Was curious what you guys think I should do to get to some of the higher tier cards. I can pay $1,300 in rent online every month through anything but amex or discover, and probably favor a rewards (specifically travel) card. I'd prefer a statement credit for any travel type card over an airline specific card.
I have 1 card now, mainly because I've never really needed credit and relied on cash. Its the same USAA I've had since I started college 8 years ago, and I've never needed or tried to up the $1,700 limit. Right now I'm a grad student, with ~15k income from the summer but from family with money I wouldn't have a problem repaying any credit I would use and I don't pay the debts I have now. (After rewriting that 4 or 5 times I'm convinced there is no way to say that without sounding like a spoiled ass. Sorry, not my intention.) In a year I'll be entering a profession where $80,000/yr would be a very conservative estimate for someone in their first year. (Wow, again with the spoiled tone.)
I think my case is a little interesting. Here's why:
When I was 20 I got a Chase card with over $10,000 CL (without telling the people who would pay it back if I couldn't), so I know there is (or was) some reason that credit card companies believe I can pay off debt. From reading around these boards I know this high of a CL at such a young age is uncommon, but I'm not sure how uncommon. If it is so uncommon that people doubt it, which is understandable, know that I have absolutely no reason or interest in lying to strangers and asking their opinion. So please, even if you doubt this is true, I'd appreciate advice on what I've said. Thanks. Anyway, after turning 21 I started acting like a 21 with a huge credit limit. I ran up about $5,000 in a summer, was paying minimums, and "missed" a payment that posted a day late. I was (thankfully) bailed out of this, but learned my lesson, I swear. The account was closed, and that is the only late payment I've ever truly had and the only late payment currently on my report (more on this later).
Part of learning my lesson meant I have completely stayed away from credit cards, but now that I'm more responsible and working to be more financially independent, I'd like to start raising my 3 year, 3 month credit history as soon as possible to help my score for the typical big purchases in the future. The $1,700 limit I had when I was 18 hasn't been increased and I haven't requested it. Right now there is $1,000 on there, which is completely dinging my utilization. I don't really use the card and don't personally pay the balance, so I'm not in much of a position to request that it be paid off. I could pay it off myself, but honestly would rather invest that cash than use it to raise my credit score. I could do a CLI request, but if it just to get higher CL on other cards I don't think it'd be worth the HP for me, personally.
I have $16,000 in grad school loans currently in deferment. Unfortunately, the lender screwed up and put the loan in repayment the day after it was dispersed in the fall of 2011. In November I got a call that I was 3 months late. I called and was told it was sorted out, but it wasn't. Again in February I was told I was 6 months late. I called and again, we worked through the problem and I was given evidence it was corrected. Except somehow they never made the correction with the credit agencies. I actually signed up for FICO earlier this year when I pulled a credit report and was shocked at how low it was. Thats when (a year later) I discovered this error. Through a dispute it appears to have been corrected, and has gone up 30 points to where it is. This bump happened earlier this year in case previous scores matter.
So, to recap:
-710 FICO
-3.25 yrs credit history (1 card, 1700 limit, ~60% utilization, had 1 other card, paid in full and closed in college)
-1 inquiry in 2011 (apartment rental company)
-26 years old
I know this is a long post for these boards, so I appreciate you guys taking the time to read it and weigh in. Thanks!
