topic Re: A little guidance in General Credit Topics

A little guidance

Anonymous — Sun, 26 Mar 2017 17:09:50 GMT

Hello everyone! I'm a new member to the forums, I've been reading on the forums for about a week now and finally decided to join. Need a little bit of guidance or advice.

I currently have one credit card with capital one platinum card with a CL of $501, and a CD with Kay Jewelers CL $1000. Experience credit score 666, Asia 7 months. Also creditwise has me at 691. Any suggestions to keep the score climbing would be greatly appreciated.

Re: A little guidance

Anonymous — Sun, 26 Mar 2017 17:10:58 GMT

AAoA* not Asia sorry

Re: A little guidance

Anonymous — Sun, 26 Mar 2017 18:08:28 GMT

Can you supply a little bit more information like balances on each. Any derog info like late, liens, judgments, bankruptacy?

Re: A little guidance

Anonymous — Sun, 26 Mar 2017 18:42:01 GMT

I've never had any late payments, payments have always been 100% on time, no bankruptcy or liens, right now my balance on Capital1 is 49$, and Kay Jewelers 800$(working on getting that paid off now, bought an engagement ring).

Re: A little guidance

Anonymous — Sun, 26 Mar 2017 20:06:21 GMT

Once your AAoA hits 12 months you will see a jump but then get a better one at 24 months. Utilization needs to be below 9%. Your file is very thin. Two more cards in the long run will work wonders. Just take your time. Credit was not built in a day. Good luck onthe upcoming event.

Re: A little guidance

Anonymous — Sun, 26 Mar 2017 20:12:51 GMT

Welcome!! Have you pulled your FICO scores and reports. That would be a great place to start so you can have a reliable baseline of information concerning your credit profile.

Re: A little guidance

Berk — Sun, 26 Mar 2017 20:27:45 GMT

@Anonymous wrote:
Once your AAoA hits 12 months you will see a jump but then get a better one at 24 months. Utilization needs to be below 9%. Your file is very thin. Two more cards in the long run will work wonders. Just take your time. Credit was not built in a day. Good luck onthe upcoming event.

This is what you need to remember. The fact that you are on the forums now is great. I started rebuilding 10 years ago. Took me a long time to even know these forums existed. Got serious about rebuilding 4 years ago. These forums are a huge help. Do your research and ask, ask, ask.

Re: A little guidance

Anonymous — Sun, 26 Mar 2017 20:52:39 GMT

Thanks for all of the advice so far, so do you all think I should open another Credit Card now? Or wait?

Re: A little guidance

Berk — Sun, 26 Mar 2017 21:13:19 GMT

@Anonymous wrote:
Welcome!! Have you pulled your FICO scores and reports. That would be a great place to start so you can have a reliable baseline of information concerning your credit profile.

Do this first.

And remember, credit isn't built in a day. If you have no pressing needs for more credit, I'd wait.

Re: A little guidance

Anonymous — Sun, 26 Mar 2017 21:16:20 GMT

Just pulled my scores
As of 3/26/17 EQ 638, TU 668, EX 666

Re: A little guidance

Berk — Sun, 26 Mar 2017 21:18:36 GMT

And your AAoA is 7 months. Hang on until its 12 and revisit obtaining a new card. You could get an auto CLI before then anyway.

Re: A little guidance

Anonymous — Mon, 27 Mar 2017 00:02:21 GMT

Here are a few recomendations, some of which people are giving you already.

(1) Get some free tools for monitoring your credit reports and scores. Credit Karma is good for TU and EQ reports (though you can ignore their scores) and FreeCreditScore.com is good for EX:

https://www.freecreditscore.com/

Get used to reading your reports and understanding them.

(2) Continue to pay down your CC debt. You goal should to have one card reporting $0 and the other a small balance. The most straightforward solution would be to make your major CC the card that reports the small balance.

(3) I am assuming that you have no installment loans of any kind. If so, the Share Secure Loan Technique would be good for you. You can find out about it here. Don't try to understand how the technique works until you have spent at least a month pulling your reports and also learning the basics of credit scoring. You can read about it here:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/m-p/4506756

You just need to read the first 2-3 posts. Don't actually try to implement it until you understand it and until most of your CC debt is paid off.

(4) When one card is reporting $0 and the other card shows a small balance, apply for a 3rd card.

Re: A little guidance

Anonymous — Mon, 27 Mar 2017 00:16:31 GMT

Thnaks Berk & Credit Guy for finishing up. I had to work a few hours today so I won't have a 24 hour day on Monday. I hate Monday at the office. Question how is ring listed installment or revolver?

Re: A little guidance

Anonymous — Mon, 27 Mar 2017 02:35:25 GMT

@Anonymous wrote:
Thnaks Berk & Credit Guy for finishing up. I had to work a few hours today so I won't have a 24 hour day on Monday. I hate Monday at the office. Question how is ring listed installment or revolver?

Look it up on your credit reports and you will know.