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Help with new credit?

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Anonymous
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Help with new credit?

Hi everyone,

 

I am new here so forgive me for not knowing all the terms and such.  I left a domestic violence situation that I had been in since I wsa 17 (I am 27 now).  I literally have NEVER dealt with credit.  I got one credit card from Capital One (Journey) with a $300 credit limit 3 months ago.  I buy grocceries with it once a month and pay off all but a little bit of it ($5 balance on it right now).  My credit score finally showed up as 608.  I am trying to get new credit to build up my score but am afraid to apply because I know it negativly impacts your score.  Does anyone have any advice for a good approval that I might be able to get?  Or what my next steps should be?

Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: Help with new credit?

Join SCFCU and get a share secured card from them. There is no hard pull on your credit reports to worry about with them. Anyone can join SDFCU as a member of American Consumer Council, which is 5 dollars for membership.

 

For building you usually want 2-3 'starter' cards. After 6-9 months of good payments, you should be eligible for credit line increases.

Message 2 of 9
Anonymous
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Re: Help with new credit?

Well to start credit you sadly have to use your credit score. You can either apply for a secured card, or apply for an unsecured card that you may like and see if even though you may not qualify they offer you a secured one What I did to start payment history is went to the closest Credit union close to me and asked them what options they had for individuals like me, I am 25 and have never had a credit score. They offered me a Credit Builder's Loan, NOTE: They do not do a hard inquiry on your credit, but it is a secured loan which you won't be able to obtain the money until 6 months to 1 year down the road. Quote

 

Let me know if you would like more info,.

 

I actually believe we have things in common as of starting our credit and possibly life experiences (I also dealt with domestic violence until recently)

 

Great luck Smiley Happy

 

Message 3 of 9
-NewGuy-
Moderator Emeritus

Re: Help with new credit?


@Anonymous wrote:

Hi everyone,

 

I am new here so forgive me for not knowing all the terms and such.  I left a domestic violence situation that I had been in since I wsa 17 (I am 27 now).  I literally have NEVER dealt with credit.  I got one credit card from Capital One (Journey) with a $300 credit limit 3 months ago.  I buy grocceries with it once a month and pay off all but a little bit of it ($5 balance on it right now).  My credit score finally showed up as 608.  I am trying to get new credit to build up my score but am afraid to apply because I know it negativly impacts your score.  Does anyone have any advice for a good approval that I might be able to get?  Or what my next steps should be?


Positive payment history affects your score greatly.  I remember my score went up a good bit after paying my secured card off for just six months. However, the most important thing is your credit report. Is your score low because you've never had any credit, or because there are some negative marks on your credit report? If you haven't recently, I would pull your three free annual credit reports before doing anything else.

Message 4 of 9
Anonymous
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Re: Help with new credit?

Your score will jump to the high 600's low 700's in a few months if all you have on your report is that one card . I was in the same situation a while ago . First 3 months I was around 615 then around the 6 month mark it went to 710 . So don't worry about the score it will go up soon .
Message 5 of 9
Anonymous
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Re: Help with new credit?

And sorry to hear about the domestic violence . Good job picking yourself up .
Message 6 of 9
Anonymous
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Re: Help with new credit?

Thank you very much for all of your help and kind words.  Yes, the Journey card is the only thing on my credit report right now.  Any suggestions on what to apply for as new credit?

Message 7 of 9
Anonymous
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Re: Help with new credit?


@Anonymous wrote:

Thank you very much for all of your help and kind words.  Yes, the Journey card is the only thing on my credit report right now.  Any suggestions on what to apply for as new credit?


If your income supports it I would go ahead and apply for the Discover It card.  The thing about the It card is that it's not a Visa Sig. card or Master World card so it can be a limit below $5,000.  That was my first card after I built up a minimal history.  The thing is it would be wise to show a few more months of positive history on your Journey card.  Make sure it is being used and not reporting above 30%, not more than 10% ideally.  I know it'd require making more than one payment throughout the month but it has to be done.  Good Luck!

Message 8 of 9
Anonymous
Not applicable

Re: Help with new credit?


@Anonymous wrote:

@Anonymous wrote:

Thank you very much for all of your help and kind words.  Yes, the Journey card is the only thing on my credit report right now.  Any suggestions on what to apply for as new credit?


If your income supports it I would go ahead and apply for the Discover It card.  The thing about the It card is that it's not a Visa Sig. card or Master World card so it can be a limit below $5,000.  That was my first card after I built up a minimal history.  The thing is it would be wise to show a few more months of positive history on your Journey card.  Make sure it is being used and not reporting above 30%, not more than 10% ideally.  I know it'd require making more than one payment throughout the month but it has to be done.  Good Luck!


Sorry, when I say 30% and 10% I mean utilization which means your balance to available credit.

Message 9 of 9
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