Go for it, or wait??

Old Aug 18, 12, 2:49 pm
  #1  
Original Poster
 
Join Date: Aug 2011
Location: JFK
Programs: DL GM, SPG Gold, Marriot Gold, Amex Plat
Posts: 45
Go for it, or wait??

Ok so here is some background info. I am 20 years old and currently have 4 CC's. Chase Student Card(2 yrs), Amex Blue(14 months), Citi TY(2 Months), and I just recieved the SPG Amex with 30K bonus.

I just started in the CC game and have a credit score of about 740(according to Amex).

I am planning another round in december, so my school expenses will make minimum spend on the cards easy. I am planning on going for the Citi AAx2, and Chase Sapphire Preferred in december. I held off on any more cards when I got the SPG, because I have about 5K in purchases coming up so I will just make minimum spend for that card.

What I am wondering is, I just noticed the US Airways Mastercard which requires no min spend, and will get 10K miles every year for $89, which seems like a no brainer. It can sit in a draw and accumulate miles.

So Should I app for the US air card now? or wait until December? Any other recommendations on card with low/no min spend are welcomed.
kal22 is offline  
Old Aug 18, 12, 4:47 pm
  #2  
 
Join Date: May 2008
Location: PHL (kinda, no airport is really close)
Programs: AA Exp (2020 is first and last year). Enterprise Platinum woo-hoo!
Posts: 3,262
My personal advice would be yes.

I don't think credit pulls ding your credit score by that much, a few points maybe.

The US card is Barclays', so you're not going to the well too often with any particular issuer.

A couple of things to consider:

a) US usually runs a promotion in the fall called "Grand Slam" (although there is speculation they might not this year) which offers points for certain partner activities, one of which might be getting a US credit card. (I know that actually using a card is.) You might want to check the USAir board and see if you can get enough partner activities to get some miles that way.

b) There are numerous reports of people getting a bonus offer of 15,000 points for spending either $750 or $1250 a month in each of 3 consecutive months. (I got this offer once for myself and once for my wife.) In my case the offer came about 2-4 months after getting the card. If your spend is seasonal, you might want to take this possibility into account.
redtop43 is online now  
Old Aug 19, 12, 9:36 am
  #3  
Original Poster
 
Join Date: Aug 2011
Location: JFK
Programs: DL GM, SPG Gold, Marriot Gold, Amex Plat
Posts: 45
Thanks, Do you think if I got it, I will still be able to get the cards I listed above in December. I know its 4 months away, but at the same time i'll have 3 inquires over the last 6 months. And 5 Cards total. Just wondering?

I do also know that they pull Transunion usually which I don't think I have any inquiries on right now, which would be good. Also the Amex SPG should be backdated so AAoA shouldn't be too bad.
kal22 is offline  
Old Aug 19, 12, 9:53 am
  #4  
 
Join Date: Jul 2003
Location: Chicago
Posts: 74
College students and cc's

Can you offer any advice for college students to get the mainstream points-earning cc's you've gotten? Most students don't have fulltime income, and I understood that you need to show real income, even with a good credit score. Any tips you can offer are welcome!
WiseFlyer is offline  
Old Aug 19, 12, 10:04 am
  #5  
Original Poster
 
Join Date: Aug 2011
Location: JFK
Programs: DL GM, SPG Gold, Marriot Gold, Amex Plat
Posts: 45
Sure! I'd say the biggest thing is to start with a Student Card and begin building credit. I built about 8 months of credit with that and payed in FULL every month! This is the biggest aspect! Always PIF! Another big aspect is getting Credit increases! I started with Chase, so I was forced to suffer a Hard pull when I wanted a CLI. I did it once, got them to double the CLI, then I was done with them.

After that, I moved to Amex with the Blue Card. They were very generous with credit limits, plus you can ask for a CLI after 61 days then 6 months after. The best part is they soft pull credit. So you can increase your CL, without hurting your credit score. One of the biggest bumps before getting into the prime points CC game is the Credit Limit. Most cards are visa signature, so they require 5K min CL.

Definitely the biggest hurdle is Credit Limit. You need to get high credit limits to 1)Lower Debt to Credit ratio) 2) The more credit you have the better client you appear 3) Be able to get prime cards.

Think about it. If Chase pulls my credit and sees 5K in total credit, it is doubtful they will give me a card with a minimum 5K credit. It will take a lot of pulling to get them to double your overall credit. But now if you have 10K total credit, it seems much more probable to get 5K on one card.

Income is difficult. According to the CARD act, a CC company can't give a student a card without income. You don't need full-time income, just some income. I, like most college students have internships and jobs over the summer which earn income. Sometimes a way to help with low income is apply for card with your bank, and use your balances with them as leverage.
kal22 is offline  
Old Aug 19, 12, 10:30 am
  #6  
 
Join Date: Jul 2003
Location: Chicago
Posts: 74
Thanks! Very helpful....
WiseFlyer is offline  
Old Aug 19, 12, 2:17 pm
  #7  
Original Poster
 
Join Date: Aug 2011
Location: JFK
Programs: DL GM, SPG Gold, Marriot Gold, Amex Plat
Posts: 45
Still debating it, just thinking if it will affect my odds of getting the AA Citi's and Chase SP in december. Not sure yet. Might make it the last card in the december churn since there is no min spend. At the same time, it would be nicer to have some air miles sooner than later.
kal22 is offline  

Thread Tools
Search this Thread
Search Engine: