Hey everyone! I'll try to make this as short as possible. I'm currently wondering when it would be smart to go on an app spree and apply for some new credit cards. I'm currently thinking Sallie Mae's Mastercard, Chase Freedom & Discover IT (when I transffer to university in Jan 2015).
Here's some basic info about my credit report:
Revolving Accounts:
Chase Freedom (AU): 1000$ limit. Opened 4 months ago for my mom. Paid as agreed. Balances kept below 10%. Reporting to all 3.
Cap1 Platinum (AU): 750$ limit. Opened 2 months ago for my mom. Paid as agreed. Balances kept at 0. Reporting to all 3.
Cap1 Journey: 300$ limit. Opened 2 months ago. Paid as agreed. Balances kept below 5%. Reporting to all 3.
Installment Loans:
NELNET Subsidized Student Loan for $1000. Reported starting 5/21. Took out for a better credit mix. Will be in defferment for a long time. Reporting to all 3.
Inquiries:
EX: 7 (all will be 1 year old in December 2014)
EQ: 7 (all will be 1 year old in December 2014)
TU: 1
AAoA: 2 months
Income: 20K-30K
Experian.com FAKO: 718
CK FAKO: 718
Quizzle FAKO: 688
Having said that, I have a few questions.
1) My mom has a Sams credit account that's 12 years old and has been paid as agreed. No lates or anything. Would it be a good idea to add myself on this card to boost my AAoA?
2) From what I understand, Cap1 does soft inquiries for credit limit increases. Should I bug them every 2 months or so to increase my joke of a $300 limit? I'm already enrolled in their credit steps program but it'll take until November for my limit to automatically go up to $500 which isn't much.
3) From what I understand, Sallie Mae is most likely to pull TU, and it's one of the cards that I would love to have for the 5% on gas and groceries. How bad of an idea would it be to app for Sallie Mae after next statement close for my Chase AU and Cap1 Journey?
4) My current plan is to garden until Jan 2015 at which point my AAoA will be 8 months. Once I get there, I'll be a 4-year university student and be able to qualify for Discover IT student. WIth that being said, I'll apply for that and Chase Freedom & Sallie Mae's all at the same time. Good idea or am I waiting too long for no reason?
Any advice would be greatly appreciated, please be as blunt as possible, I want to build a good credit history! Hope the formatting made this a little easier to read. Thanks again!
@kostyan1992 wrote:Hey everyone! I'll try to make this as short as possible. I'm currently wondering when it would be smart to go on an app spree and apply for some new credit cards. I'm currently thinking Sallie Mae's Mastercard, Chase Freedom & Discover IT (when I transffer to university in Jan 2015).
Here's some basic info about my credit report:
Revolving Accounts:Chase Freedom (AU): 1000$ limit. Opened 4 months ago for my mom. Paid as agreed. Balances kept below 10%. Reporting to all 3.
Cap1 Platinum (AU): 750$ limit. Opened 2 months ago for my mom. Paid as agreed. Balances kept at 0. Reporting to all 3.
Cap1 Journey: 300$ limit. Opened 2 months ago. Paid as agreed. Balances kept below 5%. Reporting to all 3.
Installment Loans:
NELNET Subsidized Student Loan for $1000. Reported starting 5/21. Took out for a better credit mix. Will be in defferment for a long time. Reporting to all 3.
Inquiries:
EX: 7 (all will be 1 year old in December 2014)
EQ: 7 (all will be 1 year old in December 2014)
TU: 1
AAoA: 2 months
Income: 20K-30K
Experian.com FAKO: 718CK FAKO: 718
Quizzle FAKO: 688
Having said that, I have a few questions.
1) My mom has a Sams credit account that's 12 years old and has been paid as agreed. No lates or anything. Would it be a good idea to add myself on this card to boost my AAoA?
2) From what I understand, Cap1 does soft inquiries for credit limit increases. Should I bug them every 2 months or so to increase my joke of a $300 limit? I'm already enrolled in their credit steps program but it'll take until November for my limit to automatically go up to $500 which isn't much.
3) From what I understand, Sallie Mae is most likely to pull TU, and it's one of the cards that I would love to have for the 5% on gas and groceries. How bad of an idea would it be to app for Sallie Mae after next statement close for my Chase AU and Cap1 Journey?
4) My current plan is to garden until Jan 2015 at which point my AAoA will be 8 months. Once I get there, I'll be a 4-year university student and be able to qualify for Discover IT student. WIth that being said, I'll apply for that and Chase Freedom & Sallie Mae's all at the same time. Good idea or am I waiting too long for no reason?
Any advice would be greatly appreciated, please be as blunt as possible, I want to build a good credit history! Hope the formatting made this a little easier to read. Thanks again!
Freedom will probably be an EX, Discover EQ, and Sallie mae an TU, so you are lucky you can break up your hp inq. The only thing thats an bit concerning is thats an fair amount of HP within an year on fairly thin file.
Another thing i would consider is if you maybe PC that Cap One card to QS with no HP. So you will have an nice everyday card on purchases not covered by 5% categories from freedom, IT , and Sallie Mae.
Wow thanks for this advice! I will be using it as a guide for the upcoming months. Also, I do believe that if I add myself on the Sams card I will get the full 12 year history benefit. Can anyone confirm? Worth it? Thanks!
@maceto wrote:
12 years
Sweet. But is it worth adding myself to it? Having 3 AU accounts and only 1 of my own may seem fishy to lenders?