topic Re: Could Use Some Advice Please in Credit Cards

Could Use Some Advice Please

linux007969 — Sat, 21 Apr 2012 04:34:21 GMT

I am very new to having credit. This year I opened up my first accounts. However i have been applying for cards since 2009 and kept getting denied and finally this year I have opened up 4 accounts. I have about 15 inquaries on my credit reports, a good chunk of them should be aging off by the end of this year. I think I am addicted to applying for credit cards. I have been paying in full and on time since I have opened the accounts. I recently signed up here on myfico to get the susie orman package for credit reports and scores and I "do not meet the minumum scoreing criteria" for Transunion and Equifax so i guess my credit score is that low its not score able yet. Does anyone know how long it takes to establish a score? I would really appreciate some advice on what i can do to keep establishing my credit history. Below is a list of credit cards I have.

Capital One - Limit $300 AF $39 APR 22.9% Opened in January 2012

Amazon Store Card - $300 AF $0 APR: 25.9% Opened in Febuary 2012

Walmart Store Card - $300 AF $0 APR 22.9% Opened in Febuary 2012

Paypal Smart Connect - $400 AF $0 APR 26.9% Opened in Late Febuary 2012 (Recently got a paypal debit card to convert smart connect into a credit card to use whereever mastercard is accecpted.)

Total Credit $1,300

Re: Could Use Some Advice Please

Guava — Sat, 21 Apr 2012 04:37:08 GMT

It takes 6 months of credit history to generate scores, you'll get them eventually!

Re: Could Use Some Advice Please

linux007969 — Sat, 21 Apr 2012 04:38:48 GMT

Do I have enough accounts open?

Re: Could Use Some Advice Please

Guava — Sat, 21 Apr 2012 04:45:07 GMT

As long as you have at least 1 account with 6 months of history, you'll be able to obtain your credit scores. The number of accounts you have isn't a factor in scoring, it's the nuances like the number of account reporting balance, type of accounts (store card/bank card/mortgage/loans etc.).

There's a stickied thread entitled "Helpful threads" with a tons of fascinating and useful info if you're curious about how credit works!

Re: Could Use Some Advice Please

webhopper — Sat, 21 Apr 2012 04:46:23 GMT

Yes, you are doing great, I would stop applying for credit now, and start focusing on using the cards you got responsibly.

Re: Could Use Some Advice Please

MarineVietVet — Sat, 21 Apr 2012 04:48:20 GMT

@linux007969 wrote:
Does anyone know how long it takes to establish a score?

Welcome to myFICO.

In order for a FICO® score to be calculated, a credit report must contain these minimum requirements:

At least one account that has been open for six months or more

At least one undisputed account that has been reported to the credit bureau with in the past six months

No indication of deceased on the credit report (Please note: if you share an account with another person this may affect you if the other account holder is reported deceased).

Re: Could Use Some Advice Please

Anonymous — Sat, 21 Apr 2012 05:55:12 GMT

Great Start and Welcome to the Form.

You have a good amount of new cards that will start to build your credit. These cards are very high APRs but thats expected in the begging. Might we suggest you just allow time to work its part. In a year from now you will have a decent score and banks like BofA and other will look more apealing with APRs in the low teens and CLs of 3,000 dollars.

In a nut shell you are in a sub-prime class and in time you will be able to climb into to prime cards. It was not but 4-5 years ago that I myself rocking a 480 FICO. Hoot Hoot. LOL>

Best wishes, Learn the Forms and know all the aspects of a Credit APP are more than just a FICO Score.

Re: Could Use Some Advice Please

improvingmycredit — Sat, 21 Apr 2012 08:00:14 GMT

@Anonymous wrote:
Great Start and Welcome to the Form.

You have a good amount of new cards that will start to build your credit. These cards are very high APRs but thats expected in the begging. Might we suggest you just allow time to work its part. In a year from now you will have a decent score and banks like BofA and other will look more apealing with APRs in the low teens and CLs of 3,000 dollars.

In a nut shell you are in a sub-prime class and in time you will be able to climb into to prime cards. It was not but 4-5 years ago that I myself rocking a 480 FICO. Hoot Hoot. LOL>

Best wishes, Learn the Forms and know all the aspects of a Credit APP are more than just a FICO Score.

