topic Re: I need a Credit Mentor in Credit Cards

I need a Credit Mentor

Anonymous — Wed, 05 Nov 2014 20:42:27 GMT

Hello, I've always dreamed of having that perfect score. & since I just started a little over a year ago, I would like some guidance...

As of now, I have 6 credit cards (listed below) with a total credit limit of $4000. My FAKO score is 666 transunion with 65% util to date. Annual Income is 10k. Student.

-Wells Fargo College CC (1yr) $500

- Capital One Journey (1yr) $750 (edit: was increased to $1750 after request)

- Capital One Secured (1yr) $300

-Amazon Store CC (approved last night) $800

-Walmart Store CC (approved last night) $400

-TJ maxx/ Marshals CC (approved last nght) $250

I'd like to cancel my secured card soon as I have 2 yrs because it's not gunna grow with me unless i deposit money & i've read Capital one wont upgrade it. I'd also like to apply for discover it and US Bank Skypass Visa as a miles/rewards card. For all those lovely amex/ discover/ chase card holders. How do I get those cards?! I only feel like I'd get approved for the easy store cards and not those mileage/ rewards card for excellent credit types. I pay every month on time and by the end of next month all my balances will be paid off. What card should i apply for next and when? How often should i try and get CLI? What should I take on loans? Thank you for any advice in advance!!

Re: I need a Credit Mentor

Anonymous — Tue, 04 Nov 2014 22:16:12 GMT

CreditBanker wrote:

Hello, I've always dreamed of having that perfect score. & since I just started a little over a year ago, I would like some guidance...

As of now, I have 6 credit cards (listed below) with a total credit limit of $2700. My FAKO score is 666 transunion with 65% util to date. Annual Income is 10k. Student.

-Wells Fargo College CC (1yr) $500

- Capital One Journey (1yr) $750

- Capital One Secured (1yr) $300

-Amazon Store CC (approved last night) $800

-Walmart Store CC (approved last night) $400

-TJ maxx/ Marshals CC (approved last nght) $250

ALWAYS pay in full. Since you just applied for 3 new cards, I would recommend gardening for at least 6-9 months. Did you go through the Credit Steps program with Cap One? Pull your credit report and keep track of how many hard pulls you have on each of the 3 bureaus. HPs stay on your file for 2 years.

I would highly recommend not apping for any more store cards. I regret that I apped for Walmart in the beginning, in hopes of getting a high CLI.

Give it a little while longer. Hopefully within a year you can start apping for prime cards.

Re: I need a Credit Mentor

Anonymous — Tue, 04 Nov 2014 22:17:38 GMT

I can't stress how important it as to always pay in full and avoid taking out loans if possible. If not, take out as little as you need and pay off as much as possible.

Re: I need a Credit Mentor

Focused10 — Tue, 04 Nov 2014 22:19:59 GMT

@Anonymous wrote:
Hello, I've always dreamed of having that perfect score. & since I just started a little over a year ago, I would like some guidance...
As of now, I have 6 credit cards (listed below) with a total credit limit of $2700. My FAKO score is 666 transunion with 65% util to date. Annual Income is 10k. Student.

-Wells Fargo College CC (1yr) $500
- Capital One Journey (1yr) $750
- Capital One Secured (1yr) $300

-Amazon Store CC (approved last night) $800
-Walmart Store CC (approved last night) $400
-TJ maxx/ Marshals CC (approved last nght) $250

I'd like to cancel my secured card soon as I have 2 yrs because it's not gunna grow with me unless i deposit money & i've read Capital one wont upgrade it. I'd also like to apply for discover it and US Bank Skypass Visa as a miles/rewards card. For all those lovely amex/ discover/ chase card holders. How do I get those cards?! I only feel like I'd get approved for the easy store cards and not those mileage/ rewards card for excellent credit types. I pay every month on time and by the end of next month all my balances will be paid off. What card should i apply for next and when? How often should i try and get CLI? What should I take on loans? Thank you for any advice in advance!!

You've come to the right place...you'll have tons of mentors!

As stated before, avoid anymore store cards, garden for a while to build more history and monitor your score.

I wish you the best!!

