Suggestions? Help!

[Anonymous]

Hello, I recently bought my Equifax and TU scores and came up with Equifax: 759 and TU: 779. I also bought my Experian one on their site and it showed 763. I'm 20 years old and I only have 1 credit card on file, and the age of it is 3 years 7 months. (It's my moms) I want to build up my credit more and am considering getting a car loan to make my profile more diverse I guess you can say. Should I do that or try to get some more credit cards first? If so which ones? Any suggestions or comments would be appreciated. Thank you!

[Creditaddict]

American Express Zync

USbank

Citibank

[Anonymous]

Hi, Anderson235.  Welcome to the forum!

You don't mention if you have any income.  Do you?  

With the new laws, anyone under age 21 must either show his/her own ability to repay, or must have a financially-qualified guarantor co-sign the app, for a credit card to be issued in his/her own name.

Take it slow and choose wisely if you're thinking of applying for any cards.  Slow and steady will pay off for you in the long run.  There's lots of info on these boards to help you figure out which card/s would benefit you the most, long-term.  Just keep in mind that this is not a sprint...it's a marathon.  

As to a car loan, if you need a car right now, and you have an adequate down payment and the means to pay the monthly installments, it wouldn't hurt to go into your local credit union and speak with a loan officer.  Don't app for a loan, just test the waters. Bring those reports of yours with you when you go.  The loan officer will be more than happy to let you know what it is he looks for in a successful loan application.

Good luck! 



 

[Anonymous]

Thank you for the replies. At this point, which of the 2 would be more beneficial in the long run; applying for something like a AMEX Zync or getting a car loan on my history? As far as income, I make in between 26-29k/year. A car isn't needed but I just want to build up my credit so by the time I graduate college it's pretty good.

[Anonymous]

I think it is better to add a major credit card first.    I think a VIsa or MC  would be best.    Add the AMEX post graduation.   Don't buy a car until you need it. 

[Anonymous]

I decided to just wait on the car and get more history before I applied for an auto loan.

I applied for the AMEX Zync before I read the post above mine and was accepted. I now have my moms Chase Southwest Visa (which shows me as a "joint" user on my CRs) and this AMEX. Should I try to get a Mastercard through someone so I can have 3 major cards and just show good history for the next few years or just wait for now?

[Anonymous]

Congrats on the AMEX,  Since you are a joint user it is yours from a credit report point of view.   I would wait 6 months and apply for an individual Visa or MC ( from Chase if you like).

[Anonymous]

Thank you. I applied for the Chase Student +1 card a few months ago and they declined me due to lack of credit history. I'll just wait a while and try to get a MC through them sometime down the road. Would 2 cards on my CR be enough for one of their MCs 6 months to a year from now? Or would another bank be more ideal for my situation. Thanks for help!

[MarineVietVet]

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@Anonymous wrote:
Hello, I recently bought my Equifax and TU scores and came up with Equifax: 759 and TU: 779. I also bought my Experian one on their site and it showed 763. I'm 20 years old and I only have 1 credit card on file, and the age of it is 3 years 7 months. (It's my moms) I want to build up my credit more and am considering getting a car loan to make my profile more diverse I guess you can say. Should I do that or try to get some more credit cards first? If so which ones? Any suggestions or comments would be appreciated. Thank you!

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One thing I will ask is where did you get your scores? No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO. I suggest you do an internet search for "myfico discount codes" to save a little money. You can also purchase your Transunion score at www.transunioncs.com. I keep reading you can buy your Equifax score at www.equifax.com but I have yet to find the option of buying just a score.

What you get from the Experian site is called a Plus score and is not an Experian FICO score.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

[Anonymous]

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@Anonymous wrote:

Thank you. I applied for the Chase Student +1 card a few months ago and they declined me due to lack of credit history. I'll just wait a while and try to get a MC through them sometime down the road. Would 2 cards on my CR be enough for one of their MCs 6 months to a year from now? Or would another bank be more ideal for my situation. Thanks for help!

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I think 2 cards is good enough for now and you can qualify for a lot more in 6 moths to a year.   You will have a lot of choices in the future.

As for other bank cards, you might consider Capital One.  They have a no fee on international charges, if you travel or order someting international.  They have a student rewards card.