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18 year old trying to build credit!

Established Member

Re: 18 year old trying to build credit!

Alright thanks for the info!

Message 31 of 53
Established Member

Re: 18 year old trying to build credit!

Awesome thanks for all the info.! Why did you carry a balnce of 3-7%? How does that improve your FICO?

Message 32 of 53
Established Member

Re: 18 year old trying to build credit!

Thanks fro the reply Moving Forward! 

 

My monthly payment is around $300 right now and I plan in using these cards as my primary cards so I can get cash back on all my purchases and then just pay in full every month with my debit card. Also, thank you so much for your story!

Message 33 of 53
Established Member

Re: 18 year old trying to build credit!

Alright awesome right now I'm looking at the citi forward and the citi select to applky in the future. Maybe even the discover more. What do you guys think?

Message 34 of 53
Valued Contributor

Re: 18 year old trying to build credit!

Sounds like a great plan GOALIS850. You're welcome! Smiley Happy
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 35 of 53
Established Member

Re: 18 year old trying to build credit!

Thanks Revalate! That sounds like a great idea! When do you think I should try to app with NFCU?
Message 36 of 53
Moderator

Re: 18 year old trying to build credit!


GOALIS850 wrote:
Thanks Revalate! That sounds like a great idea! When do you think I should try to app with NFCU?

Tomorrow morning Smiley Happy.

 

No need to wait on that one though if you're planning to apply for a new credit card or two in the near future, I'd wait till after making those applications and getting a response; however, from a FICO perspective the earlier you open it the better though admittedly a swing of a few days or a week makes no difference even a year from now let alone in a longer timeframe.

 

 If you don't need the cash in the near future for college or other expenses, I'd try a term of 3-4 years if you can swing it.  Not sure what NFCU's rates are but I know my USAA secured loan is at an effective 2% above their CD return rate, and I'd estimate NFCU's is similar.  

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 741, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (1/1/18)
Goal Score:    EQ 5 771, TU 4 750, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (01/01/19)


Take the myFICO Fitness Challenge
Message 37 of 53
Established Member

Re: 18 year old trying to build credit!

Awesome thanks Webhopper!!! Would they do a hard pull if I asked for a cli?
Message 38 of 53
Established Member

Re: 18 year old trying to build credit!

Alright cool Revalate! How does a secured loan works then?
Message 39 of 53
Established Member

Re: 18 year old trying to build credit!

Also, would that be a hard pull?
Message 40 of 53