Hello everyone, this is my first post here. I just graduated from college and I'm looking to get an early start at getting an excellent FICO so that I can get a good mortgage rate in about 3 years. I have never had any sort of term loan. My revolving credit consists of a Wells Fargo Visa (about 3 years old) with a $1,900 Limit. This limit hasn't been increased for about 15 months. I was also just approved for a Discover More card with a 2,000$ limit, which I plan to start using for all of my monthly purchases (It gives rewards, unlike Wells Fargo). I PIF every month.
Because I'm shooting for an excellent score in 3 years or so, I'm not concerned about short term FICO drops. Does anyone have any advice? I only have these two credit cards, which I will PIF every month. Should I get a loan just to pay it off, to show that I can handle different types of credit? Should I open up a store card? Should I ask Wells Fargo for a CLI? Do I need to give a reason if I ask for a CLI?
Thanks for the help in advance - you guys seem to really know your stuff! 
@Anonymous wrote:Hello everyone, this is my first post here. I just graduated from college and I'm looking to get an early start at getting an excellent FICO so that I can get a good mortgage rate in about 3 years. I have never had any sort of term loan. My revolving credit consists of a Wells Fargo Visa (about 3 years old) with a $1,900 Limit. This limit hasn't been increased for about 15 months. I was also just approved for a Discover More card with a 2,000$ limit, which I plan to start using for all of my monthly purchases (It gives rewards, unlike Wells Fargo). I PIF every month.
Because I'm shooting for an excellent score in 3 years or so, I'm not concerned about short term FICO drops. Does anyone have any advice? I only have these two credit cards, which I will PIF every month. Should I get a loan just to pay it off, to show that I can handle different types of credit? Should I open up a store card? Should I ask Wells Fargo for a CLI? Do I need to give a reason if I ask for a CLI?
Thanks for the help in advance - you guys seem to really know your stuff!
Assuming you took out student loans those will be showing on your credit along with the payments.
Get a store credit card for the fico mix.
If you can get a small fixed term loan from your bank or credit union, do it.
Have you ever had a car payment?
@Anonymous wrote:
Just try to make sure it's a card that u want and plan on using in the future. U don't wanna be stuck 2 r 3 years from now with a store card from a place u never plan on shopping at.
And if you do get stuck with one, just shop with them online 1x per year on their clearance/close out/after christmas specials.
@Anonymous wrote:Hello everyone, this is my first post here. I just graduated from college and I'm looking to get an early start at getting an excellent FICO so that I can get a good mortgage rate in about 3 years. I have never had any sort of term loan. My revolving credit consists of a Wells Fargo Visa (about 3 years old) with a $1,900 Limit. This limit hasn't been increased for about 15 months. I was also just approved for a Discover More card with a 2,000$ limit, which I plan to start using for all of my monthly purchases (It gives rewards, unlike Wells Fargo). I PIF every month.
Because I'm shooting for an excellent score in 3 years or so, I'm not concerned about short term FICO drops. Does anyone have any advice? I only have these two credit cards, which I will PIF every month. Should I get a loan just to pay it off, to show that I can handle different types of credit? Should I open up a store card? Should I ask Wells Fargo for a CLI? Do I need to give a reason if I ask for a CLI?
Thanks for the help in advance - you guys seem to really know your stuff!
Do you have any family relationships to the Military (uncles, aunts, grandparents, cousins, siblings, parents)? If so, who and what is the family relationship?
txjohn will be giving you some good advice re: the military question.
Store cards are typically used only for store or online for that store. If they are branded with a Visa or MC, you can use them anywhere Visa and MC are accepted.
In txjohn's signature line there is a link to FICO High Achievers. I recommend getting your three credit reports asap along with your TU and EQ FICO scores (from this site---25% discounts are available---just Google). Review your reports against the High Achievers profile and then you can see where you might want to focus.
You are in a great position to build your scores properly, using the tools available now + the outstanding advice on this site from the txjohns, haulings, etc.
Remember to choose your credit lines with great care, as you will be tied to them (on your credit reports) for some time. If you follow the advice on the link and especially the "pay ahead on all but one card" advice that is listed in multiple threads here, you will be in great shape in three years---probably must less.
Starting Score: TU 766 EQ 788