Posts: 14
Registered: ‎05-06-2009
Advice for young person (re)building credit?

Good afternoon everyone!


First of all I would like to thank all of you for the helpful forum! I will be turning 25 soon, and have decided that I would like to make an effort at building a stronger credit history. I will try to give all of the important details that may be needed - but please feel free to ask for anything that I have missed.


I was able to pull two of my free credit reports (TransUnion and Experian), but Equifax is requiring a paper form. I will start out by saying that I do not have much in the way of credit history, and have only one open account. I have a credit card with a maximum limit of $700 that is branded Bank Atlantic - I believe this is issued by Barclays. This card has been open for almost two years without a single late payment. I usually keep the balance close to zero although the last report was at $390. TransUnion did not have a single derog reporting, but Experian reported a paid charge-off of $197 which I believe was originally reported in 2003. (Latest reporting date was in 2004 when the payment was made.) I requested a credit increase on my card at the beginning of this year; however, after pulling my report they told me that I was not allowed to request a credit limit increase because of the program that I was in.


Lastly, I would like to mention that I am a member of Navy Federal Credit Union. I have seen mention of it here on the board, however I have only savings and checking.


My questions would be:


1) I am living overseas, and would love to have my CL increased (or to open another card) so that it would be possible to buy two international aircraft tickets in an emergency. What should I do?


2) I would like to increase my credit rating so that I will be in a better position to buy a home one day. What can I do?


3) Would you suggest anything else in my situation?





Credit Report Info:





Balance:  $390  
Date Updated:  04/2009  
High Balance:  $733 
Credit Limit:  $700 
Past Due:  $0 
Terms:  Minimum $5 
Pay Status:  Paid or Paying as Agreed  
Account Type:  Revolving Account  
Responsibility:  Individual Account  
Date Opened:  06/2007 
Loan Type: Credit Card 



Requested On: Inquiry
Type: 06/03/2007 Individual





Status:  Paid,Closed. $197 written off.
Date Opened: Type: 10/2002
Reported Since: 08/2004
Date of Status: Deposit
Terms: NA
Monthly Payment: $0
Responsibility: Signer
Last Reported: 08/2004
Account History: Charge Off as of Aug 2004


Accounts in good standing:

Status:  Paid,Closed/Never late. 
Status Details:  This account is scheduled to continue on record until Mar 2015. 
Credit Limit/Original Amount: $627
High Balance: NA
Recent Balance: NA
Recent Payment: NA
Date Opened: 12/2004
Reported Since: 03/2005
Date of Status: 03/2005
Last Reported: 03/2005
Type: Installment Terms: 24 Months
Monthly Payment: $0
Responsibility: Individual


Status:  Open/Never late. 
Date Opened: 06/2007
Reported Since: 06/2007
Date of Status: 04/2009
Type: Revolving
Terms: NA
Monthly Payment: $5
Last Reported: 04/2009 
Responsibility: Individual
Credit Limit/Original Amount: $700
High Balance: $733
Recent Balance: $390 as of 04/2009
Recent Payment: $150