Re: I need a Credit Mentor

ERoosky99 — Tue, 04 Nov 2014 22:25:39 GMT

@Anonymous wrote:
Hello, I've always dreamed of having that perfect score. & since I just started a little over a year ago, I would like some guidance...
As of now, I have 6 credit cards (listed below) with a total credit limit of $2700. My FAKO score is 666 transunion with 65% util to date. Annual Income is 10k. Student.

-Wells Fargo College CC (1yr) $500
- Capital One Journey (1yr) $750
- Capital One Secured (1yr) $300

-Amazon Store CC (approved last night) $800
-Walmart Store CC (approved last night) $400
-TJ maxx/ Marshals CC (approved last nght) $250

I'd like to cancel my secured card soon as I have 2 yrs because it's not gunna grow with me unless i deposit money & i've read Capital one wont upgrade it. I'd also like to apply for discover it and US Bank Skypass Visa as a miles/rewards card. For all those lovely amex/ discover/ chase card holders. How do I get those cards?! I only feel like I'd get approved for the easy store cards and not those mileage/ rewards card for excellent credit types. I pay every month on time and by the end of next month all my balances will be paid off. What card should i apply for next and when? How often should i try and get CLI? What should I take on loans? Thank you for any advice in advance!!

Don't forget about your AAoA! More credit cards DOES NOT always = BETTER CREDIT. In fact, all of those new accounts can have a NEGATIVE impact on your FICO scores. I had a total of five credit cards. Two Cap Ones, two Store Card, and one secured card. I closed the secured card last week and since doing so, I saw an avg. increase of about 8 points on all of my credit scores because the account was SO NEW (just opened in the end of Aug 2014) and was actually LOWERING my AAoA. Also, keep in mind that as long as the account you are requesting to close will remain on your credit reports for a total of 10 years a positive trade line (as long as you never paid it late). I very rarely used to the secured card, and I am taking the deposit and putting it towards my next vacay. GOOD LUCK!

Re: I need a Credit Mentor

Kenny — Tue, 04 Nov 2014 22:25:57 GMT

The biggest thing that you can do is don't expand too quickly when you're young and can easily make mistakes.. right now. Age your accounts and this is the most important thing: always pay your bills. That makes up 35% of your score. Always -- never late -- never default. Aging your accounts should be your goal right now, to me.

The first thing I thought about when I read your thread title was this: "So do I." lol I think we all (that are in search of bettering our scores) at one point have thought what's the best way? The answer is there is no one best way.. it's just your way. You will achieve a high score following the basic principles: don't apply for too much, always pay your bills, have responsible utilization reporting, and have long aged trade lines.

Re: I need a Credit Mentor

MarineVietVet — Tue, 04 Nov 2014 22:28:16 GMT

@Kenny wrote:
The biggest thing that you can do is don't expand too quickly when you're young and can easily make mistakes.. right now. Age your accounts and this is the most important thing: always pay your bills. That makes up 35% of your score. Always -- never late -- never default. Aging your accounts should be your goal right now, to me.

The first thing I thought about when I read your thread title was this: "So do I." lol I think we all (that are in search of bettering our scores) at one point have thought what's the best way? The answer is there is no one best way.. it's just your way. You will achieve a high score following the basic principles: don't apply for too much, always pay your bills, have responsible utilization reporting, and have long aged trade lines.

All good advice.

In other words patience is a good attribute!

Re: I need a Credit Mentor

Anonymous — Tue, 04 Nov 2014 22:28:41 GMT

I payed off in full from the beginning but fell of the wagon 3 months ago. I will go back to that after my balances are $0. I do regret apping for Walmart after i read some horror stories about upgrading to the mastercard (2 years before being considered?!) I won't apply for any more my main focus is the US Bank Skypass rewards card I'd love to get started racking up korean air miles (winter olympics!!) but i'll be in the garden for the next 9 months for sure! Also, do you think my annual income hinders my app for those higher end cards? Next app spree will be US Bank Skypass Visa, one discover card, barclays rewards and maybe chase sapphire preferred?

Re: I need a Credit Mentor

heyarrnold — Tue, 04 Nov 2014 22:30:04 GMT

I was a student not too long ago; seriously haha.

