topic Re: Is it ok for a 19 year old to have this many credit cards? in Credit Cards

Is it ok for a 19 year old to have this many credit cards?

Anonymous — Mon, 02 May 2011 06:27:06 GMT

I have the following cards:

1st Financial Bank USA Student Visa Gold Card: $0/250. This is my first one.

Wal-Mart GEMB Retail Card: $0/600

Capital One Journey Visa: $0/500

Citi MtvU Platinum Visa: $0/3000

I'm 19 years old. They are all paid off with zero balance and never missed a payment. Is this too many or is it really good?

Re: Is it ok for a 19 year old to have this many credit cards?

joestay — Mon, 02 May 2011 06:49:27 GMT

It's good. Just let it age and don't carry a balance.

Re: Is it ok for a 19 year old to have this many credit cards?

brian2220 — Mon, 02 May 2011 07:46:01 GMT

@Anonymous wrote:
I have the following cards:

1st Financial Bank USA Student Visa Gold Card: $0/250. This is my first one.
Wal-Mart GEMB Retail Card: $0/600
Capital One Journey Visa: $0/500
Citi MtvU Platinum Visa: $0/3000

I'm 19 years old. They are all paid off with zero balance and never missed a payment. Is this too many or is it really good?

i would think it is ok as i have 5 accounts at 18 and only one with a balance

just let them age like me and you will be good

Re: Is it ok for a 19 year old to have this many credit cards?

Anonymous — Mon, 02 May 2011 18:45:56 GMT

That's what I plan on doing. I was thinking of doing one of the following: Closing the Wal-Mart card because I don't need it, it's been open since February. And getting a CLI on the 1st Financial since I've had it for 2 years and never requested one. Wise? or should I just leave them alone. The Capital One and Citi will be my primary cards, but with the age of the 1st Financial, I won't be closing it.

Re: Is it ok for a 19 year old to have this many credit cards?

Anonymous — Mon, 02 May 2011 18:51:12 GMT

Wal-Mart doesn't have an AF, so many folks will recommend that you keep it open.

On the other hand, if you're not using it, closing it gives you one less thing to worry about - one less bill to check. I closed mine and have yet to regret it.

IMO and IME, You're fine either way. Totally personal preference.

You've got Cap One and Citi bank cards - so those alone will keep FICO very happy. They want to see at least one bank card.

Re: Is it ok for a 19 year old to have this many credit cards?

Anonymous — Mon, 02 May 2011 22:24:51 GMT

@Anonymous wrote:
Wal-Mart doesn't have an AF, so many folks will recommend that you keep it open.

On the other hand, if you're not using it, closing it gives you one less thing to worry about - one less bill to check. I closed mine and have yet to regret it.

IMO and IME, You're fine either way. Totally personal preference.

You've got Cap One and Citi bank cards - so those alone will keep FICO very happy. They want to see at least one bank card.

My personal preference? I'd leave the card open.

Re: Is it ok for a 19 year old to have this many credit cards?

Anonymous — Tue, 03 May 2011 00:20:50 GMT

brian2220 are you an AU on your parents for amex, i highly doubt you have your own at the age of 18.

Re: Is it ok for a 19 year old to have this many credit cards?

brian2220 — Tue, 03 May 2011 01:38:12 GMT

@Anonymous wrote:
brian2220 are you an AU on your parents for amex, i highly doubt you have your own at the age of 18.

no i am all on my own

i am still surprised i got it

Re: Is it ok for a 19 year old to have this many credit cards?

android01 — Tue, 03 May 2011 01:54:50 GMT

@brian2220 wrote:

@Anonymous wrote:
brian2220 are you an AU on your parents for amex, i highly doubt you have your own at the age of 18.

no i am all on my own
i am still surprised i got it

Good for you, Brian. You've got a great start. Now don't **bleep** it up!

Re: Is it ok for a 19 year old to have this many credit cards?

brian2220 — Tue, 03 May 2011 02:03:55 GMT

i almost forgot to mention my scores i just pulled today from creditkeeper

745 transunion

760 experian

753 equifax

@android i will make sure i dont because i want to get a vehicle sooner or later

Re: Is it ok for a 19 year old to have this many credit cards?

Rvan1961 — Tue, 03 May 2011 02:09:37 GMT

People would kill for those scores Keep up the good work and don't close old good accounts with no fees involved

Re: Is it ok for a 19 year old to have this many credit cards?

