I think I have a problem, could I actually be ruining my credit?

[wacdenney]

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@Anonymous wrote:

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@Anonymous wrote:

Well i guess overall its for building history with these banks so in 5 years i'll have lengthy history with a multitude of banks. Then each card does have its own perks like cash back or miles, some i got for the no interest 12 months, others for the special financing and some as a gateway to other cards in the future (chase freedom -->> CSP)

Each card so far has its own purpose, except maybe one [walmart] that one i just apped to lower my util at the time. 

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If you have a Walmart card, why are you using Vantage scores?  Check your score on Walmart, that's your real FICO score.

I wouldn't be surprised if you have a 700+ FICO

Truth is you're doing great.  Age 19 with 12 accounts in the bag already.

Think long term; those 12 accounts that you added now will power you into high scores in the next few years.  I wish I had 30 accounts when I was 19.

The only way you screw things up is if you don't pay or spend beyond your means.  As far as "building" credit, you've set up a great base early on.  If you can be responsible, by the time you are 25 you'll have scores in the high 700's or maybe even the 800's.

Those inquiries will be gone in 2 years and you'll have 12 strong accounts building your credit for the future.  With a good number of accounts early on, the AAoA hits will be lighter when you add new cards in the future.

Just don't be like the rest of us (yes myself included) and mess up your valuable credit.

Great job on a great credit base at age 19.

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+1

[Anonymous]

what cards do you have?

[Anonymous]

Stay strong CreditChase at 19yrs of age you are learning alot of how important it is to keep your credit scores up. I'm just learning the ins and outs about the credit game and I'm in my 40s. Keep up the good work and I would like to see your portfolio in about 5-6 years from now when you are 25-26yrs old. Think about the big picture here.

'

[taxi818]

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@Anonymous wrote:

I have an addiction. I can't seem to be satisfied with the amount of cards I have. I think I'm ruining my credit by applying for all these cards. Even though i dont carry big balances , I think this is whats preventing me from having an above 700 score.  I really don't know how to get there... any help?

Total INQS: 13 (6 or 7 this year alone) 

Student Loans: $2000 (recent) 

AAoA: 5 months

Oldest Account: 1 year 8 months

Credit Karma 3.0 vantage score 668

Age 19 ; Income roughly 12k 

CC acts: 12

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the key to this is looking at your AAoA.Remember. Credit length accounts for 15 percent of fico score. your longest account is almost 2 years old. which. will give you a couple of points in 4 months. but your AAoA will take a long time for you to earn points and the more you keep appying and getting new accounts the worst it will get. The app itself won't do it. just the new account. yes you are hurting your self in the long run. but say in 5 years. your report will be very strong. but you need to stop and show some discipline. let what you have grow will keep you busy. trying to get the softpull cli's. but even a hp once in a while has no affect on your AAoA. this is the best way. but hey. go take a walk will do it too. good luck.

[Anonymous]

You have 12 credit cards and you only make 12k. Be very careful that you keep up with all of those cards and stop applying for cards. Applying for credit is an addiction

[Pway]

I agree applying for cards is an addiction.  Gardening is hard, and it seems once you say you are gardening that addiction gets worse.  UGH.  However, with 12 tradelines I think you are excellent, just allow those cards to age and you should be in the 700 score range in no time.

[SecretAzure]

Agree with pretty much everyone. Let those cards age. Don't apply for more. 

If you feel you have an addiction seek councelling, an addiction is an addiction in any form. Mental health is not mentioned enough on these forums and one should seek it if they feel they have an addiction of any sort that could negatively impact their lives. Dealing with addiction is hard. With credit, there is no obviously negative impact that hurts you physically and so it doesn't get looked at in the same way but it is still addiction.

Just say no...for at least 2 years...and then your scores will be around 750-easy. Also, you will likely get auto-CLI's.

[zerbherb]

12 seems overkill. im 20 only started my journey last year and have two prime cards with in six months. and scores all in the 700s, and my income will only be higher when i'm 21 and can list what i get from my parents. 

just garden garden don't app anymore and you will be happy with the results.

[TitaniumCash]

If you keep applying, your scores will tank and you will start getting denials. You're good with 12 now, but you need to maintain them by making sure to pay on time for accounts with balances. One late payment will bring it down. If the allure of applying becomes too great, then stay away from the temptation or write down the goals on a list (Example, in 15 months, I will apply for this card and I will strive to get this score). Writing it down helps to make it mroe concrete. Sign it at the bottom like a contract, so you try not to break it. You can apply once your other cards have aged and the inquiries fall off slowly, but surely Keep growing your accounts, don't get more until the others are big and strong!

[Anonymous]

yeah it's not about quantity it's about quality. with 12k income and 12 cards lenders may start to be scared to lend to you based on that and how new everything is