Building Credit For First Time

Anonymous · ‎10-23-2014

Hey guys so I turned 19 this past august however I didn’t get my first credit card till March of this year. It was the capital one Platinum with a $300 Limit, I recently got an automatic CLI to $500. I recently applied for the credit card we have where I work (TJX Rewards) and was approved, store version not MasterCard, and went home and applied for Quicksilver One (the one with the annual fee) and was approved for $300. I know it’s bad but I usually carry around a 50% balance on my Platinum. Anyway I was wondering how long I should wait to apply for a “Good/Excellent” Credit card. I applied for Chase Freedom a month ago and was declined. Thanks for the help!!

coldnmn · ‎10-24-2014

Minimum 6 months a year is better Good/Excellent credit card lenders want to see payment history. They don't like high utilization. 1%-9% utilization on one card is ideal. You can hurt your credit easily in a short time. Building good credit is a journey not a race.

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $15k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $10.8k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $5.35k / Citi DC (WMC) $12k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17

jamie123 · ‎10-24-2014

@Anonymous wrote:
Hey guys so I turned 19 this past august however I didn’t get my first credit card till March of this year. It was the capital one Platinum with a $300 Limit, I recently got an automatic CLI to $500. I recently applied for the credit card we have where I work (TJX Rewards) and was approved, store version not MasterCard, and went home and applied for Quicksilver One (the one with the annual fee) and was approved for $300. I know it’s bad but I usually carry around a 50% balance on my Platinum. Anyway I was wondering how long I should wait to apply for a “Good/Excellent” Credit card. I applied for Chase Freedom a month ago and was declined. Thanks for the help!!

If you wait 6 months you might and I say might qualify for a Good/Excellent credit card with a really wimpy credit line. If you wait for a year you SHOULD qualify for a Good/Excellent credit card with a decent credit line of say $1000. I would suggest apping for a Discover IT in a year.

It is very important that you not carry balances month to month and only be using 10% or less of your credit limits when you app for new cards.

Starting Score: EQ 653 6/21/12
Current Score: EQ 817 3/10/20 - EX 820 3/13/20 - TU 825 3/03/20

MarineVietVet · ‎10-24-2014

@Anonymous wrote:
Hey guys so I turned 19 this past august however I didn’t get my first credit card till March of this year. It was the capital one Platinum with a $300 Limit, I recently got an automatic CLI to $500. I recently applied for the credit card we have where I work (TJX Rewards) and was approved, store version not MasterCard, and went home and applied for Quicksilver One (the one with the annual fee) and was approved for $300. I know it’s bad but I usually carry around a 50% balance on my Platinum. Anyway I was wondering how long I should wait to apply for a “Good/Excellent” Credit card. I applied for Chase Freedom a month ago and was declined. Thanks for the help!!

Hello and welcme to myFICO.

The first thing I'd suggest is pulling at least one of your scores here.

The "score" from Cap 1 is not a FICO score and you need to know exactly where you stand score wise before making any more decisions.

http://www.myfico.com/Products/FICOOne/

Anonymous · ‎10-24-2014

Just pulled my Experian Fico and it is 650. I think im going to pay my balances off completely and try hard to carry less than 5-10% balance. However only 2 of my cards showed up on the report.