Next Steps

[Anonymous]

Note to moderators: if this is the wrong thread, please move me. I wasnt sure what category this fell under..

Hello all,

I'm relatively new to the credit game (But I like to think I know what I'm doing). I'm 18. I got my first card August '14. I'll give you a quick breakdown of what's in my wallet since August (3 mo)

Wells Fargo Platinum Secured 1k

BankAmericard Secured 1-2-3 Cash Rewards. Originally 1k limit. Bumped to 2500 the other day

Citi ThankYou Preferred Unsecured - 1k (after initial denial/recon)

Cap1 QS1 - 500

Cap1 Plat - 500

Amex Green NPSL. High Balance $4500

I also have a student loan in good standing and a secured loan (for variety of credit types).

My dream card is a CSP, or maybe a Marriot Preferred card (I like the novelty of a metal card)

CK FAKO @715. 13 inq

My questions are:

I have about $10k that i can add to deposits right now. Should I significantly increase a CL on one of my secured cards?

I never let more than 10% report. Usually on either my Citi or BoA. I never let more than 2 report a balance. (except Amex). how long should I wait before apping for CSP. Another thing to note is that I have a contact in the Chase EO who is willing to help me/overlook my high inq/short history.

Are there any other steps I should take? my income is about 100k and I'm a student, so most of it is disposable.

Thanks.

[Creditaddict]

have you checked the chase pre-qual?

Surprisingly you might not be far off from being able to get it now and that is without having the EO contact!

The amex reporting is probably what has you qualified now.

I think the Marriott will be the eaiser of the 2 so I would go ahead and apply for that now and see what happens.

I would not increase your secured deposit as you have good unsecured cards... Id actually probably close the secured cards that probably won't unsecure (wells) if you get approved for the chase.

[Anonymous]

Thanks for that CreditAddict. The WF card is definitely the one I use the least. (No Rewards is the main reason). Chase Prequal had nothing for me.My only fear is that they wont give me a very high limit without a credit score, but I guess beggars can't be choosers.

[Anonymous]

input from anyone else? I might like a Hyatt card instead of a Marriot. Any experience with those cards?

[Creditaddict]

oh sorry you don't even have a fico yet? wait until that happens... CSP and Marriott have $5k min credit lines.

Hyatt by Citi or Amex?

[Anonymous]

Chase has a Hyatt. I would really love the Ritz, but i dont think I could deream of qualifying for that.

[Creditaddict]

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@Anonymous wrote:

Chase has a Hyatt. I would really love the Ritz, but i dont think I could deream of qualifying for that.

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the marriott and ritz will be about the same for qualifications.

hyatt will probably be very similar also. actually maybe even easier as i don't htink it has a $5k min credit line... it's also not metal.

[Anonymous]

Totally going off on a tangent here, but what's your source of income that you're 18 years old and make 100k? Lol. I know someone else on here makes around the same because he has equity in a family company. Is that your case, as well?

[Anonymous]

Believe it or not, I have equity in my own company. I made a smartwatch companyand sold it, but I still earn royalties from that. 

Update: I just got a chase checking account - Chase Premier Platinum Checking - it's their top-tier account, and I deposited 25k to sort of establish a history. Was this a good idea?

[Creditaddict]

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@Anonymous wrote:

Believe it or not, I have equity in my own company. I made a smartwatch companyand sold it, but I still earn royalties from that. 

Update: I just got a chase checking account - Chase Premier Platinum Checking - it's their top-tier account, and I deposited 25k to sort of establish a history. Was this a good idea?

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yes!