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Advice needed! New to credit.

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Established Member

Advice needed! New to credit.

This is my first post here on myFICO so hello everyone!

 

I started my credit building journey quite late (21yr) because I was an international student who didn't think credit was necessary in my case. However, plans have changed and I am in the process of adjustment of status to permanent resident status. I got myself a job, obtained my SSN, and got my first credit card with Discover in May 2016.

 

Due to the anxious nature of my older self (silly me), I have racked up a lot of inquiries (24 across the board) in the past 6 months in multiple app sprees with minimal successes (6 CCs totalling only $3150). I just got my first actual FICO scores, which are EQ 645, TU 671, and EX 666. My util % is 28%, but I can lower it to near 5-10% by 12/1. As my screenname suggests, I would like to start gardening and raise my scores, but I would like one last go at app spree to raise my total credit limit before digging myself a garden. I will also try to do a CLI from Discover and Cap1 next month before I proceed.

 

The advices I need are if I should do it and if so which CC would you recommend or think I have a good chance with.

 

Here are some cards that I am planning to try:
Cap1 Venture (MC or Visa?)
JetBlue (Regular or Plus)
Discover Miles
AMEX (Please suggest)

 

I don’t mind annual fees as long as they are worth it. (My total monthly expenses are around $2-3k debit or credit) So the options above is considered based on my odds of getting them approved.

 

I have no loans of any kind whatsoever, probably won’t be taking on any until I have gotten my green card.

 

Thank you all in advance for all your valuable inputs!

 

Edit:

Signature failed to show this but this is what I have right now. 

Discover $1250 | Cap1 QSMC $300 | AMZN Sync $400 | Chevron Sync $400 | TJX Sync $400 | Walmart Sync $400

First FICO 8: EQ 645 | TU 671 | EX 666 --- 11/1/16
FICO 8 Now: EQ 700 | TU 715 | EX 709 --- 12/05/16
Goal: 730-750 across the board by 4/1/17

Discover IT: $1250 | Cap1 QSMC: $300 | AMZN Sync: $6000 | Chevron Sync: $3500 | TJX Sync: $2500
Walmart: $400 | AMEX Gold Delta Skymiles $1000 | AMEX SPG $5000
Message 1 of 8
7 REPLIES 7
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Valued Contributor

Re: Advice needed! New to credit.

Welcome to the forums Chris! You are not getting a late start at all, many others our age refuse to even accept that credit is a necessary thing to life in the US. It would help if you were to tell the forum what credit cards beside the discover and cap1 that you currently have? Ie. store cards? Not to dampen your goals but IMHO you have next to 0% chance of getting approved for any Visa or Amex or MC from almost any lender with the AAoA, amount of inqs, and Credit Limits you currently have. If you really want to try and increase your portfolio before gardening I would suggest a store card or two from a place you will actually use, Amazon is a great one for students, and a Chevron Credit Card if you have a car or need gas. These are both issued by Synchrony with an acceptable reward structure and they are ALOT more accepting of credit profiles in similar shape. If you plan on staying awhile and may need to furnish your own apartment or house I would try an Overstock card, they have some great furniture (IMO) and easy approval with credit limit increases monthly (soft pull). This one is issued by Commenity and is similarly accepting of credit profiles with alot of inqs. 

 

I know its not what you want to hear, but best of luck!

Message 2 of 8
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Established Member

Re: Advice needed! New to credit.

Thank you for your reply tydawg!

 

I apologize, I didn't realize my signature was too long to fit the credit card info I have inputted.

 

I currently have:

 

Discover $1250 | Cap1 QSMC $300 | AMZN Sync $400 | Chevron Sync $400 | TJX Sync $400 | Walmart Sync $400

 

I have been looking into overstock, but I couldn't find instructions to get a SCT for soft pull application. I was wondering if you or anyone have any experience with SCT that they would like to share.

 

Thanks again!

 

First FICO 8: EQ 645 | TU 671 | EX 666 --- 11/1/16
FICO 8 Now: EQ 700 | TU 715 | EX 709 --- 12/05/16
Goal: 730-750 across the board by 4/1/17

Discover IT: $1250 | Cap1 QSMC: $300 | AMZN Sync: $6000 | Chevron Sync: $3500 | TJX Sync: $2500
Walmart: $400 | AMEX Gold Delta Skymiles $1000 | AMEX SPG $5000
Message 3 of 8
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Valued Contributor

Re: Advice needed! New to credit.

