Building Credit

[Anonymous]

Hi, I'm new here, so forgive me if I'm posting in the wrong place!

I'm new to credit and building it and wanted to see if the board had any tips/ advice on what I'm doing/ did.

Thanks in advance!

I'm 18 + turning 19 in December.

On my 18th birthday, I applied and was approved for the student Discover It ($500) and a secured card with my credit union ($500)

After dealing with my CU's horrible fraud department in July, I applied and was approved for a Citi ThankYou Preferred for Students ($1500)

A few months ago, my CL on the Discover card went up to $750.

A week and a half ago I applied and was approved for an AmEx Everyday Card ($3700)

I should probably hold off for a while, my original goal was an American Express card/ Chase Freedom card.

My Fico score (according to my last Discover statement) is 712 and my Experian score from the AmEx application was 725.

Am I on the right path for higher scores/ limits in the future? I don't carry a balance.

[Creditaddict]

Looks and sounds like you are doing perfect and if you want Chase check the pre-qual on chase.com and when you see an offer for Freedom or CSP you should be good to go to round out your portfolio for a while!

[Anonymous]

Terrific Job. I wish I had that discipline and knowledge when I was 18. Kudos to you.

[Anonymous]

Thanks for the quick replies. Chase is saying I don't prequalify for anything (but neither did American Express)

I'm hoping that my score won't lower too much from the recent inquiries.

Acquiring 4 credit cards in 9 months probably looks extremely shady and I'll probably hold off for a while from apping for the Freedom.

I read over the 3X AmEx thread and I'm worried that it'd get denied because the CL would be more than my income (part time) at $10k.

Are they known to counter-offer the CLI?

Thanks again.

[Creditaddict]

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@Anonymous wrote:

Thanks for the quick replies. Chase is saying I don't prequalify for anything (but neither did American Express)

I'm hoping that my score won't lower too much from the recent inquiries.

Acquiring 4 credit cards in 9 months probably looks extremely shady and I'll probably hold off for a while from apping for the Freedom.

I read over the 3X AmEx thread and I'm worried that it'd get denied because the CL would be more than my income (part time) at $10k.

Are they known to counter-offer the CLI?

Thanks again.

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id wait a month or two for amex to report and maybe after you 61 day cli to go for freedom if not pre-qual for it.

and yes amex will counter that 3x cli request if not the full amount.

[Themanwhocan]

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@Anonymous wrote:

Hi, I'm new here, so forgive me if I'm posting in the wrong place!

I'm new to credit and building it and wanted to see if the board had any tips/ advice on what I'm doing/ did.

Thanks in advance!

I'm 18 + turning 19 in December.

On my 18th birthday, I applied and was approved for the student Discover It ($500) and a secured card with my credit union ($500)

After dealing with my CU's horrible fraud department in July, I applied and was approved for a Citi ThankYou Preferred for Students ($1500)

A few months ago, my CL on the Discover card went up to $750.

A week and a half ago I applied and was approved for an AmEx Everyday Card ($3700)

I should probably hold off for a while, my original goal was an American Express card/ Chase Freedom card.

My Fico score (according to my last Discover statement) is 712 and my Experian score from the AmEx application was 725.

Am I on the right path for higher scores/ limits in the future? I don't carry a balance.

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Did you tell American Express that you are a student, or do you have a job now?

Learn how to manipulate your credit cards in order to optimize your score right before applying for new credit  http://ficoforums.myfico.com/t5/Credit-Cards/How-do-I-play-the-1-9-Utilization-Game-Please-Help/m-p/2471295#M703454

But basically, its time to wait and let those cards grow. Request 3X your American Express cards limit after 61 days, and every 6 months after that (3 if you are denied an increase). American express uses soft pulls of your credit to determine limit increases, so you don't lose anything by trying.

Good luck.

[Anonymous]

Thank you!

I'm a full time student and part time barista at Starbucks.

I chose the Student - Employed option on the application, I was surprised they gave me such a generous limit.

Will definitely do the CLI in two months then

[Anonymous]

Never put 10000 for your income. Put your total household income.

[Creditaddict]

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@Anonymous wrote:
Never put 10000 for your income. Put your total household income.

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not for amex!

[Anonymous]

I put usually put my income and half the wife's income down on apps.