New to Credit and to the Forum. Need help!!!

newdaddy113 · ‎04-29-2013

Hello All,

I have been looking around the forum and this has been a great experience. I wanted some guidance on what the next moves should be in building my credit. A little background on myself.

1. Oct 2012 I became an AU on my parents AMEX Green.

2. Started working in January 2013 and bought a car with a cosigner so it shows as a Joint account in my CR

3. In March 2013 I was approved for my own Amex Green card and also open 2 secured credit cards with Wells Fargo and BOA for $500 each

4. I have a total of 8 inquires and my credit score for experian is 684. not sure of the other EQ or TU.

I have 2 questions.

1. Should I get removed from my parents Amex Green cause it shoulds a balance of 19k on the report but has never been late and its paid in full every month? Will the balance affect me in getting other cc in the future?

2. How long should i wait before I apply for a revolver card in my name?

Thanks

Amex Green Card (NPSL) 03/13 - BOA ($7200) 03/13 - WELLS FARGO ($500) 03/13 - DISCOVER IT ($5800) 12/13 Amex delta gold ($18,400) 1/1/14. Amex Gold Business Card (NPSL) 1/2/14. Chase Freedom($7900) 1/9/14 NavyFederal ($25000) 1/16/14 Best Buy ($1000) 8/4/14 Barclays Arrival Plus($12500) 1/29/16 Chase CSP($20000) 1/29/16 Penfed Platinum Rewards ($16000) 1/29/16 NavyFed goRewards ($5000) 1/29/16.
Credit Score EX- 760 EQ- 735 TU- 763 Oldest account 3.2yrs aaoa 2.2 yrs.

09Lexie · ‎04-29-2013

Welcome to the forum!

You should wait at least 6 mos since your last cc before applying for a revolver. Your parents have a bal of $19k on an Amex Green?

Closing Credit Cards

The Definitive Amex 3X CLI Guide

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newdaddy113 · ‎04-29-2013

Yes 19k but I think they pay it off after the statement post date so it always shows a balance on my credit report. They use it for business purposes. But its never been late and all ways in full every month. Should I take my name of the card since I have mine now? Will it affect my chances of getting other cards in the future?

Amex Green Card (NPSL) 03/13 - BOA ($7200) 03/13 - WELLS FARGO ($500) 03/13 - DISCOVER IT ($5800) 12/13 Amex delta gold ($18,400) 1/1/14. Amex Gold Business Card (NPSL) 1/2/14. Chase Freedom($7900) 1/9/14 NavyFederal ($25000) 1/16/14 Best Buy ($1000) 8/4/14 Barclays Arrival Plus($12500) 1/29/16 Chase CSP($20000) 1/29/16 Penfed Platinum Rewards ($16000) 1/29/16 NavyFed goRewards ($5000) 1/29/16.
Credit Score EX- 760 EQ- 735 TU- 763 Oldest account 3.2yrs aaoa 2.2 yrs.

LS2982 · ‎04-29-2013

@newdaddy113 wrote:
Hello All,
I have been looking around the forum and this has been a great experience. I wanted some guidance on what the next moves should be in building my credit. A little background on myself.

1. Oct 2012 I became an AU on my parents AMEX Green.
2. Started working in January 2013 and bought a car with a cosigner so it shows as a Joint account in my CR
3. In March 2013 I was approved for my own Amex Green card and also open 2 secured credit cards with Wells Fargo and BOA for $500 each
4. I have a total of 8 inquires and my credit score for experian is 684. not sure of the other EQ or TU.

I have 2 questions.
1. Should I get removed from my parents Amex Green cause it shoulds a balance of 19k on the report but has never been late and its paid in full every month? Will the balance affect me in getting other cc in the future?

2. How long should i wait before I apply for a revolver card in my name?

Thanks

Welcome to the forums!!

I would definitely take yourself off AU status since you have your own green card.

Also, I would consider gardening for 6-12 months before going for an AMEX revolver. Show them you can handle the charge card responsibly first.

EQ FICO 548 3/3/16

09Lexie · ‎04-29-2013

I agree with LS. The two new cc's plus the new car loan has definitely lowered your AAOA. In 6-12 mos, your accts would have aged and your inq's will not count towards your FICO after a 12 mos.

