Am I doing ok for my age?

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fitchaber
 
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Am I doing ok for my age?

Postby fitchaber » Sat Dec 13, 2014 5:25 am

Hi all,

First time poster wanting some insight into how i'm doing. I'm 25 years old, never missed a payment and have had a credit card since I was 18. I recently had some fraud on one of my cards, so I decided to check my credit score. Experian reported my score as being 761, so I was quite happy (though it can always be higher!). These are the cards I have and their limits:

1. Wells Fargo Platinum Credit Card ($6000 limit, sitting in a drawer and make a charge once a year)
2. Citi Simplicity ($5800 limit, same as Wells Fargo)
3. Citi Double Cash ($3000 limit, my main day to day card. Was surprised at the low limit)
4. Discover It ($8900 limit, this is my secondary card that I use for all online purchases and whatever rotating category Discover has going on)

Right now i'm planning on not getting any more cards for a few years. The only negatives I would say I have are:
1. When I was younger I closed several credit cards, thus shortening my credit history. I know this is a bad idea and have since learned from this mistake.
2. I currently have 3 hard pulls on my credit report, one for the Simplicity, one for the Double Cash and one for the Discover It. Simplicity will fall off next year though and, as you can see, I have plenty of available credit.

One final thing to note, none of these cards carry monthly balances. I pay everything off on time.

Anyway, if you have any advice or tips, i'd really appreciate it :oooo


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nismoZtuner
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Postby nismoZtuner » Sat Dec 13, 2014 3:58 pm

I`m barely 22 and started off my credit when I was 20 (yeah late) mostly because I was influenced/surrounded from people who where scared of credit- but then curiosity got to me. one day i walked into Bank of America and talked to one of the accountants and he talked to me on how credit works, I already had an idea but i tend to over think. so then i applied for a student card and was approved for $600. A few months later I was at sears and the girl at the counter talked me into applying for their card i did apply but was rejected (here comes the funny part) a week later i applied for an american express card (BCE) and was approved for $1500 (now $3000)- then a month after that i applied for the PRG and was approved- yeah amex approved me while Sears (citi?) denied me.. since then i have been getting knowledge from errors people have made here so yeah i learn off peoples mistakes before i make my own..
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

popamode72
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Postby popamode72 » Sat Dec 13, 2014 7:05 pm

I think you're doing pretty great.

I started credit building a bit late myself at 19 years old last year as a result of taking a year off from school, which I still have mixed feelings about sometimes. I'm hardly 20 now but have surprised even myself with how much I've been able to accomplish in just over a year and starting out with a student version of the Citi Forward card with a $1K starting limit. I never thought I'd get to the point where I'd have more credit than I ever need but it's quite a thrilling feeling.

They really gave me a chance with their student card when I couldn't even get a Discover It student card at the time for lack of history. I've been heavily inspired by wanting to avoid making the same mistakes my family has made with their credit and have been determined to keep my credit in good standing in case I want to get an auto loan or a mortage in the future or some other kind of situation where good credit is needed for the best results. I've made my fair share of mistakes too like opening up too many store cards after my FICO score started to generate which most of those I ended up closing months later.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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Vattené
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Postby Vattené » Sat Dec 13, 2014 11:16 pm

I also think you're doing quite well. I can't think of any tips, since there aren't any negative things to address. At this point, all you can really do to help your score it let things age (and of course keeping paying everything on time). Do you check the key factors are impacting your score provided by Discover? I imagine a low length of time accounts has been established is one of them, but that is inescapable at our age.

On the FICO model, closing those credit card accounts won't hurt you (at least when it comes to AAoA and in the short term). Closed accounts are still factored in, and they will remain on your report for 10 years. If you had no use for them, there's nothing wrong with closing them. On the bright side, it eliminates any risk for fraud.
-Vattené
FICO-8: EX - 827 (5/17) | TU - 824 (5/17)
My Cards: Barclay Arrival+ | Discover it | Amex ED
AU:: Discover Miles | BofA BBR | Barclay Commence (SD'd)

ingramjuan
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Postby ingramjuan » Sat Dec 13, 2014 11:28 pm

Looks like you or doing ok thus far? My only suggestion is wait for several months 9 to 12 before you apply for other credit to maintain a good credit score.
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes

takeshi
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Postby takeshi » Mon Dec 15, 2014 8:29 am

What's in your OP looks good. Make sure you're routinely checking all 3 reports and not just Experian.

fitchaber wrote:so I decided to check my credit score. Experian reported my score as being 761

Keep in mind that for any scoring model you have a score with each CRA. Also, any score you get from a CRA is likely to be FAKO.

fitchaber wrote:When I was younger I closed several credit cards, thus shortening my credit history. I know this is a bad idea and have since learned from this mistake.

That is incorrect. Opening accounts reduces AAoA. Closing does not. Closed accounts continue to show up on your reports for about 10 years and continue to factor into your AAoA.

Berk
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Postby Berk » Fri Dec 19, 2014 4:36 pm

fitchaber wrote:Hi all,

First time poster wanting some insight into how i'm doing. I'm 25 years old, never missed a payment and have had a credit card since I was 18. I recently had some fraud on one of my cards, so I decided to check my credit score. Experian reported my score as being 761, so I was quite happy (though it can always be higher!). These are the cards I have and their limits:

1. Wells Fargo Platinum Credit Card ($6000 limit, sitting in a drawer and make a charge once a year)
2. Citi Simplicity ($5800 limit, same as Wells Fargo)
3. Citi Double Cash ($3000 limit, my main day to day card. Was surprised at the low limit)
4. Discover It ($8900 limit, this is my secondary card that I use for all online purchases and whatever rotating category Discover has going on)

Right now i'm planning on not getting any more cards for a few years. The only negatives I would say I have are:
1. When I was younger I closed several credit cards, thus shortening my credit history. I know this is a bad idea and have since learned from this mistake.
2. I currently have 3 hard pulls on my credit report, one for the Simplicity, one for the Double Cash and one for the Discover It. Simplicity will fall off next year though and, as you can see, I have plenty of available credit.

One final thing to note, none of these cards carry monthly balances. I pay everything off on time.

Anyway, if you have any advice or tips, i'd really appreciate it :oooo



When I was your age I had one card from a local bank on the Mastercard network with a CL of $1500.00. That was my only card for about two years. I thought I was all that. I floated out of the bank when they told me I was approved. Watched the mail like I was waiting for those X-ray glasses that used to be advertized in the back of comic books.

Yeah, I would say you are doing quite well for your age. Good job and good attitude about credit.
Fico Scores 05/25/2015
Equifax 766
TransUnion 788
Experian 797

Over $140,000 in credit across 12 cards.



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