Basically my plan is to do a AOR and if that can't be done then just a few new cards and let them sit and age. -------------------------------------------------------- Background: BOA Platinum plus: 0/5000cl (09/2007) Citi Divedend :17/3000cl (10/2007) Cap1 Auto :11000/15000 (12/2007) Chase Platinum: 300/6500cl (01/2008) Discover (AU) : 100/13000cl(10/1998)
EXP:730 EQ:749 TU:742 Average Age:2yr 10mo experian has highest inq: 10 . Rest are 2-3 inq on reports. Income: 60-68k year. ----------------------------------------------------------
What is my best bet here. Should i add another AU on there with good history. Is it possible to make myself a joint holder on my parents card with 15yr history? Is joint same as AU or will joint seem more as individual accnt and will they add all history to my report?
Any one have any tips or advice? Any educated guess at what my CL's might be?
For the AOR. I'm going to apply for one card with each major bank on same day. So I will attempt at 5-6 personal and 4-5 business cards on same day.
I will then BT 30-40% of CL's into high yield accnt.
I don't plan on applying for any loans for atleast 2-3 yrs. So it shouldn't really affect me in anyways.
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Too many inquiries, too young of a credit history, too low of credit limits on existing cards, too low of income. Even without these factors, it is pretty clear that you have a lot more reading to do before even thinking of doing an AOR (otherwise this question would not be asked).
I think this depends on if you see yourself needing credit in the next two years. Are you planning on getting a car/house loan? If you can afford the two years to let the inquiries roll off your credit reports then I say go all out and see what you get. It's better to start now so when you do apply for loans your accounts will age more down the road. More than 15-20 apps at a time would reach diminishing returns quite quickly, especially since you already have 10 inquiries on Experian. On the other hand, if you are going to apply for any loans in the next 2-3 years I would be a bit more cautious about letting your score tank.
I'm not gonna be applying for any loans for at least 2 years.
Also will try to target banks that pull TU and EQ. Since i only have 2 inq's on them.
But if someone can give me info on the joint accounts? Is it easy to add your name to a account? Do you get more benefit than a AU? Does the whole history get added like a AU? Does it result in a inquiry?
Freeze your EX report and you can be sure no creditor will pull EX. link
edit to add: I was in a similar position a few years ago. It made a great deal of sense to target cards with sign up bonuses as that was worth more than a 0% balance transfer with a low credit line. Later you can consolidate request credit line increases and consolidate cards to get large lines.
I think a better plan would be to do a 17 year old AOR (or younger?) so that when they mistakenly issue you lots of credit despite being underage, you use sleazy legal tricks to get them to forgive your AOR debts. Well, good luck to OP for starting early.
How did you get 10 inquiries on one report as an 18-year old? Numerous car dealers, until you settled on Cap1 for your $15k(??!!) car? I'd suspect that even if you are successful, you will have problems keeping your hands off the A0R money, and will be back here in a year wondering how to handle your credit card balances since you spent all the cash you got.
Anyways, adding another AU account wont hurt. But your results will be limited regardless, because of your age, all your accounts (aside from the AU account) are less than a year old, and 3/4 are already reporting balances.
You'll see your success as soon as you start applying. If the apps keep going through without instant denials, keep applying beyond even the 10 planned - once you stick your foot in the water with 5-6 new accounts you will be relatively 'frozen' credit-wise for the next year anyways, so you might as just dive in and go for broke.
I did get a few inq shopping for car loan until i applied for cap1 and was approved for $40,000 at 5.75%apr. this was with the discover AU and BOA at 1 month.
Anyways, Should i apply for one card first and see what the result is before going forward. I'm thinking Chase so I can recon and get instant result with CL.
I haven't had any new accounts or inquires in last 6 months. That should help a bit. I just have to go for TU and EQ pulls. How about penfed, Do they always require docs? If i can get 6-8 cards with 2500-8000CL. Then my goal will be complete.
After that they can sit and age for a good 1-2yrs.
At 18 you should not do an AOR.. yes its "exciting", "thrilling" and keeps you busy but.. the potential of error on your part, the economical climate of creditors presently, and your short credit history will prevent a "dont look back, profit! AOR"
Especially since if you put 50+ apps on your credit reports, tank your scores, and any potential mishaps (AAs, etc) your credit will be profoundly affected..
just a caution, from the looks of it you are "well set" to go ahead in your own mind and were only seeking "ya! do it do it!" response..
youstone said:Basically my plan is to do a AOR and if that can't be done then just a few new cards and let them sit and age. -------------------------------------------------------- Background: BOA Platinum plus: 0/5000cl (09/2007) Citi Divedend :17/3000cl (10/2007) Cap1 Auto :11000/15000 (12/2007) Chase Platinum: 300/6500cl (01/2008) Discover (AU) : 100/13000cl(10/1998)
EXP:730 EQ:749 TU:742 Average Age:2yr 10mo experian has highest inq: 10 . Rest are 2-3 inq on reports. Income: 60-68k year. ----------------------------------------------------------
What is my best bet here. Should i add another AU on there with good history. Is it possible to make myself a joint holder on my parents card with 15yr history? Is joint same as AU or will joint seem more as individual accnt and will they add all history to my report?
Any one have any tips or advice? Any educated guess at what my CL's might be?
For the AOR. I'm going to apply for one card with each major bank on same day. So I will attempt at 5-6 personal and 4-5 business cards on same day.
I will then BT 30-40% of CL's into high yield accnt.
I don't plan on applying for any loans for atleast 2-3 yrs. So it shouldn't really affect me in anyways.
I'm 20 and did my first mini-AOR back in February. As someone close to your age, I recommend you NOT do an AOR. The people here guided me well. If everyone is telling you not to do one, it's for a reason. If for some reason you think you actually do have a chance at a good AOR, do not apply for any business cards. It will be rejection across the board and it'll just add inquiries to your CR.
My mini-AOR was somewhat successful. This does not mean yours will be. Nothing on your credit report is better than what my credit report had at the time and I personally think I got lucky. The only thing you have is more cards. I had 3 before my mini-AOR. Plus, I applied at a better time.
Wait 'til your cards are a year old and wait 'til most of your EX inquiries get over a year old.
I wonder what the OP is doing at 18 and getting 60-68k for it... Hardly seems worth the AOR effort if you are only expecting low limits. I would maybe do an AOR for rewards, but not AOR for BT interest..
I work for my family business in the wholesale work. I make a good 1500-1800 a week. But I live in L.A. and cost of living is high. Especially in the area I live.
Reason I ask if Penfed ask for docs. Is because I only starting getting paystubs last 8months and I dont have 2 years of W-2
This might not be a full blown AOR. But I will get a few more cards and some rewards. Then they can sit and age all together.
treasurebeacon said:rates are too low for any worthwhile AORs
I would agree with that in priciple if the only point was interest rate arbitage. But OP is young and if he does the AOR now focusing more on the account bonuses and building as much available credit as possible, then the results down the road can be much more rewarding once the inquiries roll off the reports. He could also use the credit monitoring services to help expedite rolling those inquiries off. If managed properly, OP could be in a much better situation credit-wise in 2 to 3 years when he does go to buy a house/car.
BUT (and that's a big BUT) if there is any doubt on OP's part about the ability to respect the available credit, then this could put OP into a credit-death spiral. Really scary stuff and I hope the OP reads every one of the AOR related FAQ's.
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