WHAT TO DO NEXT TO GROW MY CREDIT? ADVICE PLEASE!

[Anonymous]

So I'm 18 about to turn 19 about a year ago I got my first CC from Discover started with a 500$ limit that has grown to 1700$. I also have an AMEX Everyday 500cl, Credit union 1000cl, Capital one quicksilver 500cl, Amex gold premier NPCL, and a Walmart MasterCard 1400cl. my scores are FICO 695 TU 691 EQ 695 I also have quite a bit of inquiries in the upwards of 20. I want to grow my credit and this is my first time posting to the forum thanks for welcoming me. what are your thoughts? 

[DeeBee78]

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@Anonymous wrote:

So I'm 18 about to turn 19 about a year ago I got my first CC from Discover started with a 500$ limit that has grown to 1700$. I also have an AMEX Everyday 500cl, Credit union 1000cl, Capital one quicksilver 500cl, Amex gold premier NPCL, and a Walmart MasterCard 1400cl. my scores are FICO 695 TU 691 EQ 695 I also have quite a bit of inquiries in the upwards of 20. I want to grow my credit and this is my first time posting to the forum thanks for welcoming me. what are your thoughts? 

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The good news is that you haven't done much damage to your credit yet, and it's easily fixable by one thing: Time.

There's no reason for you to have that few cards with that many inquiries. To me it looks like you're blindly applying for things, without researching your chances of approval. Stop applying for new credit. You need to let those inquiries fall off, and give your cards time to grow on their own. Keep your utilization below 30%, and ideally have less than 10% on one card reporting for maximim FICO scoring. Focus on growing your current credit limits. 

Here's what you can do for CLI's

Discover - SP CLI every 60 - 90 days.

Amex ED - SP 3x CLI every 90 days if denied, every 180 days if approved. FYI, low-limit Amex cards tend to stay there for a while, and are usually not given the 61 day CLI new accounts are sometimes eligible for. 

Credit Union card - I don't know what their process for CLI's is, but you can call them and ask. 

Capital One Quicksilver - SP CLI every 180 days if approved, no limit on CLI requests if denied, but no point in requesting one if you're not fixing the reason they're denying you. Sometimes small CLI's are available after the 2nd or 3rd statement has cut, as well as a Credit Steps CLI after the 5th statement cuts. 

Walmart MasterCard - SP CLI's though the web portal, but they don't result in the best increases. Call Credit Solutions and request $25,000. Seriously. They'll counter-offer with the maximum they're willing to lend. 

[Anonymous]

I agree.  Don't apply for any additional credit for at least a year and your scores will approach the mid 700's. 

Do a search for Share Secure Loan technique and read about that.  If you employ that tactic (which is basically cost-free and simple as can be) you'll grab yourself another 25-30 points.  You definitely don't need any new lines of credit though, so just sit on what you have an allow them to grow.

[Anonymous]

Thanks that helps a lot, I was going to buy a car last year and they pulled a ton of reports but yes I also do a lot of apps but I will start gardening right after that call to Walmart.

[Anonymous]

Also wondering what I should do with that Amex Gold card, I just got approved for it didn't really expect to get approved how do I keep that in good standings? 

[jdxprs1]

If you don't have any installment type loans, getting one of those will bump your scores. check out one of those self lending sites, i think they report as installment loans.

[austinguy907]

Gardening just means no more apps.  You have a good stable of cards already.  As to the PRG and the AF.... If you're not using it much then it might be worth axing it for now.  Keeping the ED will keep your relationship with AMEX intact for down the road when you may need a Charge card for travel perks.

[DeeBee78]

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@Anonymous wrote:

Also wondering what I should do with that Amex Gold card, I just got approved for it didn't really expect to get approved how do I keep that in good standings? 

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It's a charge card. You have to pay the balance due in full every month. There isn't really much more to it. 

[805orbust]

Dude you're only shooting for 800?  Ugh... 

[Anonymous]

I'm guessing many of the inquiries are from mass applying for a credit card, just hoping for one or two to accept!? I recommend just waiting the 2 years for your inquiries to drop off and pay the cards in full. If the AMEX is causing an issue due to the annual fee, consider calling them about product changing or canceling (AMEX has a once a lifetime rule for each card's signup bonus). The quicksilver with 1.5% back is a great card so you can wait and get good rewards so congrats on having it. When I was your age (and I'm not significantly older), my spending was very different than what it is now. I have 2 cards I never use and want to cancel. And my oldest card that recently went from no rewards to 2% back statement credit each month with no FTF or AF. Consider the 2 years wait a way to see where you spend so you can apply for cards that benefit you.

I'm not sure if you have the Discover It, Chrome, student, or secured card (I believe all except the It are basically the same), but I might recommend seeing if Discover will make it an It card. Yes you have to activate the 5% categories every quarter, but a quarter or two of stuff where you use it is better than the .5% you'd get on gas and dining over the quicksilver.

If you decide you want to maximize rewards, keep in mind that you want to avoid spreading yourself too thin. Look for min redemption rates and really consider how much you are going to use the card. And consider planning for what your plans are for the future for your rewards (the Chase Freedom family of cards are fantastic with a Sapphire if you travel, but may not be for you if you just want a statement credit). If you plan on just wanting a couple cards to make it easy the Quicksilver is great. Then you could look at whatever categories you spend most on (most likely gas, groceries, and dining) and get a card or two that mazimize those major areas.