Closing Credit Cards

The Definitive Amex 3X CLI Guide

Frequently Requested Threads

newdaddy113 · ‎04-29-2013

Thanks guys. I will wait then. Also what is the gardening process all about? I'm not to familiar with the concept.

Amex Green Card (NPSL) 03/13 - BOA ($7200) 03/13 - WELLS FARGO ($500) 03/13 - DISCOVER IT ($5800) 12/13 Amex delta gold ($18,400) 1/1/14. Amex Gold Business Card (NPSL) 1/2/14. Chase Freedom($7900) 1/9/14 NavyFederal ($25000) 1/16/14 Best Buy ($1000) 8/4/14 Barclays Arrival Plus($12500) 1/29/16 Chase CSP($20000) 1/29/16 Penfed Platinum Rewards ($16000) 1/29/16 NavyFed goRewards ($5000) 1/29/16.
Credit Score EX- 760 EQ- 735 TU- 763 Oldest account 3.2yrs aaoa 2.2 yrs.

ElCamino · ‎04-29-2013

@newdaddy113 wrote:
Thanks guys. I will wait then. Also what is the gardening process all about? I'm not to familiar with the concept.

Gardening is the process of "tending" to your new accounts, making sure you spend on them and pay them in full if possible when the statement cuts. By using your cards you're making the credit card company money with each transaction, and by paying them off you're showing you are responsible with the credit you have been given. This will open the path toward credit limit increases (CLIs) for some cards as well.

Once you garden for 6 months to a year, your accounts will have aged to the point where your scores will go up, and your old inquiries will fall off, allowing you to apply for more desirable cards.

Amex BCE: $16.5k, Discover It: $5k, Chase Freedom Visa: $10k, Fidelity Amex: $7.5k, PenFed Cash Rewards Visa: $3.5k, CapOne Union Plus MC: $4.5k, Barclays Upromise MC: $5k, BoA Cash Rewards 123 MC: $1.5k

newdaddy113 · ‎04-29-2013

Thank you. I will start the gardening process you guys are totally awesome!!!!

Amex Green Card (NPSL) 03/13 - BOA ($7200) 03/13 - WELLS FARGO ($500) 03/13 - DISCOVER IT ($5800) 12/13 Amex delta gold ($18,400) 1/1/14. Amex Gold Business Card (NPSL) 1/2/14. Chase Freedom($7900) 1/9/14 NavyFederal ($25000) 1/16/14 Best Buy ($1000) 8/4/14 Barclays Arrival Plus($12500) 1/29/16 Chase CSP($20000) 1/29/16 Penfed Platinum Rewards ($16000) 1/29/16 NavyFed goRewards ($5000) 1/29/16.
Credit Score EX- 760 EQ- 735 TU- 763 Oldest account 3.2yrs aaoa 2.2 yrs.

newdaddy113 · ‎04-29-2013

Just to add I was initially declined for my own amex green card. But I called Amex on the phone and they said they needed a copy of my recent pay stub once i faxed it ove, I was approved a few days later.

Amex Green Card (NPSL) 03/13 - BOA ($7200) 03/13 - WELLS FARGO ($500) 03/13 - DISCOVER IT ($5800) 12/13 Amex delta gold ($18,400) 1/1/14. Amex Gold Business Card (NPSL) 1/2/14. Chase Freedom($7900) 1/9/14 NavyFederal ($25000) 1/16/14 Best Buy ($1000) 8/4/14 Barclays Arrival Plus($12500) 1/29/16 Chase CSP($20000) 1/29/16 Penfed Platinum Rewards ($16000) 1/29/16 NavyFed goRewards ($5000) 1/29/16.
Credit Score EX- 760 EQ- 735 TU- 763 Oldest account 3.2yrs aaoa 2.2 yrs.

ElCamino · ‎04-29-2013

@newdaddy113 wrote:
Just to add I was initially declined for my own amex green card. But I called Amex on the phone and they said they needed a copy of my recent pay stub once i faxed it ove, I was approved a few days later.

That's another important rule I've learned from this forum.

Always recon.

Amex BCE: $16.5k, Discover It: $5k, Chase Freedom Visa: $10k, Fidelity Amex: $7.5k, PenFed Cash Rewards Visa: $3.5k, CapOne Union Plus MC: $4.5k, Barclays Upromise MC: $5k, BoA Cash Rewards 123 MC: $1.5k