So I'm new to the forum I been reading for a day or 2 and today finally decided to join 
. Never had credit before not even sure what a credit report or score is all I know it's that for me to be able to get something from a furniture store I need credit the lady said. So my friend who also happen to be my roommate at UCLA told me to apply at keybank. He said they give him he's first credit card he's from New York cuz I never heard of this bank till now he mention it so. I went to the website fill up some info expenses an annual money and then submit it then after 10 seconds it cameback with an approval status of 300 dollars not bad for my first credit card is it... how do I build credit? Or what do I do to get my new bed out of Ashley furniture on payments
@Anonymous wrote:So I'm new to the forum I been reading for a day or 2 and today finally decided to join
Congratulations on getting your first card, but please start reading this forum, you have a long way to go! Start with the stickies at the top of this forum, and also read around other parts of myfico, not just the forum parts. There is great info on how credit scoring works, what goes into your credit score, and how to maintain good credit.
To start, all I can say is DO NOT BE LATE WITH PAYMENTS. On time payments are the most important thing in building credit. A late payment does not go away for YEARS, and most lenders do not like seeing late payments. You have a card, so use it for the things you normally buy. Then make sure you make payments on it, and if you can, always pay the entire balance to keep yourself from incurring interest charges.
If you have any specific questions all of us here are happy to help with those. Just remember, building credit and gaining trust from creditors is a marathon, not a sprint. If you go slow, you will be very creditworthy in just a matter of a few years, but if you try to rush it, you may find yourself stuck for much longer.
@Anonymous wrote:
Thank you so much for the answer I really want to build credit.... now I have been reading all day the different subjects on the forum and I find a lot things that I had no idea about... So I only have one inquiry right. Since I only have applied for this credit cards once I was born lol .??? Only credit cards do inquiries ?? does affect having many ????
It is likely that you only have one inquiry on one of your reports, yes. Remember, there are three major credit reporting bureaus, Equifax (EQ), Experian (EX), and Transunion (TU). Many credi card companies pull 1 inquiry from one of these sources for each application you submit. HOWEVER, some companies pull 1 inquiry from multiple agencies, which could lead you to have an inquiry on all three of these sources. Regardless of if Key Bank pulled one, or all three bureaus, 1 inquiry isn't very many. And, that inquiry will drop off in 2 years, so it won't be a big deal then. Still, you should try to keep the number of inquiries low because they are used to show other companies that you are actively looking for credit, which can be a red flag if there are too many.
ALSO - credit cards are NOT the only thing that can create hard pulls - or inquiries. A lender has the right to pull your credit for ANY type of credit - car loan, home mortgage, personal loan, student loan, furniture loan etc. IN ADDITION, many times companies taking you on as a customer will also determine if you are credit worthy by pulling your credit. This includes landlords, cell phone companies, utility companies, etc. AND your employer may also pull your credit. So - this is why credit is so important, and this is why you may have more than 1 inquiry.
The only way to find out how many inquiries you have is to pull your reports. You can pull them once per year for free from each of the 3 bureaus through annualcreditreport.com. I pull my Experian report every November, my Transunion report every March, and my Equifax report every July. I don't like paying for that information, but others like to set up score watches and credit report monitoring and all sorts of other stuff. I don't think there's a need for it unless your report is complicated or you have been a recent victim of identity theft. Still, I recommend pulling each of your reports at least once a year since it's free and it's your right as a consumer.
Thanks a bunch for all this helpful information. So lets say for example how long should I wait to get let say like a Walmart or target store credit card. since they are near college dormitories . And they offer many discounts
well my roommate has both of those cards and I really want them. How long should I wait to apply for them 6. 7 months or one year ?? Or more. Thanks for the advices @snacktrader
. And they offer many discountswell my roommate has both of those cards and I really want them. How long should I wait to apply for them 6. 7 months or one year ?? Or more
. Thanks for the advices @snacktrader
@Anonymous wrote:
Thanks a bunch for all this helpful information. So lets say for example how long should I wait to get let say like a Walmart or target store credit card. since they are near college dormitories
@Anonymous my roommate has both of those cards and I really want them. How long should I wait to apply for them 6. 7 months or one year ?? Or more
I think that will depend on what your goals are...
Let's just say that your chances for any card will improve significantly after you show 6 months of performance with unsecured credit. Obviously, there will still be cards you won't be able to obtain at that point, but you get the idea. Give it a few months, and see if your goals shift away from Target and Walmart, or if you still want them. If it turns out you still really want them then - go for it. The only thing you have to lose is an inquiry.
However, if your goals change, and say you are more interested in American Express, Discover, Chase, etc. I would hold off and make every inquiry count. You don't want to start applying for every card out there and realize a few months down the road that you have an average age of accounts (AAoA) of 2 months, lots of low limit cards, and 15 inquiries on all of your accounts. I personally have a 2 year plan for the credit cards I want, and everything I do takes that plan into consideration. At the end of 2 years (only 19 months left) I want 5 new credit cards and I don't want to be denied for any of those cards because I want to get a mortgage in 4 years and I want my report clear of inquries at that time. So as you can see, it all depends on your plans.