@BearsCubsOtters wrote:
@xonut wrote:Hey All
I started my credit journey around a year ago and I've picked up quite a few cards since then. I'll list them all below and any other relevant information to hopefully provide some insight on my current situation as I'm feeling a bit.. lost. I want to start growing my total credit limit but I'm not sure the best way to go about it. I'm in college so my income isn't very consistent and my overall utilization varies month to month depending on expenses (Tuition, books, ETC) so my score isn't the greatest because since the beginning of this semester my Utilization has been a bit high (23%) with heavy focus on a few cards.
My FICO score for the most recent report is.
(Provided by MyFICO on 11/10/22)
Equifax: 656
Transunion: 671Experian: 664
Template:
Name / Limit / Annual Fee | Date Acquired*
- Discover CashBack / $1,250 / $0 | 9/12/21
- AMEX Blue Cash Everyday / $2000 / $0 | 11/20/21
- Cap 1 Platinum / $2000 / $0 | 12/4/21
- Citi Simplicity / $2400 / $0 | 1/6/22
- Petal 2 / $1200 / $0 | 1/9/22
- Sofi Card / $1000 / $0 | 1/10/22
- Mission Lane / $850 / $19 | 3/20/22
- Marcus GM Rewards / $3000 / $0 | 3/21/22
- NFCU Cash Rewards Visa / $1600 / $0 | 3/22/22
- Credit One Platinum / $1000 / $39 | 10/31/22
- Cap 1 Quicksilver / $500 / $39 | 11/5/22
I agree with what others have said. Stop applying and focus on the cards that offer soft inquiry credit line increases.
I also want to point out that, with the exception of NFCU and GS, you seem to have gone into reverse this year. You opened Discover, Amex and Citibank in 2021 which are good cards...then this year you picked up some cards that I would not associate with someone who already has good cards: Mission Lane, another Capital One and...Credit One....These are not high quality cards and will most likely not grow or be beneficial long run. As others have said, stop applying, focus on the "prime" cards with soft inquiry increases and eventually close those I have highlighted in red when/if they no longer work for you.
💯 agree you didn't need those cards. You had a nice amount to start with . Me personally I would close the likes of mission lane and credit one for sure . More cards does not equal higher scores.
@Jnbmom wrote:
@BearsCubsOtters wrote:
@xonut wrote:Hey All
I started my credit journey around a year ago and I've picked up quite a few cards since then. I'll list them all below and any other relevant information to hopefully provide some insight on my current situation as I'm feeling a bit.. lost. I want to start growing my total credit limit but I'm not sure the best way to go about it. I'm in college so my income isn't very consistent and my overall utilization varies month to month depending on expenses (Tuition, books, ETC) so my score isn't the greatest because since the beginning of this semester my Utilization has been a bit high (23%) with heavy focus on a few cards.
My FICO score for the most recent report is.
(Provided by MyFICO on 11/10/22)
Equifax: 656
Transunion: 671Experian: 664
Template:
Name / Limit / Annual Fee | Date Acquired*
- Discover CashBack / $1,250 / $0 | 9/12/21
- AMEX Blue Cash Everyday / $2000 / $0 | 11/20/21
- Cap 1 Platinum / $2000 / $0 | 12/4/21
- Citi Simplicity / $2400 / $0 | 1/6/22
- Petal 2 / $1200 / $0 | 1/9/22
- Sofi Card / $1000 / $0 | 1/10/22
- Mission Lane / $850 / $19 | 3/20/22
- Marcus GM Rewards / $3000 / $0 | 3/21/22
- NFCU Cash Rewards Visa / $1600 / $0 | 3/22/22
- Credit One Platinum / $1000 / $39 | 10/31/22
- Cap 1 Quicksilver / $500 / $39 | 11/5/22
I agree with what others have said. Stop applying and focus on the cards that offer soft inquiry credit line increases.
I also want to point out that, with the exception of NFCU and GS, you seem to have gone into reverse this year. You opened Discover, Amex and Citibank in 2021 which are good cards...then this year you picked up some cards that I would not associate with someone who already has good cards: Mission Lane, another Capital One and...Credit One....These are not high quality cards and will most likely not grow or be beneficial long run. As others have said, stop applying, focus on the "prime" cards with soft inquiry increases and eventually close those I have highlighted in red when/if they no longer work for you.
💯 agree you didn't need those cards. You had a nice amount to start with . Me personally I would close the likes of mission lane and credit one for sure . More cards does not equal higher scores.
I third this. I'd close them now, in fact - especially since 3 out of the 5 highlighted have an annual fee.
@xonut wrote:I'm new to this forum so I'm not sure how to respond to all of you at once but thank you guys/girls so much for all the insight and tips.
