Just Starting Out

[vincanity1]

This might sound like a ridiculous question but: where should I be checking my credit score? I've heard that checking lowers the score, but it seems like everyone on these forums gets a daily snapshot. And I suppose my score would be going from ?? to X, right?

[webhopper]

I'm pretty sure your wf card will eventually graduate so it will be ok!

[webhopper]

You probably won't have a score yet. You can check your report for free at annualcreditreport.com once per year.

You can buy your score and report from myfico.com

[vincanity1]

So as for the utilization, should I be spending no more than $30/billing cycle in order to avoid problems on that front (assuming I were to leave it at a $300 limit)?

Thanks again for all of your help, everyone. Really appreciate it

[Creditaddict]

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@vincanity1 wrote:

This might sound like a ridiculous question but: where should I be checking my credit score? I've heard that checking lowers the score, but it seems like everyone on these forums gets a daily snapshot. And I suppose my score would be going from ?? to X, right?

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you checking your score has NO effect on your score... When you apply for credit, the banks checking your score "CAN" lower but you have no credit... well WF soon but you don't have a score Inq. can't really hurt you.

Once your WF reports I actually probably would try for the Amex Zync... kind of a lot of talk that if you are declined it just uses a soft credit pull vs. hard pull, which does not hurt you either... if it's declined then wait til you generate a credit score which will be 6 months and apply again.

Now for checking your score, right now you could get a monitoring service through just about anywhere! WF might even have one, or at Equifax, Experian, Trans Union... they all have them... don't pay more than $12 and don't pay any attention to the scores!  Make sure you are getting all 3 reports access on this.

When you need a true Fico credit score you come here to purchase one.

[Creditaddict]

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@vincanity1 wrote:

So as for the utilization, should I be spending no more than $30/billing cycle in order to avoid problems on that front (assuming I were to leave it at a $300 limit)?

Thanks again for all of your help, everyone. Really appreciate it

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Do you have checking with them too?

I would not really worry at this point how much you are using because you don't have a score and if you are not going to apply for anything for 6 months you won't need to worry about the utilization of this card until the month before... so really if you need to put a $1k a month on this card just set it up so you can transfer cash from your checking right over to the credit card and just pay it 1 or 2 a week depending on your spenidng to keep the balance a little lower...

[vincanity1]

Thanks for all the info!

I have a sub-account under my mother with WF that I keep some money in. I recently opened a Chase checking account that I'm using as my primary debit card, though. I'm not a big spender, so I'll probably be charging mostly food and such. Great advice aobut the Amex card. I'll definitely give that a try.

[Revelate]

Get 1-2 more student cards immediately.  You want 2-3 builder cards from a thin file, and ideally if you can swing some sort of secured installment loan (credit builder or whatever) do that too.

Don't wait for the WF to report and age, it doesn't matter to your future approval chances on student (or secured cards), and it makes your score increases come later in your financial journey.  Not worth it, establish your tradelines now.

[Wolf3]

IMO, CreditAddict has given you the best overall advice.

[Revelate]

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@Wolf3 wrote:

IMO, CreditAddict has given you the best overall advice.

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To establish the best tradelines, possibly.

To establish the best credit history in the shortest time possible, I don't think so.  Payment history is king, and the sooner you establish it the better... multiple tradelines accelerate that vs. a single.  It's also pretty moot, there's plenty of people who get approved for a Zync with six months history regardless of number of tradelines, and a few more is nearly unarguably better from a FICO perspective where the minimum is pretty well known to be two revolvers.