Just getting started

[J_Money]

Hey, I am 26 and just recently cleared up a lot of credit issues i've had since I turned 18, i have the same name as my father and her may have stolen my identity.  Either way, I cleaned up my 3 reports containing a combination of federal and state tax liens, collection accounts and hard inquiries resulting in a -1 FICO score.  I currently have 1 Discover IT card secured $400 limit, and just got approved for Chase Freedom $500 limit upon reconsideration seeing as i only have 3 months of credit history I considered this a win.  I have not generated a FICO score yet.   I've learned a lot about credit reporting, debt collection, and general ways to build credit.  I am here to try and figure out the best plan for my credit future, and share what i've learned if it can help anyone.

[asulaw]

Gardening will help a lot. You probably want to hang onto that Discover and let it graduate. Then I would also suggest using that Slate wisely so you can keep getting auto CLI. If you're just starting out like this, they will more and likely now want to give you big limits right away. 

Basically, PIF (pay in full) for about 6 months, then look at your score again. As it rises you can consider looking at other cards which are more rewarding and offer higher credit lines. Time is the most expensive asset when trying to figure out credit, mostly because you can't buy it.

[Ghoshida]

Thanks for sharing your story, J.

Wish you all the best in the future. 

[J_Money]

Thank you very much, i appreciate the advice.  I was thinking about trying to get a barclays card  so as to have 3 accounts to work on building history. i froze my experian report after chase pulled and the card wont post for at least a month. what do you think?  I try to pay off my balances a few days in advance, so as to report 0 balance.

[asulaw]

I'm not very familiar as to how freezing your credit works. I'll leave that to another members to explain better than I can. From what I have read freezing isn't necesarrily going to help AGAIN DON'T TAKE THIS ADVICE ON FREEZING HEAVILY.

As to what you want to do with Barclays maybe wait a few months. Have you checked out pre-approval sites? I would look into Chase, Citi (not my favorite but people like them), Amex (long shot right?), Barclays sites. But it really depends on the specific cards you want. I would suggest staying with Discover and definitely don't get on the bad side of Chase early on.

Also try to report at least 1% it will show that you at least use the cards and are able to make payments on a balance.

[J_Money]

freezing can help with targeting pulls and limiting multiple inquiries from one lender, etc.  i doubt id get a second chase right away, maybe citi.  amex looooong shot lmao.  I like that about the low utilization but to show bill paying ability.  ill look into that more.  

[DarkMoonLily]

Thanks for sharing. Best of luck in your credit journey Welcome to the forums!

[J_Money]

Thank you, you too. So youre farming for the next year and a half?  why that legnth of time? whats your score looking like right now?