topic Re: First "Real" CC Approval in Credit Card Approvals

First "Real" CC Approval

Anonymous — Thu, 17 Jan 2019 09:23:19 GMT

I began building my credit in October 2017 when I got a Discover secured card with a security deposit of $200 making my CL also $200. Shortly after that, I made a Self Lender account to help boost my scores. After about 7-8 months, my Discover card was upgraded to unsecured and I was granted a CLI. I gardened from then until now, with my Self Lender account being paid off in November which left only my Discover card with a CL of $2,400. I had thought about applying for another but didn't focus on it until recently. I researched a lot, mostly into cash back cards since I don't travel/dine a lot (I'm 19) and I had initially wanted a card like the Chase Freedom, Unlimited, or Citi DC. I knew these cards were not the easiest to get so I started to check for any pre-qualified cards. I checked everywhere and the only offers I had were Amex. I had pre-qualifications for the gold card and the cash magnet. The AF on the gold card makes it basically useless to me at this point, so I researched into the cash magnet and saw it as a great option. I mainly didn't want to waste a HP on a denial and seeing as it's almost the same as the Unlimited (besides the UR points but I'm not getting a CSR/CSP anytime soon), I went for it. I was auto-approved with a SL of $3,800 with a 730 score and $15,000 annual income. Since I had just "graduated" my secured Discover to a unsecured card, I see this as my first real approval. I know I should probably have more than 2 accounts and I definitely want to get in with Chase so now I'm wondering when would be the best time to apply for other cards. I have no need for them right now, but for the AAoA would it be better to have new cards closer together? Rather than wait another year and bring it down even more. Currently at 1 yr, 3 mos with just my Discover.

Re: First "Real" CC Approval

Anonymous — Thu, 17 Jan 2019 10:38:40 GMT

@Bruuzu -

Welcome to the myFICO forum! We're thrilled that you joined us!

Super Congrats on getting your first "real" credit card with Amex!

The Cash Magnet is a terrific cash back card. It's a great choice.

The short answer to your question is Yes. Since you're still relatively

new to building credit, it's best to get new cards you feel you need

as close together in time as possible so they can all age together.

In addition, getting more Amex cards will result in soft pulls for

existing members like you. So it's a great win win: you can add 1 or 2

more cards and not take a hit to your excellent EX 730 score.

Congrats again on your success. Please feel free

to keep us posted on your progress. Thanks for sharing!

P.S. Don't forget about the Amex 3x CLI after 61 days.

Don't be surprised if your $3,800 SL becomes 10k or more.

Re: First "Real" CC Approval

Cred4All — Thu, 17 Jan 2019 12:19:42 GMT

Well said @AllThingsInTime. Op, congrats on the new card!

Re: First "Real" CC Approval

Priory_Man — Thu, 17 Jan 2019 12:50:08 GMT

Congrats on the approval, Amex is a great bank to grow with.

Re: First "Real" CC Approval

Anonymous — Thu, 17 Jan 2019 13:44:34 GMT

Congratulations! Nice SL too!

Re: First "Real" CC Approval

Anonymous — Thu, 17 Jan 2019 14:23:32 GMT

That's great news Congrats on the upgraded DISCO and AMEX CM! Welcome Aboard

Re: First "Real" CC Approval

Anonymous — Thu, 17 Jan 2019 18:07:43 GMT

19 years old

$15k annual income

$3800 Amex

i'm so jealous! LOL congrats on your new card!!!

Re: First "Real" CC Approval

Anonymous — Thu, 17 Jan 2019 18:10:20 GMT

Congrats on your approval and Welcome to Amex family !!!!!

Re: First "Real" CC Approval

xaximus — Thu, 17 Jan 2019 18:16:51 GMT

Congrats on the approval and keep it up! Manage your credit well and the CSP/CSR and many other cards will open up.

Re: First "Real" CC Approval

Anonymous — Thu, 17 Jan 2019 18:18:28 GMT

Congrats, I'm sure a great feeling!

