Hi everyone,
I am 20yrs old, and I got my first CC at 18, a USAA CC. This past fall I applied for the Discover IT, was approved... and that started my spree. I ended up finding this forum after I had gotten my fourth card (mainly to extend CL for utilization purposes). I am sitting at a total of seven credit cards, one being a store card (Amazon). My question is, what should I be doing now? Gardening? Obviously my AAoA has been shot, but I thought I'd get a head start and establish multiple lines now and let them all age so by the time I'm 30 it'll be around 10 years AAoA.
My dilema is that NFCU usually gives a much better CL after 91days and 3 statements, so I feel the "need" to apply for a second CC from them. But I am already at seven... I was thinking of "gardening" and just focus on requesting CLIs. EQ and TU show 5 / 3 Hard Inqs.
My cards are: USAA Plat Rewards, USAA Rate Adv, NFCU GoRewards, AMEX ED, DISC IT, Cap One Plat, and AMZ Prime Store Card. Total CL of $12K. My FICO as Discover says is at 673.
So, I guess, do you have any advice for what I should do now? I am a student and make $23k a year. Thank you!
Get the 2nd Navy card if you must. Best to call in to see if you have any prequals.
Do a product upgrade on the Capital One Platinum to QuickSilver. Then, garden for a while.
Thank you for the advice. I actually am not given prequals since I am not yet 21. I think its some law that they can't show prequals to under 21. I will definitly look into PU'ing the Cap!
Thank you, I changed it to the QS!
@Comand wrote:Thank you for the advice. I actually am not given prequals since I am not yet 21. I think its some law that they can't show prequals to under 21. I will definitly look into PU'ing the Cap!
Keep expectations in line with current credit profile, income, DTI, Navy internal score, etc. 2nd card usually is higher than 1st. However, YEMV Your Experience May Vary.
@Comand wrote:Thank you, I changed it to the QS!
Congratulations on your upgrade! Now you can earn 1.5% cash back.
Okay definitely, thank you for the input. I wouldn't mind closing the AMZ card and the USAA Rate Adv. But there wouldn't be a point of me doing that now, since as you said the damage is done?
@Anonymous wrote:Yes, i'm gonna state teh obvious, by gardening. App sprees are meant to get the cards you want and be done. The reason you're in this spot, is because of those seven new accounts. No one starting out should ever add that many accounts in such a short time. IMO
One should add 2-4 max, then age them before adding another 2-4. Allowing some gaps for when the evident closure of 1 or 2 down the road, that they all don't fall off CB's at teh same time.
Damage is done now though, so you need to garden and allow things to age. Yhen you'll have better luck with CLI etc.
I just hope you find these cards useful enough to hold on to them for 10+ years.
Yeah for sure, I will. Hopefully its at least double than my current. And thanks!
@AllZero wrote:
@Comand wrote:Thank you for the advice. I actually am not given prequals since I am not yet 21. I think its some law that they can't show prequals to under 21. I will definitly look into PU'ing the Cap!
Keep expectations in line with current credit profile, income, DTI, Navy internal score, etc. 2nd card usually is higher than 1st. However, YEMV Your Experience May Vary.