@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
They made apx 25k a year, pays apx $700 in rent. Has student loans and at the time 1 credit card with aps 2k owed on it.
I finally got her to app for Amex and she as approved for 10k a couple of months ago and she still makes the same amount and she was honest... Discover was her 2nd app of that day. Her 3rd was Chase Unlimited Freedom.
You are right on the presipice in going either way. You have credit history with the loans you have and had.
You don't have a high dti and you have a thin file. I know you will probably get approved for Captial One.
You are in the zone. But I don't feel like I should say go for it or not. It is now up to you. What do you want in your wallet?
Now there are a few younger folk on here, in your age bracket and they have done extremely amazingly.
You may want to scour out their posts and maybe PM them ... maybe they can offer different insight that I can.
When I was your age the internet was not as vast as it is now .. and you have all these amazing tools and information.
So if you don't mind losing a few points either way approval or declination on what card you think you may want to start out with .. I can say I give you my blessings and wish you good luck. Everyone has to start somewhere. I had to start with Capital One on my rebuild.. and then when my Equifax hit the sweet spot .. I appd for Discover because I knew I had to do it when my file was thinner as rather than fat. So that is why I app'd with them 2nd. They usually do just 1 pull. Where as Capital One pulls all 3 every time.. except on sp credit increases.
So it's up to you buck-a-roo. But please I am dying to know what the outcome is .. I have a nephew that will be apping in 6 months... so I am interested in young adult applicants.
Be responsible ... don't go nutso like some do in terms of applying for everything under the sun.
Read everything you can ! You will have a 860 score probably before me. lol
So I finally made up my mind and got the courage to pull the trigger!! I ended up applying for the Cap1 Platinum card and was instanntly approved for $300
I know it's a really low CL but it's my first REAL CC so I'm pretty excited with those $300. You were right with what you said lol now that I appd and got approved I feel like applying for another card lol but I'm not sure if i should? Thanks for all of the help everyone! especially you Bella thank you! Now I'll probably garden for about a year or should i try one more card?
Excellent Choice!
Now, here is how you grow that:
1. Use it like crazy - use it for everything, really show Cap One that you want to give them all those juicy swipe fees, but here's the thing - make sure you pay it down to under 10% (that means $29 or less for your SL), multiple times if you have to, but ESPECIALLY right before the statement cuts, so that it reports as 9% or less utilization to the bureaus. do this for a solid 2 months
2. Then, once at least 61 days have passed since you activated the card, stop using it long enough for all your pending charges to post (5 days max), then pay it down to exactly $10. Let that sit for a day to report to their internal servers, then hit the CREDIT LINE INCREASE button! (also known as the luv button)
If you follow these instructions to the letter, I would be shocked if your line did not AT LEAST double (mine increased 125%)
then, assuming that you got a decent increase, get on chat with customer service and see if they'll product change you over to a Quicksilver
Good Luck!
I will do that! thank you for the advice!
So for example, you say i should use it like crazy. What if i use about $150 of that limit throughout the week like on starbucks/ food, stuff like that. then i pay it all off on monday and do it again and agin the next week until i hit the 2 months, will that work?
like a charm - to clarify, make sure that it DOES report with a balance - letting it report at zero will hurt more than it will help, so make sure the statement balance is between $1 and $29
Ok I got! Thanks for the advice. One more thing. About how long does it take for them to report to the bureaus that i got the card and the limit?
varies - some have seen it report in a week, others have not seen it report until after the first statement
That said - my advice to you now that you have it is to simply garden, so I really wouldn't worry about it reporting just yet. Gardening is our way of saying don't app for anything else, just work as suggested on growing that one first - HERE is a thread to help you out with that 
Good Luck!
@Anonymous wrote:varies - some have seen it report in a week, others have not seen it report until after the first statement
That said - my advice to you now that you have it is to simply garden, so I really wouldn't worry about it reporting just yet. Gardening is our way of saying don't app for anything else, just work as suggested on growing that one first - HERE is a thread to help you out with that
Good Luck!
Yeah that's what i was going to do. I'll probably garden for about a year. Thank you for all the advice i aprreciate it!
@Anonymous wrote:
Congratulations!
You probably don't have to wait a year to garden. Because eventually it is nice to have 3 revolver credit cards.
So stay in the garden 6 months. Do what the other poster stated. In the interim read everything you can in regards to credit.
You are going to get an itchy finger! DON'T DO IT! Stay in the Garden for 6 months at least. Plan out what you want to do! Plan out what you want to accomplish. Research credit cards and what they have to offer you.
Building blocks will build a strong foundation for you. You will have a higher score then me if you are patient and become very learned on credit. You are in a very good place right now. Be an ambassador for young credit card holders.
Your Homework for 6 months is to ...
- Use the card effectively and responsibly (I know that you will, I can already sense you are pretty smart and you just did not go app happy, you gave your choice a lot of thought)
- Read myFICO and several other Credit Web-Sites out there about credit! Learn, Learn, Learn.
- Read about different types of credit cards! This way you know what you want when you go and apply down down the road.
- Do you need it or do you just want it... meaning try running what you normally would only spend on debit or cash.
- Monitor you credit on all the freebie sites... understand the difference between scoring models.
- DONT apply for measley store cards ... dont waste hard pulls... and thought the Shopping Cart Trick is nice DONT. You can do that down the road when again you give it more thought and only on those you will actually use. I would not do these for a long long time.
- Think about what you want to apply for .... research Chase because of the 5 cards (not theirs .. any cards) in 24 months time .. when you apply and get 5 cards within 2 years you cannot app with them you will be denied. So you may want to research them. Discover likes thin files .. again this should be on your beginning journey. AMEX generally gives better Starting Credit Lines with scores in the 700's. Then of course their is Citibank and Bank of America etc. But also I would suggest reading up on the Credit Unions. Read on Navy Federal, PenFed aka Pentagon Federal, Alliant Credit Union, Digital Credit Union. This are wonderful when you may need or want a car loan... low low rates. Great banking etc.
AGAIN DON'T APP until at least 6 months.
It's hard not to do ... but try to hang on as long as you can.
But read up on what you want your next 2 cards to be.
It's like watching grass grow at times.
You currently live at home so there is no rush.
Save some money on the side...
You can still have fun. But set up some goals for yourself.
Before you are 21 you should be doing wonderful.
Congrats again... you are taking charge of your destiny and your future.
Very Proud that there are some youth out there with that kind of passion.
You will go far.
+1000
All of this - yes - do this