topic Re: Another 18 Year Old wondering about their credit... in Credit Cards

Another 18 Year Old wondering about their credit...

Cisneros1337 — Thu, 10 Apr 2014 20:07:22 GMT

Hello! I'm 18 years old (turning 19 in 4 days) And ummm..... Yeah I have too many credit cards..........

Here is my list.... starting with my First SECURED BOFA Card.(has been a year now)

Credit Card history:
10/23/2012
Applied for Kohls (Was not aware of Credit)
----------------------------------
04/22/2013
Bank of America Secured Card (300)
----------------------------------
08/29/2013
Applied for BestBuy, Denied
----------------------------------
11/02/2013
Kohls Charge Card(500)
----------------------------------
12/20/2013
Capital One QuicksilverOne (1000)(39/year)
----------------------------------
02/09/2014
Applied for AmericanExpress TrueEarning, Denied
-----------------------------------------------
02/28/2014
Applied for Capital One Venture(GOLD), Denied
-----------------------------------------------
02/28/2014
Applied for Bank of America Travel, DEnied
-----------------------------------------------
03/01/2014
Capital One Journey (500)
-----------------------------------------------

04/08/2014
Asked for credit Limit Increase For Kohls, Denied
----------------------------------------------------

04/08/2014
Applied for Citi ThankYou Prefferred Student, Denied
---------------------------------------------------
04/08/2014
Chase Freedom (4k)
------------------------------------------------
04/08/2014
AmericanExpress TrueEarning (1k)
------------------------------------------------
04/09/2014
Macys Charge Card (was 500 but they increased to 1k in the same day)
------------------------------------------------

I need help... And yes i know i have tooo many credit cards!

Should I keep my Secured card (300 CL BofA)? The lady at the bank said if i transfer that onto a unsecured card it would hurt my credit. But that means i have to apply...

I don't have all scores for each bureau

On Myfico (Equifax) my score is 696 (Dropped from 722)

On my credidkarma (transunion) its 702(still isnt updated)

Idk my Experian.

Should i close some accounts? I know its a bad idea keeping a CC with an AF. I need some advice even if it hurts!

Thanks!!!!!!!!

Cards I am AIMING FOR
----------------------
Chase Sapphire (Must have 5k Credit limit on one card)(95/year Fee)
Chase Slate
Barclay Card Arrival for travel (89/year Fee)
Chase Freedom ACHIEVED
Discover Cash BacK

I don't know if it is possible getting approved for a Travel Card at this age with only 1 year of credit. But i really need one so i can use it towards flights (wanna go to japan)

Re: Another 18 Year Old wondering about their credit...

Anonymous — Thu, 10 Apr 2014 20:48:03 GMT

Wow, that's a huge collection for your age. I'm 19 and only have two. Maybe you should slow down on applying for now. BTW, how was the process with Freedom? Did you put a high income?

Re: Another 18 Year Old wondering about their credit...

gdale6 — Thu, 10 Apr 2014 20:51:57 GMT

You dont have too many cards, i have lots more than you and there are some on this board who have over 100. Just keep your utilization in check and you will be fine. If you insist in closing some only close those with an AF or MF and any unsecureds you really w.ant to have at least 24 months of history report prior to their closing. IMO you are amassing too many inquiries over a short period of time, I would not app for any further credit till they age past 6 months. Good luck

Re: Another 18 Year Old wondering about their credit...

09Lexie — Thu, 10 Apr 2014 20:57:00 GMT

With your current line up and cards on your wish list, have you thought about how you are going to use the cards? Does your income support the travel cards ie CSP?

Re: Another 18 Year Old wondering about their credit...

Anonymous — Thu, 10 Apr 2014 21:07:09 GMT

I wouldn't say that you have too many cards, but I would say that you acquired them too quickly (I've made the same mistake before). I would chill out with apping for awhile. If you wait until May of 2015 for your next app, these inquiries will no longer affect your fico score and you will have gained a solid year of Average Age of Account (AAoA). Seriously though, if I was in your position I would keep all of the cards you currently have. Use the ones you don't need once every two months to buy a soda or a candy bar and sock drawer them the rest of the time. Use your Quicksilverone as your everyday spender (see below, I would consider downgrading), use the Chase Freedom in the rotating categories, and the AMEX true earnings on gas. If you don't spend enough to make the Quicksilverone annual fee worth it (at a minimum 3k/yr), then downgrade it to a card without an annual fee--Maybe the Journey Student Rewards Card if you are eligible...effectively gives you 1.25% cash back w/ no annual fee.

