Could Use Some Advice Please

[linux007969]

I am very new to having credit. This year I opened up my first accounts. However i have been applying for cards since 2009 and kept getting denied and finally this year I have opened up 4 accounts. I have about 15 inquaries on my credit reports, a good chunk of them should be aging off by the end of this year. I think I am addicted to applying for credit cards. I have been paying in full and on time since I have opened the accounts. I recently signed up here on myfico to get the susie orman package for credit reports and scores and I "do not meet the minumum scoreing criteria" for Transunion and Equifax so i guess my credit score is that low its not score able yet. Does anyone know how long it takes to establish a score? I would really appreciate some advice on what i can do to keep establishing my credit history. Below is a list of credit cards I have.

Capital One - Limit $300 AF $39 APR 22.9% Opened in January 2012

Amazon Store Card - $300 AF $0 APR: 25.9% Opened in Febuary 2012

Walmart Store Card - $300 AF $0 APR 22.9% Opened in Febuary 2012

Paypal Smart Connect - $400 AF $0 APR 26.9% Opened in Late Febuary 2012 (Recently got a paypal debit card to convert smart connect into a credit card to use whereever mastercard is accecpted.)

Total Credit $1,300

[Guava]

It takes 6 months of credit history to generate scores, you'll get them eventually!

[linux007969]

Do I have enough accounts open?

[Guava]

As long as you have at least 1 account with 6 months of history, you'll be able to obtain your credit scores. The number of accounts you have isn't a factor in scoring, it's the nuances like the number of account reporting balance, type of accounts (store card/bank card/mortgage/loans etc.).

There's a stickied thread entitled "Helpful threads" with a tons of fascinating and useful info if you're curious about how credit works!

[webhopper]

Yes, you are doing great, I would stop applying for credit now, and start focusing on using the cards you got responsibly.

[MarineVietVet]

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@linux007969 wrote:

Does anyone know how long it takes to establish a score?

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Welcome to myFICO.

In order for a FICO® score to be calculated, a credit report must contain these minimum requirements:

At least one account that has been open for six months or more

At least one undisputed account that has been reported to the credit bureau with in the past six months

No indication of deceased on the credit report (Please note: if you share an account with another person this may affect you if the other account holder is reported deceased).

[Anonymous]

Great Start and Welcome to the Form. 

You have a good amount of new cards that will start to build your credit. These cards are very high APRs but thats expected in the begging. Might we suggest you just allow time to work its part. In a year from now you will have a decent score and banks like BofA and other will look more apealing with APRs in the low teens and CLs of 3,000 dollars. 

In a nut shell you are in a sub-prime class and in time you will be able to climb into to prime cards. It was not but 4-5 years ago that I myself rocking a 480 FICO. Hoot Hoot. LOL> 

Best wishes, Learn the Forms and know all the aspects of a Credit APP are more than just a FICO Score.

[improvingmycredit]

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@Anonymous wrote:

Great Start and Welcome to the Form. 

You have a good amount of new cards that will start to build your credit. These cards are very high APRs but thats expected in the begging. Might we suggest you just allow time to work its part. In a year from now you will have a decent score and banks like BofA and other will look more apealing with APRs in the low teens and CLs of 3,000 dollars. 

In a nut shell you are in a sub-prime class and in time you will be able to climb into to prime cards. It was not but 4-5 years ago that I myself rocking a 480 FICO. Hoot Hoot. LOL> 

Best wishes, Learn the Forms and know all the aspects of a Credit APP are more than just a FICO Score.

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+1

Welcome!  

I think you are off to a great start.  Unfortunately, patience is your enemy right now.  You have nothing to do but wait for the accounts you have to age and grow.  I'd focus on just managing your accounts that you have well - pay on time, PIF all cards but leave a small balance no more then 9% of the limit on one and wait for you scores to grow. The GE backed cards will let you CLI every 4 months with a SP and I'd do that religiously for the next year.  I think by that time, you'd be set to get a couple of cards that have lower APRs and no annual fees.  Good Luck and keep us posted how your scores and CLs grow.  

[linux007969]

is SP a Soft Pull on my credit report? Also should I be calling GE every 4 months for the increases or should i wait and see if they happen automatically?

[Creditaddict]

WOW, All those GE with no credit score?

Great new info for the fresh starters!!

I rather get GE then HSBC!

This should actually be a new thread for fresh starters to see and find.