Garden a bit and let your inquiries age. Furthermore, always pay in full and try to keep your utilization low.

Re: I need a Credit Mentor

MarineVietVet — Tue, 04 Nov 2014 22:33:09 GMT

@Anonymous wrote:
I payed off in full from the beginning but fell of the wagon 3 months ago. I will go back to that after my balances are $0. I do regret apping for Walmart after i read some horror stories about upgrading to the mastercard (2 years before being considered?!) I won't apply for any more my main focus is the US Bank Skypass rewards card I'd love to get started racking up korean air miles (winter olympics!!) but i'll be in the garden for the next 9 months for sure! Also, do you think my annual income hinders my app for those higher end cards? Next app spree will be US Bank Skypass Visa, one discover card, barclays rewards and maybe chase sapphire preferred?

It's not just income or credit scores.

Lenders see how much credit you've sought and too many applications might make them nervous.

They might wonder why you need alot of credit in a short amount of time. So again..............patience!!!

Re: I need a Credit Mentor

Anonymous — Tue, 04 Nov 2014 22:34:03 GMT

O.O good god. I'm in the prescence of greatness. I wish to have your credit score some day. Do you think I should cancel 1 card to raise the quality of my portfolio?

Re: I need a Credit Mentor

heyarrnold — Tue, 04 Nov 2014 22:41:16 GMT

@Anonymous wrote:
O.O good god. I'm in the prescence of greatness. I wish to have your credit score some day. Do you think I should cancel 1 card to raise the quality of my portfolio?

No sure if this was directed to me. But if it was, thanks lol.

Canceling a card may affect your utilization. So think about that well. If it has no annual fee, keep it

Re: I need a Credit Mentor

Kenny — Tue, 04 Nov 2014 22:43:47 GMT

@heyarrnold wrote:
I was a student not too long ago; seriously haha.

Garden a bit and let your inquiries age. Furthermore, always pay in full and try to keep your utilization low.

you are not the usual 21 year old. You've benefitted from a very long, aged, Amex backdate thanks to your parents. I wouldn't want the OP to think that an 790+ score is probable at their age.

Re: I need a Credit Mentor

heyarrnold — Tue, 04 Nov 2014 22:46:03 GMT

@Kenny wrote:
@heyarrnold wrote:
I was a student not too long ago; seriously haha.

Garden a bit and let your inquiries age. Furthermore, always pay in full and try to keep your utilization low.
you are not the usual 21 year old. You've benefitted from a very long, aged, Amex backdate thanks to your parents. I wouldn't want the OP to think that an 790+ score is probable at their age.

Lmao Kenny. You caught me haha.

But yes OP, my AAoA is a lot higher that what it should be because I have a 21 year old backdate from Amex.

Re: I need a Credit Mentor

Kenny — Tue, 04 Nov 2014 22:48:33 GMT

@Anonymous wrote:
O.O good god. I'm in the prescence of greatness. I wish to have your credit score some day. Do you think I should cancel 1 card to raise the quality of my portfolio?

It think it was in respone to MarineVietVet --

My response is this: don't think there's a quick fix for everything. You've already applied for your cards, don't regret them. The good news is almost all of them allow for soft pull credit limit increases. Keep the cards you have, have responsible payment history, ask for CLIs only when it's allowed and don't get too caught up on the result of them, and you'll be fine. On your capital One cards focus on product changing them when you can to cards with no annual fees and with rewards. You have some good cards. Your secured card can easily be changed to have rewards added so it's not a dead end card there, to me. Keep the ones you have... the best thing that ever happened to me when I was younger was getting lost and not focusing on my credit. I wanted it to rise, but didn't realize at the beginning that by apping I was doing more harm than good at a certain point.

Re: I need a Credit Mentor

Anonymous — Wed, 05 Nov 2014 02:05:13 GMT

I've heard, not sure though, that capital one doesn't upgrade & if they do they tell you to close one card and apply for the one you want. I'm not sure if thats true...

