FixMyCredit1992, assuming the 1992 is your DOB, we are the same age and I understand the frustration you're having. What I'd recommend is, if possible, piggy back on a close family members' credit card or store credit card account by being an authorized user. The accounts will be reported on your CR, your FICO score will adjust according to the entire history of the account, and all future reports. But if you do this, make sure you trust whomever you become authorized with, the account has always been in good standing, and will always carry a low balance. Your score is fragile with a collection, and adding in another negative factor could be crippling. You can gain a negative history just as easily as a good one with this method. Cherry-pick your best options.
Also, you'll never be held liable for debts on accounts you're authorized on. And if whoever you ask to be authorized on is worried about you having a copy of their card, cut it up in front of them when it comes in the mail - you just want the account on your report.
Things that will immediatly be affected are:
- Your credit birthday (Mine is when I was 13 years old, 2006.)
- AAoA
- Credit Utilization, Total Credit Limit
- Payment History (Good, and bad)
- Total number of credit accounts
- Your true FICO score (some lenders disregard AU accounts, more below)
Three CC companies I can personally say will factor AU accounts into applying for a new individual account are: AMEX, Discover, and CapOne. Chase does not, so avoid wasting HP's with them. (I learned that from another poster here on the forum.) Do your research if you decide to go with other lenders based on applying expecting AU consideration. I'm personally unfamiliar with any other lenders, but any one of the three that I am with now are more than enough for now.
This is how I started my credit life and it allowed me to get a couple prime cards, and and a so-so card under my name.
But, because there are already 6 HP's on your report, you'll have to wait for some time.
I know it can be difficult to resist the "Apply" button, but it needs to be done.
Also, head to annualcreditreport.com and at least grab your free yearly Experien credit report. It does not include your FICO score, or any calculated data, just all the information that is used for those calculations. Write down the report number it generates and you can check it an unlimited amount of times with the link below if you check it atleast once every 30 days (learned this from another member on the forums here, too.) I've been checking mine weekly since I got my first card under my name in August.
https://www.experian.com/consumer/cac/InvalidateSession.do?code=DISPUTE&channel=8342
AMEX Hilton Ascend: $55,000 | Chase Sapphire Reserve: $30,000 | PNC Points: $17,500 | AMEX BCE (AU): $18,000 | AMEX BCP: $15,000 | US Bank Cash+ $15,000 | AMEX Business Prime: $14,000 | AMEX SimplyCash: $12,000 | Capital One QS: $13,500 | Chase Business Ink: $12,000 | PNC Everyday (AU): $12,000 | JCPenny Store Card: $10,500 | Chase Slate: $9,400 | Capital One QS: $6,500 | (2nd) US Bank Cash+ (2nd): $7,500 | Discover IT: $6,000 | Chase Freedom: $3,500 | Auto Lease: $0/$21,000 | Auto Loan: $0/$18,000 |
TU: 818 EX: 809 EQ: 801
