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Please help I'm trying to build credit!!!

Valued Member

Re: Please help I'm trying to build credit!!!

Wolf3 wrote:

GOALIS850 wrote:

I am adding more questions this time because I did not get the answers I was looking for before and I need for info. Hi I will be turning 19 in a couple of months and since I turned 18 I have been trying to build my credit. Background: I am a full time student and I work part-time making about $38,500 a year. I was approved for a car loan for about $18,750 about 4 months ago. Also, I was able to get the Journey CC from Capiltal one with a $300 cl about 5 months ago and just recently I was approved for the NFCU CashRewards with a $500 cl this month. Both of these credit cards are on my own name. I stay under a 30% utilization and also to never carry a balance. I recently signed up'd with credit karma and credit sesame which have been of great help. I have a 672 under CK. Now I have the following questions:


1. I was thinking about maybe applying for the Amex PRG or the Plat (I know it's a long shot haha) But I could really use the benefits that come with it. Do you think I have a chance at these cards if I apply next fall when I will have an AAoA of a little over a year? and finally can I use mine and my parents income in the apps if I am in their accounts as a joint user?

2. I was trying to get my scores from ex and eq, but they will not let me get them because my history is less than 6 months. Does that mean that I don't have any inquiries recorded with them? Also, the first credit card I ever applied for was the chase freedom, but I can't seem to find this inquiry anywhere. Is that weird?

3. I only got a 500 cl with NFCU when should I ask for a cli and how much should I ask for?

4. When I was approved for the car loan they gave me a 5.59 APR is that good or should a refinance in the future? 


What do you guys think? All advices will be very much appreciated!!! Thank you so much!!!

Wolf3 as another person stated Credit is a slow and steady wins the race kind of deal. I know it is temping to open a lot of lines of credit but in reality it doesn't get you any further ahead then if you kept it more reasonable. Perfect example. My wife and myself. Her credit history is just over 2 1/2 years old and she has a credit score between 730-760. She only has 4 accounts and has NEVER carried a balance. Me on the other hand I have 14 lines of credit 8 credit cards a past car loan and student loans. My oldest account is 16 years old and I missed A SINGLE payment back in 2005 on my car. Until recently her score and mine were about the same. Since then my has jumped into the 800's. The key here is I thought like you that more lines was much better but I ended up getting myself into trouble when I lost my job in 2005. Every time you open a line it will knock your score down for about 6-12 months at least. Showing perfect credit is better than a lot of credit. Granted she won't break into the 800's until her accounts age a bit but her score is still good enough to get some of the top offers from creditors. 

I would not apply for a Amex card until they send you a pre approval in the mail. My wife got her first one this month. Waste of your time and a Hard inquiry on you score. They most likely won't approve you unless you show prior history.

As far as your credit score is concerned yeah it took about 6 months for her score to show up after getting her first line of credit LOC. 

With your NFCU card use it pay it off and continue on that route. Most cards raise the limit 6-12 months after you show good standing with them. My wife went from $500 limit on her Cap One card to 750 (6months) $1500 (1year) $2500 (2 years) The same pattern mine did when I first got it. My next bump was a 3 years to $5000! 

As far as your apr for your car 5.59 isn't bad for no credit history. I believe on the FICO page high scores could get in the 3's% range. My first car was a 20 years old and I had a rate of 10%. That was years ago though. You would be hard pressed to get a refinance that would make any sense not to mention another hit to your credit. 

We have applied for a new line credit for her in this order. Cap One first, Discover after she got a cap one increase at 6 months. Then Store card at 1 year and last credit card at 2 years! You have to give this time to show you are able to make your payments. 

Oh and about your chase application it is possible that it is on one of the other credit scoring sites. Ex, EQ, or TU. Many of mine only hit on one credit report. It just depends on who they report to for inquiries. 

I have $35K line of credit with credit cards now and have less than 3% utilization. Not to mention a $200k business loan and student loans. Looked at a house loan this summer and they were going to give me rates in the mid 3's....

Good Luck and remember your credit is a life long journey not a sprint! 7 years of good credit history will do wonders for your score!



Starting Score: 719
Current Score: 809
Goal Score: 825

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Message 11 of 13
Moderator Emeritus

Re: Please help I'm trying to build credit!!!


Hi there! You must have a great work ethic congrats! If I were you I would request an increase on your NFCU card after 4 months of responsible use. Ask for something reasonable such as 1k and it will likely be a soft pull. Do not apply for any amex card until you have at least 1 year of good payment history on file. You car loan is reasonable. After one year call nfcu and tell them you want to refi at 1.79%-2.5%... I bet they will do it. Come and join me and my garden friends Smiley Happy I think you are smart enough to listen when folks tell you to garden int you have one year of history. The freedom inquiry likely got lost in cyberspace or went to experian because you did not have a real credit.file to pull at that time. To have a file you have to have more than one data point.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!

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Message 12 of 13
Established Member

Re: Please help I'm trying to build credit!!!


Thank you all veryyyy much!!!!!


I still have not gotten a concrete answer to my first question. I did added that I will only apply for these after I hit a lil over 1 year credit history. Btw Thank you very much for the info. on the car refinance and the cli Smiley Happy)))

Message 13 of 13