Background:
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20, college student, dependent, unemployed, parents pay for all expenses.
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Currently have Bank of America Cash Rewards Card and Amazon Rewards Visa Signature Card. Opened and closed a Macy's Credit Card because I didn't know it was an actual credit card (instead of an rewards card). Average credit age is 1 year 5 months. Credit card use at 7%/month (each and average). Paying in full every month. Credit score 734 (Transunion).
Current situation:
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In order to build up my credit score, I wanted to apply for more credit cards so I can increase my "average credit age" down the line (for when I need to take out loans in 4-6 years time possibly). Additionally, I was spending more than 7% on each credit card per month, so I had to pay off the statement mid-cycle to bring it down to around 7%, and I thought having a higher credit limit would solve that issue somewhat.
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I applied for 5 credit cards, in this order: Chase Freedom Unlimited (DENIED) Citi Double Cash (DENIED) Discover It Students (APPROVED) Capitol One Quicksilver (DENIED) Amex Blue Everyday (DENIED)
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I suppose I should've stopped after the 3rd one, but I thought since I don't need to take out a loan anytime soon, this is the best time for my credit score to take a hit due to applying for new credit cards.
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Currently, I'm planning to use my 3 cards for the next year or so doing exactly what I had been doing: paying in full every cycle, 7% utilization, etc.
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Any advice/suggestions on what I did wrong, what I should have done, what I can do now/in the future, are greatly appreciated. Thanks!
Submitted November 20, 2017 at 03:25AM by AceFebreze http://ift.tt/2jGvAWW
