topic Re: Building Credit in Credit Cards

Building Credit

Anonymous — Tue, 14 Oct 2014 22:29:12 GMT

Hi, I'm new here, so forgive me if I'm posting in the wrong place!

I'm new to credit and building it and wanted to see if the board had any tips/ advice on what I'm doing/ did.

Thanks in advance!

I'm 18 + turning 19 in December.

On my 18th birthday, I applied and was approved for the student Discover It ($500) and a secured card with my credit union ($500)

After dealing with my CU's horrible fraud department in July, I applied and was approved for a Citi ThankYou Preferred for Students ($1500)

A few months ago, my CL on the Discover card went up to $750.

A week and a half ago I applied and was approved for an AmEx Everyday Card ($3700)

I should probably hold off for a while, my original goal was an American Express card/ Chase Freedom card.

My Fico score (according to my last Discover statement) is 712 and my Experian score from the AmEx application was 725.

Am I on the right path for higher scores/ limits in the future? I don't carry a balance.

Re: Building Credit

Creditaddict — Tue, 14 Oct 2014 22:37:04 GMT

Looks and sounds like you are doing perfect and if you want Chase check the pre-qual on chase.com and when you see an offer for Freedom or CSP you should be good to go to round out your portfolio for a while!

Re: Building Credit

Anonymous — Tue, 14 Oct 2014 22:40:05 GMT

Terrific Job. I wish I had that discipline and knowledge when I was 18. Kudos to you.

Re: Building Credit

Anonymous — Tue, 14 Oct 2014 22:53:12 GMT

Thanks for the quick replies. Chase is saying I don't prequalify for anything (but neither did American Express)

I'm hoping that my score won't lower too much from the recent inquiries.

Acquiring 4 credit cards in 9 months probably looks extremely shady and I'll probably hold off for a while from apping for the Freedom.

I read over the 3X AmEx thread and I'm worried that it'd get denied because the CL would be more than my income (part time) at $10k.

Are they known to counter-offer the CLI?

Thanks again.

Re: Building Credit

Creditaddict — Tue, 14 Oct 2014 22:55:33 GMT

@Anonymous wrote:
Thanks for the quick replies. Chase is saying I don't prequalify for anything (but neither did American Express)
I'm hoping that my score won't lower too much from the recent inquiries.
Acquiring 4 credit cards in 9 months probably looks extremely shady and I'll probably hold off for a while from apping for the Freedom.
I read over the 3X AmEx thread and I'm worried that it'd get denied because the CL would be more than my income (part time) at $10k.
Are they known to counter-offer the CLI?
Thanks again.

id wait a month or two for amex to report and maybe after you 61 day cli to go for freedom if not pre-qual for it.

and yes amex will counter that 3x cli request if not the full amount.

Re: Building Credit

Themanwhocan — Tue, 14 Oct 2014 23:08:40 GMT

@Anonymous wrote:
Hi, I'm new here, so forgive me if I'm posting in the wrong place!
I'm new to credit and building it and wanted to see if the board had any tips/ advice on what I'm doing/ did.
Thanks in advance!
I'm 18 + turning 19 in December.
On my 18th birthday, I applied and was approved for the student Discover It ($500) and a secured card with my credit union ($500)
After dealing with my CU's horrible fraud department in July, I applied and was approved for a Citi ThankYou Preferred for Students ($1500)
A few months ago, my CL on the Discover card went up to $750.
A week and a half ago I applied and was approved for an AmEx Everyday Card ($3700)
I should probably hold off for a while, my original goal was an American Express card/ Chase Freedom card.
My Fico score (according to my last Discover statement) is 712 and my Experian score from the AmEx application was 725.
Am I on the right path for higher scores/ limits in the future? I don't carry a balance.

Did you tell American Express that you are a student, or do you have a job now?

Learn how to manipulate your credit cards in order to optimize your score right before applying for new credit http://ficoforums.myfico.com/t5/Credit-Cards/How-do-I-play-the-1-9-Utilization-Game-Please-Help/m-p/2471295#M703454

But basically, its time to wait and let those cards grow. Request 3X your American Express cards limit after 61 days, and every 6 months after that (3 if you are denied an increase). American express uses soft pulls of your credit to determine limit increases, so you don't lose anything by trying.

Good luck.

Re: Building Credit

Anonymous — Tue, 14 Oct 2014 23:13:23 GMT

Thank you!

I'm a full time student and part time barista at Starbucks.

I chose the Student - Employed option on the application, I was surprised they gave me such a generous limit.

Will definitely do the CLI in two months then

Re: Building Credit

Anonymous — Wed, 15 Oct 2014 01:08:32 GMT

Never put 10000 for your income. Put your total household income.

Re: Building Credit

Creditaddict — Wed, 15 Oct 2014 01:09:23 GMT

@Anonymous wrote:
Never put 10000 for your income. Put your total household income.

not for amex!

Re: Building Credit

Anonymous — Wed, 15 Oct 2014 01:12:14 GMT

I put usually put my income and half the wife's income down on apps.

Re: Building Credit

Anonymous — Wed, 15 Oct 2014 01:13:13 GMT

If you put 10000 for your income, they will more than likely decline you for anything further because you have too much credit.

Re: Building Credit

Creditaddict — Wed, 15 Oct 2014 01:16:29 GMT

@Anonymous wrote:
If you put 10000 for your income, they will more than likely decline you for anything further because you have too much credit.

WRONG (sorry)

Re: Building Credit

Anonymous — Sat, 06 Dec 2014 01:45:58 GMT

Requested my increase, now up to $10,000! Yay!

Thanks, guys.

Re: Building Credit

Jarrodpd — Sat, 06 Dec 2014 03:36:25 GMT

@Anonymous wrote:
If you put 10000 for your income, they will more than likely decline you for anything further because you have too much credit.

When ever I did my 61 day CLI I put down my income and available assets. It gave me my full 3X CLI which was $200 more than I reported.

Re: Building Credit

Anonymous — Sat, 06 Dec 2014 14:42:35 GMT

I agree with not putting 10000 as income. I know discover might decline you instantly. In their fine print it says minimum income required is 10000 .

Re: Building Credit

Broke_Triathlete — Mon, 08 Dec 2014 02:40:47 GMT

So for future CLI should I put my household income or just mine? I've only been doing mine and if it helps I'll start doing household.

Re: Building Credit

newhis — Mon, 08 Dec 2014 02:52:53 GMT

@Anonymous wrote:
Requested my increase, now up to $10,000! Yay!
Thanks, guys.

Congrats!

You still report 10,000 as your income?

Re: Building Credit

Anonymous — Mon, 08 Dec 2014 17:37:42 GMT

I reported $10,500 (which is true)