MarineVietVet — Tue, 03 May 2011 03:42:11 GMT

@brian2220 wrote:
i almost forgot to mention my scores i just pulled today from creditkeeper
745 transunion
760 experian
753 equifax

@Anonymous i will make sure i dont because i want to get a vehicle sooner or later

You've done a very good job of managing your credit at your age but I guess I have to be the one to tell you that the "scores" you get from CreditKeeper are not FICO scores. There is no 3 in 1 monitoring service at this time that sells FICO scores.

No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO. I suggest you do an internet search for "myfico discount codes" to save a little money.

At one time you could also purchase your Transunion score at transunioncs.com but that site seems to have stopped doing that. Equifax will still sell you a FICO score but you have to look very hard to find it. You can get to it here: www.equifax.com/myfico-products.

So if the only place you've gotten your scores is CreditKeeper then I'm afraid you still don't know where you actually stand. All of the non-FICO (FAKO) scores are based on different scoring formulas than FICO and cannot be compared to FICO scores in any way. FAKO scores could be higher or lower that your actual FICO scores.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Is it ok for a 19 year old to have this many credit cards?

brian2220 — Tue, 03 May 2011 03:52:13 GMT

@MarineVietVet wrote:
@brian2220 wrote:
i almost forgot to mention my scores i just pulled today from creditkeeper
745 transunion
760 experian
753 equifax

@Anonymous i will make sure i dont because i want to get a vehicle sooner or later
You've done a very good job of managing your credit at your age but I guess I have to be the one to tell you that the "scores" you get from CreditKeeper are not FICO scores. There is no 3 in 1 monitoring service at this time that sells FICO scores.

No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO. I suggest you do an internet search for "myfico discount codes" to save a little money.

At one time you could also purchase your Transunion score at transunioncs.com but that site seems to have stopped doing that. Equifax will still sell you a FICO score but you have to look very hard to find it. You can get to it here: www.equifax.com/myfico-products.

So if the only place you've gotten your scores is CreditKeeper then I'm afraid you still don't know where you actually stand. All of the non-FICO (FAKO) scores are based on different scoring formulas than FICO and cannot be compared to FICO scores in any way. FAKO scores could be higher or lower that your actual FICO scores.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

i have know this since it happened also but it just gives me a rough estimate of what they stand every month because i have been pulling them every month since i started household.

i have been monitoring my credit because of reason beyond my power

Re: Is it ok for a 19 year old to have this many credit cards?

MarineVietVet — Tue, 03 May 2011 04:11:55 GMT

@brian2220 wrote:

i have know this since it happened also but it just gives me a rough estimate of what they stand every month because i have been pulling them every month since i started household.
i have been monitoring my credit because of reason beyond my power

And I just now realized that when I wrote You've done a very good job of managing your credit at your age... I actually meant to comment about the post by Nightfallx.

I've read way too many posts today!

Re: Is it ok for a 19 year old to have this many credit cards?

Anonymous — Tue, 03 May 2011 05:42:54 GMT

@MarineVietVet wrote:
@brian2220 wrote:

i have know this since it happened also but it just gives me a rough estimate of what they stand every month because i have been pulling them every month since i started household.
i have been monitoring my credit because of reason beyond my power
And I just now realized that when I wrote You've done a very good job of managing your credit at your age... I actually meant to comment about the post by Nightfallx.

I've read way too many posts today!

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Thanks. All of my cards and limits are real and completely on me, no co-signers.

Brian, you say you have 5 accounts at 18 yet on another post you said 3 years ago you had a Capital One paid in full everytime. You had a Capital One in your name at 15? Hmm...

Re: Is it ok for a 19 year old to have this many credit cards?

brian2220 — Tue, 03 May 2011 07:12:42 GMT

@Anonymous wrote:

@MarineVietVet wrote:
@brian2220 wrote:

i have know this since it happened also but it just gives me a rough estimate of what they stand every month because i have been pulling them every month since i started household.
i have been monitoring my credit because of reason beyond my power
And I just now realized that when I wrote You've done a very good job of managing your credit at your age... I actually meant to comment about the post by Nightfallx.

I've read way too many posts today!

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
Thanks. All of my cards and limits are real and completely on me, no co-signers.

Brian, you say you have 5 accounts at 18 yet on another post you said 3 years ago you had a Capital One paid in full everytime. You had a Capital One in your name at 15? Hmm...

that one i was co signed for about 3 weak months until the person that had it decided to close it and just disappeared of my cr

i was just stating what they did in that time in that post