Amex and Amazon Prime

[Anonymous]

Just a big thank you to everyone here for posting all of your successes!

Yesterday I finally pulled the trigger on my first big boy card.  Until now I've had Credit One, Cap One, J Crew and Overstock.  With 1% utilization I've managed to move my credit score from where I started in August, around 550 on each CRA.  I have no history of credit card use but I did default on a student loan 4 years ago that has 9 payments showing 120 day late with Sallie Mae.  Currently rehabing that loan, which I only learned about here, and I just made my 7th payment.  I'm happy to say my score should get a nice bump after that!  Those late payments are the only ones on record.

Last night, after seeing so many AMEX BCE approvals with lower scores, I decided to give it a go.  My utilization is at 1% and my cards were all 5 months old.  Myfico says my AAoA is one month over 5 years (student loans gave me a nice long history).  I was approved!  2k SL but hey, I'm thrilled to be in the door!  This will be my 3rd inq on Experian.  I was approved with the Fico 8 Ex score of 669.

Today I decided I want the 5% cash back and special financing available for the Amazon store card.  I shop a ton of stuff on Amazon and am paying for a lot of backpack hunting gear for a fall Colorado elk hunt.  I figured this would be a way of getting 0% financing while still getting cash back rewards versus taking money directly out of my bank acct.  I was pretty sure this would also be an approval but I expected low.  I got approved at $1400!  Well I had to call in to get my full acct number in order to register my syncron acct.  While on the phone I again took advice from people here and asked for a $10k credit limit.  Countered at the usualy $5k and I accepted!  Fico 8 TU score of 686.

It probably seems petty to most but I'm thrilled to have a credit score like I have now after only 7 months!  From 550's to EQ 672, TU 686 and Ex 669!  I could not be happier right now!  Back to the garden and hopefully the gains keep coming.  700's across the board is my next goal!  Thank you all so much

[Anonymous]

That's awesome! Doesn't seem petty at all. You should be proud of them! Congrats.

[EAJuggalo]

Just to let you know on purchases over $150 you have the option of 5% back in statement credit or the 0% financing, not both.

[AverageJoesCredit]

Thats a great way to start. 2k on Amex can easily become 6 very soon and look where you are on Amazon. Just imagine where youll be in a year. Keep up the great work

[Anonymous]

Thank you everyone!

It's rewarding seeing myself go from a crappy Credit One card to something meaningful.  Amex was a big reward from some disciplined work.  Not knocking Credit One though, they definitely gave me the opportunity to grow.  It was a means to an end.  

I read that the 5% cash back doesn't apply if I use the special financing so I'll have to pick and choose when I decide to finance something out or if I plan to pif with smaller items.  So far, I'm still reserved to buy anything I can't just pay right back off with cash from my checking acct.  I would prefer to keep from carrying any balances, even at 0%.  Hopefully that keeps Amex happy too! 

[Anonymous]

Good to hear that..

As Joe mentioned, AMEX will soon be at 6K (61 day) and you already got a good SL on Amazon.

If you are responsible, I don't see any reason why you will not hit a 700 within 6 months

keep up the good work,.. way to go, OP

[MrsCHX]

Nice work OP. Those are great limits to start and both banks can be quite generous (my 1 year old Amazon is at $5k after starting at $700!).

Congrats on the rebuild and fingers crossed those pesky lates get removed soon.

[Anonymous]

Thanks MrsCHX and Klad! It's an awesome community like this that makes buulding credit actually fun!

[degs138]

Good job, once you finish rehab you'll see a big score increase.  Just keep your payments 100% and watch utilization and you're in the 700 club for sure.

[Anonymous]

OP Super Congratulations!!!