Welcome!

I think you are off to a great start. Unfortunately, patience is your enemy right now. You have nothing to do but wait for the accounts you have to age and grow. I'd focus on just managing your accounts that you have well - pay on time, PIF all cards but leave a small balance no more then 9% of the limit on one and wait for you scores to grow. The GE backed cards will let you CLI every 4 months with a SP and I'd do that religiously for the next year. I think by that time, you'd be set to get a couple of cards that have lower APRs and no annual fees. Good Luck and keep us posted how your scores and CLs grow.

Re: Could Use Some Advice Please

linux007969 — Sat, 21 Apr 2012 16:53:41 GMT

is SP a Soft Pull on my credit report? Also should I be calling GE every 4 months for the increases or should i wait and see if they happen automatically?

Re: Could Use Some Advice Please

Creditaddict — Sat, 21 Apr 2012 17:00:24 GMT

WOW, All those GE with no credit score?

Great new info for the fresh starters!!

I rather get GE then HSBC!

This should actually be a new thread for fresh starters to see and find.

Re: Could Use Some Advice Please

linux007969 — Sat, 21 Apr 2012 17:07:42 GMT

@Creditaddict wrote:
WOW, All those GE with no credit score?

Great new info for the fresh starters!!

I rather get GE then HSBC!

This should actually be a new thread for fresh starters to see and find.

Ya GE loves me i guess. Amazon and walmart i applied for the same day within the same hour. I am glad for Capital One taking a chance with me first. I am also glad I was able to turn my paypal smart connect into a regular credit card by connecting it with the paypal debit card. That was an awesome move on my part so i can utilize it to its full potenal.

Re: Could Use Some Advice Please

Creditaddict — Sat, 21 Apr 2012 17:10:01 GMT

Put it in your phone reminder or whatever is best for you, Every 4 months ask for CLI (it has to be done over phone now, automated or ask to be transferred to underwriting) I usually wait until 4 months and after my payment for that month posts, but some just wait for statement generation to apply. always a SP and if denied at 4, try again at 5, if you do get it, then wait the 4.

Re: Could Use Some Advice Please

linux007969 — Sat, 21 Apr 2012 17:15:46 GMT

@Creditaddict wrote:
Put it in your phone reminder or whatever is best for you, Every 4 months ask for CLI (it has to be done over phone now, automated or ask to be transferred to underwriting) I usually wait until 4 months and after my payment for that month posts, but some just wait for statement generation to apply. always a SP and if denied at 4, try again at 5, if you do get it, then wait the 4.

Thanks for the helpful advice! I hope they are feeling generious when i call... LOL! With Capital One I am in their credit steps program, and they will automatically raise me to $500 by my 7th statement (july i guess) and they will continue to raise me like that for as long as i have the card i guess., and as long as i pay on time!

Re: Could Use Some Advice Please

Creditaddict — Sat, 21 Apr 2012 17:22:14 GMT

@linux007969 wrote:
@Creditaddict wrote:
Put it in your phone reminder or whatever is best for you, Every 4 months ask for CLI (it has to be done over phone now, automated or ask to be transferred to underwriting) I usually wait until 4 months and after my payment for that month posts, but some just wait for statement generation to apply. always a SP and if denied at 4, try again at 5, if you do get it, then wait the 4.
Thanks for the helpful advice! I hope they are feeling generious when i call... LOL! With Capital One I am in their credit steps program, and they will automatically raise me to $500 by my 7th statement (july i guess) and they will continue to raise me like that for as long as i have the card i guess., and as long as i pay on time!

Pretty sure that is "NOT" True... just 1, sometimes 2 credit steps then nothing for the rest of your life! LOL

Hopefully not that bad but they are not known for future CLI after the 1 credit steps, just better to work your way away from them as your credit gets much better.

American Express Charge Card Zync would be what I would get at 6 months when you get credit score.

Then at a year Citi, Amex revovling Credit Card, Discover and close Cap1 unless no AF.

