- November 17, 2011 at 1:38 am #234176
I’m helping someone and this is what I’m thinking is best idea and I’m sure I will hear a divided line down the middle of yes or no’s or partial which is what I’m hoping, so here we go…
27 years old
805 TU Fico
Current Cards and accounts:
Private Student Loan at 2.68% for 10 years $50k
Wells Fargo – 10k, never uses but has checking so they have not closed it or CLD
Capital One – $7500 use to be his every day card – $2300 balance
Chase CC – 1k… they are insane, I’m suggesting he close or just sit until they do something with it. – $500 balance
Chase Auto – under 4k and worth over 8k – may be trading in.
and just got off my suggestion – Costco Amex $7500 – averaging about 2k per month and PIF of course!
Recently opened Navy Checking and Savings… waiting for log in and applying for overdraft loc and credit card
Okay so he was a little concerned on new accounts and inq and what will happen to credit score.
I want him to open a Citi Forward and BT the Cap1 and Chase…. this would become the dining card with the 5%
the 2 Navy accounts above I said
and then in Jan apply for Amex Blue Preferred for the grocery and gas and it would be the #1 card aside from dining with Citi.
Keep Costco Amex just because it’s free with membership anyway but that was my bad on the suggestion….*
So currently he has 3 inq, 1 from Navy, 1 from Chase, and 1 from Amex and 1 new credit line.
I’m thinking he probably didn’t loose to many points for new Amex and the damage would be small to open the other 3 accounts im suggesting and what he does loose he will get back over the next year most likely and he isn’t looking to buy a house this year so I say get the inq now and have them gone by 2/2013 and Citi, Navy, Amex having an entire year to grow… they will all probably be in the $25k range and he would need no additional credit in future.
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