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BRAND new credit opportunity !!! what now?

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krial
Regular Contributor

Re: BRAND new credit opportunity !!! what now?

Discover may also be worth a look, as they seem to like to be one of your first cards. My brother just got the Discover Chrome, instant approval online. He has been an Authorized User on a couple of our mother's cards for the last few months, but otherwise has no credit what-so-ever. He was approved for the Capital One Platinum card with a $300 limit, and the Discover Chrome with a $1000 limit on the same day.

Goal: 800, Current Scores: EX 735, EQ 746, TU 745
Message 11 of 26
jsucool76
Super Contributor

Re: BRAND new credit opportunity !!! what now?

If you have a good chunk of money to throw down, get a capital one secured card. It won't graduate, but it reports as an unsecured card, so if you throw 3k into that secured card, it will show up on your reports as an unsecured card with a limit of 3k. Let that age a bit and you should be good to go.
Message 12 of 26
danisgods
Regular Contributor

Re: BRAND new credit opportunity !!! what now?


@jon22guitar wrote:

Credit union, secured BofA or Cap One, Cap One Journey, and Walmart. Get all or a combination of these cards and you'll be off to a great start!


when you guys say credit union, you mean a credit card from them , not a regular bank account right?

 


Starting Score: TU 715 EQ 704
Current Score: TU 715 EQ 704
Goal Score: 760-780


Take the FICO Fitness Challenge
Message 13 of 26
danisgods
Regular Contributor

Re: BRAND new credit opportunity !!! what now?

Yes, i need to pay in order to be able to post to the forum , when i log off from my cousin's and try to creat an account it says , forgot password below , not that usual creat an account. there is no way to cret an account just for the forums, they want your mobey first then the forum .

thanks


Starting Score: TU 715 EQ 704
Current Score: TU 715 EQ 704
Goal Score: 760-780


Take the FICO Fitness Challenge
Message 14 of 26
danisgods
Regular Contributor

Re: BRAND new credit opportunity !!! what now?


@CreditDunce wrote:

You will need about $550 to start.  Put it in a credit union.  Ask for a $500 shared secured installment loan.   They will give you the $500.   Take the $500 and open a secured credit card.  If you have more than $500, you can add a second secured credit card or get a secured credit card for more than $500.  However, you can't touch any funds used to secure the credit card.

 

Ideally, find a secured credit card that will eventually graduate to unsecured (e.g. BoA).    Secured credit cards often have high fees, try to avoid as many as you can.

 

For more info on how shared installment loans work, read this thread:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/penalized-for-not-having-installment-loan...

 

Use the secured credit card each month and pay the full amount owed.  Make sure the shared installment loan is paid each month.  Do not pay the shared installment loan off early, just make each monthly payment.

 

In 6-12 months, start looking for a unsecured credit card.   You want to find a couple of unsecured credit cards with no annual fees.  Look for cards from banks/CU's that you like.  For the best credit score, you want to be able to keep these first cards open for the rest of your life.  If you are fairly young, add an American Express card as soon as you can future back dating.  But don't try for the American Express with only 6 months credit history.  You will need to build up your credit report first.

 

After you have established your credit history, you can close the secured credit card to get your money back.  Then just pay all of your bills on time.  Use credit when you need it (e.g. car loan or later a mortgage), but don't apply for too much at once.


this sounds smart and tempting but a bit confusing , no?


Starting Score: TU 715 EQ 704
Current Score: TU 715 EQ 704
Goal Score: 760-780


Take the FICO Fitness Challenge
Message 15 of 26
CreditDunce
Valued Contributor

Re: BRAND new credit opportunity !!! what now?


@danisgods wrote:

@CreditDunce wrote:

You will need about $550 to start.  Put it in a credit union.  Ask for a $500 shared secured installment loan.   They will give you the $500.   Take the $500 and open a secured credit card.  If you have more than $500, you can add a second secured credit card or get a secured credit card for more than $500.  However, you can't touch any funds used to secure the credit card.

 

Ideally, find a secured credit card that will eventually graduate to unsecured (e.g. BoA).    Secured credit cards often have high fees, try to avoid as many as you can.

 

For more info on how shared installment loans work, read this thread:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/penalized-for-not-having-installment-loan...

 

Use the secured credit card each month and pay the full amount owed.  Make sure the shared installment loan is paid each month.  Do not pay the shared installment loan off early, just make each monthly payment.

 

In 6-12 months, start looking for a unsecured credit card.   You want to find a couple of unsecured credit cards with no annual fees.  Look for cards from banks/CU's that you like.  For the best credit score, you want to be able to keep these first cards open for the rest of your life.  If you are fairly young, add an American Express card as soon as you can future back dating.  But don't try for the American Express with only 6 months credit history.  You will need to build up your credit report first.

 

After you have established your credit history, you can close the secured credit card to get your money back.  Then just pay all of your bills on time.  Use credit when you need it (e.g. car loan or later a mortgage), but don't apply for too much at once.


this sounds smart and tempting but a bit confusing , no?


Sorry if it is confusing, search the forums.  There are hundreds of posts with the same question.

Message 16 of 26
Anonymous
Not applicable

Re: BRAND new credit opportunity !!! what now?


@danisgods wrote:

Yes, i need to pay in order to be able to post to the forum , when i log off from my cousin's and try to creat an account it says , forgot password below , not that usual creat an account. there is no way to cret an account just for the forums, they want your mobey first then the forum .

thanks


I dont pay and never paid. Im not sure what you are doing wrong other than thinking you have to pay. 

Message 17 of 26
danisgods
Regular Contributor

Re: BRAND new credit opportunity !!! what now?


@Anonymous wrote:

@danisgods wrote:

Yes, i need to pay in order to be able to post to the forum , when i log off from my cousin's and try to creat an account it says , forgot password below , not that usual creat an account. there is no way to cret an account just for the forums, they want your mobey first then the forum .

thanks


I dont pay and never paid. Im not sure what you are doing wrong other than thinking you have to pay. 


Can you please try to log off and try to set up a new account , once you the to the button "creat new account " send me the link via private msg and i will go from there, from here there is no way to set up an account unless a sign up for one of the plans the cheaper been $19.95


Starting Score: TU 715 EQ 704
Current Score: TU 715 EQ 704
Goal Score: 760-780


Take the FICO Fitness Challenge
Message 18 of 26
Anonymous
Not applicable

Re: BRAND new credit opportunity !!! what now?


@Anonymous wrote:

@danisgods wrote:

Yes, i need to pay in order to be able to post to the forum , when i log off from my cousin's and try to creat an account it says , forgot password below , not that usual creat an account. there is no way to cret an account just for the forums, they want your mobey first then the forum .

thanks


I dont pay and never paid. Im not sure what you are doing wrong other than thinking you have to pay. 


Me neither.

 

 

I mean, If i had to get FICO scorewatch for a couple months to join I probably would have still done it, but..

Message 19 of 26
dccordell
Established Member

Re: BRAND new credit opportunity !!! what now?

You need to log into the Community. After logging out of your friend's account, at the top of the page, click on the big link on the right: "connect with the COMMUNITY".

 

Then at the top of the forums list, right under "myFico Forums," click on Register. That's free...

Message 20 of 26
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