Yea, I'm aware that CK & CS are just fako's and to be taken with a grain of salt, and that CK isn't experian. I actually just checked my experian, and it is at a respectable 720.
Also, I think that getting the discover it now and then applying for the Amex is the direction I'm currently leaning in.
@Ewing3 wrote:I am a 19 y/o student, and the only things on my credit report are a car loan with my dad (started at 27K, currently at 15K) and a chase freedom in my name alone. I have had the car loan since February 2013 & the Freedom since October 2013. I have perfect payment history on both, and keep my utilization below 10% on the cc, currently around 6%. Credit Karma & Credit Sesame both have my score at 698.
My annual income is about $12K. Chase has recently raised my limit from $500 to $1000, but it hasn't reported yet because my statement closes in a couple weeks. My next step is that I wanted to pick up a second credit card. I wanted to get an Amex, preferably the new everyday card or one of the blue cards, but idk if I'd actually get approved. The other option I was considering was applying for the Discover IT for students card, and then applying for an amex in December so that I can have a 2014 MSD. Also, CK claims I have 10 hard inquiries but my experian only shows 3 & they're all older than 6 months.
What should I do & is there something I should be doing that I haven't considered?
EDIT: Checked my experian score, it's a 720.
Hey Ewings3!
Welcome to the forums! First off, congrats on being so forward thinking with regards to building credit. I applaud you. I am not a proponent of just "going for what you want" because I believe that you should plan out your apps with a little stategy. However, in your case... I think that I'm with Creditaddict on this one. You are young and building your credit. You've got a good start under your belt but I also agree... you need another revolving tradeline. I actually think 2 more cards would do your profile good. I recommend apping the Amex ED and the regular Discover It. With your current profile... I think the only hold back would be your income and thin file. Because you have a thin file, I think you are boarderline for the Amex but I think you will be approved with a 50/50 chance. For the Discover, I think you are who they are looking for so 85%. How long have you been at your job? Have you apped anything else in the last 6 months besides the Freedom? For the record, the inq for the Amex won't hurt you very long if denied and either will the Discover app. Being young, the only way to build that profile is to try. If you succeed in getting the Amex and Discover, to the garden with you for a good year and let that profile age. If denied, try again for both in 6 months. Just my recommendation. Good luck! Either way, you have time on your side.
Edit: grammar
Starting Score: 642
@Creditaddict wrote:
@Ewing3 wrote:Yea, I'm aware that CK & CS are just fako's and to be taken with a grain of salt, and that CK isn't experian. I actually just checked my experian, and it is at a respectable 720.
Also, I think that getting the discover it now and then applying for the Amex is the direction I'm currently leaning in.
the experian score at experian.com is a fako too
the scores here at myfico are the true ones but id just get the discover and that will give you TU free each month and you will get the EX that Amex's use when you apply for that!
so I finally learned how to quote posts...
but yea, I didn't realize that one was a fako too, kinda ridiculous imho. but at least I got a slightly better idea of where I'm at with that. Whatever I apply to, I'm applying to in a couple of weeks (mid may) so that I can have one more month of credit history and have my updated CL post for the freedom.
Should I consider applying to both the Discover and the Amex at the same time or should I space them out?
@-Wade- wrote:
@Ewing3 wrote:Yea, I'm aware that CK & CS are just fako's and to be taken with a grain of salt, and that CK isn't experian. I actually just checked my experian, and it is at a respectable 720.
Also, I think that getting the discover it now and then applying for the Amex is the direction I'm currently leaning in.
Good luck and keep us updated
Thanks wade! everybody here is so kind and so supportive, I love it! I will definitely come back again when there's new news
One more think.. what ever you do... apply after your new CLI post to your profile.
@improvingmycredit wrote:
@Ewing3 wrote:I am a 19 y/o student, and the only things on my credit report are a car loan with my dad (started at 27K, currently at 15K) and a chase freedom in my name alone. I have had the car loan since February 2013 & the Freedom since October 2013. I have perfect payment history on both, and keep my utilization below 10% on the cc, currently around 6%. Credit Karma & Credit Sesame both have my score at 698.
My annual income is about $12K. Chase has recently raised my limit from $500 to $1000, but it hasn't reported yet because my statement closes in a couple weeks. My next step is that I wanted to pick up a second credit card. I wanted to get an Amex, preferably the new everyday card or one of the blue cards, but idk if I'd actually get approved. The other option I was considering was applying for the Discover IT for students card, and then applying for an amex in December so that I can have a 2014 MSD. Also, CK claims I have 10 hard inquiries but my experian only shows 3 & they're all older than 6 months.
What should I do & is there something I should be doing that I haven't considered?
EDIT: Checked my experian score, it's a 720.
Hey Ewings3!
Welcome to the forums! First off, congrats on being so forward thinking with regards to building credit. I applaud you. I am not a proponent of just "going for what you want" because I believe that you should plan out your apps with a little stategy. However, in your case... I think that I'm with Creditaddict on this one. You are young and building your credit. You've got a good start under your belt but I also agree... you need another revolving tradeline. I actually think 2 more cards would do your profile good. I recommend apping the Amex ED and the regular Discover It. With your current profile... I think the only hold back would be your income and thin file. Because you have a thin file, I think you are boarderline for the Amex but I think you will be approved with a 50/50 chance. For the Discover, I think you are who they are looking for so 85%. How long have you been at your job? Have you apped anything else in the last 6 months besides the Freedom? For the record, the inq for the Amex won't hurt you very long if denied and either will the Discover app. Being young, the only way to build that profile is to try. If you succeed in getting the Amex and Discover, to the garden with you for a good year and let that profile age. If denied, try again for both in 6 months. Just my recommendation. Good luck! Either way, you have time on your side.
Edit: grammar
Thank you, I'm trying to do what I can do to make sure I take care of my credit early that way I'm not stuck digging myself out later when it's much tougher.
I have been at my job for a bit more than 2 years now. Also, I (foolishly) apped for the Quicksilver card in november because they sent me an invitation letter that I took to be a pre-approval, but was not, and I have not applied to anything since then so as of 05/06 I will have not applied for anything in 6 months.
I would definitely be done applying for anything for a while once I got these two cards, so the garden would be where I'd reside for a while haha
so you also think I should just try for both the discover IT and the Amex Everyday now and if I don't get them, try again in 6 months?
That's what I'd do. I think you will likely end up with both. However, I would wait till the new CL post to your credit reports before applying to glean the possiblity of a higher starting CL with both. 2 years looks good to a lender.. they want to see some stability in job. Thin file is normal for your age group. My only real concern is your income. However, in any case.. the inqs to your profile will be negligible because in your case... you, I am assuming, have no other big purchases coming in the near future and you have got to somehow build your profile. If you don't succeed this go around, try again in 6 months. Either way, I don't think you will experience too much damage to your profile with 2 new inqs. Actually adding the new tradelines will affect your FICO more than the inqs will in the short run but you've got to do it at some time for a healthy profile when older.
It's really up to you to decide. Discover has great customer service and their IT card is a pleasure to hold (nice granular feeling), but as a college student many of its rotational categories will either overlap with Freedom or be irrelevant. as others have mentioned, there's the added perk of being able to see your TU credit score
On the other hand, an ED is best served if you can use it 20+ times per month, and I can totally see why you'd want to lock in a 2014 date.
My advice: if you think you can actually utilize the ED enough, go with that first. Otherwise, DSC first then Amex in December. Either way, you're 19 and already way ahead of most people; really no need to rush things.
