Two years... from $80K to $124K Total CLI!

[CollegeStudent530]

I just wanted to take a moment to celebrate my successes after two years of continued hardwork! I grew up in a lower economic bracket and had to take out massive loans, scholarships and work while going to college. Literally started from the ground up with zero financial guidance from friends and family.

If you're a college student and you are reading this, myFICO is a goldmine for financial resources. I became a credit & loan expert via this platform. My first card was a $500 secured credit card from a credit union called Golden 1

BEFORE

Here's my credit snapshot two years ago:

AMEX Blue Cash Everyday - $33,600

Chase United MileagePlus Explorer Card - $16,000

Discover It - $12,500

Chase Sapphire - $5,000

Chase Freedom - $5,000

Chase Southwest Airlines Premier $5,000

BOFA Better Balance Rewards - $2,500

Golden 1 Credit Union Student Visa - $1,000

Total Credit Limit - $80,600

FICO as of 3/1/2015: 766

Recent College Graduate

Age: 22

-------

AFTER

Here's my current credit snapshot:

AMEX Blue Cash Everyday - $33,600

Discover - $30,000

Chase Sapphire Reserve - $20,000

Chase Ink Business Preferred - $12,000

BOFA MERRILL+ - $10,000

Chase United MileagePlus - $5000

Chase Freedom - $5000

Chase Sapphire - $5000

BOFA Better Balance Rewards - $3,500

Total Credit Limit - $124,100

FICO as of 8/20/2017: 782

Working Professional 3 years

Age: 24

[Anonymous]

Congrats, that's quite the scorecard! Holy hell you're only 24? Your dedication & self-sufficiency in education, work & credit building is quite admirable, especially when you consider how many others with stronger greater family means squander them. Myself somewhat included.

We're in our mid 30s,the misses is a full-time RN & PhD student & this forum has been a goldmine to us in terms of leveraging the credit we have & improving our future opportunities. I only wish I had know about it back when we were still undergraduates, would have saved us a lot of time & stupid mistakes that seemed like good ideas (pif & closing low balance long term loans) at the time. I hope you share your knowledge with your peers, a generation knowing how to properly understand & managed credit would do this nation a world of good. Kudos!

[BronzeTrader]

Great job!

I think it all depends on people's personalities and styles.  I know someone would never spend any time researching the credit cards and remember which card to apply, to use and to earn the rewards or bonus.  They would rather go play video games, go to baseball games or drinking with their friends.  They do not even check prices with they go general shopping.  They can be young people who do not really make much $$.

But on the other hand, we have some rich people who like to dig gold from all the credit card offerings.  It makes them or us happy to get $100 bonus.  

There is no right or wrong, just we have different things to enjoy....

Good job!

[Total80sKid]

Congrats!

Very commendable

[medicgrrl]

Great job!!

[Anonymous]

Nice job turning things around, OP.

My story is similar to yours, so I can relate.  It's a good feeling no doubt!  Over a similar 2 year period like you (May 2015 to May 2017) I went from a 619 FICO score to 833 and $3k in total credit limits (1 card) to $155k in total credit limits.  I owe 99% of the change to reading on this forum, soaking up as much as I could and executing.

[HeavenOhio]

I'm impressed by both the before and after.

[Anonymous]

it is easy to get credit cards after graduating college.  I went from having a 500 dollar discover card to having 140k in credit limits in 1 year after graduating.  Unfortunately I was very stupid and racked up 15k in credit card debt.  I didn't have student loans as I worked 35 hours a week to pay for college though. As long as you don't carry a balance or pay annual fees credit cards are great.  

[BronzeTrader]

Yes, if you are responsible and mange well, banks would all want to come to you with nice CC offers.  I manage a minor's credit.  After the freshman year, the total credit is already $24,000 CL with a total of 7 credit cards.  The FICO is about 765.  After college graduation in 3 more years, the total CL can easily jump north of $100,000.  

But again, credit line does not give you more $$.  Young people need to work hard to make more $$$.  Do not carry big balance, paying 18% interest and get in trouble.  For some young people, it is better to stay away from credit cards.  

[bourgogne]

excellent, well played.  lose the discover and add a cu to diversify and stability, discover is the odd one out imo