Approved for my first CC! I have a question and can really use some advice!

[Anonymous]

Hey eveyone! I was recently approved for my first credit card! I am 23 years old with 0 creidt history. The only history I had is 6 months on my dads visa as an authorzied user. Chase turned me down because I "didnt have enough credit history" so I decided to try for an amex. I figured I was going to get declined but they approved me for their Delta Gold Card and a 1k limit. So here is my question .... I am looking to get a Chase card or two eventually. Either the Ritz Carlton card or one of the Sapphire cards. In october technically I will have 1 year of credit history. Im assuming my score with be in the 720-740ish range. I have a 120k income and an owned house. Can anyone tell me if they think I would have good odds of getting approved for a high limit card like the Ritz or Sapphire and if anyone has any stories about their approval for a card like that I would appreciate hearing it. Thanks!!!

[sarge12]

Due to your thin credit file, you will likely need about a year of credit history for premium cards. Try to get a Capital One Quicksilver card. It would also be a good idea to get an installment loan, even if just to have a non rotating loan in your file. Check out rebuilders for a way to do this without creating a lot of interest or making your utilization be to high. It involves taking out the loan and immediately paying all but a little of it off. Then after a year of good payment history you will probably be able to get really good premium cards. Some might suggest that you get store credit cards to build a credit file more quickly, but I would advise you not to go the store card route as these cards are not highly respected by banks and premium card issuers. A good portfolio takes time to build, but the future results will be better. Great credit should be thought of as a marathon, not a sprint. Patience and a slow but steady build is the best way. I would however try for the Capital One and installment loan now so they will age with the Amex card without dragging down your AAoA later.

[UncleB]

Hi @Anonymous, and welcome to myFICO!

I've merged your identical threads into one.  Please refrain from cross-posting in the future; it's confusing to follow and is against the guidelines here.

--UncleB

myFICO Moderator

[Anonymous]

Oops sorry about that! Thanks for your help!

[Anonymous]

Thanks for your reply. I appreciate it. So here is my question. I heard exactly what you said, that Chase wants 1 year of history. Even though I just got approved for an AMEX the other day, I have been an authorized user on a card for 6 months and thats what it says my credit history is right now so in 6 months wouldnt that qualify as 1 year? Also, I keep seeing people say AAoA. Can you explain to me what that means what what is considered "good or great" for AAoA. Im really new to this! Thanks for your help!

[Anonymous]

@sarge12

[sarge12]

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@Anonymous wrote:

Thanks for your reply. I appreciate it. So here is my question. I heard exactly what you said, that Chase wants 1 year of history. Even though I just got approved for an AMEX the other day, I have been an authorized user on a card for 6 months and thats what it says my credit history is right now so in 6 months wouldnt that qualify as 1 year? Also, I keep seeing people say AAoA. Can you explain to me what that means what what is considered "good or great" for AAoA. Im really new to this! Thanks for your help!

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AAoA= Average age of accounts, so if you have only 1 account now and next year you get another, it would bring down the AAoA from 1yr to 6 months (1x12/2). If however, you have 3 accounts all at 1 year and then get another it would make AAoA 3x12/4 or 9 months AAoA.

[sarge12]

I'll expand on my earlier post and say that AAoA is a major factor in a credit score along with age of oldest account, utilization, and most important...payment history. In my opinion, the AU account is not given equal weight with your own account, as you are not the one making the payments, it does help if always paid on time though. Not real sure it is figured in AAoA though. Click on the "learn about scores" at the top and read it all as it explains in detail what goes into a credit score, and how much weight each is given.

[Anonymous]

Hey everyone, I have a quick question about applying for a Chase credit card. The Sapphire Reserve to be specific. Is 1 year of creidt history with no late payments and a mid 700s fico score good enough to get approved for that card? I have one card right now from amex and wont have any late payments or anything. My income is 120k a year. The only problem is 1 year of credit history. Does anyone have any advice or experience with what im looking for? Thanks!

[Anonymous]

Highly doubtful