you if you carry a large balance on the card. It won't hurt to close it but it also wouldn't hurt to keep it. If you pay an annual fee then I would recommend closing it straight away. I have not heard anything negative about Capital One student cards but if they are anything like their rebuilder cards, it will not grow with you.



Return to “Visa & MasterCard”

Who is online

Users browsing this forum: No registered users and 2 guests