February 18, 2012 at 3:10 pm #2345
Great progress Amy, Congratulations! Keep us updated!
What’s your strategy with the new cards, how are you using them?
You should really check your reports and scores every now and then. It will keep you on top of things. If you haven’t yet, get the free credit reports offer each year at annualcreditreport.com. The links that amber sun provided a few months ago for each credit bureau have also proven to be very useful.February 19, 2012 at 12:33 am #2346
My main strategy with the credit cards is keeping my overall utilization less than 9%. I also try to mostly use the cards in the categories with most rewards. I use the Citi Forward card for restaurants/fast food and Amazon.com to rack up points. I use Discover in the 5% cashback categories.
Have already used up all my free reports for the year. I use CreditKarma and the CapOne CreditInform to monitor my accounts but I don’t take those scores seriously.August 20, 2012 at 7:13 pm #2350
It’s been a long time since I posted here, because I’ve been so busy with work and my studies. Today marks the end of the beginning of my journey to credit. I closed my Cap One secured card account after having the card for about 10 months. When I called to cancel, the rep I spoke to was friendly and professional, didn’t hassle me about why I was closing. I appreciated the good customer service. Should get my deposit back in a few weeks. I also separately canceled the CreditInform service that came with the card.
I currently have 5 unsecured cards and it’s all because of the Capital One secured card. It opened up credit opportunities to me and for that, I’ll always be grateful. It will always be remembered as my “first love”. And that was me being melodramatic, LOL!August 21, 2012 at 12:34 am #2351
Haha, Hi Amy. That’s great news! I will be closing my CapOne card in January as well (not my first love, but the one which was willing to give me a 2nd chance, lol).
If you don’t mind me asking, what other cards have you been able to get, which are your favorite and why? Are you going for more than 5 or are you all set as far as credit cards go?
I decided not to have more than 3-4 cards at any given time, but I guess that could change depending on the circumstances. Right now I have 3 (plus a car loan), but I’ll be applying for another card as soon as I close Capital One.August 21, 2012 at 2:00 am #2352
The cards I currently have are:
-Capital One Journey card (1.25% cash back on every purchase)
-Citi Forward card (5x points on restaurants, entertainment, Amazon.com)
-Discover Open Road card (2% cash back for restaurants and gas)
-Bank of America Cash Rewards (3% on gas, 2% on groceries, 1% on everything else)
-AmEx Zync charge card
As you can probably tell, I’m a big foodie so I try to get the cards with cash back/points on restaurants and groceries haha. It’s so funny when I try to decide which card to use for each purchase in order to receive the most rewards.
I have all the cards I wanted for now and won’t be applying for anything for a few years. Someday, I want to get the Chase Freedom card, AmEx Blue Cash card, a Visa Signature or World MasterCard and then I am all set for life!August 21, 2012 at 1:50 pm #2353
Wow, that’s great. I can’t believe you were able to get all of those cards within 10 months of having your first card. Good for you.
Was it easy to get the AmEx Zync charge card or the Citi card? What credit score do they requiere, do you know?August 22, 2012 at 12:16 am #2354
The AmEx Zync charge card was hard for me to get; I apped for it two times before I finally got it! I read that the general criteria for the No Pre-set Spending limit card is: at least a year of credit history, 650+ FICO score, no major derogs on credit report. I hear some people who are on the border of acceptance criteria get counter-offered a Zync card that has a hard limit of $200 or $500 with auto-pay enrollment.
I applied for the student version of the Citi Forward card and I got it once I had about 4 months of credit history. They did verify my identity, school enrollment status, and financial information though, so they are strict on that. Once I sent everything in, they gave me my highest credit limit so far.
On another note, my Experian FICO score is 707, according to the letter I received when I got my Bank of America Cash Rewards card last week. Not too shabby!August 25, 2012 at 1:10 am #2355
Wow, good job Amy!August 28, 2012 at 2:36 am #2356
Today I received the refund check for my $49 deposit from Capital One. It took exactly one week for me to get the check, after I called to close the secured card. That was much easier and faster than expected, though I suspect it’ll take longer if it’s a larger deposit amount. Made me like Capital One more! I hope one day I can qualify for their “excellent credit” version green Cash Rewards card.August 28, 2012 at 11:31 pm #2357
Only a week? Not bad at all.
Agree, I think their secured card is a great card to start with. Opens up new opportunities.
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