Go Approved by Kohl's and Discover!

[mo5751]

 So Im 21 years old work part time and full time student

and I have a goal of reaching the 800's by 28.

I only recently started my credit history with Capital Ones secured card 10 months ago with $300 limit then it increased to $500

I then was approved by Chase Freedom 5 months ago with $500 limit and I hope theyll increase that since its my go to card.

Then yesterday morning I randomly decided to apply for Discover It card before class and then it said i had to show verification of my

adress and social security so I did and took off to school not really thinking id get approved or if I did with a low limit.

Well later on in the afternoon I decide to call them just to make sure they received my proof and they transferred me to a credit analyst and said

shed give me a decision right then and there! And said I was approved for $2000 I was like OMG! 

And this morning I applied for kohls because Ive always shopped there and like the discounts they offer and was also approved for $800!!

Now ive always kept a utilization ratio on my card at 7%-9% with no late payments at all. And this is my goal for the next year 

till I apply for some other type of credit in maybe 12 months.

Any tips you guys or gals wanna give me to help me reach my goal?

Should I cancel my secured card at the one year mark or should I wait another year atleast?

 Thanks in advance for your help

[mzgg09]

Congrats! U are showing credit responsibility at a young age. Very commendable. I wish I knew about this forum a lot sooner. But anywho, garden those cards and you will be well on your way to 800 by 28.

[Creditaddict]

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@mo5751 wrote:

 So Im 21 years old work part time and full time student

and I have a goal of reaching the 800's by 28.

I only recently started my credit history with Capital Ones secured card 10 months ago with $300 limit then it increased to $500

I then was approved by Chase Freedom 5 months ago with $500 limit and I hope theyll increase that since its my go to card.

Then yesterday morning I randomly decided to apply for Discover It card before class and then it said i had to show verification of my

adress and social security so I did and took off to school not really thinking id get approved or if I did with a low limit.

Well later on in the afternoon I decide to call them just to make sure they received my proof and they transferred me to a credit analyst and said

shed give me a decision right then and there! And said I was approved for $2000 I was like OMG! 

And this morning I applied for kohls because Ive always shopped there and like the discounts they offer and was also approved for $800!!

Now ive always kept a utilization ratio on my card at 7%-9% with no late payments at all. And this is my goal for the next year 

till I apply for some other type of credit in maybe 12 months.

Any tips you guys or gals wanna give me to help me reach my goal?

Should I cancel my secured card at the one year mark or should I wait another year atleast?

 Thanks in advance for your help

---

I would actually check the capital one pre-qual now and I bet you are offered unsecured now and then I would cancel your secured for sure... might even skip capital one and check pre-qual at citicards (maybe the new double cash!!)

[Mortalito77]

Mo,

Let me tell you something, pay attention carefully. YOU are in the best credit position in the world. Many of us, including myself, did not have the opportunity that you now have. You are my friend at the right time, right place with the right tools (myfico forums) to never ever have to look back and regret some of the bad credit decisions that some of us here made. In my opinion, this is what I would do if I was in your position.

# 1 Don't lose your head applying for all the credit cards you see online or add crazy high balances to them thinking that it will help your credit.

Garden the credit cards you have right now, they will build a strong credit profile so that when you decide to apply (in 1 or 2 years from now) it will be so easy for you to get approved for any credit card you wish. Move your balances around, meaning, provide financial movement on your credit cards and rotate them if you can. That will give you history on each credit card.

You mentioned that you are a student, please keep in mind that your credit card future is in your hands, only charge things on your credit cards that you can afford to pay even if you were in a financial disaster. This is key, many of us fall to the ground precisely for that reason. We rely on credit cards to get us out of them hole and then we cannot pay them and there goes the good credit.

IF you can, try to have an emergency savings account that in the event that you see yourself in trouble AND you have balance on your credit cards make sure you pay them before anything. I know some people will disagree with me here, because you need to eat and sleep in a safe place but credit takes a LONGGG time to fix, and food or sleep in my eyes it's easier to arrange specially if you are young, have not children and are still at school.

I would like to congratulate you for your early success with your credit, please don't ruin it. please don't ruin it, because I was once in your shoes and messed it up. Keep reading these forums, ask for advice, always upgrade your credit cards and loans for better rates and more benefits.

[CreditMagic7]

ConGrAts!

[pizza1]

Congrats and + 50 to mort!!!

[s_haliz]

Congrats!!!! 

[Anonymous]

thats the right direction my friend keep it up!

[mo5751]

---

@Mortalito77 wrote:

Mo,

Let me tell you something, pay attention carefully. YOU are in the best credit position in the world. Many of us, including myself, did not have the opportunity that you now have. You are my friend at the right time, right place with the right tools (myfico forums) to never ever have to look back and regret some of the bad credit decisions that some of us here made. In my opinion, this is what I would do if I was in your position.

# 1 Don't lose your head applying for all the credit cards you see online or add crazy high balances to them thinking that it will help your credit.

Garden the credit cards you have right now, they will build a strong credit profile so that when you decide to apply (in 1 or 2 years from now) it will be so easy for you to get approved for any credit card you wish. Move your balances around, meaning, provide financial movement on your credit cards and rotate them if you can. That will give you history on each credit card.

You mentioned that you are a student, please keep in mind that your credit card future is in your hands, only charge things on your credit cards that you can afford to pay even if you were in a financial disaster. This is key, many of us fall to the ground precisely for that reason. We rely on credit cards to get us out of them hole and then we cannot pay them and there goes the good credit.

IF you can, try to have an emergency savings account that in the event that you see yourself in trouble AND you have balance on your credit cards make sure you pay them before anything. I know some people will disagree with me here, because you need to eat and sleep in a safe place but credit takes a LONGGG time to fix, and food or sleep in my eyes it's easier to arrange specially if you are young, have not children and are still at school.

I would like to congratulate you for your early success with your credit, please don't ruin it. please don't ruin it, because I was once in your shoes and messed it up. Keep reading these forums, ask for advice, always upgrade your credit cards and loans for better rates and more benefits.

---

Thank you very much for responding I will take your advise very seriously because I think having a good credit score is very important in todays world. And it helped my mother raise my brother and I when things got tough for her and she was always very responsible and now has a high credit score so I think I learned from her.

As for what I charge on my cards I will always and have only let the 7%-9% balance cut on every statement and I usually only spend about that much.

I do have a savings account where I have emergency money kept hopefully I wont ever have to use it.

Once again thank you 

[Anonymous]

+1 to Mort

Congrats OP on your success so far.

One more piece of unsolicited advice: remember that you can say no. You don't have to take every card or offer or CLI. Think strategically and you'll be fine. Good luck with school.