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Established Member
Posts: 38
Registered: ‎12-25-2012
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Re: 18 year old trying to build credit!

Also, why do you recommend the Chase Freedom? Lastly, what's SIG and how did you get all those cards before you turned 21?
Valued Contributor
Posts: 2,060
Registered: ‎11-17-2012
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Re: 18 year old trying to build credit!

Personally, as a college student who doesnt spend large amounts a year, i dont find a worth with the amex charges solely due to annual fees. However, if you find the rewards and benefits of the card to be worth the annual fee, then by all means, go for it! And in two years definitely youll be golden for the amex Smiley Happy

Quicksilver WMC $20k | JCPenney Platinum $10k | Drive for Five $800 | Freedom VS $5k | TD Cash VS $5k | CFU VS $14.8k | Blue Sky $13.7k | IT $28k | SavingStar $14.8k | BCE $11.3k | Macy's AMEX $7.2k | BuyPower WEMC $7.5k | CSR VI $13.3k | FICOS: EX 777 EQ 752 TU 758 VantageScore 3.0: EX 764 EQ 764 TU 766
Frequent Contributor
Posts: 476
Registered: ‎10-29-2012
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Re: 18 year old trying to build credit!

Hi Goal,

Like you I started building credit at 18 (actually a month before turning 19) and I have been approved for serveral good cards. My income is lower then yours, but I still got approved for an Amex charge card. The key thing is to wait for 6 months, and have no late payments and keep everything as clean as possible, and I got mine with 6 1/2 of history. With the same hardpull you can apply for 2 Amex cards at the same time (one charge and one revolver.) Congrats on what you have done though. I currently just want the Blue Cash Everyday and the Freedom card, and then I'm done for a while. Keep doing what you're doing and you'll have great cards with excellent limits for your age. 

Bank of America: Cash Rewards.- 4.2k. 4/25/12 (CLI Increase 6/15/13, CLI May of 2015, sept 2015), Citi: Forward- 4.5k. 10/27/12 (CLI on 2/8/14, SP, CLI on 9/26/15 sp). Discover: More- 7k, 10/27/12 (Increase 6/1/14, CLI in May of 2015, SP 9/2015) Amex: PRG- NPSL (closed 12/13/13). 11/24/12. Chase: Freedom. 5/1/13- 5k (EX CLI HP 9/2015) Southwest Rapid Rewards Plus.-3.6k. 6/15/13. Amex BCE-2k. 12/7/13. Amex SPG-5k 12/8/13 (CLI on 9/2015) Capital one VentureOne Visa Signature-10k (9/6/15). Citi AAdvantage Platinum Select World MasterCard-4K. Last App: 9/6/15. Total cl: 45,300
Established Member
Posts: 38
Registered: ‎12-25-2012
0

Re: 18 year old trying to build credit!

Hi bluesnowman!

 

Thanks for your reply! What charge card did you apply to and if you don't mind me asking what was your income and score when you were accepted?

Established Member
Posts: 38
Registered: ‎12-25-2012
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Re: 18 year old trying to build credit!

Yeah thats true I guess I should think about that when the time comes to appy. Btw NFCU only gave me a $500 cl when do you think I should ask for a cli?

Valued Contributor
Posts: 2,060
Registered: ‎11-17-2012
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Re: 18 year old trying to build credit!


GOALIS850 wrote:
Also, why do you recommend the Chase Freedom? Lastly, what's SIG and how did you get all those cards before you turned 21?

I recommend the Chase Freedom for many reasons: 5x rotating categories, 1x on everything else, plus ultimate rewards mall for extra cash back. Also, you can redeem your points for a check at $20, gift cards (some of which you can get at discounts), statement credit, travel points, merchandise, on and on and on! So much flexibility! Plus, if you have other Chase accounts with points sometime in the future, you can combine the points together. Many people like to transfer their Freedom points to CSP to get more bang for their buck!

 

Sig is a signature; it's that little spiel that some people have at the bottom of all their posts Smiley Happy

 

Here's a brief recap:

 

AU on Nordstrom Card: Removed off report after obtaining the first two cards, think there was $1000 limit and had 4 years history

Orchard Bank Secured 6/10 $200 --> $400 --> $1000 --> $1500 all from added deposits

Student Loan 9/10 disbursements every semester, currently up to about $15000

JCP 7/10 $500 --> $1000 --> $1800 --> $3600 first two auto CLI recent one initiated by me

Shell Drive for Five 8/11 $400 --> $800 CLI initiated by me, hard pull

Chase Freedom 12/11 $7000

TD Bank Easy Rewards 8/12 $5000

Chase Sapphire 11/12 $10,000

 

Perfect payment history and lots of waiting and gardening is the key Smiley Happy Also, income-wise it helps that I'm a joint account holder on many of my parents investment and savings accounts, allowing me to use a good portion of their income they deposit into the accounts as annual income. Since you seem to have a decent annual income yourself (if i'm not confusing you with another poster), these cards are still obtainable Smiley Happy maybe at somewhat lower limits, but good to excellent history is key for approvals!