Re: Could Use Some Advice Please

linux007969 — Sat, 21 Apr 2012 18:07:50 GMT

@Creditaddict wrote:
@linux007969 wrote:
@Creditaddict wrote:
Put it in your phone reminder or whatever is best for you, Every 4 months ask for CLI (it has to be done over phone now, automated or ask to be transferred to underwriting) I usually wait until 4 months and after my payment for that month posts, but some just wait for statement generation to apply. always a SP and if denied at 4, try again at 5, if you do get it, then wait the 4.
Thanks for the helpful advice! I hope they are feeling generious when i call... LOL! With Capital One I am in their credit steps program, and they will automatically raise me to $500 by my 7th statement (july i guess) and they will continue to raise me like that for as long as i have the card i guess., and as long as i pay on time!
Pretty sure that is "NOT" True... just 1, sometimes 2 credit steps then nothing for the rest of your life! LOL
Hopefully not that bad but they are not known for future CLI after the 1 credit steps, just better to work your way away from them as your credit gets much better.
American Express Charge Card Zync would be what I would get at 6 months when you get credit score.
Then at a year Citi, Amex revovling Credit Card, Discover and close Cap1 unless no AF.

I may call capital one close to the end of this year and see if they would be willing to waive my annual fee for the next year or at least cut it in half, and if by any chance i keep the card for 3 years then by year3 i may call them up and ask them if there is anything they can do for me like reducing my apr rate or even switching me to a different card. At the moment I have no plans on getting a discover as i do not meet their minumum level of $10,000 a year. My salary last year was $5,515 and thats what i put on my apps for the cards i have. This year i will be making $6,500 or slightly more. I am a Computer Tech working for a non-profit. I do not get paid by the hour yet. They hope to give me a raise soon and start paying me by the hour sometime after that. I have no intention of getting a better job at the moment because I really enjoy my job as i actually get to do alot more than fix computers, I get to help out and work closely with our executive team. I also have some management authority when dealing with customers. I love my job. Really strange thing is eventhough i pay taxes like the rest of everyone, my work doesnt show up on all 3 credit reports, They only one it shows up on is experian, and even on experian its very vague. Do u think the IRS isnt reporting my employment to the credit agencys properly or do you think its they way i file my taxes? Currently I file as a self employed indepent contractor, though when i apply for credit i put down i am employed by my work and not self employed. So far no denial letters have said "unable to verify employment" LOL.

Re: Could Use Some Advice Please

Creditaddict — Sat, 21 Apr 2012 18:14:49 GMT

When your credit report generates a score, it will probably load in the info being sent by current open credit cards and employment will very likely start reporting.

Re: Could Use Some Advice Please

linux007969 — Sat, 21 Apr 2012 18:17:01 GMT

@Creditaddict wrote:
When your credit report generates a score, it will probably load in the info being sent by current open credit cards and employment will very likely start reporting.

Let's hope so! LOL You guys are really nice here!

Re: Could Use Some Advice Please

webhopper — Sat, 21 Apr 2012 18:20:26 GMT

@linux007969 wrote:
@Creditaddict wrote:
When your credit report generates a score, it will probably load in the info being sent by current open credit cards and employment will very likely start reporting.
Let's hope so! LOL You guys are really nice here!

We try to be nice Glad its working!

Re: Could Use Some Advice Please

linux007969 — Sat, 21 Apr 2012 18:31:21 GMT

@webhopper wrote:
@linux007969 wrote:
@Creditaddict wrote:
When your credit report generates a score, it will probably load in the info being sent by current open credit cards and employment will very likely start reporting.
Let's hope so! LOL You guys are really nice here!
We try to be nice Glad its working!

I am glad I am moving in the right direction. As long as i can pay my cards on time and in full or almost in full then things can only get better!

Re: Could Use Some Advice Please

Anonymous — Sat, 21 Apr 2012 20:18:57 GMT

Min payment ON Time is most important. Don't get too crazy trying to impress those CC companies how much you can spend because the only thing reported to the CRAs is wither the payment was made Ontime or Late.

While you allow time to pass and these monthly On Time payments are reported you might also learn ALL the aspects in a credit application that money lenders consider.

TEX