How do you obtain credit

how do you obtain credit

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Barclays Carnival Mastercard $2000 - opened 2009

Capital One Quicksilver $1500 - opened 2009

Capital One Spark Visa Business $1000 - opened 2011

Target Redcard $350 - 2014

Home Depot $500 - 2009

My scores are around 680-690 range and I make about 75k a year.

For those with More than 6+ Cards and more credit lines than me how do you do it?

Credit Unions are almost always going to think you have too much credit especially if it's new.

1) Clean credit reports (no negatives whatsoever).

2) Keep utilization reasonable (under 10%).

3) Apply with different lenders (BMO, GE, Comenity, Commerce, BoA, Citi, WF, Cap1, US Bank, Nasa, etc. ).

4) Use Amex backdating to your advantage. I've applied for a few of their cards strictly for that purpose to cushion my AAoA.

With multiple cards from the same bank, know your limits and try to find out

what your max exposure is. I've had this discussion with Chase, Citi and Boa and they don't usually give you an exact amount, but can say "you're reaching your maximum credit exposure with us." Also it has been helpful to space apps with the same lender out by 6 months each.

I would agree. And, while everyone's approach and goals may differ, the above has worked for me. Items 1) and 2) are definitely key drivers.

what is AMEX backdating?

In a nutshell all subsequent Amex cards I apply for have a listed "open date" on my credit reports of 1998 - the date Amex considers me a member (MSD). So every 6 months or so, I try to add an additional Amex card that is backdated for 16+ years and counting and it increases my AAoA by about 10 months. I'm closing PRG and possibly BCE in a day or so and will apply for something else in January 2015.


Category: Credit

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