What should i do next? 5 months of credit journal

Anonymous · ‎05-19-2020

On December 15, 2019, I got my first credit card. Discover IT student 1500 $ CL

Today is May 19 and my credit will be reported on May 27. I currently have 1 credit builder loans (Self) and Discover, my score is 666-680. I maxed out Discover last month because autopay for school. . . but I paid it all (it only reports and this month should be 0%).

According to Credit Karmar, I have 5 months of credit, but when I called the Discover consulting office. They said my first FICO score will be on July 27. (totally confused, I thought we needed 6 months ??)

Which card should I apply as my second card?

Chase: I really want this one, but US Credit guide says it needs 8-9 months credit historys (August or Sep) (Freedom)

BoA: They asked me before, but I ignored it because I didn't want to apply too many cards (under 5/24 rules). secured card, I wonder if I put in 2000 $, will secured report 2000 $ to my total credit line?

AMEX: I want AMEX too, but some people say apply AMEX when there are over 700 scores to optimize credit line (Over 5000 $).

Should I pay off the Self credit builder? It will increase my credit to nearly 700. (Paid 5 months / 12 months).

Should I wait to sign up for Chase? or should get BoA, besides Apple Credit is also good to replace BoA. I heard that Apple needs 6 months credit historys?

My plan is Discover - BoA / Apple - Chase - Amex (over 5000 $ to qualify CSP) - CSP

5/24

CYBERSAM · ‎05-19-2020

You are on the right track! Just wait few more months to have more history.

Most likely any cards you get now would not be the top SL and lowest APR, therefore choose a card that would grow in the future easier then others! A card that would lower APR and CLI with SP.

Good luck!

Anonymous · ‎05-19-2020

@Anonymous wrote:
... my score is 666-680. If this is a Vantage score you might want to see about getting Fico scores. $1 & free trials can be gotten here.
BoA: They asked me before, but I ignored it because I didn't want to apply too many cards (under 5/24 rules)
5/24 refers to new revolving accounts, not inquiries.

Should I pay off the Self credit builder? The benefit of the SL is an active installment loan -- why would you want to remove that?

It will increase my credit to nearly 700. This suggests you are using a score simulator? Most have proven to be mostly unreliable.

Hi. I commented on a couple of things I noticed. Good luck.

Anonymous · ‎05-20-2020

@Anonymous wrote:
@Anonymous wrote:
... my score is 666-680. If this is a Vantage score you might want to see about getting Fico scores. $1 & free trials can be gotten here.
BoA: They asked me before, but I ignored it because I didn't want to apply too many cards (under 5/24 rules)
5/24 refers to new revolving accounts, not inquiries.

Should I pay off the Self credit builder? The benefit of the SL is an active installment loan -- why would you want to remove that?

It will increase my credit to nearly 700. This suggests you are using a score simulator? Most have proven to be mostly unreliable.
Hi. I commented on a couple of things I noticed. Good luck.

I agree about the score simulators. Totally for entertainment and not very good for actual results.

If I could SS mine I would, but it shows that if I pay my bills on time every month (any time frame) my scores will go *down*. Other simulations where I let my all my accounts go delinquent, I could net up to an extra 98 points lol definitely do not rely on them

Definitely keep paying your self lender loan every month. Like mentioned above, it is to show consistent, on-time payments for 12 months. The more it gets paid down, the more of a score bump you will see. You will see the biggest bump once you get under 9%, but don't rush it, because once it is paid off, your score will likely go down instead of up.

Trust me, I know it is exciting to watch your score rise, and I am totally guilty of wanting to rush to app, too, but just let your new accounts get settled in a bit longer. The more positive history you show, the better your score will be and the more likely to get approved.

Good luck!