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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
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!!
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
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%.
@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
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
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.
closed to max on a few
don't get any more.
Pay these off or down. You are walking a financial tight rope.