Next steps?

For just about anything you want to get off your chest about credit cards.
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blurbz
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Next steps?

Postby blurbz » Sat Mar 16, 2013 8:55 am

Here is what I've got:

Sore: 660ish

Authorized User on Dad's Chase Freedom. 6 years old.
Local Credit Union Visa: $2,500 limit. 1.5 years old
Nordstrom Store Credit Card: $6,000 limit. 6 months old
Amex Gold Premier Rewards: NPSL. 2 DAYS old.

I obviously just applied for and got the Amex. I'm hoping it was the right decision!

Baddies:
1 charge off on a chase student credit card in 2008.

Goals: I'm graduating from graduate school this year and starting a new job with a good salary this fall. I'm getting married this summer and we'll want to buy a house in a few years. I'm looking for the highest credit score I can get to facilitate that.

So....what should I do? A few people have suggested that I apply for a few additional cards immediately. If you agree, which cards do you suggest? Why?

If you think I should wait, how long should I wait? Why?

Any thoughts are appreciated!


MemberSince99
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Postby MemberSince99 » Sat Mar 16, 2013 6:19 pm

To be completely honest (and nothing else is of any value to you), your score is low (660 isn't that great), you have a charge off showing, and half your revolving credit is pretty new. l

I don't agree in this case with the idea of applying right away for anything else. You are borderline for approval with a 660ish score, and in fact I'm surprised Amex approved you, they must have liked the history on the Freedom, but they are well known for not touching people with a baddie on the reports.

I'd give waht you have a bit more time to age, as the credit you have is certainly adequate for your needs now, build your history and score then maybe in 6 months, if you can get up closer to 680 or so, add another card or two.

The reason why I'd wait is, again, 660ish is not a terrific score. Not meaning to be at all harsh or anything just telling the truth. I'd want to get it a bit higher before going for the good cards you will no doubt want to maximize your chances of success, so check your score in 6 months and if you're pushing 680 or so, then try for one or two more. Don't go nuts in your current situation and expect success - you might get it and again I'm surprised you got the Amex, but lthat's what I'd do.

If you do go and get a couple more, feel free to point out I saw it wrong if you like that's ok, but I think it would be smarter to work with what you have for a bit.

DavidNY
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Postby DavidNY » Sat Mar 16, 2013 9:55 pm

I'm surprised about the Amex too, but the way Amex is going, I guess I shouldn't be.

I'd recommend a 2% cash back card.

It will be another couple of years until the charge-off disappears, then the credit report should look pretty good.

AMEXPlatino86
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Postby AMEXPlatino86 » Sun Mar 17, 2013 10:55 am

Well I mean it's not so much AmEx but also the fact that she "cheated"per se with have the Freedom attached to her account giving her six years worth of credit. Seems like a lot of people are cheating by being added as AU rather than building credit the old fashion way.
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 762
TU: 752

432521
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Postby 432521 » Sun Mar 17, 2013 12:52 pm

AMEXPlatino86 wrote:Well I mean it's not so much AmEx but also the fact that she "cheated"per se with have the Freedom attached to her account giving her six years worth of credit. Seems like a lot of people are cheating by being added as AU rather than building credit the old fashion way.


Hey you do what you can to get where you want to be, she/he got lucky and got her dad to put her on as an AU
March 2011- Wellsfargo Cash Back College Card
May 2012- Chase Freedom
May 2012- Discover IT
August 2012- American Express Blue Cash Everyday

AMEXPlatino86
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Postby AMEXPlatino86 » Sun Mar 17, 2013 2:24 pm

432521 wrote:Hey you do what you can to get where you want to be, she/he got lucky and got her dad to put her on as an AU


In certain situations you are absolutely right. Like I said there are people that are lucky to get to where they are. But the point was more of she's worried about the next CC and she hasn't even managed the ones she has right now (considering she just got the PRG) vs. Me where I went through the same thing and had to build my credit w/o piggybacking off of someone and still face rejection from credit companies from time to time. Not trying t personally attack them just saying that they are very "lucky" to have am AmEx and not to start worrying about which ones she should go for next considering her credit score.
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 762
TU: 752

blurbz
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Postby blurbz » Sun Mar 17, 2013 4:42 pm

Thanks to everyone for the comments! Definitely helpful, and I definitely agree: I shouldn't be applying for new cards and I do have objectively bad credit due to a charge off in my freshman year of college. I'm lucky to have the Amex, and I hope I can use it to help increase my score/continue to build my credit.

To the person who thinks I'm somehow "cheating" and already looking ahead to the next card: Respectfully, I disagree. I was added as an AU for emergency spending and so I could pay to get home more easily. I had no clue it would impact my credit and neither did my father. The fact that it does is not my fault. Obviously, the Fico model values people who are trusted by people who have good credit. Is this fair? Maybe, maybe not, but it's the way of the world. I AM lucky to be where I am--No doubt about it, but I didn't "cheat" to get here.

