21 year old need some HELP

[Anonymous]

hey i found this site by mistake and im so happy i found it but with all this information and me being a begginer its easy to get confused 

so basically let me tell u a little about my situation i am 21 years old mom of twins!9 months old, and just realizing the importance of having credit in this world

i just recently started my own online business (clothing)

and now i need help with a credit plan  i had an account with pnc that went to collections about a month ago small amount of 224 

i have a couple inquiries to cards and websites and that of course doesnt help they all reject me saying my credit is non existent so i lastly applied for 

HSN and got a 250 limit with them, now im triyng to learn how exactly do i build credit (business) and personal becuase with wanting a new car  my own place and things for my business it would be easier if i had some credit i just checked my score with transunion and it is 508 :/ i am hoping to get in the mid 600s at least this year and just want to know how do i do that any tips ? and how bad does store card inquires afect your score and how long before i should apply for me

[Shogun]

With that being your score, what's on your report?  Are there things that needed to be cleaned up?

Have you pulled your reports from www.annualcreditreport.com ?

[Anonymous]

In your situation, please be aware of Payday Loans. Payday loans are offered by Loan Sharks.

Payday loans are a very short-term loan given to an individual to cover his or her expenses before the next paycheck.  The amount of the loan plus interest is withdrawn from his/her checking account on a fixed date, when his/her next paycheck is posted. Beware of the extremely high interest on these types on loans, which generally ranges between 380-790% APR. If you need this sort of emergency aid just to meet your monthly obligations, you are living outside your means. 

While your situation does seem very tricky, these loans are a temporary fix. After this money is spent, people often spend years attempting to pay off these VERY high interest loans. 

[Anonymous]

It will take some time to get to where you would like to go. My suggestion is to talk with your family members about your business endeavor and if they have an interest in helping you get your business growing. Good luck and don't give up if you really think you are onto something that will help you and the twins.

[PrettyPeacock]

One thing you might want to do to get some credit history is to see if a family member will add you as an authorized user on an account.  ONLY do that if that person has good history with the card and no lates, etc.  This way  you get the history of that person's account and it doesn't affect that person because they don't even need to give you the card to use. 

[myjourney]

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@Anonymous wrote:

hey i found this site by mistake and im so happy i found it but with all this information and me being a begginer its easy to get confused 

so basically let me tell u a little about my situation i am 21 years old mom of twins!9 months old, and just realizing the importance of having credit in this world

i just recently started my own online business (clothing)

and now i need help with a credit plan  i had an account with pnc that went to collections about a month ago small amount of 224 

i have a couple inquiries to cards and websites and that of course doesnt help they all reject me saying my credit is non existent so i lastly applied for 

HSN and got a 250 limit with them, now im triyng to learn how exactly do i build credit (business) and personal becuase with wanting a new car  my own place and things for my business it would be easier if i had some credit i just checked my score with transunion and it is 508 :/ i am hoping to get in the mid 600s at least this year and just want to know how do i do that any tips ? and how bad does store card inquires afect your score and how long before i should apply for me

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Welcome to the forum

I agree with Shogun start by pulling your free reports 

After pulling reports come back and ask questions about what's on them.

Your next post should be about how to deal with PNC in the rebuilding forum

DO NOT apply for any credit at this time and that includes store cards all your doing is building up INQ's that will stay with you for 2 years and decreasing your chances of approval.

There are other options for you but first step starts with CR's

[marty56]

Make sure you get your real FICO score, not one of the FAKO ones that all the CRAs and other provide.  Since you are young, your major FICO score factor would probably be lack of history so I would lool to become an AU on say a family member's account that has a long, good credit history.  I am not 100% sure that AU is still helping FICO scores now so I would ask here first.  It takes time to build a good FICO score and sadly next to no time to ruin it so be careful.