Status Check JS Jack 18 Year 9 Month

It’s time to check on JumpStart Jack’s progress, at age 18 years and 9 months.

Classes

My son is close to finishing up his first semester at Radford. Registration for spring 2018 classes happened this week.  Jack will end his first semester with 46 credit hours, and after his newly selected schedule, he will have a significant chunk of his basic studies and pre-business classes taken care of.

Cash

Jack has been coming home on alternate weekends to work some hours, in a local restaurant.  As a result his bank account is remaining steady at almost to $2,000.  His balance should rise before spring semester.  When Jack chose Radford University, Mrs. JS and I agreed to give him $9000 per semester, and after paying the spring college bill, there will be $500 for him left over.  Thanksgiving and Christmas breaks will provide some time to get some extra hours at work as well.  After getting screwed over buying text books, he should have plenty of cash for his second semester.

Credit Score

We’ve been diligently monitoring his credit score and the graph is below.

After his 18th birthday it took several weeks before scores began to register in the free credit monitoring services.  When they did appear, there was a wide range.  It almost looked like they were guessing, and didn’t know how to score a young kid, who’s only credit history was being an authorized user on his Dad’s AMEX.

college credit score

There were some hard pulls, and he got a few cards.  The scores fell, with the exception of Discover.  Recently the scores have trended closer together.  Maybe there is more data now, and the scores are better estimates creating a smaller range?

The last application spree happened Early in Oct., and included 4 applications, 3 rejections, and one success on the AMEX Everyday card. Strangely the application spree never had a negative effect on the scores.  The current trend appears positive and 2 of the scores are over the 750 level. Hopefully they will continue to trend higher the next couple of months, as we take a break from applications.

Credit cards

The current count is 4 cards:

  • Discover-it Student
  • BofA Student Cashback
  • Victoria’s Secret
  • AMEX Everyday card

All balances have been paid in full.  No interest or fees have been charged.

Citi seems to be playing a mean game with us.  They mailed JS Jack offers for the American card, rejected him, and still send more junk mail offers weekly. Maybe American Airlines is responsible for the junk mail, and not Citi?

AMEX feels like a friendly bank at this time.  They approved the everyday card, and still send some Delta junk mail, but Delta might be sending to Jack as a recent passenger with a Delta account #.

We’ll probably consider some more application around the time of his 19th birthday, and I think I’l be able to talk him into the 200$ deal when I see him next weekend.

The stash of cashback and points is beginning to grow.

Current totals:

  • $164 Bank of America cashback.
  • $36 Discover cashback that will double at the card anniversary.
  • 11,200 AMEX Membership Rewards points earned, but haven’t posted yet.

Car

Jack’s Volvo has an electrical issue with the ABS and wasn’t going to pass inspection.  It is sitting in the back yard with no plates and no insurance.  Jack wants a car, and Mrs. JS wants the car out of the back yard.  I’m enjoying the much cheaper car insurance bill.

Debt

Still at zero!!!

Next status check in Feb 2018.

*Part of Financially Savvy Saturdays on brokeGIRLrich.*

Posted in credit score, Progress Snapshot.

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