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How fast my score can grow ?

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Anonymous
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How fast my score can grow ?

Hello everyone,

 

I'm new here but I would like to know how fast my score can grow because I tried to apply for credit cards but I always got denied, then I decided to buy a used car to start to build my credit. Maybe after 6 moths payment on time I will be able to apply for some credit cards , right ? I don't have anything in my report , just this car ( I will make the first paymeent in September), the score is currently 544 with EX.

 

Thank you.

Message 1 of 3
2 REPLIES 2
ninjamike81
Regular Contributor

Re: How fast my score can grow ?

Your best bet would probably be a secured credit card to give you a revolving credit account.  Just to get things moving.  With that and the installment loan you could start seeing your scores increase with on time payments.  There is a lot of info throughout these forums and the people here  that can help point you in the right direction. 


Starting Score: TU 583, EX 683, EQ 653
Current Score: 10/12/14 TU 743 9/24/2014 EQ FICO 751,12/17/2014 EXPERIAN 772
Goal Score: 750

WALLET: CAP ONE UNSEC $2000, WALMART $3800, CITI SIMPLICITY $3600, DISCOVER IT $2000, BBRZ $2200, AMEX BCE $24,500, CHASE FREEDOM 10,500 KAWASAKI GOOD TIMES CARD $31,500
Message 2 of 3
Funk-O-Meter
Contributor

Re: How fast my score can grow ?

Do a lot of reading here about how to garden credit.  I went from zero credit to 740 in a little over a year. Here's the general steps:

 

1. Joing a credit monitoring program so you can check your reports daily or monthly. Buy your real deal FICO score ocassionally too. I recommend USAA for the credit monitoring. Then you can really keep an eye on stuff while your garden.

 

2. After 3 months or so of having that auto loan report on time payments check your score. When you get around 600 or so app for a starter credit card. You'll have to pay an anual fee and a activation fee and it'll have a lot limit but it'll be worth it. With those two lines of credit in some months of on time payments your score should climb nicely.

 

3. When your score has grown to a certian level in the 600's you can app and garden more cards. App for a couple good cards like Amex Blue Cash or Zync or Chase Fredom. App for cards in rounds so it impacts your score less then if you did them one at a time months apart. When you get a three or so cards keep your blances below 30% (7% is ideal) and make payments on time. In other words don't really use them. Your credit will be ROCKING in about a year. TRUST!

 

It's just a game. You just gotta learn how to play it.

Message 3 of 3
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