Hi all,
I've been reading the boards here for about 6 months and since I was just approved for my very first CC (Cap1 Newcomers, $500), I figured I'd come out of the shadows and introduce myself as well as get some input!
I first applied for a couple of store credit cards 5-6 months ago in an attempt to start building credit (I'm 25 and have none whatsover, but would like to be purchasing a home in 5 or 6 years) but was denied. Waited until a few days ago to try again; was approved for the only one I applied for, Capital One Newcomers. I will be charging my internet bill ($30) to it every month, but nothing else. The high APR won't come into play for me since I have a clean record of paying all bills on time and in full, and having no annual fee means I can keep it open for a good long while to build history, even if I never do a CLI on it.
Utilization will obviously be under 10% for that card.
Eventually I would like to be applying for the AMEX Zync; I like that I would be able to tailor it to my spending habits, and it would be nice to develop a relation with them early on in my credit history. With having just one card, how long do you think I should wait before applying for Zync? Or would it be better for me to get a second card from another provider first, and then eventually try for the AMEX? I have no loans, auto payments, etc., so cards will be the only things showing up on my credit reports.
Finally, how often do you all check your credit reports to monitor your scores, and how do you do it?
Thanks everyone! Happy to be here 
Get another card or two in 3-6 months after cap one starts reporting. Let cap one report under 10% utilization. Get two more easy cards. Once those mature 6 months, go foe Amex charge and whatever else you want assuming score is good. Then garden for 1 year. Either you last round of cards or new round should be your semi permanent cards
LIMITS IN CARD DESCRIPTIONS
@isoldmyatlas wrote:Hi all,
I've been reading the boards here for about 6 months and since I was just approved for my very first CC (Cap1 Newcomers, $500), I figured I'd come out of the shadows and introduce myself as well as get some input!
I first applied for a couple of store credit cards 5-6 months ago in an attempt to start building credit (I'm 25 and have none whatsover, but would like to be purchasing a home in 5 or 6 years) but was denied. Waited until a few days ago to try again; was approved for the only one I applied for, Capital One Newcomers. I will be charging my internet bill ($30) to it every month, but nothing else. The high APR won't come into play for me since I have a clean record of paying all bills on time and in full, and having no annual fee means I can keep it open for a good long while to build history, even if I never do a CLI on it.
Utilization will obviously be under 10% for that card.
Eventually I would like to be applying for the AMEX Zync; I like that I would be able to tailor it to my spending habits, and it would be nice to develop a relation with them early on in my credit history. With having just one card, how long do you think I should wait before applying for Zync? Or would it be better for me to get a second card from another provider first, and then eventually try for the AMEX? I have no loans, auto payments, etc., so cards will be the only things showing up on my credit reports.
Finally, how often do you all check your credit reports to monitor your scores, and how do you do it?
Thanks everyone! Happy to be here
Welcome to the forums!!
Do you know what your EX file looks like??
-How many INQ's on EX??
@isoldmyatlas wrote:Thanks, LS! I've already learned so much about handling credit just by reading these forums. So much information here!
The extent of my credit history is:
-Checked to see if I had a credit report in July 2011 (wanted to make sure my mom hadn't opened any accounts in my name, as she had gotten into a lot of CC trouble that year). Used EX. No history at all.
-Applied for two store cards in August 2011; denied on both.
-Applied for Cap1 Newcomers card last week; approved for $500 instantly.
I have never applied for loans or anything like that. So, right now I don't have any scores with anyone, just 3 INQs over the past 9 months, 2 of which will fall off come August.
Welcome to the forums!
I have a question about the above bolded statement. When did you acquire those INQs? Inquiries remain on your credit report for 2 years but the score impact is lessened within about a year after the INQ.
OK, then I misunderstood how long CC apps stay on a report. I was under the impression they drop off after a year, rather than just a "lessening"...good to know, thank you
INQs I meant as each of the 3 apps checking my credit status. Sorry, I may not be explaining myself well, I've been fighting a nasty cold yesterday and today...ugh!
You're very welcome. I hope the forums are useful and helpful to you.