IM SO EXCITED, WHAT NEXT?

[Anonymous]

Previous Thread:

http://ficoforums.myfico.com/t5/Credit-Card-Applications/How-Often-to-Apply-for-a-New-Credit-Card/m-...

I just got my FICO scores in!! I am so happy at 19 to be this far in the credit world.

Equifax 753! Transunion 746! Experian 735!

I understand this may not be amazing scores to some of you veterans, but I was expecting a lower score for being barely a year new.

I understand only one of these would technically meet the criteria of excellent? But, I know if I keep working I can absolutely achieve my goal of having an excellent score by 20. 

I will sum up the previous thread, I asked how many cards I should be applying for every year - two years? I want to continue building and gaining trust with balances? The current credit limit is $4,950, keeping around 3-5% utilization rate. I have a student card, premium visa + for cashback, kohl's card, and paypal credit virtual (no card). 

[Anonymous]

Question: How often do I apply for Cards? I am looking to reap the rewards

[Anonymous]

Congratulations! Yours look better than mine!

You can apply as often as you want I suppose. I usually just apply whenever I want a card (May not be the best solution and is probably why at 20 my scores are not as good as yours).

I would just be sure to research the card and be sure you will use it and want it in the long run. I have a card or two that do not get as much love as they should because I did not think it out. 

I think many people say that it is best to not add more than 3 new accounts a year.

[Anonymous]

Thank you very much for the compliment. I have been focusing on my credit a lot, the only thing I really really need to work on is: payment history (over time) no missed payments.. , credit account diversity, account total, account age I think at this point. I have heard some people with excellent credit do it every 3-4 months.. However, I have also heard from a banker at a credit union recommended 4 or less per 2 years. Interesting combinations, I have been thinking about one every 5-6 months. 5,6,5,6, (22 months). However, I am not sure what other people have to say yet... I just want to keep it growing. The banker also recommended I take out a loan perhaps to show that I can make monthly payments on time accordingly.

[Anonymous]

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@Anonymous wrote:

Thank you very much for the compliment. I have been focusing on my credit a lot, the only thing I really really need to work on is: payment history (over time) no missed payments.. , credit account diversity, account total, account age I think at this point. I have heard some people with excellent credit do it every 3-4 months.. However, I have also heard from a banker at a credit union recommended 4 or less per 2 years. Interesting combinations, I have been thinking about one every 5-6 months. 5,6,5,6, (22 months). However, I am not sure what other people have to say yet... I just want to keep it growing. The banker also recommended I take out a loan perhaps to show that I can make monthly payments on time accordingly.

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A loan is what the credit scoring model refers to most of the time when it references that you lack account diversity. I personally lack account diversity.

Interesting story at 18 I asked my banker about credit cards her response was "I do not know if you should get one but here is a pamphlet that shows the credit cards we offer". In any event, I was sad that my own bank could not counsel me but then I found myfico and sorted things out. I actually ended up with a card from them after I had 6 months of history (the card actually no longer has relation to my bank because they severed ties with the creditor).

[Anonymous]

One new card every 6 months means you will likely never scare off current creditors or future ones and will stay below even Chase's 5/24 rule forever.

Actually one new card every 5 months would keep you under the 5/24 ceiling basically forever.

[Anonymous]

I'm 33 years old and my scores are about the same. It took a lot of work to get like that. That's very good.
I have an installment loan but it only shows up on Experian and I have four credit cards. I think the payment history and not having derogatories is the most important thing. I had one for medical debt that wasn't mine that ruined my credit for 2 years. My mom has one on there now that she paid to have removed and it's still there. It's very hard to stay clean credit wise. Sounds like you're way ahead of the game. I didn't start building credit until 5 years ago when I was 28.

[AverageJoesCredit]

Nice job At your age, youve got time, no need to rush it. There is no need to app multiple cards just to app, learn that early. Let credit work for your lifestyle and spend and in by doing so , you set a foundation for great credit for life just my humble average opinion