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Hello everyone,
I just joined myFico and checked my fico scores today, which are eq 675, tu 733, ex 713. I am looking to build my credit and get better credit cards, and am possibly looking at a mortgate and auto loan in the near future if possible.
About my current position
I have been an AU on one card for over 2 years, but this is not reporting to eq, hence the much lower number.
The only other cards I have is one secured card, wich has been open for 6 months and another CC which has been open for just a couple months.
My utilization would sometimes get relatively high due to my low CL on the card I use. The TU score myFico gave was from a month prior, and I had a lower util rate at that point. I have no trouble PIF every month but it can be a pain to pay so often sometimes.
I have a little under 65k annual income; I have only been at this job for 6 months.
I am a student.
I am 19.
So I've recently applied to a Chase freedom card and was denied due to not having enough history according to the phone rep. I requested to be reconsidered but was denied. I feel like they might have pulled my eq number and might have approved if they checked another score. I told the phone rep this but he said an AU account wouldnt affect my chances. I had also previously applied for Discover IT after it being recommended by CreditKarma a few months back, but I guess I didn't even have a FICO score at that point since it hadn't been 6 months since I got my secured card.
Anyway I've kind of come to the conclusion that I won't be able to get any card at all for a while, other then a student card. I was going to apply to Discover IT student and CapOne Journey student cards, but I recently raised the limit on my secured card from 1000 to 4000 and plan to raise it to 4900 soon, and I'm wondering if I would get a higher limit if I wait a bit for that to be reported. I want to know if I should wait for this, and how long I would have to wait; it is a BoA card. I'm also wondering if i should apply to another synchrony card since they gave me a 2k CL previously already and again if I should wait due to my recent CLI on the secured card.
I'm also wondering if I should get a student loan just to have an installment account on my record. Plus its a free 0 apr loan until I graduate I think.
Thank you very much in advance for any insight you may provide.
Sorry for the double post. After posting this in credit apps, I relaized this might have been the proper board to put it under, since I have some non app related questions too.
Hello and welcome.
I went ahead and removed the other post since they are identical.
Thank you
In my opinion wait until 6 months have passed and your current card generates a credit score. From everything I have read Chase likes to see a year of credit history. Keep checking their pre qualify site as if your pre qualified
99% of the time it's golden for approval. Also forget CreditKarma for recommendations or credit score only use to keep track of your credit 0. Examples new accounts inquiries etc. Welcome to the forum.
@coldnmn wrote:In my opinion wait until 6 months have passed and your current card generates a credit score. From everything I have read Chase likes to see a year of credit history. Keep checking their pre qualify site as if your pre qualified
99% of the time it's golden for approval. Also forget CreditKarma for recommendations or credit score only use to keep track of your credit 0. Examples new accounts inquiries etc. Welcome to the forum.
Thank you, I guess thats what I'll do. Although I already applied to and was approved to Discover IT CapOne and Citi student cards Hopefully in maybe 6 months or about a year I'll be able to get the Chase freedom, Amex BCE, and CapOne Quicksilver that I want and other loans along the lines somewhere or after. Then I hope to just let those cards age and hopefully have a very high credit score after all of that
@Anonymous wrote:My utilization would sometimes get relatively high due to my low CL on the card I use.
Keep in mind that you can reduce reported utilization by paying prior to the date that your card reports. Most cards report at statement end.
@Anonymous wrote:I told the phone rep this but he said an AU account wouldnt affect my chances.
Yup -- some creditors and scoring models disregard accounts where you're an AU.
@Anonymous wrote:I'm also wondering if I should get a student loan just to have an installment account on my record.
No. Get an installment when you need an installment. Do not get one just for scoring purposes.
You're young, you have income and you have credit. A nice combination.
Just be patient. Getting "good cards" requires a track record of good credit behavior. Doesn't happen overnight. Use the cards you have and use them wisely. Don't put anything on your cards you're not prepares to pay for come statement time. Always PIF; it's good discipline and good economics.
Prepay to manage utilization only when you know a "snapshot" of your credit history is going to be taken. Periodically request credit limit increases,
Never incur installment debt unless you have to.
Thank you very much guys Ya I realized that I was just being incredibly impatient. Ya when i think about it it really does seem outlandish to incur a loan simply to improve credit history. I hadn't realized that I could pay before my statement so as to lower the reported utilization. Thanks guys
I agree that patience is the best solution. However, there may be an alternative that might be beneficial. Since your credit file is thin and your AAoA is fairly new, the shopping cart trick may help you get some store cards. While not prime cards - they would thicken your file, start solidifying your AAoA score during your periods of non-apping, and raise your overall credit line amount (ever so slightly). If done properly, you won't take any hard inquiries. I know some here would say skip the shopping cart tricks but this is all about options. Assuming your are responsible with spending then it may be a really good jump start for your credit journey.
@Anonymous wrote:I agree that patience is the best solution. However, there may be an alternative that might be beneficial. Since your credit file is thin and your AAoA is fairly new, the shopping cart trick may help you get some store cards. While not prime cards - they would thicken your file, start solidifying your AAoA score during your periods of non-apping, and raise your overall credit line amount (ever so slightly). If done properly, you won't take any hard inquiries. I know some here would say skip the shopping cart tricks but this is all about options. Assuming your are responsible with spending then it may be a really good jump start for your credit journey.
hmm is there a detailed thread about the shopping cart trick?