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How do you guys think I'm doing?

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Anonymous
Not applicable

How do you guys think I'm doing?

I am only 19 years of age and have 4 credit cards. Run about 690 to 700 fico scores all the way across the board. I make about 60k of income(which I know is good for my age but I got lucky coming out of high school). I pay 600 or so in rent(still live with my parents but I have to pay about 600 a month in bills and rent). I have the marriott rewards 6k limit, chase freedom 6k limit, ritz carlton 6k limit, and amex delta skymiles at 15k limit. I am gardening now as I just got approved for the ritz card as we do travel a lot and I travel for work every now and then. Do you think I have a great start on building my credit? I think Chase and I are hitting it off great! Might cancel the Amex because no need now with the ritz card. But what do you guys think my next steps should be? I saw someone on here who was younger than me who already had 100k of credit line(I cant even touch that I am happy where I am). Any advice on my next steps should be?

Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: How do you guys think I'm doing?

Installment loan.

Message 2 of 8
Anonymous
Not applicable

Re: How do you guys think I'm doing?

what would this be good for you suppose?

Message 3 of 8
wmweeza
Established Contributor

Re: How do you guys think I'm doing?


@Anonymous wrote:

I am only 19 years of age and have 4 credit cards. Run about 690 to 700 fico scores all the way across the board. I make about 60k of income(which I know is good for my age but I got lucky coming out of high school). I pay 600 or so in rent(still live with my parents but I have to pay about 600 a month in bills and rent). I have the marriott rewards 6k limit, chase freedom 6k limit, ritz carlton 6k limit, and amex delta skymiles at 15k limit. I am gardening now as I just got approved for the ritz card as we do travel a lot and I travel for work every now and then. Do you think I have a great start on building my credit? I think Chase and I are hitting it off great! Might cancel the Amex because no need now with the ritz card. But what do you guys think my next steps should be? I saw someone on here who was younger than me who already had 100k of credit line(I cant even touch that I am happy where I am). Any advice on my next steps should be?


Ignore the advice on a loan. It's not BAD advice, it's just not necessary, I have never had an installment loan and my scores are over 800.

Gardening is a good adea, how long have you had each card? Just use your cards to much and pay in full and you'll bedoing great....and probably have a better house/car then your friends if you keep your scores up!

Looks like you are on the right track

 


Last App 10/14. FICO's: AMEX Ex 846, BarclayTU08 815.FAKOs:CreditKarma 775,CS score 771.BofA 5400,Target $5000,Barnes $8500,Amex $22k
Message 4 of 8
Anonymous
Not applicable

Re: How do you guys think I'm doing?

I don't see any harm in getting a savings Secured loan from a CU and it would help OP stay high in scores because their AAOA is going to be low for the next decade.

Also, that's strange that you have a 6k Limit with Ritz I've always been told min limit for that card is 10k.
Message 5 of 8
Anonymous
Not applicable

Re: How do you guys think I'm doing?

look for the SSL thread on this forum, it should give you that boost you're hungry for.

 

And yea, my AAoA is still considered low and it's over 5 years. Oldest account is over 10 years. I'm 32. 

Message 6 of 8
HeavenOhio
Senior Contributor

Re: How do you guys think I'm doing?

You're off to an excellent start. Smiley Happy

 

I wouldn't cancel the AMEX card right now. It's your highest limit, and you never know when or how that might come in handy. But if it's not meeting your needs, I wonder if a product change might be possible at some point. Others here would be in a better position to advise you on that.

 

I think you might be a candidate for the SSL technique described in the Scoring forum. Being younger and a probable candidate for a mortgage in the future, it might be a good idea.

 

You'll likely want to apply for more cards as you find products that suit your needs, but there's no rush. Your AAoA is going to be fairly low for a while. I'd look at it and decide not to allow it to drop below X number. And I'd decide not to allow inquiries to pile up beyond X number. Having those numbers in mind will help you time your applications.

Message 7 of 8
Anonymous
Not applicable

Re: How do you guys think I'm doing?

The starting line for the Ritz is 12k. Sorry for putting it wrong above. 

Message 8 of 8
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