Just to clarify, once the year is up on the following accounts (especially the accounts with AF's) I should move to close them right?
- Credit one ($39)
- Mission Lane ($19)
- Capital One Quicksilver ($39)
- Petal 2 ($0)
- Sofi Credit Card ($0)
The only reason I opened the Cap 1 Quicksilver is because I thought it'd pair nicely with my Platinum (for long-er term growth) but I see that might not be the case. I'm fine with closing the rest of the listed cards though as they give me little to no benefits except for the (albeit small) credit limit.
You could wait out the year to close them, but to be fair, close them now. You don't need them. And if you feel like you do need them, that's more a personal finance question than a credit question.
Your file screams "I AM GOING TO CHARGE UP ALL MY CARDS AND NEVER PAY YOU BACK HAHAHA"
What you need now is time and income. In two years once you have all of that amazing payment history, time and a higher income under your belt you will see much better returns on future credit lines and CLIs.
Did you try to Product Change your Cap 1 Platnium? I would be surprised if you weren't able to change that into a quicksilver with no AF.
0/6, 3/12, 10/24
You got great advice here.
1) Stop applying.
2) Set an alarm for 2 weeks before the Mission Lane and Credit One turn 1 year old and close them... do NOT let them talk you out of it.
3) Keep the Quicksilver as you may be able to change it to a different card later.
4) Keep balances low.
Credit One is usually the first card, not one you get after you've got an Amex/Citi/CapOne etc. Get rid if it before another annual fee. You will be stuck in toy-limit hell until you've not applied for anything for a year. The Amex/Disco/NFCU in particular can grow with soft pulls so you can get some growth while your track record gets bolstered. You got this.
I'd put energy into growing what you have. Get CLI for cards that use soft pulls. Ex:
after 90 days, Amex allows you to request 3x's your credit limit.
Navy also allows soft pull increases.
refrain from opening new accounts. Put yourself in the "garden"
@805orbust wrote:You got great advice here.
1) Stop applying.
2) Set an alarm for 2 weeks before the Mission Lane and Credit One turn 1 year old and close them... do NOT let them talk you out of it.
3) Keep the Quicksilver as you may be able to change it to a different card later.
4) Keep balances low.
Credit One is usually the first card, not one you get after you've got an Amex/Citi/CapOne etc. Get rid if it before another annual fee. You will be stuck in toy-limit hell until you've not applied for anything for a year. The Amex/Disco/NFCU in particular can grow with soft pulls so you can get some growth while your track record gets bolstered. You got this.
Excellent advice, @805orbust, I only have a small issue with 3); I think mainly due to miscommunication on OP's part. They listed a Quicksilver, but I believe what they have is a Quicksilver One, being that it has a $39 AF. The regular Quicksilver has no AF and is fairly easy to PC. The Quicksilver One, however, is notoriously difficult to PC. So I'd still say close it out and try PCing the Platinum instead.
To recap @xonut
Product change your Cap1 Plat into a Quicksilver
Freeze your credit bureau reports so you don't get the urge to apply for any more credit cards.
Close the 5 accounts you mentioned.
- Credit one ($39)
- Mission Lane ($19)
- Capital One Quicksilver ($39)
- Petal 2 ($0)
- Sofi Credit Card ($0)
Every so often, apply for CLIs for Discover/NFCU/Cap 1
Wait for two years making all of your payments
In two years with real employment, the sky will be your limit
Welcome to My Fico Forums, @xonut. 
I'll "fourth" the above advice from @BearsCubsOtters. It's no wonder you're feeling "lost" since you started out with a good strategy but then got side-tracked with inappropriate credit-seeking.
I'd like to comment on a question-of-sorts that you posted: " ... I want to start growing my total credit limit but I'm not sure the best way to go about it. I'm in college so my income isn't very consistent ... "
Growing higher credit limits involves responsible credit history (leading to higher FICOs) along with overall TIME and MONEY. It takes a lot of either time or money or both to get to the highest limits, and most people do it very slowly. In your case, with your limited credit history and limited/inconsistent income, it's probably just not going to happen as quickly as you might desire for it to. In my opinion, you've already got a LOT of credit for college student. And as noted above, you've been applying for a LOT of credit for a thin profile.
(I usually suggest a safe pace to grow credit is just about one new card every six months. That will keep you within what most lenders consider a "safe-risk" profile for credit-seeking behavior. More credit-seeking activity = more risk to lenders.) Use what you have responsibly, wait for graduation and steady higher incomes, and reassure yourself that you're on the right track. I've posted on My Fico about increasing credit limits over the last few years. If you'd like to read my observations, go to >this posting< and then follow the embedded links to older postings.
