Just turning 19, journey to now and to 100k

[Anonymous]

So a few days ago I just turned 19, marking it as just a year passing through my credit journey as an individual and marking my halfway mark through my 2 year goal of getting to 100k TCL.

Age 17- Added as an AU to my moms Chase (52k) and BoA (70k), at this point I never really cared much for credit, just wanted to spend mamma's money without asking for cash (I know, I know.)

2016- Finally become a legal adult, and though I never thought much for credit my mother gave me a lecture on how important it is to be able to borrow money in the future for loans, mortgages, business, etc so having a good line of credit history is crucial. Cut my financial assets seperate from hers, and I get removed from her BoA line  but still on her Chase because I don't make enough money to support myself yet.

6/16- Few days after my birthday I apply for my own BoA 3-2-1 (3k -> 7k -> 15k -> 21k), been my oldest line to date and I consistently grow it (I use my CLI request button on this whenever possible)

8/16- Few months after that, I open a BoA Travel, at this point I'm not too sure why (no credit sense at all), and only get approved for a tiny $700 limit. I've slowly gotten it to auto CLI to $4k (700 -> 1.5k -> 2.5k -> 4k), but hopefully I can do a few CLI requests a few months from now to get it into the 5 figure range. 

At this point I realize I don't know what I'm doing, so I start lurking on the myFICO forums (no account, but I'd read to learn about auto CLIs, hard pulls, utilization management, etc). Throughout my first year of college I just work to grow my starter cards and work to increase my income; always wanted to get in with Chase but I kept getting rejected for the Marriott, Sapphire, etc. (rookie moves!). Check my scores, they're around the 700 range.

4/17- At this point I'd been sitting on my 2 cards for a while, and decided to get in with AMEX, as my family has held their cards for a long time. Applied for them in a spree, in the order of PRG/BCE/Platinum. Also apply for the Citi Costco which gives me a tiny line of $1200 (still sits there today). AMEX approves me on a $10k line on BCE, at this point my scores are around 720, and I set myself a goal for getting to 100k revolving credit and credit scores near the 800s when I turn 20 to set myself up for any loans I'll need to take out in the future.

4/17- At the same time mum gets the invitation for the centurion in the mail so why the heck not! AU'd on there, maybe somehow I can get on AMEX's radar in 20 years  

Few days ago I just finish my trip to Europe and celebrate my 19th, and apply for my 61D AMEX CLI thats a bit overdue, and get my BCE upped to 25k, making it my biggest line yet!

I think for now I see no new apps in site; I've gotten almost all the credit I need from AMEX and BoA, and would rather just let my accounts age and not get over my head while I'm still a student and working only part time (though I still really want to get in with Chase and a Credit Union, I'm not sure if this is necessary at all any time soon). Hopefully I'll be able to see my BoA Travel and Citi limits grow, especially that tiny Citi .... but as now I'm making good pace to my 100k goal, and hopefully if I don't app spree I should see my scores slowly tip torwards that 800 goal too...

Thank you to everyone on the forums that has been so kind to putting up with my rookie questions from time to time and motivating me to keep going on this journey! Its been a blast now its time to just keep grinding the garden onwards 

[Anonymous]

Good job. If only all 19 year olds (or 29 year olds, 39 year olds etc) were as savvy as you we would all have a merry Christmas. It isn't entirely difficult to obtain credit in the US, the real test will be if you can maintain it.  As RuPaul would say, Don't fudge it up! 

[Anonymous]

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@Anonymous wrote:

Good job. If only all 19 year olds (or 29 year olds, 39 year olds etc) were as savvy as you we would all have a merry Christmas. It isn't entirely difficult to obtain credit in the US, the real test will be if you can maintain it.  As RuPaul would say, Don't fudge it up! 

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very true. I see credit as a very sharp double edge sword. Can go both ways!

[austinguy907]

I'll 2nd the maintaining part of it.  It's easy to get consumed by the temptation of all the funny money in your wallet at the under 25 crowd with everything going on in your social life.  Hell at 19 I was still messing around with little turds in the $300-$500 range for CL's.  A goal of a $100K isn't unreasonable but, might have to wait until you have more income to support those limits.  

If there's anything I can say to make this work going forward is start setting a mental limit of only using 10% of those limits ever.  This will keep things manageable and it looks good for your scores as well.  Try to PIF every month to keep the interest boogie man away from your rewards.  If you have a large purchase you know is coming up then start looking around at 0% offers and bonuses to compensate for the hit you're taking to your wallet.  With your scores primed to 800's you shoulnd't have any problems picking out a card when you know you'll be able to hit that $4K spend on a new HVAC or something like that.  Then you can take your points and get a free flight or hotel somewhere for a week.

[credit_endurance]

Congrats Mickey098 on the Amex increase and credit journey at a very young age. If you could share some data points on your Amex 3XCI: Usage, if you PIF, Scores at the time of Approval for card and CLI? Thanks in advance.

[fliphusker]

Congrats!!

I did not get my first CC until I was 40. I play the cashback game wisely and love my 785-795 score. (I was not responsible enough to get a CC before that and I knew that. 

Sounds like you have a good head on your shoulders, just be wise and start that rainy day fund and not rely on your cards to get you out of a jam. I see it so often on LC notes people buried in CC debt grabbing a 24% loan because it is cheaper.

Keep being smart and showing us old buzzards that we can have faith in your generation.

[mitchblue]

I was 19 in 1984.. It was so hard back then. If I just had the internet and myFico at that age it would have been so much easier.. Of course I wouldn't trade growing up in the 70's for it.. but when I got my first card, JCPenney, $300, no one said I had to pay them back on time and not go over my max CL

[AverageJoesCredit]

Super grats on your success at young age. Now im gonna crawl back to my corner with my Tiny Citi Dc $1800 and count to 10

[BronzeTrader]

Try to make $100k before you get on the credit or debt wagon!  High credit line is going to ruin young people life.... 

[CYBERSAM]

Congrat MikeyO98 👍With your profile you probably can get over 100K now if you go on an app spree. But this is a marathon not a sprint so focus on school and your future. Soon you'll be able to afford those high end metal cards with huge annual fees.😉