topic Re: Building credit quick in Credit Cards

Building credit quick

Anonymous — Fri, 30 Sep 2011 22:40:50 GMT

Capitol One: 11-01 to 11/02 CL$100 closed. Chase:05/01 to 12/01 CL $600 closed. HSBC LEVITZ: 06/01 to 10/03 cL $3000 closed. Wahsington Mutual Finance: 09/01 to12/01 closed ... All of these show good standing. I have one judgement that's due to fall off in 2014 for $2133. I have zero debt and a Fraud Alert on all three. I applied for Citi Forward and was approved for $1200 and Capitol One /approved $500. These are the only cards that I have. I am an umemployed student. How can I get my score into the 800's. Should I apply for more or will build history with these.

Trans Union: 759 Fako

Equifax: 655 Fico

Experian: 732

Re: Building credit quick

Anonymous — Fri, 30 Sep 2011 23:25:08 GMT

@Anonymous wrote:
Capitol One: 11-01 to 11/02 CL$100 closed. Chase:05/01 to 12/01 CL $600 closed. HSBC LEVITZ: 06/01 to 10/03 cL $3000 closed. Wahsington Mutual Finance: 09/01 to12/01 closed ... All of these show good standing. I have one judgement that's due to fall off in 2014 for $2133. I have zero debt and a Fraud Alert on all three. I applied for Citi Forward and was approved for $1200 and Capitol One /approved $500. These are the only cards that I have. I am an umemployed student. How can I get my score into the 800's. Should I apply for more or will build history with these.

Trans Union: 759 Fako
Equifax: 655 Fico
Experian: 732

IMO, 2 major CC is enough but you could add a store card if you are a regular customer.

Why do you want a 800 score?

Re: Building credit quick

Anonymous — Fri, 30 Sep 2011 23:34:20 GMT

Thank you for replying!

Well, because my grandparents are always saying that YOU BETTER start now perserving your credit or you will be sorry. I don't want to worry or be sorry if I can prevent it. My friends credit suck and I am honestly afraid of that issue. I didn't know my credit was good until I checked earlier this month and now I'm feel compelled to make it right. I have learned so much from this site.... it's addicting (lol sigh)

Re: Building credit quick

bobebob — Fri, 30 Sep 2011 23:36:08 GMT

@Anonymous wrote:
@Anonymous wrote:
Capitol One: 11-01 to 11/02 CL$100 closed. Chase:05/01 to 12/01 CL $600 closed. HSBC LEVITZ: 06/01 to 10/03 cL $3000 closed. Wahsington Mutual Finance: 09/01 to12/01 closed ... All of these show good standing. I have one judgement that's due to fall off in 2014 for $2133. I have zero debt and a Fraud Alert on all three. I applied for Citi Forward and was approved for $1200 and Capitol One /approved $500. These are the only cards that I have. I am an umemployed student. How can I get my score into the 800's. Should I apply for more or will build history with these.

Trans Union: 759 Fako
Equifax: 655 Fico
Experian: 732

IMO, 2 major CC is enough but you could add a store card if you are a regular customer.

Why do you want a 800 score?

Why do any of us? It looks cool.

Oh, damn. My DCU FICO dipped back below!

Re: Building credit quick

nmorton79 — Fri, 30 Sep 2011 23:40:43 GMT

@Anonymous wrote:
Capitol One: 11-01 to 11/02 CL$100 closed. Chase:05/01 to 12/01 CL $600 closed. HSBC LEVITZ: 06/01 to 10/03 cL $3000 closed. Wahsington Mutual Finance: 09/01 to12/01 closed ... All of these show good standing. I have one judgement that's due to fall off in 2014 for $2133. I have zero debt and a Fraud Alert on all three. I applied for Citi Forward and was approved for $1200 and Capitol One /approved $500. These are the only cards that I have. I am an umemployed student. How can I get my score into the 800's. Should I apply for more or will build history with these.

Hello,
Even tho the closed accounts are currently in good standing, were they charged off? Is the judgement paid? If I were you, I would wait until I had a job before I app'd for any more cards. #1~too many inq can get you denied, #2~You don't want to potentially get yourself into debt because you don't have a job to pay your cards, and then getting the cards to build your credit would have been done for nothing. If you can keep up with the payments for the cards that you have now and keep your util at no more than 30%, you will be building a great history. You will reach 800. It might not be untill after the judgement falls off, tho, and if I'm not mistaken, a judgement may fall off of your cr, but I don't think it has a statute of limitations so they can come after you at any time.

Patience and time my friend...patience and time.

Good Luck!!

Trans Union: 759 Fako
Equifax: 655 Fico
Experian: 732

Re: Building credit quick

Anonymous — Fri, 30 Sep 2011 23:58:45 GMT

Yes, I closed the account of my own free will. They report in good standing. I closed them because I didn't understand credit at that time and someone told me to close them for a higher score and I did..... little did I know then

Re: Building credit quick

Anonymous — Sat, 01 Oct 2011 00:55:02 GMT

Dsummerfield,

You're showing an EQ FICO. Did you pull it from this site? If so, it has a simulator that will give you a good idea of how to grow your scores. A third card, store or otherwise, is not likely to increase your FICO, but it probably won't do a lot of damage, either - as you're a rebuilder. If you were more established, you would probably see more FICO damage with a third card, but new rebuilders seem to see less damage with new accounts.

