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Frequent Contributor
BigDaddy18
Posts: 673
Registered: ‎04-23-2009

Re: Finally my first credit card!!!!!!!!

Congrats!!


Starting Score: EQ FICO 777
Current Score: EQ FICO 803
Goal Score: EQ FICO 810


Take the FICO Fitness Challenge

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FrugalRican
Posts: 2,876
Registered: ‎02-02-2012

Re: Finally my first credit card!!!!!!!!


Kr33ker wrote:

I applied for the BCE like an idiot thinking I could apply for a harder card to get and apply for an easier card to get if I was denied. I was so excited by my new score that I forgot that it was actually the other way around...

 

 


#1: You are not an idiot.

 

#2: Lesson learned. I wish I could have been denied by AMEX at your age. At least you have the knowledge and information a lot of us wished we could have had at your age. 

 

#3: Now you know what to do next. Garden. Try for a Zync in 6 months.

 

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

Re: Finally my first credit card!!!!!!!!


namvet wrote:

Congrats!   Patience should be your next step!   Take your time (i know that is hard) and allow your 1st card to age.  Establishing credit is not a race.  Your next move should be around October.   6 months is the key.   You will, no doubt, hear from others to do the "app spree" but you are the one that has make that choice.  Good Luck!


Very good advice!!!




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Contributor
spengbab
Posts: 100
Registered: ‎02-13-2012

Re: Finally my first credit card!!!!!!!!

I don't see how they wouldn't approve the Zync for you. When my score was 641 they approved me for it and I was only 2 months in paying my student loans.
Barclaycard Apple Financing (2100), Discover More (2500), US Bank Visa Platinum (2000), CFNA (2200), Chase Freedom (500), Capital One (1500), HSBC Platinum Master Card (750), Nebraska Furniture Mart (1000)
Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012

Re: Finally my first credit card!!!!!!!!

31 days before he can apply again with Amex.
               LIMITS IN CARD DESCRIPTIONS
New Visitor
treezie
Posts: 4
Registered: ‎05-01-2012

Re: Finally my first credit card!!!!!!!!

With a credit score in the high 700s, I don't see the point in waiting 6 months.  

Blogger
FrugalRican
Posts: 2,876
Registered: ‎02-02-2012

Re: Finally my first credit card!!!!!!!!


treezie wrote:

With a credit score in the high 700s, I don't see the point in waiting 6 months.  


 

Just a credit score in the high 700's doesn't mean anything to AMEX. If you're AAOA is one year and you have just one other account, they'll turn you down for a revolver. Their system for approvals isn't just based on a good credit score, they evaluate more than just that.

 

That's why some of the advice posted was for the Zync, as a starter charge card.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Established Contributor
Brusilov
Posts: 601
Registered: ‎01-04-2009

Re: Finally my first credit card!!!!!!!!


treezie wrote:

With a credit score in the high 700s, I don't see the point in waiting 6 months.  


I think it depends on the application requirements for the particular card.  High FICO might not matter if they are looking for at least X months of personal account history before consideration for a card.  I'd probably just wait a while if I were you.

                    
    $17.3K          $500              $7K              $15K              $5K             $2300          $3200          $2000          $1500          $1000           $8100

Garden Since: 9.25.2013
Contributor
Kr33ker
Posts: 143
Registered: ‎04-11-2012

Re: Finally my first credit card!!!!!!!!

So do the cards that I have been removed from as AU not affect my AAoA anymore?

 

I know it's not a great source, but Credit Karma is still saying my Oldest tradeline is 11 years 6 months, and my average age of open credit lines is 4 years 9 months. This is based on my TransUnion report, and none of the balances from the cards I was an AU on are reporting.

 

I'm confused though because I have my Experian report from when I was denied the BCE and the AMEX was still reporting, but I don't see any mention of the Chase card that I was an AU on and removed. How could my AAoA be affected cards that I am no longer on if they arent even mentioned on the report?

 

IT (11500 CL), Freedom (5000 CL), Zync (500 CL), PFCU (500 CL)

Starting Score: 699 EQ (4/11/12)
Current Score: 761 EQ (8/15/12)
Goal Score: 800+ EQ
Contributor
xboxrunner
Posts: 139
Registered: ‎05-30-2011

Re: Finally my first credit card!!!!!!!!

I'd wait at least 6 months before making a move. Sure, its tempting to app now, but you'll regret it if your denied and stuck with another inquiry. Play it safe and manage your card well for 6 months then do what another poster suggested and ask for cli. Then at the 1 year mark app for Zync.


Experian (CreditSesame)- 821 (7/2/14), 761 (Citi-4/26/13), 821 (Credit.com-7/2/2014)
Equifax Fico (MyFico) Fico- 745 (7/15/11)
Transunion (Credit Karma)- 789 (7/2/14)
Vantagescore (Credit Karma)- 894 (7/2/14)

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