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I’m somewhat mulling over my next steps of building my credit.
I got my first credit card about a year after I came to the US, but didn’t do anything else, because I always thought I’d go home again soon. OK, “soon” didn’t happen, so I started looking into getting my credit up to task just in time for the economic downturn .
I don’t have any other kind of credit than credit cards, with CL and age:
WF Visa Signature – CL $8,900 – 5 y 3 m
Amex Costco TrueEarnings – CL $2,000 – 7 m
Discover More – CL $2,000 – 7 m
Chase Amazon Visa – CL $900 (started with $300) – 4 m
Alliant Platinum Rewards – CL $10,000 – 0-1 m (don’t know what it reports yet)
Average age of accounts: 1 y 4 m
My short term goal is just a few more cards, specifically:
I’m mostly unsure about the time frame. Do you have any suggestions when I should do that? Especially, what is the recommended waiting time for PenFed at the moment?
Do you have any more general suggestions?
I beleive, you need instalment TL for mix.Think about secure (or unsecure) loan from CU (Alliant/Penfed).
To get Penfed card, you have to stay inq. free for 6 months, so do your calculations.
Good luck.
@wmarat wrote:I beleive, you need instalment TL for mix.Think about secure (or unsecure) loan from CU (Alliant/Penfed).
To get Penfed card, you have to stay inq. free for 6 months, so do your calculations.
Good luck.
Thank you!
I always get confused which kind of loans help your score if it's already quite good and which ones hurt. I guess my main problem with personal loans at the moment is that I have absolutely no idea what to do with them .
6 months for PenFed sounds good. I hope they won't mind my relatively new accounts.
Take a small loan ($1000), pay back 50% within 2 weeks, an additional 25% within 6-8 weeks and rest within 4 months. By this you minimalize cost of loan (interest) and have positive installment TL on your CL for next 10 years.
@Anonymous wrote:
@wmarat wrote:I beleive, you need instalment TL for mix.Think about secure (or unsecure) loan from CU (Alliant/Penfed).
To get Penfed card, you have to stay inq. free for 6 months, so do your calculations.
Good luck.
Thank you!
I always get confused which kind of loans help your score if it's already quite good and which ones hurt. I guess my main problem with personal loans at the moment is that I have absolutely no idea what to do with them .
6 months for PenFed sounds good. I hope they won't mind my relatively new accounts.
I use same strategy with autoloans. Even if I have money to pay in full for a car, I take autoloan and pay it off quickly.