Please help Experts I'm new and Need Credit

[Succeedin2]

I'm not sure when to apply I just got approved for Discover It 2 weeks ago for 13k that raised my T/U from 715 to 765 however my other two are lower at 689 & 683 possibly the credit limit did not report yet. The only other debt I have is my car payment through Chase I really need to refinance my sister is a car dealer in Georgia but I will travel but I need your help since I just got approved is July too soon to apply for my new car loan or is that ok? Also I work at a bank and the banker was trying to get me to apply for our cards after the car loan or lease goes through, how long should I wait to apply for out banks signature card? He thinks the bank will approve for 25k but since I only have one other card, I don't know. In the future I do want to apply for AMEX and Barclays. Please help me with a time strategy thanks in advance!

[mauve]

RELAX. You're fine.

Discover It is a hard card to get - doubt me, just go to the credit card forum and see how many people are fretting over it. Where are you getting your scores? They probably arent FICOs if you didn't get them from a lender.

Your utilization (% of revolving credit you're using) is 30% of your credit score. Since the card isn't reporting on 2 of your reports, those will naturally be significantly lower because you're missing out on 30% of your score!

I'd either wait until that card is reporting on all 3 or I would find a car lender that checks TU. I just got a car loan, and I tried 2 places - my credit union pulled TU and Toyota Financial pulled EX. Keep in mind that those scores, while FICOs, might be different from your regular FICOs because they are auto-enhanced (optimized to look at auto-related loans more closely).

The credit card forum is going to be the place to analyze exactly what cards you can get and when to apply to maximize your chances. Given that your very first card is one of the harder ones to get, and that they started you off iwth a 5 digit credit limit, I'd say you're in really good shape. Oh, and if you can, get an AMEX by December 31st. They have an odd but helpful way of backdating cards.

[Succeedin2]

Hi thanks for your response! If Credit Karma had not suggested I would not have applied! i still did not believe the limit until I logged in since I applied online. My T/U came directly from T/U and my Others from MYFICO but i need to update my T/U on MYFICO too and I pulled from Experian's site too those that are both lower it is reporting just not showing the credit limit so once that credit limit showed, I knew my score would go up I'm going to pay it full each month. Sorry I'm not familiar with the term backdating cards but I am not sure if I should apply for our bank signature card or Barclay first. I also plan on purchasing a home August of 2014. I appreciate your words of wisdom!

[mauve]

FICO scores are the ones that most lenders use. If you got a score from TU or EX from them directly, it's their own proprietary score and is a guideline, but it doesn't have the same calculations or criteria as a FICO score does.

Here, you can get your EQ score and your mortgage lender will pull the exact same score. The TU score here is an older version - TU98. Mortgage lenders will usually pull a TU04. TU08 also exists. Soon, EX scores will be available here as well....not sure if they will line up with mortgage lenders' scores.

I recommend you spend some time on the CC forums to figure out what cards work best for you. I also recommend clustering your credit card applications together so they don't affect each other. And if you're applying for a mortgage in August of 14, I also recommend getting any apping for credit cards completed by some time in July. Also, make sure that August is the right time to do it - usually, you'll want to have mortgage approval before you're house shopping because you want to know what the overall costs are, you'll want to be able to put in an offer quickly when you find the right house, and you'll need to be accounting for the fact that it can take months to close.

[myjourney]

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@Succeedin2 wrote:
I'm not sure when to apply I just got approved for Discover It 2 weeks ago for 13k that raised my T/U from 715 to 765 however my other two are lower at 689 & 683 possibly the credit limit did not report yet. The only other debt I have is my car payment through Chase I really need to refinance my sister is a car dealer in Georgia but I will travel but I need your help since I just got approved is July too soon to apply for my new car loan or is that ok? Also I work at a bank and the banker was trying to get me to apply for our cards after the car loan or lease goes through, how long should I wait to apply for out banks signature card? He thinks the bank will approve for 25k but since I only have one other card, I don't know. In the future I do want to apply for AMEX and Barclays. Please help me with a time strategy thanks in advance!

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You can refinance any time you wish 

Congrats on the TU score bump Yay

Discover is slow sometimes in reporting to CB's so it may take up to 2 months in some cases. Wait until the car is done before applying for any new cards as you want the best score to get the best rates available after that I say you stand a good chance of approval with barclayscard.

Be aware that Amex like to see a year of CC history before approving of course YMMV

Good luck and best wishes

[mauve]

Also, shop around for your car loan. Make any applications close together. I recommend trying credit unions first.

[Succeedin2]

Thanks so much that is great advice! I won't apply for anything until after the car. I will look for my own financing at a Credit Union I will also check the rates at the bank I work at. My sister is at a dealer in GA and is looking for a good deal for me on a pre-owned Lexus or I might lease this year in July. Probably in the Fall, I will apply for Barclays in October.. I will continue to focus on my score and saving and that will give me 8 months before I finance. I won't apply for AMEX until next October.