What did I do wrong?

[Anonymous]

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@longtimelurker wrote:

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@Anonymous wrote:

I applied for an amex delta account, but i only got approved for $6K and I received my card today, and it had a disclosure saying that my "FICO score is 794"  I thought from my reading and research here that it's a good score and i should be getting a much higher CL.  I just turned 18 recently and my birthday was in March.  It said there were adverse key factors affecting my score and I want to know how to fix them?  I am attaching a picture of the letter here. Please help

[IMG]http://i.imgur.com/RP4bLXL.jpg[/IMG]

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CLs are based on much more than just score, income being an obvious one.  $6K is not low, you can see people here with much lower starting CLs.

The adverse factors seem to be just that you have a thin file.  You don't have enough revolving (other credit cards) history, or installment (auto loan, student loan etc) history.

But bear in mind that unless your score is 850 or near, the algorithm will always produce some negative factors.   So fixing them doesn't always move the score greatly, and in this case you would need to open new accounts, which would decrease the score in the short term.

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Thanks for your reponse. What kind of CL do people normally start off with?  What type of accounts do I need to open to help my score the most? What type of new account do you recommend me opening to help me most with my situation (e.g.,   auto loan, credit cards, student loan, store cards, etc)? What type of account do you think will help make the most positive impact on my credit? Thanks

[SunriseEarth]

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@Anonymous wrote:

I applied for an amex delta account, but i only got approved for $6K and I received my card today, and it had a disclosure saying that my "FICO score is 794"  I thought from my reading and research here that it's a good score and i should be getting a much higher CL.  I just turned 18 recently and my birthday was in March.  It said there were adverse key factors affecting my score and I want to know how to fix them?  I am attaching a picture of the letter here. Please help

[IMG]http://i.imgur.com/RP4bLXL.jpg[/IMG]

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I think you have a lot to learn about credit.   Having a $6K CL at 18 as your initial CL is extremely good, especially since most 18 year olds don't have lots of income.  

[ramblinggirl]

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@Anonymous wrote:

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@longtimelurker wrote:

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@Anonymous wrote:

I applied for an amex delta account, but i only got approved for $6K and I received my card today, and it had a disclosure saying that my "FICO score is 794"  I thought from my reading and research here that it's a good score and i should be getting a much higher CL.  I just turned 18 recently and my birthday was in March.  It said there were adverse key factors affecting my score and I want to know how to fix them?  I am attaching a picture of the letter here. Please help

[IMG]http://i.imgur.com/RP4bLXL.jpg[/IMG]

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CLs are based on much more than just score, income being an obvious one.  $6K is not low, you can see people here with much lower starting CLs.

The adverse factors seem to be just that you have a thin file.  You don't have enough revolving (other credit cards) history, or installment (auto loan, student loan etc) history.

But bear in mind that unless your score is 850 or near, the algorithm will always produce some negative factors.   So fixing them doesn't always move the score greatly, and in this case you would need to open new accounts, which would decrease the score in the short term.

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Thanks for your reponse. What kind of CL do people normally start off with?  What type of accounts do I need to open to help my score the most? What type of new account do you recommend me opening to help me most with my situation (e.g.,   auto loan, credit cards, student loan, store cards, etc)? What type of account do you think will help make the most positive impact on my credit? Thanks

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Dont want to sound like a Debbie Downer but I think you should put the brakes on applying for more credit. Enjoy your very generous credit line and learn  responsiblle use of your credit   card. Many moons ago, credit card companies would come to college campuses and bombard students with credit card offers-It didnt matter if you had a job or not. Well many of those students were financially ruined  well before graduating college because they didnt know how to handle buy now -pay later. Fast forward 30yrs later and you have the internet and the instant gratification generation-not  a good combination. You are probably very responsible but one can easily fall into this credit card trap. Good luck.

[abundancejones]

What AU accounts are on your file and what are their credit limits?

[SunriseEarth]

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@ramblinggirl wrote:

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@Anonymous wrote:

---

@longtimelurker wrote:

---

@Anonymous wrote:

I applied for an amex delta account, but i only got approved for $6K and I received my card today, and it had a disclosure saying that my "FICO score is 794"  I thought from my reading and research here that it's a good score and i should be getting a much higher CL.  I just turned 18 recently and my birthday was in March.  It said there were adverse key factors affecting my score and I want to know how to fix them?  I am attaching a picture of the letter here. Please help

[IMG]http://i.imgur.com/RP4bLXL.jpg[/IMG]

---

CLs are based on much more than just score, income being an obvious one.  $6K is not low, you can see people here with much lower starting CLs.

The adverse factors seem to be just that you have a thin file.  You don't have enough revolving (other credit cards) history, or installment (auto loan, student loan etc) history.

But bear in mind that unless your score is 850 or near, the algorithm will always produce some negative factors.   So fixing them doesn't always move the score greatly, and in this case you would need to open new accounts, which would decrease the score in the short term.

---

Thanks for your reponse. What kind of CL do people normally start off with?  What type of accounts do I need to open to help my score the most? What type of new account do you recommend me opening to help me most with my situation (e.g.,   auto loan, credit cards, student loan, store cards, etc)? What type of account do you think will help make the most positive impact on my credit? Thanks

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Dont want to sound like a Debbie Downer but I think you should put the brakes on applying for more credit. Enjoy your very generous credit line and learn  responsiblle use of your credit   card. Many moons ago, credit card companies would come to college campuses and bombard students with credit card offers-It didnt matter if you had a job or not. Well many of those students were financially ruined  well before graduating college because they didnt know how to handle buy now -pay later. Fast forward 30yrs later and you have the internet and the instant gratification generation-not  a good combination. You are probably very responsible but one can easily fall into this credit card trap. Good luck.

