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Thin History, Debt, Tips for Young Credit

EnTransient
New Member

Thin History, Debt, Tips for Young Credit

Hello!
(First post!)

I've decided that with my new full time job (sub-$30k/y, not much; that's why I'm studying! I was only making about $7-$10k on a part time job, and I racked up debt very quickly at the time), I'd start attacking my credit debt to improve my reports. I'm also trying to make myself seem worthy of student loans down the line as my family hasn't touched credit (BKs, yadda) in decades.

Cards (APRs all around 21-23%)

Discover It Student: $600/$750 (2 years)

Amazon Prime Store Card: $1200/$1400 (1 year)

Amazon Prime Rewards (Chase): $900/$1000 (1 year; accidentally applied for both Amazon cards, was approved for both)

Chevron Gas Card: $0/$240 (Used to be $500 SL, but I maxed all my cards in Feb) (Around 1 year,l

CaptialOne Platinum: $0/$300 (Approved after prequalified offer, this month)

Scores:
EQ 617
TU 634
EX 640

I'm planning on trying to pay down my debt to around 30% across all my cards, which equates to around $250-$300/mo. I still want to use the cards; and potential for growth with any?

I appreciate any tips that this great community can provide. I followed some topics for two months and already brought my scores up from the mid-500s! I love you guys!

(Also, I apologize if this is the wrong area)

Edit: Wanted to mention that the very high balance on the Amazon Store card is from initially buying something using the 12 months deferred interest promo, but due to financial reasons (of course), I had to sell those items off. There's $400 left of this balance, with deferred interest at $144. I talked with a customer service rep, who offered me a credit past the deadline (int. 08/2018, now 09/2018), so long as I pay off the remaining promo balance. I'll definitely be able to pay it off by then.
4 REPLIES 4
Jnbmom
Community Leader
Senior Contributor

Re: Thin History, Debt, Tips for Young Credit

You need to get those balances down if you can, that utilization is holding your scores down.

EXP 758 TU 783 EQ 729
Message 2 of 5
WhatTickaWhat
Established Contributor

Re: Thin History, Debt, Tips for Young Credit

Bring down the balances as much you can.

 

Amazon store and disco could raise your limits, but more than likely

wont until you prove that you can pay them down.

 

Just make sure you can responsibly use credit. 

Any time you use a card, best to be able to pay the balance in full before/after 

the statement, and long before the due date.

 

When you carry a balance, you end up paying interest, which may sometimes

be necessary, however isnt good financially. 



[Penfed Platinum Rewards 10k][TD Ameritrade-2k][BOA Cash Rewards 22k][NFCU cashRewards 33k][TDcash 5k][IHG 14.2k][BOA 15.8k][Amazon Prime Store 10k][Amazon PrimeVS 500][Amex BCE 6k][WellsFargo CashWise 14k][PNC Core 24.5k][WalmartMC 11k][SearsMC 15k][Lowes 35k][Toyota 21k][Capital One 5250][BP 10k][Home Depot 24.2k][Chase FU 6.6k][Discover 22.5k]
- [BOA CR $12.5k][Amex SC+ $13.5k][Amex B4B $35k][Chase Ink $45k][PNC $26.5k]
BT'oholic and OPM Lover! Chunk'n it hard and often!
Message 3 of 5
Remedios
Moderator

Re: Thin History, Debt, Tips for Young Credit

Focus on paying off debt. Once you get cards paid down, see if you can go 6 months without maxing them again.

At the moment, I would not worry about growth.
You've maxed the limits you have, and luckily they are not high CL.

I really think you should focus on learning how to manage your finances better before you acquire any more debt.

Do not apply for any additional credit, it will draw attention from your current lenders and increase your chance of AA.
Message 4 of 5
Credit-Addict
Regular Contributor

Re: Thin History, Debt, Tips for Young Credit

It looks as though you have some pretty good cards. I would only tackle the balances for now as everyone else said. Buy small items pay them back quickly. I would chill and just let the age of accounts grow on you! All from experience!!
Message 5 of 5
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