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Hi guys,
I have recently started to work my way into getting revolving credit. I went on a app spree about 3weeks ago and was able to get a few major cc, store cards and a gas card. So far this is what I have:
Walamrt Discv - 3k
Sams store cc - 1k
Omaha Mutual - 1k
Exxon/Mobil Gas card - $500
JCPenny store card - $800
2 Cap One cc - $500 ea
Victoria Secret - $700
I will be in the Garden till 03/2014
I would like to get all of your knowledge on how to get my foot in the door for the big names cc such as American X-press, Chase, Citi etc.... Which cc should I apply for first on each of these institutions and how to work my way up into getting the Elite cc's. It'll be great if any of you have some kind of diagram that guides you into the cc process starting w/ the basic cc all the way to the highest in a chronological order. It will be a great tool to have, specially for people like me that are starting in the little leagues in hopes into getting to the major leagues.
@Wanka77 wrote:Hi guys,
I have recently started to work my way into getting revolving credit. I went on a app spree about 3weeks ago and was able to get a few major cc, store cards and a gas card. So far this is what I have:
Walamrt Discv - 3k
Sams store cc - 1k
Omaha Mutual - 1k
Exxon/Mobil Gas card - $500
JCPenny store card - $800
2 Cap One cc - $500 ea
Victoria Secret - $700
I will be in the Garden till 03/2014
I would like to get all of your knowledge on how to get my foot in the door for the big names cc such as American X-press, Chase, Citi etc.... Which cc should I apply for first on each of these institutions and how to work my way up into getting the Elite cc's. It'll be great if any of you have some kind of diagram that guides you into the cc process starting w/ the basic cc all the way to the highest in a chronological order. It will be a great tool to have, specially for people like me that are starting in the little leagues in hopes into getting to the major leagues.
Practically, the only thing you need to know right now is your FICO score. You have a good card portfolio. As long as you maintain these cards and have at least 6 months of credit history and a reasonable annual income you should be able to get your foot in the door with Amex. For Chase, you'd need at least a year. For Citi, probably a year as well.
Everybody will say the same.
You have enough cards to start building. Don't rush it. I made the mistake early last year, before I found this forum and thought I knew what I was doing. I was dead wrong.
I wasted inquiries, got declines, could not get CLI's. Then I found the forum.
Learn what you can and wait your due time. It does not take but a year of so of responsible credit management and you can really do well.
Thank you guys for all of your advise. I'll be in the garden for the next 24 months until all of my inqs disapear. Then I'll try for the big names and will keep you posted.
The prime banks look at your scores and history before deciding to give you credit. They generally want to see scores above 700 and at least one year of demonstrated good credit behavior managing at least 2 credit cards.
They also don't like to see recent credit inquiries and other new credit on your report, so you are in a good spot. Just sit tight, manage what you have for the next year and then apply for 1 credit card from 2 of the following prime banks:
AMEX
CitiBank
Chase
Bank of America
Discover
Wells Fargo
Wait another year and apply for 2 more cards from the prime banks.
Couldnt agree more. It is hard to do as you see that score creep up! How do I know this......I have a sock drawer full of store cards I havent used in months and never will. Stay strong and you can write your own ticket!!