Not knowing your income/spending habits, I would advise against getting cards with annual fees. However, if your spending habits make an annual fee worth it, then do it.

My recommendations:

-Garden

-CLI your freedom in May of 2015

-Apply for 2-3 cards after the CLI (I would stay away from anymore store cards

-Then go back to the garden for at least 6 months

-Don't take on annual fees just because the card is cool...if you can't make enough points/cash to cover the annual fee every year, then stay away from it unless it offer some other benefit that you deem worth the price (lounge membership, etc).

Be smart...take it slow...GARDEN.

Re: Another 18 Year Old wondering about their credit...

Kenny — Thu, 10 Apr 2014 21:28:13 GMT

Garden! Work on getting those annual fees removed and soft pull credit limit increases. I would not CLI the Freedom in May of 2015 -- 4k should be plenty for you right now.

I wouldn't apply for anything else for a while and your scores will definitely increase.

Re: Another 18 Year Old wondering about their credit...

Anonymous — Thu, 10 Apr 2014 21:31:57 GMT

@KennyRS wrote:
Garden! Work on getting those annual fees removed and soft pull credit limit increases. I would not CLI the Freedom in May of 2015 -- 4k should be plenty for you right now.

I wouldn't apply for anything else for a while and your scores will definitely increase.

Totally valid

I only mentioned that in case the CSP does make sense...having a $5k+ CL would be more important in that scenario. However, if the CSP doesn't make sense for you, don't worry about getting a CLI on your freedom.

Re: Another 18 Year Old wondering about their credit...

sexy_kitten7 — Thu, 10 Apr 2014 22:44:53 GMT

@Cisneros1337 wrote:
----------------------
Chase Sapphire   Wait at least 1 year
Chase Slate   This is a BT card wo/rewards. Not worth it IMO.
Barclay Card Arrival for travel     Apply once FICO's ~740
Chase Freedom ACHIEVED
Discover Cash BacK    Apply once FICO's ~700

I agree with the others: you don't have too many cards and your FICO is fine. It will take a hit once your latest cards start reporting and then rebound.

I think people are too conservative on here (as evidenced by my signature). It sounds like you understand AORs quite well, but I'd limit myself to 1 new account per 90 days. Make sure you'll be approved, otherwise you've wasted a HP. Do the It next, then let your FICO improve until you're a good candidate for the BCA.

See if your BoA can graduate to an unsecured tradeline. If it can't, I would cancel around the 11th month mark. Same goes for any fee card you've sock-drawered. Never close no-fee accounts. They help your util and AAoA.

Good luck!

Re: Another 18 Year Old wondering about their credit...

Cisneros1337 — Thu, 10 Apr 2014 23:02:17 GMT

WOW! Thanks Guys for the amazing feedback! I have been using myfico for a month or two and i never posted on the forums. I just read a lot, learned a lot aswell. I'm going to start gardening. No more apps until a 6month-1 year. Thanks again guys!

Re: Another 18 Year Old wondering about their credit...

Cisneros1337 — Thu, 10 Apr 2014 23:05:04 GMT

I put household income

Re: Another 18 Year Old wondering about their credit...

09Lexie — Thu, 10 Apr 2014 23:06:53 GMT

@Cisneros1337 wrote:
I put household income

Do you have unfettered access to your parents accounts? Are they aware of or being asked to sign on your apps?

Re: Another 18 Year Old wondering about their credit...

mnavas — Fri, 11 Apr 2014 00:00:22 GMT

@Cisneros1337 wrote:
Hello! I'm 18 years old (turning 19 in 4 days) And ummm..... Yeah I have too many credit cards..........
Here is my list.... starting with my First SECURED BOFA Card.(has been a year now)

Credit Card history:
10/23/2012
Applied for Kohls (Was not aware of Credit)
----------------------------------
04/22/2013
Bank of America Secured Card (300)
----------------------------------
08/29/2013
Applied for BestBuy, Denied
----------------------------------
11/02/2013
Kohls Charge Card(500)
----------------------------------
12/20/2013
Capital One QuicksilverOne (1000)(39/year)
----------------------------------
02/09/2014
Applied for AmericanExpress TrueEarning, Denied
-----------------------------------------------
02/28/2014
Applied for Capital One Venture(GOLD), Denied
-----------------------------------------------
02/28/2014
Applied for Bank of America Travel, DEnied
-----------------------------------------------
03/01/2014
Capital One Journey (500)
-----------------------------------------------
04/08/2014
Asked for credit Limit Increase For Kohls, Denied
----------------------------------------------------
04/08/2014
Applied for Citi ThankYou Prefferred Student, Denied
---------------------------------------------------
04/08/2014
Chase Freedom (4k)
------------------------------------------------
04/08/2014
AmericanExpress TrueEarning (1k)
------------------------------------------------
04/09/2014
Macys Charge Card (was 500 but they increased to 1k in the same day)
------------------------------------------------

