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Hi everyone,
I hope everyone is staying healthy and safe during this chaotic time we are living in currently. I'm relatively new with 1 year in the credit building world. The past year I learned about credit watching videos on YT from guys like AskSebby and Credit Shifu. However, I got greedy and turned the marathon into a sprint and got 7 cards in one year before understanding the "5/24" rule. I'm willing to garden for as long as possible now. I would like to ask if anyone has an tips for me moving forward with inquiries, when to apply for credit apps (especially Chase), etc.
I'm currently 22 and will graduate college this May, hoping transitioning out of Real Estate and into Consulting or Asset Management FT after.
Here are my Credit stats
AAOA : 9 months
Oldest Line: Discover 14 months
Newest Line: Merrick 4 months
Total Credit Limit Availiable : $13,450
Amex Everyday- $6k 6 months
Barclays Uber Visa- $1.5k 7 months
Capital one Quicksilver- $500 13 months
Citi- $200 (Now unsecured will PC to Double Cash soon) 11 months
Discover- $2k 14 months
Sync Rakuten- $2k 4 months
Merrick- $1,250 ( will double in a few months) 4 months
Fico 8 scores: TU 716 (3 Inqs) EX 717 (17 Inqs lol I wasn't thinking) EQ 689 3 (3 Inqs)
Income: 72k
Any tips or advice is appreciated. Thank you.
@Anonymous, Welcome to the forums!
You have done pretty well! .. I would hold off applying for any more credit and let things age and grow.
My suggestion is to read, read & read. Knowledge is power. Here is a good place to start https://ficoforums.myfico.com/
Plenty of sub forums.
Welcome to the forum!
Honestly, I think you probably did yourself a favor by going big up front. As these cards age they will make a solid anchor for keeping your AAoA up as you acquire new cards. Also, pretty much all of them are keeper cards that you may have for decades. I wouldn't worry about getting into Chase too much at this point- you have a lot of marathon left and having solid, paid trade lines will help you once you get under 5/24 in a couple of years. Your inquiries will fall off over time, and when they do, you should have been able to grow your current limits a decent amount which really helps with the higher-end Chase cards. They don't like to be the first one to give you a massive amount (I was lucky).
Once you're under 5/24, apply every 6 months for the next Chase card, use it responsibly, and then keep that up until your have the Trifecta (if that's your plan). Judging by your scores, I suspect that you won't have any issues with those when the time comes. I like to keep my HPs under 5 in the rolling two-year window, but that's just me being very conservative.
Thank you @M_Smart007, I'll definitely use the forums and read about all the tips and rich experiences everyone has in the forums.
@MasonK wrote:Welcome to the forum!
Honestly, I think you probably did yourself a favor by going big up front. As these cards age they will make a solid anchor for keeping your AAoA up as you acquire new cards. Also, pretty much all of them are keeper cards that you may have for decades. I wouldn't worry about getting into Chase too much at this point- you have a lot of marathon left and having solid, paid trade lines will help you once you get under 5/24 in a couple of years. Your inquiries will fall off over time, and when they do, you should have been able to grow your current limits a decent amount which really helps with the higher-end Chase cards. They don't like to be the first one to give you a massive amount (I was lucky).
Once you're under 5/24, apply every 6 months for the next Chase card, use it responsibly, and then keep that up until your have the Trifecta (if that's your plan). Judging by your scores, I suspect that you won't have any issues with those when the time comes. I like to keep my HPs under 5 in the rolling two-year window, but that's just me being very conservative.
I plan to be very conservative as well i don't see myself with 20+ cards in the future. You're viewpoint opened my eyes. I'll take the hit of 7 cards for the better tomorrow. Thanks again.
2 years.
2 years.
2 years.
This is the magic number. Why?
- Don't open any new accounts in 2 years. Chase 5/24 rule will not only be satisfied, but you'll be ideal at 0 new accounts / 24 months.
- This is also when all hard inquiries drop off. 6 months they may stop impacting your FICO score, but they are still visible.
- Mathematically, by following my first pointer, your AAoA will also be at least 2 years if you do not open, not even apply for anything for 2 years.
You can do it! In the meantime just call around for your newest accounts and ask for recons, ask for soft pull CLI's (AmEx will), and work on flexing a good portion of your monthly spend through your favorite cards and making multiple mid-month payments.
You can still "work on stuff" during this 2 years.
@Anonymous wrote:2 years.
2 years.
2 years.
This is the magic number. Why?
- Don't open any new accounts in 2 years. Chase 5/24 rule will not only be satisfied, but you'll be ideal at 0 new accounts / 24 months.
- This is also when all hard inquiries drop off. 6 months they may stop impacting your FICO score, but they are still visible.
- Mathematically, by following my first pointer, your AAoA will also be at least 2 years if you do not open, not even apply for anything for 2 years.
You can do it! In the meantime just call around for your newest accounts and ask for recons, ask for soft pull CLI's (AmEx will), and work on flexing a good portion of your monthly spend through your favorite cards and making multiple mid-month payments.
You can still "work on stuff" during this 2 years.
Thanks @ddm2k1 that's exactly what I'll do. By the end of the garden era I'll be at 0/24 and 0 inqs across the board with a strong report.
@Anonymous wrote:You can do it! In the meantime just call around for your newest accounts and ask for recons, ask for soft pull CLI's (AmEx will), and work on flexing a good portion of your monthly spend through your favorite cards and making multiple mid-month payments.
You can still "work on stuff" during this 2 years.
This here is a crucial piece of advice. I've increased by Discover from $1800 to $8700 in three years and probably sould have done more. My CapOne is bucketed sub-prime, so I've gven up on growing it, but it's a zero AF card that is worth more as aged credit than a daily driver.
@MasonK I'll start calling the creditors for CLIs every once in a while to bump them up. Especially Cap1 lol, at $50 I'm already at 10% utilization. Hopefully they'll approve.
@Anonymous wrote:
... I'm relatively new with 1 year in the credit building world ... I got greedy and turned the marathon into a sprint and got 7 cards in one year before understanding the "5/24" rule. I'm willing to garden for as long as possible now. I would like to ask if anyone has an tips for me moving forward.
Welcome to My Fico Forums!
Congrats on all the approvals! I agree that you got greedy and moved too quickly but that's all water under the bridge. It's great that you realize that now and want to be more savvy in the future.
Gardening is definitely in order for your profile. I echo the advice above. Most of the cards you've got can grow nicely over time or be PC'd into other cards. You have some good diversity. Letting it all age is next and the 2 years mantra would be helpful.
After that, try not to overdo the apping. It's a long-term stategy, so plan for your apps and try not to do more than one every six months, on average. If you do that, you'll almost always be in a place to apply and be approved for credit if you need it.
I can't tell you the number of times in my decades of credit that I've found on short-order that I wanted or needed to apply for a line of credit. Maybe you need tires or a refrigerator and want to take advantage of special in-store 0% financing because the funds are a little tight. Maybe your car breaks down in a big way and you decide it's smarter to trade it in rather than repair. Maybe things change in your life and you find yourself looking for a home mortgage. (Look at the coronavirus situation now and how quickly life has changed. There are tremendous opportunities to refinance a house now to save money as well as people looking for any way they can to stretch their budgets due to sudden lost incomes.) Plan for the unexpected and you'll always be ready for a rainy day. Use your credit wisely so it can work for you when you need it.