New card holder with some questions (18 years old)

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samhradh
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Postby samhradh » Sat Mar 08, 2014 1:52 pm

Yes, it's called a PC.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).


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JMR
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Postby JMR » Sat Mar 08, 2014 2:42 pm

grifenhagen wrote:I'm a musician that plays once a week, every Saturday night, and I make 300-400 a night w/tips. I have a deal with a local outdoor shipping center and my band plays there. You can find us on iTunes "A Bright November". We haven't been in the studio in over a year and a half so the stuff on there is old, but worth checking out (and possibly buying ;) )

Anyways,
JMR,

Does that mean I shouldn't pay it off in full every month, maybe leave around 5-10% on it and let them hit me with a few cents of interest then pay it off every billing statement? Or should I continue paying it off in full every month?


No you should pay it off in full before the due date. I was referring to you paying before the statement cuts to knock it down to under 10% so then that is what is reported to credit agency and then pay the rest before the due date. Never pay any interest.
Citi AAdvantage Platinum Select- $5000 (3/15)
American Express Gold- NPSL (3/15)
Chase Freedom- $1200 (3/15)
Nordstrom- $1500 (9/14)
Discover IT- $1000 (2/14)

TCL: $8700

FICO (TU)- 716 (3/15)

grifenhagen
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Postby grifenhagen » Sat Mar 08, 2014 3:42 pm

So my dad has had a chase card for a long long time and they have always been good to him, so he convinced me to apply for a chase sapphire card to go ahead and get a relationship started with them.
I was declined, so I called the reconsideration hotline and talked to them about it, and they were very nice, but they said there is just not enough credit history for me, but he told me that hopefully down the road I will apply again (sounded like he meant about a year).
I think I am going to take it easy with the three cards I have that give me 1800 bucks total credit.
I still would like to get a charge card so that I am not using 50% of my available credit every month...
I'm almost nervous about applying anymore, in the past month I have applied for 4 cards, 2 of which I was approved for.
Does anyone think it's a bad idea to apply for a Amex gold?

MemberSince99
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Postby MemberSince99 » Sat Mar 08, 2014 4:28 pm

Just an FYI but whatever score you got isn't a FICO. You say you have 766 but didn't say where it's from, but then say you have only 3 months history. FICOs require 6 months to generate a score so that isn't a FICO and thus your "real" score could be very different. Example my FAKOs are usually about 70 points off (lower in my case) from my FICOs. So I would not put a whole lot of stock in that 766 score but who knows.


And by the way Chase requires at LEAST 6 months reporting with revolving history for a card like Freedom and they like to see a year or two for a Sapphire, is what one of their analysts told me on the phone. I know it's always YMMV and you will get people piping up how they got in anyway and I'm sure it's true but as a rule there is what you looking at. I would guess you probably won't get it but you may have to recon numerous times if you really want it and just hope to hit the right analyst.


With your limited history I think applying for an Amex is a bad idea RIGHT NOW. They also like (prefer not a rule chiseled in stone with a jewel encrusted mallet) to see 6 months as well. Once you have six months reporting, I think it's a GREAT idea to go for an Amex charge and get your Member Since date set for life. But right now, I would not recommend you do it.

grifenhagen
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Postby grifenhagen » Sat Mar 08, 2014 5:16 pm

MemberSince99 wrote:Just an FYI but whatever score you got isn't a FICO. You say you have 766 but didn't say where it's from, but then say you have only 3 months history. FICOs require 6 months to generate a score so that isn't a FICO and thus your "real" score could be very different. Example my FAKOs are usually about 70 points off (lower in my case) from my FICOs. So I would not put a whole lot of stock in that 766 score but who knows.


And by the way Chase requires at LEAST 6 months reporting with revolving history for a card like Freedom and they like to see a year or two for a Sapphire, is what one of their analysts told me on the phone. I know it's always YMMV and you will get people piping up how they got in anyway and I'm sure it's true but as a rule there is what you looking at. I would guess you probably won't get it but you may have to recon numerous times if you really want it and just hope to hit the right analyst.


With your limited history I think applying for an Amex is a bad idea RIGHT NOW. They also like (prefer not a rule chiseled in stone with a jewel encrusted mallet) to see 6 months as well. Once you have six months reporting, I think it's a GREAT idea to go for an Amex charge and get your Member Since date set for life. But right now, I would not recommend you do it.

Thanks! That helps a lot with my understanding of how all of this works.
I was approved for an AMEX BCE on Monday with a 1k limit.
I'm not going to apply for any more for a while I don't think.
Thanks everyone for your help!

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Postby MemberSince99 » Sat Mar 08, 2014 5:59 pm

So much for what conventional wisdom says then. Congrats to you. Don't forget to research the Amex 61 day 3X CLI and go for an increase to potentially 3k after 60 days.

MemberSince99
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Postby MemberSince99 » Sat Mar 08, 2014 6:04 pm

And by the way for all the folks reading this who are thinking of posting "Should I apply for card XYZ...." here is a prime example of where none of us can predict the future and tell you what you should or shouldn't do. If you want card XYZ, apply for it. If you get it, you're done; if not, find out why not and work on making that better for applying later. It's really not rocket science.


If you start getting a bunch of denials, stop applying and wait 6 months or a year. Again not that difficult, you don't have to give it endless analysis and get 50 opinions. I would say after 2 denials stop and give it some time as a rule of thumb, don't accumulate 5 or 6 as that will just slow you down over the long haul.

grifenhagen
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Postby grifenhagen » Sat Mar 08, 2014 10:12 pm

I just looked over the papers that Discover sent me when they sent me my card, and it says my score is "L2C. 766". Then it says "Source: L2C, Inc."

MemberSince99
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Postby MemberSince99 » Sat Mar 08, 2014 10:27 pm

Never heard of them, but that's not a FICO score. Googling them, it seems Discover may use them for thin files only that don't have FICO scores.


Interesting. You learn something new every day.


So it's not a FICO but all that really matters is you got the card so who cares.

grifenhagen
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Postby grifenhagen » Sat Mar 08, 2014 11:29 pm

Now I'll wait 60 days and see if I can get em to go from a 1k limit to a 3k limit.. That'd be awesome if they did. I don't think id ever real NEED 3k, but it would definitely help with keeping my utilization under 10%.



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