I need help... And yes i know i have tooo many credit cards!
Should I keep my Secured card (300 CL BofA)? The lady at the bank said if i transfer that onto a unsecured card it would hurt my credit. But that means i have to apply...
I don't have all scores for each bureau
On Myfico (Equifax) my score is 696 (Dropped from 722)
On my credidkarma (transunion) its 702(still isnt updated)
Idk my Experian.
Should i close some accounts? I know its a bad idea keeping a CC with an AF. I need some advice even if it hurts!
Thanks!!!!!!!!

oh

Cards I am AIMING FOR
----------------------
Chase Sapphire (Must have 5k Credit limit on one card)(95/year Fee)
Chase Slate
Barclay Card Arrival for travel (89/year Fee)
Chase Freedom ACHIEVED
Discover Cash BacK

I don't know if it is possible getting approved for a Travel Card at this age with only 1 year of credit. But i really need one so i can use it towards flights (wanna go to japan)

Wow did you applied for a Store card on your own when you were under 18? They shouldn't have allowed you apply for credit at that time.

You have a nice portafolio at such a young. Congrats

i don't think you need more credit accounts on your profile anytime soon. Just keep all your accounts current and let them age a bit.

Re: Another 18 Year Old wondering about their credit...

Cisneros1337 — Fri, 11 Apr 2014 00:02:44 GMT

Just kidding I didnt add household income. if i did i wouldv gotten more than 4k ( i think)

And yeah the people at kohls made me apply. I had no clue what i was doing... This whole time i thought my credit wouldnt have been affected since i was only 17.. Oh well...

Re: Another 18 Year Old wondering about their credit...

Josh2942 — Fri, 11 Apr 2014 00:38:28 GMT

No such thing as to many cards in my hymn opinion. I'm 19 and have 20 TLs. The important thing is not to over utilized and STOP APPLYING! Your just taking hit after hit. If you want to do an app spree you gotta let these cards age. 6 months helped me go from two to 20 cards and from 1200 in total credit to nearly 30,000. What I do is called the credit shuffle. When I go out with friends I have them pay me and I use my card. I rack up points and gain more payment history. I also have certain cards have reacurring bills. I.e cell phone, auto insurance, cable, etc. I also pay every week so that I always have 0 balances and only carry a balance on 0% interest cards. You won't be getting a slate card until you have two years of history. I moved my checking to chase and opened a freedom because I really want the Southwest, Hyatt, and CSP. Mostly CSP tho. Stop opening store cards to. It's a waist full ding unless you really shop there. Or it's a GE backed cards. They have been quite gracious to me.

Re: Another 18 Year Old wondering about their credit...

asulaw — Fri, 11 Apr 2014 01:28:40 GMT

Welcome to inquiry city!

Not a bad set up you've got going, stay good with Amex and Chase definitely. In my opinion, these guys are the best when it comes to getting some nice rewards to use. As for the CSP, do you think you spend enough for it? I am 21 and I don't think I spend enough to use a card like that, but I am also in college and have different preferences. I have a hard time with cards that cannot blatantly spell out why I should spend a fee on it. If I put every dime I spent onto a CSP then it would make sense for me.

I would cool down the inquiries before you do a lot with getting new credit. Leave the BoA as it is now I would assume, you're just starting to slip out of the 700's and believe me once that happens you will hate being in the 600's. Your AAoA is too young so it will take time before you start to seeing some of the nicer offers you see on the forums here. Even I can't touch some of this stuff until I have a salary to support it.

Anyways, good luck and don't get into trouble!

Re: Another 18 Year Old wondering about their credit...

heyitsyeh — Fri, 11 Apr 2014 18:13:26 GMT

Well you have all those cards now, no use in closing them. The good thing you have going for you is that after some time you are more buffered in AAoA if you do decide to pare down on some accounts. Also, further new applications would not be as big of a hit on your AAoA. That being said, you gotta have some restraint when it comes to opening credit lines. Just focus on improving the relationships that you have now, quality > quantity with lenders.