topic Re: Just starting out, could use a few pointers in Rebuilding Your Credit

Just starting out, could use a few pointers

jesandrw4 — Fri, 14 Mar 2014 03:00:33 GMT

So as alot of young kids do, I messed up my credit. I am 25 now and trying to rebuild i but I really dont know where to start. Last time I had my credit score checked it was around 530. I have paid off several old debts, and one is past the limit (tmobile, about 8 years old) that is not longer being reported, nor does it show on my credit report

I currently have a car payment (since October '13) through Credit acceptance. I have not been late or missed a payment. A few days ago I was approved for a Fingerhut account with a CL of $400.00, I have made a purchase of $200.00 and dont plan to make another until this one is paid off.

No goal is not to open tons of credit cards, but to maybe have one that I can use for small purchases that I can pay off pretty quickly.

If anyone has any tips that could help me in this process would be great!

Re: Just starting out, could use a few pointers

Anonymous — Fri, 14 Mar 2014 03:20:39 GMT

Hi and welcome to the forums.

I would get 2 or 3 revolving accounts. That is where your biggest boost in score will come from, utilization.

Is the fingerhut a revolving or installment?

For optimal scoring, let all but one card report 0 balances and the last one at 9% or below. Once it reports, pay it off before the due date to avoid interest charges.

You have a thin file and your biggest help is going to be time and letting the accounts you do have age with on time payments.

Have you pulled all of your free reports from annualcreditreport.com?

Re: Just starting out, could use a few pointers

jesandrw4 — Fri, 14 Mar 2014 03:59:57 GMT

Thank you, I have tried a few times to apply for other cards but have been denied (even for a walmart card) so I was very surprised and greatful that Fingerhut, despite their outrageous prices, gave me a chance.

I am not 100% sure if it is revolving or installment. I read a few posts on other sites that said there are two different lines of credit that you can get from them. I did not have to put any money down when I was approved, and when I look at my account it shows that I have a minimum balance due each month, so I want to say that it is revolving, but i am not completly sure.

Would going for a secured credit card help at this point? or are their better options.

finally, I did pull my reports last year and when I tried to print them, I was unaware that my printer was out of ink so now I have to wait another 5 months before I am able to pull them again.

Re: Just starting out, could use a few pointers

hayhayhayday — Fri, 14 Mar 2014 06:43:09 GMT

you can get a free report if you were denied anything recently

http://www.experian.com/reportaccess/index.html

https://annualcreditreport.transunion.com/fa/disclosure/welcomeProcess?cb=FA

https://aa.econsumer.equifax.com/aad/landing.ehtml

. Quizzle gives free eq report every 6 months also

Re: Just starting out, could use a few pointers

jesandrw4 — Sat, 15 Mar 2014 01:36:25 GMT

Thank you, will go look them up.

Re: Just starting out, could use a few pointers

kklblue5 — Sat, 15 Mar 2014 01:40:43 GMT

Who is Quizzle.

Re: Just starting out, could use a few pointers

ktl72455 — Sat, 15 Mar 2014 01:41:17 GMT

A secured card you cant be turned down for and no credit check needed and they report to all 3. Great builder.

Credit Cards | State Department Federal Credit Union

Re: Just starting out, could use a few pointers

jesandrw4 — Sat, 15 Mar 2014 01:44:31 GMT

So i just checked my experian and these are the only 2 negatives that come up.

IQ data

opened 11/2012

Closed, paid

Wells fargo dealer services

opened 5/2009

paid in settlement

I have 9 accounts (school loans and current car pmt that are in good standing)

Do you think it is possible that I can ask to have these 2 negatives removed since they have been paid and are a few years old.

Re: Just starting out, could use a few pointers

jesandrw4 — Mon, 07 Apr 2014 18:43:22 GMT

Woohoo! apprived today for Capital one quicksilver CC with $500 limit. Going to make small purchases and pay them off quick, hopefully I will see some small positive change

Re: Just starting out, could use a few pointers

gdale6 — Mon, 07 Apr 2014 21:02:18 GMT

@jesandrw4 wrote:
Woohoo! apprived today for Capital one quicksilver CC with $500 limit. Going to make small purchases and pay them off quick, hopefully I will see some small positive change

Re: Just starting out, could use a few pointers

Whitneyy — Mon, 07 Apr 2014 23:18:55 GMT

@jesandrw4 wrote:
So i just checked my experian and these are the only 2 negatives that come up.

IQ data
opened 11/2012
Closed, paid

Wells fargo dealer services
opened 5/2009
paid in settlement

I have 9 accounts (school loans and current car pmt that are in good standing)

Do you think it is possible that I can ask to have these 2 negatives removed since they have been paid and are a few years old.

Yes it's possible. Especially with IQ Data International, if you paid them, they will remove the tradeline.