- Centurion Member
- Posts: 169
- Joined: Fri Sep 14, 2012 12:59 pm
- Location: San Diego
Fresh from the boat 3yrs ago I started to build my credit. With a crap one of 500 CL for 1 yr and a 11% APR car loan, I got approved for my first and only AMEX BCP with a CL of 1k. Had not idea about the 3x CLI or the 61 days rule so I only asked for 2k after 6 months and got it. Read the forum and 4 CLIs later here I am, today I went from 18k to 25k CL (my highest limit so far). Didn't want to poke the bear nor deal with any extra paperwork, 25k (asked CLI) is more than enough for me for now.
Lessons Learned: wanna build your credit the right way, get an AMEX revolver that makes sense with your spending patterns as soon as you can and stick to it. Soft pulls are perfect for growing and as long as you don't do anything irresponsible, it will grow with you beautifully!
Forget about slow auto-CLIs or app sprees, all they do is punch your CR with HPs and low limits.
I still don't understand these ppl that have tons of low limits store cards? Rewards are horrible, limits are terrible and in my opinion it looks bad on your CR on the eyes of prime lenders when applying for credit (my theory based on what I've seen and experienced).
Conclusion: 3yrs later I have all the credit cards I want and with great limits, that allows me to keep my utilization always under 15% and maximize my rewards strategy. I was also able to lease the car I wanted last June with tier 1 credit APR (I think it was 2% APR).
So have a little patience and your credit will grow quicker than you expect! After all, 3yrs isn't that much considering the amount of credit I have being extended until today.
Total CCs CL 56K
CCs # 4
Auto Lease: 19k credit for 55k car
Good luck to you all!
Current in my Wallet
Amex BCP - 25K (02/12)
Barclaycard Arrival WMC - 15K (10/13)
US Bank Cash +
Crap One Quicksilver - 1.7K (04/11)
CSP - 15K (03/13)
FICO EX 772 / TU 765 / EQ 762 - (09/14)