Overstock SCT is a tricky one I experienced this in an earlier post, http://ficoforums.myfico.com/t5/Credit-Card-Approvals/Overstock-first-SCT-for-me/m-p/4777739 

I would hold off on getting any more Synchbank cards, you might blue enveloped which from what I have heard is not good. The easiest card to get via SCT appears to be victoria secret.... which I have no interest in. You MIGHT have a chance at the sportsman guide visa, it is issued by commenity has no annual fee, and has decent rewards if you like outdoor or 2nd amendment related items. Beyond that I would begin gardening and wait for 12 months or so before testing the waters at a big bank. 

Message 4 of 8
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Super Contributor

Re: Advice needed! New to credit.


@Christhegardener wrote:

This is my first post here on myFICO so hello everyone!

 

I started my credit building journey quite late (21yr) because I was an international student who didn't think credit was necessary in my case. However, plans have changed and I am in the process of adjustment of status to permanent resident status. I got myself a job, obtained my SSN, and got my first credit card with Discover in May 2016.

 

Due to the anxious nature of my older self (silly me), I have racked up a lot of inquiries (24 across the board) in the past 6 months in multiple app sprees with minimal successes (6 CCs totalling only $3150). I just got my first actual FICO scores, which are EQ 645, TU 671, and EX 666. My util % is 28%, but I can lower it to near 5-10% by 12/1. As my screenname suggests, I would like to start gardening and raise my scores, but I would like one last go at app spree to raise my total credit limit before digging myself a garden. I will also try to do a CLI from Discover and Cap1 next month before I proceed.

 

The advices I need are if I should do it and if so which CC would you recommend or think I have a good chance with.

 

Here are some cards that I am planning to try:
Cap1 Venture (MC or Visa?)
JetBlue (Regular or Plus)
Discover Miles
AMEX (Please suggest)

 

I don’t mind annual fees as long as they are worth it. (My total monthly expenses are around $2-3k debit or credit) So the options above is considered based on my odds of getting them approved.

 

I have no loans of any kind whatsoever, probably won’t be taking on any until I have gotten my green card.

 

Thank you all in advance for all your valuable inputs!

 

Edit:

Signature failed to show this but this is what I have right now. 

Discover $1250 | Cap1 QSMC $300 | AMZN Sync $400 | Chevron Sync $400 | TJX Sync $400 | Walmart Sync $400


IMHO no, you should not do it. You should refrain from new applications at this time.

 

With the passage of time & keeping your balances down your scores will rise.

 

 


Total revolving limits 653000 (575000 reporting)

Message 5 of 8
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New Member

Re: Advice needed! New to credit.

It's very good idea so far. This will help OP to go ahead much more. Thanks!

Message 6 of 8
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Established Contributor

Re: Advice needed! New to credit.

After reviewing your current portfolio of six cards, I recommend entering the garden now. Those six card are plenty good enough to cover a wide range of spending habits.

 

Going forward, I suggest 2 very specific strategies:

  1. Every 3rd statement, request a CLI from Discover.
  2. Every 6th statement, request a CLI from Cap One QS.

Both of the above are soft pulls.

 

You have a lot of inquiries. You should enter the garden right now and abstain from racking up any new inquiries. Wait until the youngest inquiry is one year old before applying for anything else. In the meantime, research your next cards. I suggest the following for your consideration:

  1. A 2%-cashback-on-everything card. I'd like Citi Double Cash.
  2. A card specifically for restaurants and gas. If you're like me, those are pretty big spending buckets. I like the AARP card by Chase which is 3% cashback for those categories.

But for now, sit tight and plan. Good luck in your future credit journey!



04/01/2020 - EX 849 (Credit Scorecard EX FICO® Score 8, range 300-850)
02/20/2020 - TU 850 (Discover TU FICO® Score 8, range 300-850)
03/24/2020 - EQ 884 (Citi EQ FICO® Bankcard Score 8, range 250-900)
GOAL - 800! - App free since 11/22/2017
Message 7 of 8
Highlighted
Valued Contributor

Re: Advice needed! New to credit.

+1, don't apply for anything else. You will only hurt your score, get denials or very low limit cards that will not help.

 

I think you should wait at least 9 months.

Then try the Amex BCE and do the secured loan trick.

Close the cards that you don't need/use.

Go for other card(s) that you want.

 

 

To help other people that are starting I will say:

- start small (2-3 cards)

- wait 6-7 months until you get your FICO score

- go for cards that grow with SP CLI

- if you don't see a car/house in your future, go with a 5 year secured loan to boost your score

- with a clean file you can be at 800 in less than 3 years

 

Good luck

Message 8 of 8
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