topic Re: Am I missing anything for a good credit score? in Understanding FICO® Scoring

Am I missing anything for a good credit score?

Anonymous — Mon, 14 Apr 2014 14:17:13 GMT

I have no credit history as of six months ago (age 21) the first time I ever checked my score was 623 my only negatives were 12 HPs from college loans that are now paid off(Forgiven). I had been using NFCU for all my banking and applied for a Cashback Rewards Visa card and received a $3,500 CL and have payed it off in full every month since I also applied for the overdraft protection line and received $7,500 through them. After six months my credit score is now 656 yesterday someone recommended I apply for a second credit card so they age together at the same time and future accounts do not drag down my average age as much. I applied for a Discover IT card and was instantly approved however I do not know my credit limit or interest rate yet. Besides paying every month in full and waiting for the HPs to go away is there any other cards or types of loans I should apply for I am still a student so i'm eligible for most of those cards and have auto insurance through USAA so I could apply for anything through them. I don't plan on applying for a car loan or home loan for at least a year but I would like to be above 700 if that's possible by then. Thanks for any advice.

Re: Am I missing anything for a good credit score?

myjourney — Mon, 14 Apr 2014 15:27:15 GMT

@Anonymous wrote:
I have no credit history as of six months ago (age 21) the first time I ever checked my score was 623 my only negatives were 12 HPs from college loans that are now paid off(Forgiven). I had been using NFCU for all my banking and applied for a Cashback Rewards Visa card and received a $3,500 CL and have payed it off in full every month since I also applied for the overdraft protection line and received $7,500 through them. After six months my credit score is now 656 yesterday someone recommended I apply for a second credit card so they age together at the same time and future accounts do not drag down my average age as much. I applied for a Discover IT card and was instantly approved however I do not know my credit limit or interest rate yet. Besides paying every month in full and waiting for the HPs to go away is there any other cards or types of loans I should apply for I am still a student so i'm eligible for most of those cards and have auto insurance through USAA so I could apply for anything through them. I don't plan on applying for a car loan or home loan for at least a year but I would like to be above 700 if that's possible by then. Thanks for any advice.

Welcome to the forum

Call Discover for the limit on the new card and congrats

What you'll need now is time to grow your file and scores

Your on the right path to 700's so keep doing what your doing currently

Re: Am I missing anything for a good credit score?

pizzadude — Mon, 14 Apr 2014 18:23:30 GMT

Moved to Credit Cards for better visibility

Re: Am I missing anything for a good credit score?

Anonymous — Tue, 15 Apr 2014 01:02:10 GMT

Also another basic question i've been unable to find an answer to is how does a grace period work? I know I have 25 days but is that from the time of purchase or the time it goes on the statement balance as of now i've been paying everything at the 25 day mark but its kind of annoying to make payments so often.

Re: Am I missing anything for a good credit score?

noobody — Tue, 15 Apr 2014 03:52:21 GMT

grace period start from statement date,

most people here are very consertive, they would suggest you garden.

i think you should apply chase freedom and ONE amex (bce/bcp everyday/preferred) depend on you spending patten, recon chase if you get 30 day notice

if both been declined, try again at 13 month mark on your 1st credit card, i am fairly sure you should get both at that time.

do some research, apply some more cards after that 2 approval until declineS come in, then GARDEN for 2 years

in 2 years you will be in 750 club

use cards responsible!!! do not spend money you do not have ALREADY

Re: Am I missing anything for a good credit score?

Anonymous — Wed, 16 Apr 2014 01:33:04 GMT

Thanks for the advice i'm only using them as a substitute for my debit card having debt drives me nuts. Ill probably wait until early next year to apply for anything should be down to only 2-3 HPs by then.

EDIT: Applying for AmexEveryday card would like to have one with EMV too though I have a feeling ill be denied.

Was approved for amex but got this message when trying to make an online account.

"Sorry, we cannot process your enrollment. Please contact customer services."

Hopefully its nothing.