Credit Card Center Advertiser Disclosure

Reply
New Member
Posts: 8
Registered: ‎11-24-2013
0 Kudos

Got My First Card!

Hello All!

 

I turned 18 a few days ago and immediately applied for my first credit card (Chase Freedom) at my local Chase branch. I was instantly approved with a $1900 cl. The banker was extremely surprised that I was approved with no credit history at all. I would like to get in the door with an amex charge card. What is the next step towards that? I understand that I won't have any chance at a green card now, but what can I do to improve my chances in the future? 

 

Thanks in advance

Super Contributor
Posts: 31,000
Registered: ‎02-07-2013
0 Kudos

Re: Got My First Card!

Welcome to the forum

Congrats on your first card 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Moderator Emerita
Posts: 27,204
Registered: ‎09-13-2012
0 Kudos

Re: Got My First Card!

Welcome to the forum. To improve your chances, pay your bills on time, limit your inq's and when you are ready to app, make sure your util is low -less than 10% is optimal.
Valued Member
Posts: 34
Registered: ‎10-11-2013
0 Kudos

Re: Got My First Card!

Congrats on getting your first card! Use it wisely and credit will always work to your advantage. I would use the card for at least 6 months while keeping utilization low and PIF before applying for an Amex.
Amex BCE 18k I Amex SPG 6k I CSP 8k I Chase Marriott 7k I Discover It 3.5k I Chase Freedom 2.1k

EX: 735 | EQ: 767 | TU: 770

Credit cards are great when you don't need them.
Senior Contributor
Posts: 7,735
Registered: ‎01-05-2013
0 Kudos

Re: Got My First Card!

Welcome to the forum and congrats on your first card.

Regular Contributor
Posts: 119
Registered: ‎11-10-2013
0 Kudos

Re: Got My First Card!

Congrats on your first card! Just be responsible with it now and I'm sure you'll have an AMEX card in no time.

Capital One Quicksilver | Chase Freedom | Chase Sapphire | AMEX Blue Cash Everyday
Scores: EX: 725 | TU:742
Mega Contributor
Posts: 17,185
Registered: ‎08-08-2011
0 Kudos

Re: Got My First Card!

Congrats! Build some history you'll be there in no time.

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $10.9k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $6.1k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $4.85k / Citi DC (WMC) $7.1k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Valued Contributor
Posts: 2,024
Registered: ‎01-23-2013
0 Kudos

Re: Got My First Card!


HaroldandKumar wrote:

Hello All!

 

I turned 18 a few days ago and immediately applied for my first credit card (Chase Freedom) at my local Chase branch. I was instantly approved with a $1900 cl. The banker was extremely surprised that I was approved with no credit history at all. I would like to get in the door with an amex charge card. What is the next step towards that? I understand that I won't have any chance at a green card now, but what can I do to improve my chances in the future? 

 

Thanks in advance


Nice going (and nice nym) HaroldandKumar. That's a surprising first card and it's one to cherish and treat well. Next steps are to use it for six months to a year, always pay more than the minimum payment, if you use more than 30% of your credit line, be sure to pay it down before the statement cuts (because the balance that's on the card on the statement date is what gets reported to the credit bureaus). Like others will tell you, 9% or less is better than 30%, but 30% is acceptable.

 

When you're ready to app for your Amex, make sure the last reported balance on your Freedom is under 10% and that you have a perfect ontime payment record.

 

Good work!

 

New Member
Posts: 8
Registered: ‎11-24-2013
0 Kudos

Re: Got My First Card!

Thanks for all the replies! I'm thrilled to have the Freedom card and look forward to the 5% cash back at gas stations and starbucks (I'm there every day) next quarter. Since I'm not putting any huge charges on the card, I am just going to pay my balance in full every month. You guys really think that I will have a shot at Amex Green within a year? It seems like a bit of a stretch.

Super Contributor
Posts: 15,238
Registered: ‎04-22-2013
0 Kudos

Re: Got My First Card!


HaroldandKumar wrote:

Thanks for all the replies! I'm thrilled to have the Freedom card and look forward to the 5% cash back at gas stations and starbucks (I'm there every day) next quarter. Since I'm not putting any huge charges on the card, I am just going to pay my balance in full every month. You guys really think that I will have a shot at Amex Green within a year? It seems like a bit of a stretch.


You appear to believe (and this is a common belief, great marketing!) that Amex is hard to get.   The charge cards in particular are not, easier than their credit cards.  Do you know a credit score?   It's certainly not unlikely that if you qualified for the Freedom as your first card you can get the Amex now.  To be safe though, it's probably worth having some history with the Freedom and keeping the reported utilization low when you do apply.  

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.