@Anonymous wrote:
I began building my credit in October 2017 when I got a Discover secured card with a security deposit of $200 making my CL also $200. Shortly after that, I made a Self Lender account to help boost my scores. After about 7-8 months, my Discover card was upgraded to unsecured and I was granted a CLI. I gardened from then until now, with my Self Lender account being paid off in November which left only my Discover card with a CL of $2,400. I had thought about applying for another but didn't focus on it until recently. I researched a lot, mostly into cash back cards since I don't travel/dine a lot (I'm 19) and I had initially wanted a card like the Chase Freedom, Unlimited, or Citi DC. I knew these cards were not the easiest to get so I started to check for any pre-qualified cards. I checked everywhere and the only offers I had were Amex. I had pre-qualifications for the gold card and the cash magnet. The AF on the gold card makes it basically useless to me at this point, so I researched into the cash magnet and saw it as a great option. I mainly didn't want to waste a HP on a denial and seeing as it's almost the same as the Unlimited (besides the UR points but I'm not getting a CSR/CSP anytime soon), I went for it. I was auto-approved with a SL of $3,800 with a 730 score and $15,000 annual income. Since I had just "graduated" my secured Discover to a unsecured card, I see this as my first real approval. I know I should probably have more than 2 accounts and I definitely want to get in with Chase so now I'm wondering when would be the best time to apply for other cards. I have no need for them right now, but for the AAoA would it be better to have new cards closer together? Rather than wait another year and bring it down even more. Currently at 1 yr, 3 mos with just my Discover.

Re: First "Real" CC Approval

Anonymous — Thu, 17 Jan 2019 19:15:02 GMT

Thank you and as far as the CLI goes, do I just request one after 61 days?

Re: First "Real" CC Approval

Anonymous — Thu, 17 Jan 2019 20:36:51 GMT

@Anonymous wrote:
Congrats on your approval and Welcome to Amex family !!!!!

IT LITERALLY, never gets old, VoltronM

Re: First "Real" CC Approval

sjt — Thu, 17 Jan 2019 23:03:29 GMT

Congrats.

I think you would be approved for a Chase Card.

Re: First "Real" CC Approval

Anonymous — Fri, 18 Jan 2019 01:45:27 GMT

I do want to go for the Freedom since I already have the CM and don’t need the Unlimited. My low income is the only thing I’m worried about

Re: First "Real" CC Approval

stonedog23 — Fri, 18 Jan 2019 02:42:57 GMT

When I was 19 I was lucky enough to have 2 $1,000 cards. But I had no ideal what my credit score was or even what a credit score was, nor did I have credit advice from knowledgeable people like the ones in this forum. The OP is showing great foresight at 19 which beats my hindsight about what I should have done at 19. Congrats on your great start to adulthood and creditworthiness.

Re: First "Real" CC Approval

19eighty5 — Fri, 18 Jan 2019 06:00:55 GMT

Congratulations!

Re: First "Real" CC Approval

CreditInspired — Fri, 18 Jan 2019 10:51:20 GMT

I love these kind of posts from young people. Congrats to you for beginning your credit journey with doing things the right way. You’re on your way to growing a great credit profile.

Congratulations again.

Re: First "Real" CC Approval

sjt — Fri, 18 Jan 2019 19:28:12 GMT

@Anonymous wrote:
I do want to go for the Freedom since I already have the CM and don’t need the Unlimited. My low income is the only thing I’m worried about

I think you should be ok as long as your utility ratio is low at the time you apply. Do you have other income?

Re: First "Real" CC Approval

Anonymous — Sat, 19 Jan 2019 07:19:23 GMT

@sjt wrote:
@Anonymous wrote:
I do want to go for the Freedom since I already have the CM and don’t need the Unlimited. My low income is the only thing I’m worried about
I think you should be ok as long as your utility ratio is low at the time you apply. Do you have other income?

No, just my part-time job