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Fresh from the boat 3yrs ago I started to build my credit. With a crap one of 500 CL for 1 yr and a 11% APR car loan, I got approved for my first and only AMEX BCP with a CL of 1k. Had no idea about the 3x CLI or the 61 days rule so I only asked for 2k after 6 months. Read the forum and 4 CLIs later here I am, today I went from 18k to 25k CL (my highest limit so far). Didn't want to poke the bear nor deal with any extra paperwork, 25k is more than enough for me for now.
Lessons Learned: wanna build your credit the right way, get an AMEX revolver that makes sense with your spending patterns as soon as you can and stick to it. Soft pulls are perfect for growing and as long as you don't do anything irresponsible, it will grow with you beautifully!
Forget about slow auto-CLIs or app sprees, all they do is punch your CR with HPs and low limits.
I still don't understand these ppl that have tons of low limits store cards? Rewards are horrible, limits are terrible and in my opinion it looks bad on your CR on the eyes of prime lenders when applying for credit (my theory based on what I've seen and experienced).
Conclusion: 3yrs later I have all the credit cards I want and with great limits, that allows me to keep my utilization always under 15% and maximize my rewards strategy. I was also able to lease the car I wanted last June with tier 1 credit APR (I think it was 2% APR).
So have a little patience and your credit will grow quicker than you expect! After all, 3yrs isn't that much considering the amount of credit I have been extended until today.
Total CCs CL 56K
CCs # 4
Auto Lease: 19k credit for 55k car
Good luck to you all!
@syul9088 wrote:
Great work!! I agreed start with Amex revolver! They approved me $8200 CL with less than year history. What other cards u have ?? And CL??
Thanks syul9088!
Wallet
Amex BCP - 25K (02/12)
Barclay Arrival WMC - 15K (10/13)
Socks drawer
CSP - 15K (03/13)
Crap One Quicksilver - 1.25K (04/11)
@lexrjSD wrote:
@syul9088 wrote:
Great work!! I agreed start with Amex revolver! They approved me $8200 CL with less than year history. What other cards u have ?? And CL??Thanks syul9088!
Wallet
Amex BCP - 25K (02/12)
Barclay Arrival WMC - 15K (10/13)
Socks drawer
CSP - 15K (03/13)
Crap One Quicksilver - 1.25K (04/11)
Nice CL !! Did you start with Arrival and CSP with that limit? after 61 days I will try to get 24.5k on my BCE.
congrats
Great advice - one question, what was your score with the auto lender when you were approved for Tier I financing? One reason I am trying to improve my score is to be eligible for Tier 1 with a prime lender. I have a lease with a prime lender now, but I was not eligible for the best financing deals. Thanks in advance.
Congrats to your success
@lexrjSD wrote:Fresh from the boat 3yrs ago I started to build my credit. With a crap one of 500 CL for 1 yr and a 11% APR car loan, I got approved for my first and only AMEX BCP with a CL of 1k. Had no idea about the 3x CLI or the 61 days rule so I only asked for 2k after 6 months. Read the forum and 4 CLIs later here I am, today I went from 18k to 25k CL (my highest limit so far). Didn't want to poke the bear nor deal with any extra paperwork, 25k is more than enough for me for now.
Lessons Learned: wanna build your credit the right way, get an AMEX revolver that makes sense with your spending patterns as soon as you can and stick to it. Soft pulls are perfect for growing and as long as you don't do anything irresponsible, it will grow with you beautifully!
Forget about slow auto-CLIs or app sprees, all they do is punch your CR with HPs and low limits.
I still don't understand these ppl that have tons of low limits store cards? Rewards are horrible, limits are terrible and in my opinion it looks bad on your CR on the eyes of prime lenders when applying for credit (my theory based on what I've seen and experienced).
Conclusion: 3yrs later I have all the credit cards I want and with great limits, that allows me to keep my utilization always under 15% and maximize my rewards strategy. I was also able to lease the car I wanted last June with tier 1 credit APR (I think it was 2% APR).
So have a little patience and your credit will grow quicker than you expect! After all, 3yrs isn't that much considering the amount of credit I have being extended until today.
Total CCs CL 56K
CCs # 4
Auto Lease: 19k credit for 55k car
Good luck to you all!
Congrats on your CLI
@hilarybanks wrote:Great advice - one question, what was your score with the auto lender when you were approved for Tier I financing? One reason I am trying to improve my score is to be eligible for Tier 1 with a prime lender. I have a lease with a prime lender now, but I was not eligible for the best financing deals. Thanks in advance.
They pulled EX and it was a 730ish. I asked the finance manager while signing the lease and she said that anything above 730 you most likely get tier1, for leasing at least.
@syul9088 wrote:
@lexrjSD wrote:
@syul9088 wrote:
Great work!! I agreed start with Amex revolver! They approved me $8200 CL with less than year history. What other cards u have ?? And CL??Thanks syul9088!
Wallet
Amex BCP - 25K (02/12)
Barclay Arrival WMC - 15K (10/13)
Socks drawer
CSP - 15K (03/13)
Crap One Quicksilver - 1.25K (04/11)Nice CL !! Did you start with Arrival and CSP with that limit? after 61 days I will try to get 24.5k on my BCE.
sequence: cap one, amex, csp and arrival
CSP started with 12k and got a 6months auto-cli to 15k
Arrival I was aproved for 12.5k, called in right away and asked to at least match my CSP limit, they did.