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+1 to that.   AMEX had the good sense way back when not to give me insane CLs (and I closed them because of it).  However, my other lenders were on the hook for $30K when I declared BK.   My CCs were obtained while I was in college, filling apps out to get free goodies.  It definitely seems so absurd now!

[jamesdwi]

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@Anonymous wrote:

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@longtimelurker wrote:

---

@Anonymous wrote:

I applied for an amex delta account, but i only got approved for $6K and I received my card today, and it had a disclosure saying that my "FICO score is 794"  I thought from my reading and research here that it's a good score and i should be getting a much higher CL.  I just turned 18 recently and my birthday was in March.  It said there were adverse key factors affecting my score and I want to know how to fix them?  I am attaching a picture of the letter here. Please help

[IMG]http://i.imgur.com/RP4bLXL.jpg[/IMG]

---

CLs are based on much more than just score, income being an obvious one.  $6K is not low, you can see people here with much lower starting CLs.

The adverse factors seem to be just that you have a thin file.  You don't have enough revolving (other credit cards) history, or installment (auto loan, student loan etc) history.

But bear in mind that unless your score is 850 or near, the algorithm will always produce some negative factors.   So fixing them doesn't always move the score greatly, and in this case you would need to open new accounts, which would decrease the score in the short term.

---

Thanks for your reponse. What kind of CL do people normally start off with?  What type of accounts do I need to open to help my score the most? What type of new account do you recommend me opening to help me most with my situation (e.g.,   auto loan, credit cards, student loan, store cards, etc)? What type of account do you think will help make the most positive impact on my credit? Thanks

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typical prime cards start at  1-3k CL's, higher if you have good income and 1 year or longer history with a VISA/MC/AMEX card reporting. 

if your score is 794, these isn't much you can do to improve your score except time. You could wait a couple months and apply for another prime credit card or two. Chase Freedom is a good rewards card. In January you can think about applying for a AMEX charge card, PRG, it will come with a full year of back dating, it will show on your reports as being older than your first AMEX card that will help AAoA. 

Remeber, pay your bills, pay more than the minimum, PIF is better,  don't max the card. A lot of people would be jellous of getting a 6k CL at 18. Some people here would be over joyed to get a 6K CL at 36, or even 46. 

[joltdude]

Lack of credit history is your problem... Id go for the 61 day 3X CLI.... Youll want to use the card a bit .. there are threads on it..

[joltdude]

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@jamesdwi wrote:

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@Anonymous wrote:

---

@longtimelurker wrote:

---

@Anonymous wrote:

I applied for an amex delta account, but i only got approved for $6K and I received my card today, and it had a disclosure saying that my "FICO score is 794"  I thought from my reading and research here that it's a good score and i should be getting a much higher CL.  I just turned 18 recently and my birthday was in March.  It said there were adverse key factors affecting my score and I want to know how to fix them?  I am attaching a picture of the letter here. Please help

[IMG]http://i.imgur.com/RP4bLXL.jpg[/IMG]

---

CLs are based on much more than just score, income being an obvious one.  $6K is not low, you can see people here with much lower starting CLs.

The adverse factors seem to be just that you have a thin file.  You don't have enough revolving (other credit cards) history, or installment (auto loan, student loan etc) history.

But bear in mind that unless your score is 850 or near, the algorithm will always produce some negative factors.   So fixing them doesn't always move the score greatly, and in this case you would need to open new accounts, which would decrease the score in the short term.

---

Thanks for your reponse. What kind of CL do people normally start off with?  What type of accounts do I need to open to help my score the most? What type of new account do you recommend me opening to help me most with my situation (e.g.,   auto loan, credit cards, student loan, store cards, etc)? What type of account do you think will help make the most positive impact on my credit? Thanks

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typical prime cards start at  1-3k CL's, higher if you have good income and 1 year or longer history with a VISA/MC/AMEX card reporting. 

if your score is 794, these isn't much you can do to improve your score except time. You could wait a couple months and apply for another prime credit card or two. Chase Freedom is a good rewards card. In January you can think about applying for a AMEX charge card, PRG, it will come with a full year of back dating, it will show on your reports as being older than your first AMEX card that will help AAoA. 

Remeber, pay your bills, pay more than the minimum, PIF is better,  don't max the card. A lot of people would be jellous of getting a 6k CL at 18. Some people here would be over joyed to get a 6K CL at 36, or even 46. 

NO NO NO... Wait at least a year for Chase.. they dont like thin files *at all*....Chase wants "established" credit users..Chase doesn't care about AU's,  believe discover does

Heres what I'd do....

1. Use the card.. pay in full on the bill ... and go for the 61 day CLI

2. Garden for 6-9 months (yes i know your an AU, but its still better to have that amex for at least 6 months)...(you want an AAOA of 6 months, preferably more, Chase and Barclays prime cards tend to want a year, exception being the Barclay Rewards for Average credit, might be able to get that in 9 months)

3. Go for Discover or perhaps a CU Visa/MC.... (Discover in all their wierdness rather will entertain a thin file/new to credit,  than baddies...

some CU's will take a chance on thinner accounts esp if they have a score)

'

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[tempusfugit123]

There are people in their late 40's on here dreaming of getting what you just recieved! Congrats. You just started off your credit journey amazingly. You need to establish a credit history and add some type of loan in the future to improve the score but by the looks of things your off to a perfect start.

[heyarrnold]

Yes, congrats!  At 18, that's an awesome starting limit. You did nothing wrong. On the contrary, everything looks great. When I was your age, I only had two secured CC's @ $300 each haha. Your credit limit, for your now one card, was 10x of my combined limits haha. And when I was finally approved for my own Amex, I was only given 3k.