Credit Cards Center Credit cards from our partners
Reply
New Member
Posts: 1
Registered: ‎03-04-2017
0

What should my next step be ?

Ok so i have a few ideas on how i want to build my credit and need some advice on should i and how long would it take me to do this.

Lets start with what i have right now .

 

Credit Cards

Capital one Journey Since Dec 2014 CL 6.3k used 0

Discover it                Since Mar 2016  CL 3.2k used 0

Chase Freedom U   Since Nov 2016  CL 4.5k used 4.4k

Synchrony RTG       Since Nov 2016  CL 3.5k used 1.1k

 

Car Loan Since Feb 2016 15k for about 5 more years

 

My goal is to get cards from other lenders to get a higher over all credit limit and have histroy with  a few card companies.

Looking at getting a Citi card and BofA Better Balance rewards with maybe a free Amex card . Im not really to sure about the Amex.

Definiteley want the other two along with a Chase Freedom and Chase Sapphire Reserve later on , to use with the Unlimited for great deals.

Also with the Chase 5/24 rule i want to make sure i play my cards right and achive this asap.

I think i might be at a point to 'garden' ? Im just thinking the faster i open them all the better of i will be with them ageing .

Yet i know that could hurt me if i do too much too fast .

 

Side note I was offered a product change from capital one for the QuickSilver .. its just a 1.5 points i was looking into maybe applying for the card and just getting the bonus and merging accounts hopefully incrase my CL a bit more and then product change it after that . Is this a efficient way of getting a higher CL aside from the usual waiting or requesting one ? I was thinking of doing this later on the line after i have the cards i want .

My score was at 740 last mont and this month fell due to utilization to at 670 .... nothing that wont be fixed next month.

I dont think im doing to bad for just being 21 and almost having 20k aviliable in credit cards Smiley Happy

 

Established Contributor
Posts: 542
Registered: ‎02-23-2017

Re: What should my next step be ?

[ Edited ]

It looks like you understand utilization, which is critical. Get your Chase balance down as fast as possible. It's maxed, and that sends up fireworks when lenders look at your profile. Don't apply for anything until you do that.

 

The Synchrony balance is a little high too, at least if you're looking to apply for something. You'd be viewed as "more responsible" if it were somewhere under 30% (28.9% or below).

 

If you want to fully maximize your score, three cards at zero and one at 8.9% or less will do that for you.

Highlighted
Valued Contributor
Posts: 2,411
Registered: ‎03-20-2014
0

Re: What should my next step be ?

+1, next step, bring down your Chase balance.

 

You may get another card if you app, but it could be a low SL and high APR.

 

My guess is you are using the 0% promo with your card. 

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.