Quicksilver WMC $20k | JCPenney Platinum $10k | Drive for Five $800 | Freedom VS $5k | TD Cash VS $5k | CFU VS $14.8k | Blue Sky $13.7k | IT $28k | SavingStar $14.8k | BCE $11.3k | Macy's AMEX $7.2k | BuyPower WEMC $7.5k | CSR VI $13.3k | FICOS: EX 777 EQ 752 TU 758 VantageScore 3.0: EX 764 EQ 764 TU 766
Established Member
Posts: 38
Registered: ‎12-25-2012
0

Re: 18 year old trying to build credit!

Ok that all makes sense what about combinig the chase freedom with discover more? Woudln't that make sense also? Next, how long was your credit history before you applied for the chase freedom and how did they give you such a big cl? I am also in many of my parents accts can I use them as income? I have 3 hard pulls as of right now is that too much? Thanks for all the info!

Valued Contributor
Posts: 2,060
Registered: ‎11-17-2012
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Re: 18 year old trying to build credit!


GOALIS850 wrote:

Ok that all makes sense what about combinig the chase freedom with discover more? Woudln't that make sense also? Next, how long was your credit history before you applied for the chase freedom and how did they give you such a big cl? I am also in many of my parents accts can I use them as income? I have 3 hard pulls as of right now is that too much? Thanks for all the info!


That would work perfectly! Good to have two 5x rotating category cards to help compensate for what the other one may be missing in a particularly quarter!

 

And my credit history was about a year and a half when I applied for the Freedom. How did they give me a big CL? Your guess is as good as mine XD I reported around a $153,000 annual income that year (lots of money coming in to joint accounts due to my dad retiring and receiving a lump sum), so I'm sure that helped! Also it was December 1st, so I'm sure they were giving out generous limits for the cards!

 

And you can use the income that is deposited by them into the accounts. So, say for example your parents make a combined $100,000 annual income, and the accounts you're a joint user in, they deposit 60% of that annual income into. Technically, you can claim $60,000 of that income as "assets", as LONG as the applications ask for annual income, and not PERSONAL annual income. Also make sure they don't ask for specific sources of annual income that would discourage assets. So, pretty much if you can't claim anything in your name with any sort of paperwork, it's advisable not to put it on there, but most credit issuers usually don't check anyways. If you're going for an issuer who's really tough on annual income reviews (which Chase and Discover are not, but AMEX is), then your personal annual income is a safer bet, just in case of further reviews.

 

3 hard pulls is nothing, especially if they're spread out among the different bureaus! And even then on one bureau it's not that bad Smiley Happy


Quicksilver WMC $20k | JCPenney Platinum $10k | Drive for Five $800 | Freedom VS $5k | TD Cash VS $5k | CFU VS $14.8k | Blue Sky $13.7k | IT $28k | SavingStar $14.8k | BCE $11.3k | Macy's AMEX $7.2k | BuyPower WEMC $7.5k | CSR VI $13.3k | FICOS: EX 777 EQ 752 TU 758 VantageScore 3.0: EX 764 EQ 764 TU 766
Frequent Contributor
Posts: 476
Registered: ‎10-29-2012
0

Re: 18 year old trying to build credit!

Hi Goal,

 

I applied for the AMEX Gold card, but when I got approved, I liked the PRG better and I am fine with paying the annual fee so I was able to recieve that card Instead. I thought about applying for a second card with them, but I decided not to (fearing the system would deny me.) I'm a student, so my income is relatively low at 12k (I still don't know how I got approved but they pulled all 3, and I think I had 720+ on EQ and TU that got me in.) I don't about EX either, I do know my Credit seasme score as of the 16th was 756 but it is probably lower with all the accounts reporting and inquires. That's why I'm gardening right now and waiting until June (a little bit over 6 months from NOV 24th) to apply again, so hopefully my chances will increase. I'm still kicking myself for not applying for the 2nd amex. Just keep your scores high (they generate FICO's after exactly 6 months of history.) And limit your inquires along with on time payments and you'll have some very good cards at your age and your income is decent as a student as well, so it should help you, and your lines will be bigger then mine Smiley Sad. Good luck on whatever path you decide to take!

Bank of America: Cash Rewards.- 4.2k. 4/25/12 (CLI Increase 6/15/13, CLI May of 2015, sept 2015), Citi: Forward- 4.5k. 10/27/12 (CLI on 2/8/14, SP, CLI on 9/26/15 sp). Discover: More- 7k, 10/27/12 (Increase 6/1/14, CLI in May of 2015, SP 9/2015) Amex: PRG- NPSL (closed 12/13/13). 11/24/12. Chase: Freedom. 5/1/13- 5k (EX CLI HP 9/2015) Southwest Rapid Rewards Plus.-3.6k. 6/15/13. Amex BCE-2k. 12/7/13. Amex SPG-5k 12/8/13 (CLI on 9/2015) Capital one VentureOne Visa Signature-10k (9/6/15). Citi AAdvantage Platinum Select World MasterCard-4K. Last App: 9/6/15. Total cl: 45,300
Established Member
Posts: 38
Registered: ‎12-25-2012
0

Re: 18 year old trying to build credit!

Oh wow! That's awesome information! Thanks! I'm not really sure if the pulls are spread throughout because I can only see my trans union score so far and it says that I have three inquiries so far, not including my first hard pull for chase when I was just 18 that I can't seem to find. Do you think  I should apply (in a year or so) for the citi forward or discover more student versions or the real thing? And also what kind of cards can I put just anual income and not personal income? I mean I can back it all up with account statements were I am in their as a joint acct. Again Thanks!

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