Right now, time is your best tool. Let your accounts age. And, of course, when the judgement ages off it will have a significant score impact.

Re: Building credit quick

Anonymous — Sat, 01 Oct 2011 01:02:58 GMT

Ok, so let say store card as in JCPenny's? I have ways to pay for my bills just not documented work as lenders require ( favors and bartering goes a long way) in my family! By the way I got my EQ from Equifax.com. This is so confusing and scary but my parents/grandparents are on my case night and day...but funny thing, no advice from them as to how...smh

Re: Building credit quick

CreditAble — Sat, 01 Oct 2011 02:15:35 GMT

@Anonymous wrote:

1   YOU BETTER start now preserving your credit or you will be sorry.

2   I don't want to worry or be sorry if I can prevent it.

3   My friends credit suck and I am honestly afraid of that issue.

4 I didn't know my credit was good until I checked earlier this month

5   and now I'm feel compelled to make it right.

6 I have learned so much from this site.... it's addicting (lol sigh)

1 You obviously have already started "preserving your credit". You are seeking guidance for your endeavor by joining this forum.

2 There is no need to worry since you won't be sorry if you make sound credit practices a habit. You have already found the road map to your destination here. All you have to do is follow the map and enjoy the trip.

3 You don't need to be afraid since you are being proactive about credit protection/building. You might suggest that your friend check out these forums.

4 Good credit is a better surprise then discovering bad credit that must be overcome and rebuilt.

5 Compulsion is not a bad thing around here. If you are compelled to make a high FICO score a high priority, you will make the proper game plan and pay attention to details. You will succeed over time. You have a fairly good credit history so there is nothing to "make right". Do not regret closing accounts since you now know better for the future. That is part of the learning process.

6 Addiction to this site is one of the easiest ways to achieve an 800 FICO. It allows you to profit from mistakes made by others so that you won't make the same mistakes. You already understand that since you wouldn't have closed positive tradelines had you been a member of this forum.

Basically all that you need to do is what you are already doing by posting here. You will get updated details added to your road map over time. You will eventually arrive at your destination. I would like to point out that you have already achieved a goal that others are still trying to achieve. Others are yearning for the day that they have a credit file like yours with only one baddie left to drop off.

Over time some will suggest that you don't have to obsess about your credit score since many have achieved an 800 FICO by simply using credit responsibly. That point of view is also valid. It will however, (in my opinion) be easier and probably faster to achieve your goals by continuing to implement the best practices learned in the MyFICO community.

Re: Building credit quick

KIPPIE12 — Sun, 02 Oct 2011 01:08:54 GMT

Just remember it may take some time to get your score to 800, you can do it, but remember long history will help you get there. Also, anything 760 and higher would deem same rates as someone with an 800 score.

Re: Building credit quick

Anonymous — Sun, 02 Oct 2011 03:23:02 GMT

@Anonymous wrote:
Capitol One: 11-01 to 11/02 CL$100 closed. Chase:05/01 to 12/01 CL $600 closed. HSBC LEVITZ: 06/01 to 10/03 cL $3000 closed. Wahsington Mutual Finance: 09/01 to12/01 closed ... All of these show good standing. I have one judgement that's due to fall off in 2014 for $2133. I have zero debt and a Fraud Alert on all three. I applied for Citi Forward and was approved for $1200 and Capitol One /approved $500. These are the only cards that I have. I am an umemployed student. How can I get my score into the 800's. Should I apply for more or will build history with these.

Trans Union: 759 Fako
Equifax: 655 Fico
Experian: 732

Hi, and welcome to the forum! You've already been given some great advice and feedback. I'd just like to add the following.

On the Credit in the News forum, a member posted about a site that breaks down the various compenents that go into making up your credit score. One of those components is Length of Credit History. The article can be found at:

http://www.creditcards.com/credit-card-news/fico-credit-score-account-length-credit-history-1270.php

Allow me to post a brief quote from the article:

"There's a saying in the credit industry: 'The best credit is old credit.' According to a study by risk management firm SubscriberWise, consumers with perfect 850 FICO scores have an average age of 61 years old (born in 1950). Even the very youngest people to achieve a top FICO score had a touch of gray -- they were born in 1967. And on average, those perfect borrowers had their first credit report created 30 years ago.

"'For those obsessed with achieving the perfect FICO score, at least one fact profoundly demonstrated with our data is that an individual must have a long and well established credit history to have even a remote possibility of reaching an 850,' SubscriberWise President David Howe said in a company press release."

From the above, you can see that it will take time in order for you to reach your goal. Length of credit history can't be rushed; it is what it is. However, that doesn't mean that you shouldn't be taking good care of your credit now. I speak from personal experience when I say that messing up one's credit can happen in a very short amount of time, and then take years to recover from completely. Take care of it now, use your accounts wisely, and never, ever be late on a payment. If you do so, then time will eventually take care of the rest. Best wishes!

Re: Building credit quick

Anonymous — Sun, 02 Oct 2011 18:18:30 GMT

Wow! I didn't know anything about what "760" could do for you. I just thought "Go for the Gold" 800 Well, at least that took some of the stress off. Even though, I still want 800, it feels a whole lot better thinking about 760. LOL!! Thanks to everyone who gave me things to think about!! Again, I love this site