Hello everyone! Quick question..

[Anonymous]

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@Anonymous wrote:

If I do get approved for a CC, when is the right time to use it? How should I use it?

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Well.

Use it as soon as it arrives. Use it for purchases you can afford to pay back at the end of the billing cycle so you don't fall into a pattern of maxing it out and paying just the minimums.

Ideally you want to pay down the balance to ~10% of the credit limit before the statement cuts. Definitely don't max it out and let it cut before paying.

I personally stop at 60% and either pay it down or use a different card.

[Anonymous]

Where do I stand on the credit scale? I know I don't have ANY credit. but If i did get approved and starting using it, how long would it take for my score to show up or even be considered "good" ?

[Anonymous]

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@Anonymous wrote:

Where do I stand on the credit scale? I know I don't have ANY credit. but If i did get approved and starting using it, how long would it take for my score to show up or even be considered "good" ?

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6 months minimum.

[Anonymous]

Any other good tips

[Anonymous]

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@Anonymous wrote:

Any other good tips

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That's really about it....

Keep an eye on your reports, Don't let accounts go negative.

[elim]

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@Anonymous wrote:

Any other good tips

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  never ever make a late payment and never max em' out. just grab what you can (secured and a store card) and chill 6 months here.

[Anonymous]

is it possiable to get approved for a store card with no credit?

[Anonymous]

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@Anonymous wrote:

is it possiable to get approved for a store card with no credit?

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Remember that part I said about not applying for junk cards you may not need?

Depends on the card, but most of the worthwhile ones WILL require some semblance of a decent score to apply and get approved for.

[Anonymous]

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@Anonymous wrote:

is it possiable to get approved for a store card with no credit?

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No, they want to see a history that is why going with a secure card showing payment history for 6 months will help.  The credit score game is all about strategy.  Although it is nice to get the cards you'd want now, it isn't the right choice as you have no credit.  See it from the lenders perspective. Patience and deligence wins the credit game.  When I was starting out, I went straight to the store cards and was completely rejected wih no credit.  Wish I found this board sooner,as most of the people here have experience....

[Chaselover]

My suggestion - start BOA secured card with as much money u can deposit in it. Try to deposit 5k in it. Use that for couple of months with low util, after a while, automatically ur scores will be up and big banks will start matching ur CLs n u shud start getting VS's soon after.

Dont waste HPs applying for "no use" cards like First Premier and Credit one. Aim at the top dogs like Chase, Amex and Citi.