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Another 18 Year Old Looking To Build Credit

Frequent Contributor

Re: Another 18 Year Old Looking To Build Credit


johnicek wrote:

Also,

Checking your credit yourself doesnt hurt your history, does it? I have heard that it does, and that it does not. Just trying to get a clear answer on that.


It doesn't.

Cards: CSP 6k, Chase Freedom 6k, BCP 7.5k, Sallie Mae 8.9k, Discover 5k, BOFA Better Rewards 3.8k
Message 51 of 63
Frequent Contributor

Re: Another 18 Year Old Looking To Build Credit


mcf wrote:

Hey and for future reference doesnt the AMEX backdate, so if say in future op wanted an AMEX on their own it would backdate the history?? Once established and off the AU


Yes. Future AMEX cards will backdate if they don't change the policy. Co-branded Amex cards like Macys, will not backdate. Please correct me if I'm wrong.

Cards: CSP 6k, Chase Freedom 6k, BCP 7.5k, Sallie Mae 8.9k, Discover 5k, BOFA Better Rewards 3.8k
Message 52 of 63
Contributor

Re: Another 18 Year Old Looking To Build Credit

What advice do your parents tell you? They have good credit so they must be very responsible. Pry for information from them, suggestions etc..

Starting Score:567Walmart TU 701, Credit Sesame 722, credit secure 701 credit karma 694Last Score: 689 TU/Walmart CK 645 Goal Score:800 CLUB
Last HP:2/2015 Util:9% CL:82KTake the myFICO Fitness Challenge
Message 53 of 63
Valued Member

Re: Another 18 Year Old Looking To Build Credit

What is does backdate mean? Not familliar with that.

Also I have had a brief conversation with my dad about getting credit and he was all for it, he encouraged it. I'll have to talk more to him about it.
Message 54 of 63
Contributor

Re: Another 18 Year Old Looking To Build Credit

Supposedly if they do it... backdating would be like say you were an AU on their card, then after say 6mths of reporting you got your own card finally.. long process is over.. you nurse that one card for say 4 yrs.. so now your average age of accounts would be throught the roof over 4-5 yrs.. then you decided ok now i want my own AMEX so you apply. Then instead of saying opened in 2017 if it was 2017 as a new account it would say then opened in 2013 so would look like you had it for many more years not messing with your AAoA. Thats if they did it..

Starting Score:567Walmart TU 701, Credit Sesame 722, credit secure 701 credit karma 694Last Score: 689 TU/Walmart CK 645 Goal Score:800 CLUB
Last HP:2/2015 Util:9% CL:82KTake the myFICO Fitness Challenge
Message 55 of 63
Contributor

Re: Another 18 Year Old Looking To Build Credit

otherwise if you applied for a card it would knock your AAoA down to around half so 2.5 which impacts the score.. so every card you get new knocks that down. Thats my prob with credit.. Ive gotten too many cards, killed my AAoa, where i had 10 yrs.. now im to 2.7 yrs averages number of cards by number of months each has been on account.

Starting Score:567Walmart TU 701, Credit Sesame 722, credit secure 701 credit karma 694Last Score: 689 TU/Walmart CK 645 Goal Score:800 CLUB
Last HP:2/2015 Util:9% CL:82KTake the myFICO Fitness Challenge
Message 56 of 63
Valued Member

Re: Another 18 Year Old Looking To Build Credit

Aha, I see, that makese sense now. I plan to visit the bank Thursday, and see what they say. Otherwise I'm thinking AU will be my best option if the bank won't give me anything, and my Cap1 recon fails.

Message 57 of 63
Contributor

Re: Another 18 Year Old Looking To Build Credit

Well hey GOOD LUCK, and remember with all the knowledge here, always ask! Its power. Wish i had this place around when i was 18 lol

Starting Score:567Walmart TU 701, Credit Sesame 722, credit secure 701 credit karma 694Last Score: 689 TU/Walmart CK 645 Goal Score:800 CLUB
Last HP:2/2015 Util:9% CL:82KTake the myFICO Fitness Challenge
Message 58 of 63
Valued Member

Re: Another 18 Year Old Looking To Build Credit

Thanks!

 

It's really nice being able to have a question, and get an answer to it and someone who can explain it. Not to mention I get the answers quickly! Thanks again, and I'm sure I will have more questions in the future!

Message 59 of 63
Valued Member

Re: Another 18 Year Old Looking To Build Credit

I got an email from someone in the Cap1 EO. He gave me his number, and said to call him and he will be happy to help me. Luckily, they emailed me, since my phone does not get great reception all day.

 

I'm going to call in the morning and see what happens. If I get approved, I'll do a little dance then go off to school. If not, I'll be making a stop at the bank on the way home to see what they have.

 

Any advice on anything specific to ask for/say when I call the EO? I suppose he will ask to verify my info, then look over the account and make a final decision? Either way, looks like a big day for me tomorrow!

Message 60 of 63