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18 going on 19

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Anonymous
Not applicable

18 going on 19

Hello!!  New poster on myFICO.

 

I am going on 19 and have started my credit.  don't like the ups and downs much. 

 

So best strategy help would be great!!

 

Goal:  750 asap and maintain at or above

 

myFICO scores as of 1/30/17:  EQ 646  TU 660  EX 648

 

AAoA ; 9 months

 

ACCOUNTS:

 

Amazon store:  new Dec 2016 ;  CL 800  bal 678

 

Barclay ;  new Mar 2016  CL 500

 

Bank of America:  new March 2016 / 99/500 account ;  Graduated after asking 1/30/17 and CLI $2200 Smiley Very Happy

 

Citi Diamond ;  new Mar 2016 ; bal 0 ; CL 2800....need to use, has not reported in a couple months

 

Care Credit ; new 6/2016 ; CL:  7700   Bal 6162

 

Discover;  new Mar 2016 ; had a CLD for some reason ;  now CL 800  bal 767

 

USAA cc: new 3/2016 ;  CL:  7000 Bal 6556 (need to pay down - had ome big vehicle repairs to make)

 

AU Cap One ;  $10,150 CL ; 0 bal

 

New January 2017:

 

Cap One Plat $300

 

PenFed:  Checking / Savings / $500 overdraft that will report as LOC

....Per LO ;  NexGen score 593...............for cc need 640....for loan need 680

 

NFCU ;  Check \ Savings \ cc $1700 ; NavCk $12,500

 

 

NO lates ; No negatives

 

GOING TO PAY DOWN THIS WEEK;  Probably Amazon and Discover both to 30%   Then pay off next month.

 

GOING TO work on paying down USAA ;  possibly BT part to make it spread out a bit. (????? yes no ???)

  

QUESTION:

 I see that a secured Builder Loan would help by like 30+ points........should I do this?  Will it really boost that well?

 

 

I hate hearing 'not enough history'.

 

I was thinking about closing out Discover and Barclay since both of them reduced my limit for absolutely no reason.  Not sure I want to deal with that issue in the future.  Should I just close them out?  My mom said last year they were good to get in with early but again, I hate that they penalized me with no missed payments or anything.  Don't like that scenario at all.

 

I want relationships that will get work with me solidly now and into the future.  I'd like to buy a house in 2 years.  Thus the reason my mom directed me to take advantage of the memberships with the military CUs.

 

Current salary: $42,500  :  Plumbing and HVAC Tech FT

 

 

THANKS!!

 

 

 

 

 

 

Message 1 of 7
6 REPLIES 6
newhis
Valued Contributor

Re: 18 going on 19

Welcome to the forum.

 

The best way to get to 750, with your profile:

- stop getting accounts

- pay down your cards, you have several above 80%

 

If you don't have any loan, it may help your score if you get a secured loan.

 

Issues:

- several cards above 80% = lower score

- keep getting cards = AAoA will not grow, you keep reporting new accounts

- Discover already CLD you, I guess because you have several new cards with 80%+ balance, Discover at 95.8% now

- as you can see, with your new Cap1 card, now they only giving you small limits

 

The good:

- no lates

- no negatives

 

You should try to get your cards 'under control'. I mean 1 report a small balance the others $0 balance. If you keep getting cards it will be hard to get to 750. Good luck

Message 2 of 7
Thomas_Thumb
Senior Contributor

Re: 18 going on 19

You have a sufficient # of cards at this time. I would suggest allowing existing accounts to age (at least 6 months) to increase your average age of accounts. You want to avoid further CLDs and go after some CLIs for low limit accounts. For young, somewhat thin, files the red flags that often trigger CLDs are high card utilizations, and opening of additional new accounts. High utilizations month to month may even trigger repeaded CLDs and possible account freeze/closure

 

It is generally ok to accumulate mid cycle charges on a card up to 70% of the card's CL - but if you do, pay down balance to below 30% before the statement cuts. Utilization is based on balance reported to CRAs which is typically statement amount.

 

For best Fico scores keep aggregate CC utilization under 9%.

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 3 of 7
SouthJamaica
Mega Contributor

Re: 18 going on 19


@Anonymous wrote:

Hello!!  New poster on myFICO.

 

I am going on 19 and have started my credit.  don't like the ups and downs much. 

 

So best strategy help would be great!!

 

Goal:  750 asap and maintain at or above

 

myFICO scores as of 1/30/17:  EQ 646  TU 660  EX 648

 

AAoA ; 9 months

 

ACCOUNTS:

 

Amazon store:  new Dec 2016 ;  CL 800  bal 678

 

Barclay ;  new Mar 2016  CL 500

 

Bank of America:  new March 2016 / 99/500 account ;  Graduated after asking 1/30/17 and CLI $2200 Smiley Very Happy

 

Citi Diamond ;  new Mar 2016 ; bal 0 ; CL 2800....need to use, has not reported in a couple months

 

Care Credit ; new 6/2016 ; CL:  7700   Bal 6162

 

Discover;  new Mar 2016 ; had a CLD for some reason ;  now CL 800  bal 767

 

USAA cc: new 3/2016 ;  CL:  7000 Bal 6556 (need to pay down - had ome big vehicle repairs to make)

 

AU Cap One ;  $10,150 CL ; 0 bal

 

New January 2017:

 

Cap One Plat $300

 

PenFed:  Checking / Savings / $500 overdraft that will report as LOC

....Per LO ;  NexGen score 593...............for cc need 640....for loan need 680

 

NFCU ;  Check \ Savings \ cc $1700 ; NavCk $12,500

 

 

NO lates ; No negatives

 

GOING TO PAY DOWN THIS WEEK;  Probably Amazon and Discover both to 30%   Then pay off next month.