I'm also not just looking ahead to the next card. If you read my OP, you'll see that my primary question was whether I should apply for another card. I did not ask, as my primary question, which card I should apply for. In fact, I hadn't been planning on applying for ANY card--I just got the Amex mailing for the PRG and decided to give it a shot. My original plan had been to sit tight until the end of this year.

In any event, I'm happy to have the PRG and I'm not planning on making any other applications. I really appreciate the responses! Any additional advice anyone has for someone in my spot would definitely be helpful!

432521
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Postby 432521 » Sun Mar 17, 2013 5:26 pm

AMEXPlatino86 wrote:In certain situations you are absolutely right. Like I said there are people that are lucky to get to where they are. But the point was more of she's worried about the next CC and she hasn't even managed the ones she has right now (considering she just got the PRG) vs. Me where I went through the same thing and had to build my credit w/o piggybacking off of someone and still face rejection from credit companies from time to time. Not trying t personally attack them just saying that they are very "lucky" to have am AmEx and not to start worrying about which ones she should go for next considering her credit score.


I understand sorry if I came off as insinuating something towards you. I to wish that someone allowed me to "piggyback" off of them, but I didn't and was lucky that when I did decide to get a credit card it was a college one and waited a year to get the rest of the ones that I have now. Don't let rejections hurt you, I got rejected by Chase called them back for a recon and got a measly 500 limit. I worked on building a relationship with them and got a CLI. My limits are pretty low now, but when I got a job when I am done with college I'll work on upping all of my limits. I guess people like use who didn't get help can be proud that we did it all on our own.
March 2011- Wellsfargo Cash Back College Card
May 2012- Chase Freedom
May 2012- Discover IT
August 2012- American Express Blue Cash Everyday

AMEXPlatino86
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Postby AMEXPlatino86 » Mon Mar 18, 2013 2:23 pm

blurbz wrote:Thanks to everyone for the comments! Definitely helpful, and I definitely agree: I shouldn't be applying for new cards and I do have objectively bad credit due to a charge off in my freshman year of college. I'm lucky to have the Amex, and I hope I can use it to help increase my score/continue to build my credit.

To the person who thinks I'm somehow "cheating" and already looking ahead to the next card: Respectfully, I disagree. I was added as an AU for emergency spending and so I could pay to get home more easily. I had no clue it would impact my credit and neither did my father. The fact that it does is not my fault. Obviously, the Fico model values people who are trusted by people who have good credit. Is this fair? Maybe, maybe not, but it's the way of the world. I AM lucky to be where I am--No doubt about it, but I didn't "cheat" to get here.

I'm also not just looking ahead to the next card. If you read my OP, you'll see that my primary question was whether I should apply for another card. I did not ask, as my primary question, which card I should apply for. In fact, I hadn't been planning on applying for ANY card--I just got the Amex mailing for the PRG and decided to give it a shot. My original plan had been to sit tight until the end of this year.

In any event, I'm happy to have the PRG and I'm not planning on making any other applications. I really appreciate the responses! Any additional advice anyone has for someone in my spot would definitely be helpful!


I'm sorry wasn't trying to personally attack you per se and say that you were some kind of credit card grubber. The only reason I said you "cheated" (hence the quotations) is that you piggyback off of another person. Whether it was intentional or not somebody put you as an AU on their card and it worked to your advantage. Didn't say you were a bad person (though there are people that piggyback and drag people down with them) just stated the facts. And you did ask if we agreed what card should you get and Membersince99 and myself both said that you should not worry about that at this point. Your score isn't enough to fully establish you and just work on getting your score. I apologize if you were offended by my statement. Wish you a lot of success because building is not easy at all.
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 762
TU: 752

AMEXPlatino86
Centurion Member
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Posts: 244
Joined: Mon Feb 18, 2013 5:51 pm
Location: New York, NY

Postby AMEXPlatino86 » Mon Mar 18, 2013 2:27 pm

432521 wrote:I understand sorry if I came off as insinuating something towards you. I to wish that someone allowed me to "piggyback" off of them, but I didn't and was lucky that when I did decide to get a credit card it was a college one and waited a year to get the rest of the ones that I have now. Don't let rejections hurt you, I got rejected by Chase called them back for a recon and got a measly 500 limit. I worked on building a relationship with them and got a CLI. My limits are pretty low now, but when I got a job when I am done with college I'll work on upping all of my limits. I guess people like use who didn't get help can be proud that we did it all on our own.


No problem. Not easy getting my point across in a forum but I'm not worried about the chase situation right now. I'm working on upping my cards from 3 to 5 and converting my Gold to Platinum. I have pretty low limits myself and looking to increase those this year. I want to get a car and just build up enough credit to go get one. Looking back. I'm not even sure I'd want the help considering how far I've come.
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 762
TU: 752



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