19 Years Old looking to apply for unsecured card

Anonymous · ‎01-26-2021

Hey all,

I am 19 years old and looking to apply for an actual decent unsecured card. My Fico8 scores from Equifax are 721, Transunion 690, and Experian 731. My oldest account is 11 months and average age of credit is 9 months. I make about 54,000 dollars a year as I just got a new apprenticeship job this year. The only credit I have is a loan for an ATV that I got last year, a Self lender credit builder loan, and I also have their secured card and my utilization is 7%. I am hopeful I can get an Amex or Chase card. I have tried pre qualifying through both and have not gotten any offers through either. I did get pre-approval offers through Capital One for the Quicksilver One and Platinum, however I have been denied from Capital One pre-approved offers in the past. I also only got pre approved for a Discover It secured card. I still would really like to try and get a Chase or Amex card. Am I getting a little too deep too soon on this? Any help would be appreciated. Thanks

Anonymous · ‎01-27-2021

@Anonymous wrote:
Hey all,

I am 19 years old and looking to apply for an actual decent unsecured card. My Fico8 scores from Equifax are 721, Transunion 690, and Experian 731. My oldest account is 11 months and average age of credit is 9 months. I make about 54,000 dollars a year as I just got a new apprenticeship job this year. The only credit I have is a loan for an ATV that I got last year, a Self lender credit builder loan, and I also have their secured card and my utilization is 7%. I am hopeful I can get an Amex or Chase card. I have tried pre qualifying through both and have not gotten any offers through either. I did get pre-approval offers through Capital One for the Quicksilver One and Platinum, however I have been denied from Capital One pre-approved offers in the past. I also only got pre approved for a Discover It secured card. I still would really like to try and get a Chase or Amex card. Am I getting a little too deep too soon on this? Any help would be appreciated. Thanks

@Anonymous wait till your youngest Card turns 12 months old, you'll get another 10 to 20 points which will increase your odds. Read the Scoring Primer linked at the top of my signature. Good on you for doing your research.

@Anonymous how many accounts do you have on your credit report?

_bobby_lee · ‎01-27-2021

I would suggest continuing to make purchases with your secured card and paying them down to zero every month and wait until your average age of your accounts is a bit higher, then I think you would have a very good chance of getting either a Chase or an AMEX card. Right now the only thing working against you is time. Kudos to you for doing your research - you're in a great position for your age!

Cards are shown in chronological order of opening, 2014 - 2022.

US Bank Altitude Go | $10,000 | Jan 2021

US Bank Cash + $8,700
Business Cards:
AMEX Blue Business Cash | $9,000 | July 2021
Wells Fargo Active Cash | $5,500 | Feb 2022
Chase Ink Business Unlimited | $11,000 | Feb 2022

Starting Score: 657
Current Score: 777 TU 780 EQ
Goal Score: 800+

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JR_TX · ‎01-27-2021

Hi @Anonymous and welcome to the myFICO community!

Pre-Pandemic, Amex is much more thin file friendly approving young people such as yourself with only 6 months of reported history. Amex has been my kids' second card after Discover during those times a few years back.

Chase requires at least 12 months of reported history before they approve thin profiles.

Although I'm Not 100% sure now with the current situation but I'm guessing that should still be the same unless there are reported denials here relative to your case that I'm not aware of.

App Amex first and Chase after your oldest account is at least 12 months old.

Good Luck!

New cc TLs : 0/6 ; 0/12 ; 0/24 | HPs EX 3 EQ 3 TU 4 | AAoA 7y10m | UTIL 1% - 4% | $300K+ Total Limits

Anonymous · ‎01-28-2021

Wait til your youngest Card is 12 months old, you get the extra points and age! And yes, doing great for your age! Educating yourself is the best thing you can do on whatever subject you have to approach.

Anonymous · ‎01-28-2021

I just want to thank everyone for the help I truly appreciate it! And I currently have 3 accounts open.

dustind · ‎01-28-2021

The nice thing is that accounts age on the first of the month. On Feburary 1st you will have 12 (edit: months) age of oldest.

Anonymous · ‎01-28-2021

@dustind he'll have 12 months on the oldest.

@Anonymous yeah if you wait until your youngest account, the card turns 12 months old, you will have a year of payment history on a revolver plus the history on the two loans. I think you will be well positioned to obtain both an American Express and a Chase.

That will put you back into a new account scorecard, but you'll also gain points from reducing the too few bankcard penalty. And that will give you three revolvers.

I don't know if that card is considered a bankcard or not that you have, but you need at least 3 bankcards, I really recommend 5. In my opinion, the sooner you get them, the better because the sooner they can begin to age and act as a buffer for your future credit endeavors throughout your life.

with all that said, that doesn't mean you can get them all at once. But the sooner you get them the better. I would wait till the card turns 12 months old and then I would try to add 3 bankcards, no annual fee and from good lenders as you're already considering.

maybe a year after that, add 2 more and then freeze your files and let everything age and don't do anything unless you need credit for something like a vehicle.

also be aware when your oldest Account turns 2 years old, your mortgage Scores most likely drop a little, and when your oldest Account turns 3 years old, your version 8/9 scores will most likely experience a decrease temporarily. again read the Primer to understand why, it'll fill you in on a lot.

so just be prepared and expect those drops in case you have any plans. Good luck to you.

SouthJamaica · ‎01-29-2021

@Anonymous wrote:
Hey all,

I am 19 years old and looking to apply for an actual decent unsecured card. My Fico8 scores from Equifax are 721, Transunion 690, and Experian 731. My oldest account is 11 months and average age of credit is 9 months. I make about 54,000 dollars a year as I just got a new apprenticeship job this year. The only credit I have is a loan for an ATV that I got last year, a Self lender credit builder loan, and I also have their secured card and my utilization is 7%. I am hopeful I can get an Amex or Chase card. I have tried pre qualifying through both and have not gotten any offers through either. I did get pre-approval offers through Capital One for the Quicksilver One and Platinum, however I have been denied from Capital One pre-approved offers in the past. I also only got pre approved for a Discover It secured card. I still would really like to try and get a Chase or Amex card. Am I getting a little too deep too soon on this? Any help would be appreciated. Thanks

I think you should go for one of the Chase Freedom cards.

If you get turned down for it, go for the Amex BCE.

If you get one of these fine cards, then lay low for awhile.