Sunday, Jan 5, 2003 is my 18th birthday and I would like to hear what you folks think about my strategy to establish a good credit history as fast as possible. This is all information that I've gathered from reading the forums but I'd like to hear the pros' opinion to make sure I got everything right.
I plan to apply for about 10 or so credit cards on my big day, and keep them around until I die. It seems like the best time to put all these hard inquiries on my record is when I'm already penalized for having a less than 3 year old credit history. I'm a very disciplined person (I keep every receipt and use Quicken religiously) so I know I won't be tempted to go any shopping sprees.
Of course, only putting $20 or so a month on each card probably won't improve my score by too much (though just having had cards for a long time will score points), so I intend to cycle a bunch of c2it transfers onto them. I'll also be able to collect some rewards this way, but most of the really good reward programs won't accept kids with no credit history.
I won't max out the cards with the transfers because I know that's bad for the rating (but as many have pointed out, it's pretty stupid). But what percentage of my credit line should I spend? I was thinking 50%. Also, is it bad if you charge 50% of your credit line, pay it off and then charge that much again multiple times in a month?
Anyway, I'm dying to hear your thoughts. I know this strategy sounds pretty ambitious.