- Platinum Member
- Posts: 69
- Joined: Wed Jan 12, 2011 8:54 pm
- Location: Tucson, AZ
I was in your position mainly with acquiring an American Express card of my own shortly after I turned 18 in January of 2011. My best advice (and I know you don't want to hear this) is to wait approximately a year.
Background: I don't have the business assets you do, nor the income. Throughout the experience below however, I was employed part time working at a hotel.
I applied for a bunch of different CC's (A&F Store card, NM Incircle Card, Amex Green) the day after my birthday, and each card, despite their different banks and different bureaus used, said they couldn't verify my identity. It turns out, your credit "profile" takes about 3 months to form and establish with the 3 bureaus. Waited a few months, and in June 2011 I applied for an Alaska Airlines Visa Credit Card through Bank of America (whom I had a relationship with), and was approved, secured, with a 500CL.
In July 2011, going off to college, I finally convinced my dad to make me an AU on his Business Platinum account. So throughout college, I used the Visa card sparingly, charing no more than $150 and paying it as soon as it report, to show I was using it.
January 2012 I opened an Express store card to increase my credit limit, despite a limited credit history. Still, the higher limit bumped up my score. Keep in mind, this entire time, the Business Platinum AU card was paid in full, on time, always by my father.
June 2012, I get an email from Bank of America stating that my account was being un-secured and the deposit was returned (again, no more than 30% reporting utilization).
August 2012, I decided it was time. I applied for the Delta Skymiles Gold card, reporting the income according to what the ADP online system for the hotel said I made annually, and I was approved with a $2500 limit. Next, I saw that if you get approved for 1 AMEX you will usually get approved for 2. And given that I was just approved for an AMEX revolver, I decided I would embark on my quest for a Centurion and apply for the Premier Rewards Gold Card as well. Applied, and... Approved! Haven't been that excited for a while.
So, in August 2012, I had the $500 Visa, $250 Express, $2500 Delta Gold AMEX, and no limit PR Gold.
THEN called B of A in September to request $2,500 limit...approved.
THEN, called AMEX, and they were able to back-date my two August 2012 personal cards to the 2011 date I first got the AU Business Platinum card, making my average account age much much older.
what I learned? time is key! if you're going to be making lots of business purchases, I highly recommend the Business Platinum, Delta Platinum for Business or the SPG for Business card if you travel. Lots of options, Business Platinum perks are awesome if the annual fee doesn't scare you away.
AMEX Business Platinum AU-NPSL-07/11
AMEX MB Platinum-NPSL-08/13-->07/11
AMEX Biz Gold Rewards-NPSL-08/13-->07/11
AMEX Biz DL SkyMiles Gold-04/13-->07/11
BofA Alaska Airlines Visa Classic-$2500-06/11
Barclays US Airways Platinum Mastercard-$1500-04/13
Chase Sapphire Preferred-$5,000-08/13
Citi AA Select AMEX-$2000-01/13
Citi AA Visa-$2000-01/13
Citi AA Platinum Select Visa Signature-$5000-08/13
Citi AA Platinum Select World Mastercard-$2500-04/13
Citi Business AA World Mastercard-$1000-08/13
Citi ThankYou Preferred-$2000-04/13
GECRB Paypal Mastercard-$3500-04/13