12-13-2012 08:53 PM - last edited on 12-13-2012 09:44 PM by Shogun
Hi everyone! Hopefully I am poing this correctly since im a myFICO forum virgin (<- hope this is allowed). Anyway I recently turned 18 and began to really think about credit and such. At first I wasn't worried about it because I did not need student loans and my parents bought me a brand new car (<- please do not take this as bragging!). My teacher however stressed its importance which got me interested and started me looking; that was when I discovered myFico.
Fast forward to today and I can really say I am so happy about everything every single person has contributed to help my get to where I am today! For those of you who want to take a quick road trip on my credit path continue reading, if you don't you don't have to Anyway it started with my dad adding me onto his American Express clear card to give me some sort of history. I began to make my own payments using my account number in hopes that American express would approve me. Alas months later they denied me for the Green Card (<- Zync had left the building).
Determined not to be defeated I applied for a Citi Forward based on recommendations on the forums and was approved for a $1000 dollar credit limit. Now that I had my foot in the door I realized that I was a member of NFCU and that I should certainly get a secured card with them which I did with a $600 dollar limit! I don't do much in terms of banking with navy simply because that's where I keep the money I don't want to spend LOL . Now we get to today! I decided to round out my credit portfolio before putting on my gardening gloves on I would try another local credit union that I was interested in. It was a success with them approving a $500 dollar Visa card and to top it off they even approved me for a $100 line of credit. The best part was when she said they they just wanted to see how you handle it for a few months and they would then talk about raising the limits. That may not seem like much but I was expecting to be denied for that!
I guess I should have stated this earlier but im a college student with a monthly income of about $1400 dollars. I know this post is so long and probably boring but I was just so excited and thankful for everyone's help I also had some questions to ask.
1. What should I do in terms of gardening? How many months should I wait?
2. Should I increase the NFCU secured limit?
3. In terms of utilization would it be better to let a ceratin card report a balance?
Any suggestions are welcome!
OP, I spaced your posts at distantarray's recommendation, just to make it a little easier to read.
Shogun, myFICO moderator
12-13-2012 08:58 PM
Welcome to the forum! Congratulations on your recent approvals; you seem to be well on your way of building a nice portfolio. I am sure the other members will agree with me when I remind you to PIF before your statement cuts and try to keep you utilization as low as possible.
12-13-2012 09:00 PM
didn't read... not spaced out enough, so how are you doing? not good jk
You already had NFCU, and Citi cards, Amex AU... THEN you get a local credit union card? it seems to me your a bit too app happy (which a lot of us are) right now. Local credit union cards are usually pretty lackluster, but it's usually for people who can not get better cards rebuilding or building stage. If you've already got your foot in the door with NFCU and Citi I would say applying for local credit union cards were a step back imo. bad rewards, usually not the lowest rates, and low credit limits usually.
What's done is done, keep the cards you got for atleast 1 year, then NFCU should unsecure you and give you a better limit, request Citi CLI's at 6months, and keep your local credit unions active with buying a burger occassionally on it every other month and it should be fine. Remember to pay off your cards before the statements post and try to keep your utility around 1-2% only on one card reporting a balance to optimize your fico score if your planning on apping for new cards later or a house. I'm not mentioning cars cause your parents just got you one but overall not bad, just too many lackluster cards with your local credit union apps imo.
12-13-2012 09:01 PM
I just edited the post to ask that before I saw your reply! Thats what I figured I should just but I just wanted to make sure Thanks!
12-13-2012 09:08 PM
If it isn't bad enough I stink at writing I just finished finals week I really think I killed brain cells writing my English paper. I do appreciate your comments though as it is not very spaced out and writing overall is terrible!
12-13-2012 09:47 PM
Information was good. Just that many in here have ADD, and if it didn't spark in the first few seconds, it gets bypassed. I on the other hand have OCD, so between me and distantarray, we could probably do a pretty good job of corralling you in. LOL
Oh, and as far as the post goes. Well, I think you're doing good. Now get your gloves and go meet Tinuviel in the garden. No need to rush anything. As far as the NFCU secured goes, just treat them well. You'll reap the rewards for having them later. Good Luck!
12-13-2012 10:13 PM - edited 12-13-2012 10:14 PM
Ah now that I see it spaced out its a just looks much better! I appericate it shogun! (<- the editing and the feedback)
12-13-2012 10:24 PM
Your on the right track. If I were you I wouldnt add to the deposit with NFCU secured card. Just use the card every month and PIF every statement then at 6 mos with the card I would app for a cash rewards card then close the secured card. There have been PLENTY of members myself included that have done this. NFCU isnt unsecuring cards anymore. I had my secured card for 13 mos with them and it took many phone calls and emails and PM's and pulling teeth to get them to review the account and PC it to a cash rewards card with a CLI and keep the tradeline to finally them telling me we just dont unsecure secured cards anymore.
If your credit picture is clean but thin I see no issue with doing this as soon as 6 mos and them rewarding you with 2.5k cl to start with
12-13-2012 11:13 PM - edited 12-13-2012 11:14 PM
I think you're doing pretty good at this stage, and I actually do regret that I wasted a year getting started, but at the time I just did not want to have any debt whatsoever so I didnt apply for anything. But you are doing good, and it'll lead you to better. Just keep paying on time and stuff, and view your FICO scores once every 3-6 months to make sure there are no discrepancies on there, and if all is good, you can apply for some very good cards in the upcoming months ahead.
12-14-2012 06:25 AM
Thanks for the tips bluesnowman and rootpooty! I definitely plan on letting navy federal grown with me. Since I live in Virginia this place is literally covered with branches where I can actually talk to someone which makes it even better.