Increasing credit score

[Anonymous]

Good evening for those who are still awake!

I am a completely brand new in this field of my life. I am currently 19, just starting paying my phone bill a year ago, now just received my first credit card.

I was approved for Cap One Platinum with a CL of $300.

After my first month of having my CL, I just realized I something wrong.

I just learned about the "util" rate (30% I believe) I made a $250 charge just to pay it off monthly, cause I thought it was the smart route.

But, I messed up, payed $25 down the first statement, and now that the statement period is about to close, I am about to completely pay it off before the next statement period.

Can you guys proivde me with tips on improving credit a quick manor?
Here are my scores: EX: 573 EQ: 576 TU: 560

I want to reach 600+ish by maybe December if that is possible.

I was thinking about applying for my second Cap One credit card just to do the same process.

But I need advice!

I want to have great credit as a new adult entering the world.

I also am planning to get an auto loan when my credit is near 650+ which I think sounds reasonable.

[Anonymous]

Don't worry about util too much.  It's a temporary thing.  Worry about it when you plan to apply for a new form of credit.  At that point, get your util to 1-9%. 

Why are your scores low?  Do you have any baddies?  As mentioned earlier, don't worry too much about util for now.  Use your money to pay off any baddies.  Use money left over to pay down CC balances.  If you have a collections account, be sure to ask for a PFD (pay for deletion).  If you have late payments, send a goodwill letter.

[jamie123]

Can you guys proivde me with tips on improving credit a quick manor?

First off, why are your scores so low? You need to check your reports and find out what you have on there that is dragging your scores down. You could join CreditKarma.com and get your free EQ and TU reports. They will also show you updated reports once a week. Keep in mind that the CK credit scores are FAKO and not accurate but it is a great place to watch what is happening to your reports.

Where did you get your scores?

If you have a baddie or two on your reports we can give you some advice on how to have it removed. That is the quickest way to improve your scores.

You really do need to sit tight until your scores rise above 620 before you can start applying for and being approved for some "standard" consumer grade credit cards.

As far as raising your scores and building a good credit profile it is pretty straightforward. You need to get 3 credit cards to start, then wait 6 months to a year and add a couple of more cards. You eventually want to end up with 5 to 8 quality credit cards that you can keep open for life.

So...Why are your scores so low?

[SouthJamaica]

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@Anonymous wrote:

Good evening for those who are still awake!

I am a completely brand new in this field of my life. I am currently 19, just starting paying my phone bill a year ago, now just received my first credit card.

I was approved for Cap One Platinum with a CL of $300.

After my first month of having my CL, I just realized I something wrong.

I just learned about the "util" rate (30% I believe) I made a $250 charge just to pay it off monthly, cause I thought it was the smart route.

But, I messed up, payed $25 down the first statement, and now that the statement period is about to close, I am about to completely pay it off before the next statement period.

Can you guys proivde me with tips on improving credit a quick manor?
Here are my scores: EX: 573 EQ: 576 TU: 560

I want to reach 600+ish by maybe December if that is possible.

I was thinking about applying for my second Cap One credit card just to do the same process.

But I need advice!

I want to have great credit as a new adult entering the world.

I also am planning to get an auto loan when my credit is near 650+ which I think sounds reasonable.

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IMHO you should

1. Use the card and pay it down frequently, maybe multiple times per month. Your scores will go up and you will get credit limit increases. As of statement date, balance should be below $90 (below 30%)

2. When your scores are in the mid 600s apply for a Cap One Quicksilver and a Barclay Rewards card, and use those the same way for a year.

3. Do not get mired down in (a) store cards or (b) cards with bad terms.