How much credit can one build if done everything correctly in 5 years? How often should I apply for new credit, Once my credit profile is establish? How do I get my name/profile on a mailing list for new credit card offer? THANKS!
5 years of responsible credit management should net you good FICO scores. Do you have any credit at all at this point? Do you know your FICO scores? A general rule of thumb is you should always apply for credit sparingly. What I mean by that is you don't want to run out and apply for 5 credit cards all at once. In fact, I would wait 3 months or so after you receive a new credit card before applying for another one. Remember, your credit scores will take a little hit every time you apply for credit; however, it should bounce back to normal or even higher within several months. And don't worry about getting your name on a mailing list. Once you apply for a card and get approved, you'll have more junk mail than you could have ever imagined.
Thanks Again Joshua for answering my post. Your my credit hero!! I do have 1 credit card at this point. My FICO score is 630. Would it be possible to obtain 100K limit credit in 5 years?, If I manage everything correctly? Thanks for the advise on every 3 month to apply. THANKS AGAIN!
I don't know about "hero", but it's always nice to know I'm helping out in some way . 100K limit is BIGTIME for a consumer credit card. It's tough to know what the credit landscape will be like in 5 years, but that type of limit is very uncommon. I wouldn't count on it. Keep using your current card responsibly and when your FICO scores bump up above 650 then it would be a good idea to compare credit cards for fair credit and get one that has better terms and rewards.