I've been wanting to add AMEX to my portfolio but don't think i'm ready. Wellsfargo has a CC in partnership with AMEx called the propel 360 (?) is that a good route to start since I do have thier college card and a bank account with 5 years of history. If its too advance for me what AMEX card would be the easiest for me to start with and when should i apply (2nd/3rd year of age?)

Re: I need a Credit Mentor

Jarrodpd — Wed, 05 Nov 2014 02:19:13 GMT

@Anonymous wrote:
I payed off in full from the beginning but fell of the wagon 3 months ago. I will go back to that after my balances are $0. I do regret apping for Walmart after i read some horror stories about upgrading to the mastercard (2 years before being considered?!) I won't apply for any more my main focus is the US Bank Skypass rewards card I'd love to get started racking up korean air miles (winter olympics!!) but i'll be in the garden for the next 9 months for sure! Also, do you think my annual income hinders my app for those higher end cards? Next app spree will be US Bank Skypass Visa, one discover card, barclays rewards and maybe chase sapphire preferred?

I make less than you, in the same boat being a student. I wouldnt say income hinders your ability in some cases, I was able to get a HHonors card with a $2,900 limit and then a week later get a PRG charge card with a NPSL. YMMV

Re: I need a Credit Mentor

Jarrodpd — Wed, 05 Nov 2014 02:23:06 GMT

@Anonymous wrote:
I've heard, not sure though, that capital one doesn't upgrade & if they do they tell you to close one card and apply for the one you want. I'm not sure if thats true...
I've been wanting to add AMEX to my portfolio but don't think i'm ready. Wellsfargo has a CC in partnership with AMEx called the propel 360 (?) is that a good route to start since I do have thier college card and a bank account with 5 years of history. If its too advance for me what AMEX card would be the easiest for me to start with and when should i apply (2nd/3rd year of age?)

I have always been under the impression that charge cards were the easiest to get while credit cards with the ability to carry debt were harder to obtain. I would recommend looking into a Green Card, no pun intended . If you buy a lot of gas or grocery then maybe a PRG charge, if you are willing to spend $175 next year for an AF.

Re: I need a Credit Mentor

joeyoey — Wed, 05 Nov 2014 08:28:56 GMT

Apply for a Capital One Quicksilver or Quicksilver One card. I did this about 6 months ago (when I only had a secured Cap One card). If they put you into the credit steps program they'll raise your limit within 6 months. They told me they'd raise my limit from $500 to $750. They actually raised it to $3500. Then I cancelled the secured card & got my deposit back. Within a week or two of this increase I applied to AMEX (BCE Pref) & a Discover IT and was approved for both. I know everyone's story is different but Capital One has been very good to me & I'm sure having them for the past year helped me get my AMEX & Discover.

Re: I need a Credit Mentor

takeshi74 — Wed, 05 Nov 2014 13:38:05 GMT

@Anonymous wrote:
Hello, I've always dreamed of having that perfect score. & since I just started a little over a year ago, I would like some guidance...
As of now, I have 6 credit cards (listed below) with a total credit limit of $2700. My FAKO score is 666 transunion with 65% util to date.

Start here:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Note that Utilization (Amounts Owed) is the second biggest factor. Get your utilization down. 30% is the generally recommended max. 10% or less is typically ideal.

@Anonymous wrote:
Do you think I should cancel 1 card to raise the quality of my portfolio?

I doubt it would really help. Your credit history is young and you've just added three new accounts. That's a lot of change for your credit profile. You really just need to put in the time and responsible usage and prepare youurself mentally to be in this for the long haul versus looking for quick fixes.

@Anonymous wrote:
I've been wanting to add AMEX to my portfolio but don't think i'm ready. Wellsfargo has a CC in partnership with AMEx called the propel 360 (?) is that a good route to start since I do have thier college card and a bank account with 5 years of history. If its too advance for me what AMEX card would be the easiest for me to start with and when should i apply (2nd/3rd year of age?)

You need to provide a lot more information for us to determine what you mean by "good". Why do you want an AmEx? Keep in mind that there is a difference between AmEx cards issued by Centurion bank and AmEx cards issued by other creditors. If you want to leverage backdating or the 3x CLI you'll have to stick with Centurion issued cards.