Hey guys,
I'm late to the credit card game. I tried signing up for two credit cards in the past 7 months and was denied both times, which prompted me to check my credit scores and found out that I had a thin file.
I've been working for the past 3 years but 99% of the time I just used my chase debit card. My dad did make me an authorized user of one of his cards lonnnnnnnng time ago which I still use very sparsely (once every 6-7 months) and then only for small things (ie usually a tank of gas). After seeing my credit scores/lack of credit I signed up for a secured card since I couldn't find a traditional card that would accept me. It's got a 250 dollar limit that I pay off entirely every month once payment is due.
It's been about 5 months since I've had the capital one secured card and these are my current scores:
Transunion: 591
Equifax: 626
Capital one gave me a free credit montior as well. I have 100% on time payment, oldest credit line is 37 years (from my dad) and I have one new account (secured capital card)..... all these earned me an "A" grade in those categories. It looks like I'm getting dinged in 3 areas: Credit utiliazation (33%), Recent Inquiries (4- two of them were for new credit cards that I got denied, one was for credit check when renting this apartment, and not quite sure what that last one was, maybe another credit card I tried to sign up) and Available credit (14k). Capital one gave me a C for those three areas.
What do I do to improve my credit? Ever since I've been working I only spend what I have (I hate the concept of debt and can live comfortably with what I earn at the moment). Would puting more towards the security deposit of my secured card help? Anything else?
Thanks!
