What did I do wrong?

[Stanic413]

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@heyarrnold wrote:

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. 

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I think you have to be at least 45 to be able to start a sentence with "when I was your age.....".   Lol.  

OP---I hope you're feeling a bit better about your CL after hearing everyone's responses.  I'm 32 and have yet to get a card with a $6k starting limit.  Congrats! 

[heyarrnold]

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@Stanic413 wrote:

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@heyarrnold wrote:

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. 

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I think you have to be at least 45 to be able to start a sentence with "when I was your age.....".   Lol.  

OP---I hope you're feeling a bit better about your CL after hearing everyone's responses.  I'm 32 and have yet to get a card with a $6k starting limit.  Congrats! 

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hahahahaha, hey but it's true. Although we were born in the same decade, I am a tad bit older  

[Anonymous]

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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 have to cosign with what the others have said.  $6000 credit line at 18 = Excellent! 

[peaceonearth]

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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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Is this your first and only credit card?

Any loans?

[Middleswarth]

Wow!  Impressive. 

I am interested in how you got such a high limit.  My son was an AU on one of my cards for 2 years before he turned 18.  He get a Amex BCE with a $1500 limit (which is very good for an 18 year old).  After 9 months he got an increase to $2500.

Were you an authorized user on your parents cards?  Do you make decent money and/or have other assets that made Amex feel comfortable giving you such a high credit limit?  I am not trying to be nosey, I am genuinely interested in how it happened.  Perhaps others could learn from your experience. 

[Anonymous]

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@joltdude wrote:

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..

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I see. So I guess I have to sign up for more credit account to help boost my score to fix my problem? 

I just applied for the Chase Marriot card for the bonus points, and got approved for $12K. I am so happy! I've always wanted a black metal card.  I can't wait to do a 61 day 3X CLI for AMEX and get it up to hopefully, 18K

[chalupaman]

You should be quite happy. That's a greater starting limit than when I got my first Amex at just 2k and greater than my current Visa Siggy with Chase.

[Closingracer99]

I started at 23 and started looking at 18 lol. my First limit was $750 with Discover and my highest limit is $6,000 with my citi TYP card .

[Anonymous]

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@peaceonearth wrote:

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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.

---

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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Is this your first and only credit card?

Any loans?

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Yes, this is my first card. I just also applied for a Chase Marriot and got approved for $12K since people here said I have a thin file and need more accts to improve my FICO. I have never taken out any loans before.

Out of curisoity, what is the starting FICO score of someone whos 18? I thought I read somewhere everyone begin with an 800 FICO and it goes up or down depending on how u manage it?

[Closingracer99]

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@Anonymous wrote:

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@peaceonearth wrote:

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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]

---

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

---

Is this your first and only credit card?

Any loans?

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Yes, this is my first card. I just also applied for a Chase Marriot and got approved for $12K since people here said I have a thin file and need more accts to improve my FICO. I have never taken out any loans before.

Out of curisoity, what is the starting FICO score of someone whos 18? I thought I read somewhere everyone begin with an 800 FICO and it goes up or down depending on how u manage it?

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You don't get a Fico score until you have 6 months of history showing. My TU started at 690ish , First time I noticed my EX was at 599 in March and my EQ is at 682 or whatever it was last time. I only started about 14 months ago myself