Need opinions, please help

[jchu2013]

Been reading this forum for a while now and thanks for all the helpful information.

Im now in the very begining stage to build my credit profile, need some opinion and helps. Below is my current situation :

- Credit Score : NONE

- BOA secured card approved and on its way, 4000 limit

- US bank secured card approved and on its way - 4000 limit

- 4 Inquiries : Beside the 2 above, one denial from Cap one and one denial from Amazon store credit. All 4 of them are in Dec 2012.

- 0 BAD

My goal is to get a car loan within 6 months AND to get HIGH unsecured credit ASAP.

For the 2 cards, I will PIF and get it graduated. But, while I'm waiting for those to graduate. what are the most efficient steps to take next?

Thanks!  

[Anonymous]

sit back and think about applying again after 6 months. you may try for store card like walmart after 3-4 months.

[Tran92]

You should also call the back door number to add the 3-2-1 cash rewards for your BofA secured credit card.

[jchu2013]

Beside sit back for 6 months, is there anything else I can do?

[Anonymous]

you can garden for at least 12 months, just to be on the safe side. 

[nicholasyud]

1. Find some1 in family to add you as an authorize user on their  credit card.. ( Long history )
2. Stay in garden for another 6 months after car loan. ( a credit card only save u couple hundred but car loan interest charge would cost you a fortune there ).
3. Call the bank and ask them if they can product change your secured cc to their unsecured CC.
4. AT one year mark to 18 months you should be able to establish a steady payment history and go for the card you want.
5. Hate to apply for some credit card thay you have no need of using it.
6. Credit is building for a long run. Not 1 or 2 day process so please be patient.
7. Hope it help. Goodluck on building your credit.

[jchu2013]

Thanks for information.

Im asking this because I try to do more thing while waiting for my secured card to get unsecured. Then, after my secured get unsecured, I will do another round of applying and then sit back and gardening for 12 months.

Not sure how long more I can apply for AMEX, Discover, Chase and Citi cards?

About store card, Im interested in Amazon and Saks.

About the car loan, I plan to apply for a car loan in about 3-6 months. With the 2 secured cards to build my credit, not sure if I can get approved for a car loan? Let's say I put 30% down.

[mirachi]

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@jchu2013 wrote:

About the car loan, I plan to apply for a car loan in about 3-6 months. With the 2 secured cards to build my credit, not sure if I can get approved for a car loan? Let's say I put 30% down.

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I could be wrong (and someone please correct me if I am) but I was under the impression that the car loan approval itself is easy (provided you have a steady source of income)...the credit score is only for determining your interest rates.

[nicholasyud]

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@jchu2013 wrote:

Thanks for information.

Im asking this because I try to do more thing while waiting for my secured card to get unsecured. Then, after my secured get unsecured, I will do another round of applying and then sit back and gardening for 12 months.

Not sure how long more I can apply for AMEX, Discover, Chase and Citi cards?

About store card, Im interested in Amazon and Saks.

About the car loan, I plan to apply for a car loan in about 3-6 months. With the 2 secured cards to build my credit, not sure if I can get approved for a car loan? Let's say I put 30% down.

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SAve that thought about credit card in a long run( 12 months maybe)

You can join Credit Union and im sure they would qualify you for a better rate. 30% down should be good enough for their down payment program.

[chnceit]

You are on your way on to a healthy FICO credit history. 

FICO scores dont generate until 6 months of history.

Let those accounts age and watch the preapprovals roll in