- Green Member
- Posts: 3
- Joined: Fri Jan 24, 2014 10:00 pm
- Location: Rhode Island
As you can see, this is my first post here. I'm 22, and relatively new to credit. I got my first credit card a year ago. It seemed like nobody would approve me due to a lack of credit history. I had no car loans, personal loans, or utilities in my name. I ended up getting a secured card through my credit union (ELAN Secured Visa). I used it every month since then (usually 30 - 60% utilization, it only has a $300 CL) and paid it off fully every single month. I believe I am eligible to convert the card to a standard credit card after a year (which is this month). An off-topic question is whether this conversion will effect the account age of this account. This is my oldest account.
Before the holidays, I tried applying for the Apple Barclay credit card, and was declined. Shortly after that, I applied for the American Express Blue Cash Everyday card. To my surprise, I was approved with a $2,000 CL. Since then, I've been using the AMEX anywhere from about 10 - 40% utilization, also paying the bill off fully every month. It was very nice to be able to get cash back on holiday purchases that would've otherwise been paid for with my debit card.
Earlier this week, I applied for the Discover It card, and was approved. I'm not sure about the specifics on the card (CL, etc.) as I haven't received the account information and card in the mail yet. The 5% cash back will be a nice benefit.
I haven't yet actually checked my FICO score, so I'm not sure what it is. I'll be ordering the 3-in-1 FICO later this month.
So, my question lies in the utilization of these cards. I'm typically modest with my spending, and I'm not sure if there will be negative implications from not using any one of these cards from month-to-month. I believe I'll keep using the AMEX monthly for fuel purchases to get cash back points. I'm still used to using my Debit card for most purchases (groceries, household expenses, vehicle purchases, etc.). Is is detrimental to not use these cards from month-to-month, or to under-utilize them (maybe under 15%)?
Any tips or advice? When I first started this journey, I was a bit discouraged. Now, a year later, I'm feeling pretty good about it. A huge factor is that I have a great job with good security, which I'm lucky to have.
Thanks for the help,