 

GOING TO work on paying down USAA ;  possibly BT part to make it spread out a bit. (????? yes no ???)

  

QUESTION:

 I see that a secured Builder Loan would help by like 30+ points........should I do this?  Will it really boost that well?

 

 

I hate hearing 'not enough history'.

 

I was thinking about closing out Discover and Barclay since both of them reduced my limit for absolutely no reason.  Not sure I want to deal with that issue in the future.  Should I just close them out?  My mom said last year they were good to get in with early but again, I hate that they penalized me with no missed payments or anything.  Don't like that scenario at all.

 

I want relationships that will get work with me solidly now and into the future.  I'd like to buy a house in 2 years.  Thus the reason my mom directed me to take advantage of the memberships with the military CUs.

 

Current salary: $42,500  :  Plumbing and HVAC Tech FT

 

 

THANKS!!

 

 

 

 

 

 


My advice would be :

 

1. don't close anything

 

2. don't apply for anything for a long time

 

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 4 of 7
Anonymous
Not applicable

Re: 18 going on 19

I see several near maxed-out cards for the OP.  Since you're 18 going on 19, I think the biggest lesson for you to learn at this time is that you should never carry big balances like this.  Always PIF (pay in full).  If you can't pay for it right away, don't buy it.  This is the best advice you can be given at your age that will keep you out of 99% of credit-related trouble.  Your scores will rise when you do this; if you pay down all of your balances and simply let your accounts age (don't apply for anything else) you could be at 750 before you're 20.

Message 5 of 7
wa3more
Established Contributor

Re: 18 going on 19

closed to max on a few

 

don't get any more.

 

Pay these off or down. You are walking a financial tight rope.

Message 6 of 7
Anonymous
Not applicable

Re: 18 going on 19

Don't take this the wrong way but when kids stand on soapboxes (my 19 y.o.Has heard this more than once, I say it with love and concern)

It makes people with real life experience want to say Pipe DOWN with the
" What the freak YOU 'want' to HERE"

You sound like an entitled little schmuck, you don't have the PLACE to 'tell' the world what the freak you want to hear, you'd do better to
Look
Listen &
Pay the freak ATTENTION, rookie

Yeah, it's OK to be excited but when an 'adult' whose DL is still wet starts pointing fingers and talking about what they HATE to hear

And when an inexperienced person pouts about things happening FOR NO REASON....It just means the kid hasn't LISTENED enough to how things work and isn't taking enough time/effort to actually understand how things work vs just wanting what they want

My position..Calm down whipper snapper, you haven't been able to even sign a legal document for 12 months get and can't buy a drink but you think that soapbox is high enough to KNOW better than all these stupid people, with decades of experience and history to lean on.

I'm sure Discover was just PICKING on you and being MEAN to you personally....

How dare they react to you being than 11 months in the game and blowing up a 7k limit with USAA in just a few months....

Yeah that's just idiotic of them, especially when the GOVERNMENT and consumer groups have CRIED and bashed lenders from allowing new to credit ppl get themselves into lots of crazy debt
Especially, the CARD Act specifically speaks to under 21y.o.'S

My point being CHILL OUT....Things aren't as sure as you young ppl love to scream!

But for the quirk in our systems that allow you to piggyback on solid credit profiles as in that beautiful 10k Cap-1 AU account you wouldn't have even been able to amass the type debt or profile you gotten in less than ONE year being legally able to sign for ish

So again PIPE DOWN...Thank Mom and/or whomever for the send you were lucky to parlay...Many kids have to EARN every freaking account!

Kids like you and my 19 & 21y.o. need to realize you got the benefit on skipping the line...Don't pop your collars and pump your chest, like you didn't get pre-lit fire cause you did.

You're set up beautifully...Now if you can use what too many young ppl (among others) screw up which is Patience and just let the clock run...You'll be fine

But run around silly like a 6 y.o. and you're gonna freak yourself up.

All this THE FASTEST the QUICKEST = the road to F'd upness go ahead read the rebuiling section you'll see

If you're willing to learn, you said you want a house in about 2 years ....

Well you're set up wonderfully RIGHT now towards that goal, the 2 years isn't gonna get here any faster or slower 720 days for everybody

You're doing fine, just watch and do vs telling what YOU don't want to see or hear...You adjust to the world kid not the other way around

Pump the brakes enjoy the VIEW....You've got DECADES to know it all 😋
Message 7 of 7
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