need advice for credit newbie

[Anonymous]

So here's the deal, 33 yrs old short history, no fico score as my oldest accounts are 4 months old. Here is what I have

DCU auto loan 5,200 paid on time for 4 months
DCU Platinum visa 1,000 limit 90% until. 4 months old
Credit one bank 600 limit 8% util. 2 months old

CK scores TU 584 6 inquiries
EQuifax score is 612 11 inquiries.

NO BADDIES AT ALL!!!

At 6 months will I have a decent fico score to get another credit card? Which one should I apply for? Please help with advice. Thank you

[AverageJoesCredit]

Welcome to the forum and to the crazy journey of credit

First off, plesse try to bring down that high utilization on your visa. Thats a no no. Even though the limit may not be high, you csn use it and keep making payments when able so you're not stuck with a basically maxed card which will hurt your score.

Your doing well, youve got a credit card from a CU and a car loan which helps your credit mix. Credit One, well, eventually youll want to dump that little guy . Once you generate a true Fico, im sure many will point you towards the CapOne prequal page to start with. You may also want to check out Discover who seem to like thin files. If you cant get another unsecured card, there are a few secured cards that can help you put the foot in the door with some good lenders. Try to stay away from the Credit ones and First Premiers and such.

Take your time and build up your profile right andin the rnd youll be happier for it. Best of luck , rootin for ya

[CYBERSAM]

DCU is a great bank, so you are on the right path. For starters such as yourself, you DO NOT want to have that kinda of util showing. Give your credit history some time and you should be in mid 700+ in no time.
Oh! kill that CreditOne. Its going to stay on your profile for 10 years anyway.

[Anonymous]

will I have a decent fico in 2 more months

[happypill]

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@Anonymous wrote:
will I have a decent fico in 2 more months

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If what you shared in your first post is accurate, you'll have a much improved FICO score as soon as you pay down your util.  That 90% util is the biggest thing holding you back right now.  Over time, your score will grow as your accounts age, but currently, that util is your biggest problem by far.

[Anonymous]

my CK scores are 612 and 584. Hoping my fico will be mid 600 At least. My stuff is clean on my reports. I don't get it

[TaterDawg]

The 90% untilization on your DCU Visa is what's killing your score.  Pay it down and keep it under 10% and your score will improve dramatically.

[rmduhon]

With no baddies and lowering the utilization on that card you should have fairly decent scores. Ignore the scores from Credit Karma, they are Vantage 3 scores which very few lenders use. And they are usually way off from true Fico scores.

[fliphusker]

Others have pointed out the utilization of the one card, this is correct, but not expanding far enough.There is single card utilization and overall utilization. Both are as equally important and affect your credit score the same. (I believe.)

Utilization has certain points that will jump up your FICO. Getting below 90 is the big step. Then I believe it's 60% (Not positive.) 30% and under 10%. 

Awhile back, I had a balance transfer card that I maxed out. Killed my FICO. Bringing it below 90% with a single $25 payment boosted my score 25 points. Doing this did not change my overall utilization which was at 17%.

Ideally, you want your overall utilization both for each card as well as overall utilization under 10%. This will be tough to do with your small credit limits. (Been there done that.) So your goal would be at least 30% and go from there.

Those six inquiries hurt a bit and may stand in your way of getting anohter card. Will they fall off soon?

Just remember that the credit game is not a sprint, it is a long race. I definitely understand your desire to build your credit fast, especially to get a house or even just to get cash back cards. These forums are an awesome start and have helped out myself and many others with credit questions. 

Good luck. 

[CYBERSAM]

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@Anonymous wrote:
my CK scores are 612 and 584. Hoping my fico will be mid 600 At least. My stuff is clean on my reports. I don't get it

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As others have said, forget about CK scores, they are for entertainment purpose only. Go by Fico scores only, given banks use them for credit qualification

DCU gives you Free Fico Score from Equifax.

creditscore.com gives you Free Fico Score from Experian
Once your DCU CC has reported for 6mo, you can try Discover Card and get your TransUnion Free Fico score as well.