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Just a big thank you to everyone here for posting all of your successes!
Yesterday I finally pulled the trigger on my first big boy card. Until now I've had Credit One, Cap One, J Crew and Overstock. With 1% utilization I've managed to move my credit score from where I started in August, around 550 on each CRA. I have no history of credit card use but I did default on a student loan 4 years ago that has 9 payments showing 120 day late with Sallie Mae. Currently rehabing that loan, which I only learned about here, and I just made my 7th payment. I'm happy to say my score should get a nice bump after that! Those late payments are the only ones on record.
Last night, after seeing so many AMEX BCE approvals with lower scores, I decided to give it a go. My utilization is at 1% and my cards were all 5 months old. Myfico says my AAoA is one month over 5 years (student loans gave me a nice long history). I was approved! 2k SL but hey, I'm thrilled to be in the door! This will be my 3rd inq on Experian. I was approved with the Fico 8 Ex score of 669.
Today I decided I want the 5% cash back and special financing available for the Amazon store card. I shop a ton of stuff on Amazon and am paying for a lot of backpack hunting gear for a fall Colorado elk hunt. I figured this would be a way of getting 0% financing while still getting cash back rewards versus taking money directly out of my bank acct. I was pretty sure this would also be an approval but I expected low. I got approved at $1400! Well I had to call in to get my full acct number in order to register my syncron acct. While on the phone I again took advice from people here and asked for a $10k credit limit. Countered at the usualy $5k and I accepted! Fico 8 TU score of 686.
It probably seems petty to most but I'm thrilled to have a credit score like I have now after only 7 months! From 550's to EQ 672, TU 686 and Ex 669! I could not be happier right now! Back to the garden and hopefully the gains keep coming. 700's across the board is my next goal! Thank you all so much
Just to let you know on purchases over $150 you have the option of 5% back in statement credit or the 0% financing, not both.
Thank you everyone!
It's rewarding seeing myself go from a crappy Credit One card to something meaningful. Amex was a big reward from some disciplined work. Not knocking Credit One though, they definitely gave me the opportunity to grow. It was a means to an end.
I read that the 5% cash back doesn't apply if I use the special financing so I'll have to pick and choose when I decide to finance something out or if I plan to pif with smaller items. So far, I'm still reserved to buy anything I can't just pay right back off with cash from my checking acct. I would prefer to keep from carrying any balances, even at 0%. Hopefully that keeps Amex happy too!
Good to hear that..
As Joe mentioned, AMEX will soon be at 6K (61 day) and you already got a good SL on Amazon.
If you are responsible, I don't see any reason why you will not hit a 700 within 6 months
keep up the good work,.. way to go, OP
Good job, once you finish rehab you'll see a big score increase. Just keep your payments 100% and watch utilization and you're in the 700 club for sure.
OP Super Congratulations!!!