22 year old trying to build credit, got advice?

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Posts: 2
Joined: Tue Mar 13, 2012 2:47 am
Location: California

22 year old trying to build credit, got advice?

Postby thisguy89 » Tue Mar 13, 2012 3:12 am

Hello everyone,

This is my first post but I've been looking at this site for awhile. Just want to ask a couple questions about building credit.

I'm 22 years old, my current cards are Capital One Platinum this is my first card and I've had it for almost two years. My limit is $750, my high balance is $745 (I know that's bad now, but I didn't know that back then) I've never maxed either or my cards out and I always pay the balances off in full (I've never paid a penny in interest) I also have Chase Freedom my CL on that card is $1,500 ... High balance $1,400

Those are my current two cards, a couple months ago I applied for amex Zync and was denied. A few days ago applied for amex Gold card and was approved. Isn't that kind of weird? Nothing in my credit even changed I don't think in that time. I have no loans or any debt on my credit report. My current credit score is 760.

So my question is...

1. Should I cancel my Capital One card and eventually my Chase Freedom since the credit/debt ratios are so high? even though I have ALWAYS paid balances off in full EVERY month and have never carried a balance. Or is it worth it to keep them to show the credit history?

I've even tried getting a credit limit increase on my Cap One but they wouldn't. Only make 40k year, but have zero debt and 200k plus savings.


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Posts: 152
Joined: Tue Jan 10, 2012 1:02 am
Location: Los Angeles, California

Postby Celestine » Tue Mar 13, 2012 5:48 pm

Never close your oldest account.

Having those three cards is good since you can make the other two cards as a backup.
"Nearly all men can handle adversity, but if you really want to test a man's character - give him power." - Abraham Lincoln

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