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Turned 18 today!

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Anonymous
Not applicable

Turned 18 today!

Hey everyone! So I turned 18 today but I have been fascinated with credit for awhile now. I went on a small app spree today.

 

Capital One Plat: $500

Walmart: $300

Amazon.com Store Card: $1400

Target: 7-10 day message

Bestbuy: 7-10 day message

 

Hopefully they're approved! I was an authorised user on 2 of my mother's Cap1 accounts and her Walmart Credit Card so it hepled my score out a bit.

Message 1 of 25
24 REPLIES 24
brother7
Established Contributor

Re: Turned 18 today!

Welcome to the adult world!

My suggestion: take it slow. Don't bother to app for cards that you won't really use. Slowly build a portfolio of cards that suit your spending habits.



04/01/2020 - EX 849 (Credit Scorecard EX FICO® Score 8, range 300-850)
02/20/2020 - TU 850 (Discover TU FICO® Score 8, range 300-850)
03/24/2020 - EQ 884 (Citi EQ FICO® Bankcard Score 8, range 250-900)
GOAL - 800! - App free since 11/22/2017
Message 2 of 25
Anonymous
Not applicable

Re: Turned 18 today!

Thank you for the advice! I will not app anymore.

Message 3 of 25
sarge12
Senior Contributor

Re: Turned 18 today!


@Anonymous wrote:

Hey everyone! So I turned 18 today but I have been fascinated with credit for awhile now. I went on a small app spree today.

 

Capital One Plat: $500

Walmart: $300

Amazon.com Store Card: $1400

Target: 7-10 day message

Bestbuy: 7-10 day message

 

Hopefully they're approved! I was an authorised user on 2 of my mother's Cap1 accounts and her Walmart Credit Card so it hepled my score out a bit.


First of all happy birthday! Applying for 5 cards on the first day you are 18 may look bad to creditors. I would advise you to slow down. I hope you do not look back on your 18th birthday as the day you started damaging your credit profile. A good credit portfolio is a marathon, not a sprint. Proceeding at a cautious pace will usually yield the best results.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 4 of 25
Anonymous
Not applicable

Re: Turned 18 today!

Thank you. Yeah, I kinda realized that after all the apps. I will just keep what I have for now. Thank you again!

Message 5 of 25
Anonymous
Not applicable

Re: Turned 18 today!


@Anonymous wrote:

Hey everyone! So I turned 18 today but I have been fascinated with credit for awhile now. I went on a small app spree today.

 

Capital One Plat: $500

Walmart: $300

Amazon.com Store Card: $1400

Target: 7-10 day message

Bestbuy: 7-10 day message

 

Hopefully they're approved! I was an authorised user on 2 of my mother's Cap1 accounts and her Walmart Credit Card so it hepled my score out a bit.


KevPalm - congrats on your approvals and happy 18th Birthday. Just going to piggy back on what everyone else has said and say "take it slow" ...You apped for 5 cards already. Capital One is a hard inquiry on all 3 credit reports. Walmart & Amazon Store are hard Inquiries on your TransUnion Credit Report and Best Buyt is a hard inquiry on your Experian Credit Report (and possibly Equifax). 3 out of 5 instant approvals is pretty darn good with little (Auth User) to no history. Use what you have responsibly, dont charge more than you can pay off in full each month.  With Capital One, you should use that card for all of your expenses that you would pay cash or use a debit card (checking account) for.  Again, pay it off in full every month...treat it right and show responsible usage/payment and it will grow with you.

 

Walmart = Synchrony Bank

AmazonStore = Synchrony Bank

BestBuy = Citibank

Message 6 of 25
Anonymous
Not applicable

Re: Turned 18 today!

Thank you! And that is what I plan to do. I won't use the card unless I have the money in my Checking account. Thank you for the advice!
Message 7 of 25
Anonymous
Not applicable

Re: Turned 18 today!

Happy Birthday!!

Use the Wallyworld card for gas and put everything else on the CapOne card. Don't worry about Target or Best Buy because your CapOne can be used at both places. CapOne likely will give you a good CLI with good usage and payment history at the 5 or 6 month mark. Wal-Mart card, even with usage may or may not go up.

All that being said, I think the most important thing you must do is never miss a payment, ever. Always pay at least the minimum payment if you can't pay in full.
Message 8 of 25
crrredit
Established Contributor

Re: Turned 18 today!

In addition to the other advice, I'd also add that you should not get any more store cards. They won't hurt your score if you keep them paid off, but down the road when creditors do manual reviews, they're not going to like seeing a bunch of store cards on your report, especially if you carry balances on several of them. And avoid the store card offers of 0% interest. If you don't make all your payments on time or don't get the balance paid by the end of the offer, you'll get stuck with a lot of interest due, and the interest on those cards is ridiculous.

Message 9 of 25
MauiMan85297
Established Contributor

Re: Turned 18 today!

Welcome to the forums and most importantly..............18.jpg

 

Just like other posters stated +1, this is a marathon not a sprint and too many cards so soon isn't a good thing.  Use the credit wisely and grow your garden.



Message 10 of 25
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