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9 months of credit history?

CJIII29
Regular Contributor

9 months of credit history?

My credit report says I have 9 months of credit history and they say thats bad, so that means I need to wait till one of my accounts gets a year old before I should apply for and autoloan? and have a downpayment.

Chase Slate Credit Card $1500 credit limit Best Buy Credit
Card $2000 credit limit Amazon Store Card $2100 credit limit .

My Fico scores: Experian 710, Equifax, 702, Transunion 716.
Message 1 of 23
22 REPLIES 22
takeshi74
Senior Contributor

Re: 9 months of credit history?

All it means is that a short history is a negative factor.  Having an account hit one year may help but it's really your AAoA that matters versus the age of a single account.

 

Where did you get the report and which CRA is it from?  Does it list all of your accounts -- both open and closed?  Is it your AAoA that is 9 months or your oldest account?

Message 2 of 23
CJIII29
Regular Contributor

Re: 9 months of credit history?

From Fico.com I open my first secured credit card last December.

Chase Slate Credit Card $1500 credit limit Best Buy Credit
Card $2000 credit limit Amazon Store Card $2100 credit limit .

My Fico scores: Experian 710, Equifax, 702, Transunion 716.
Message 3 of 23
CreditDunce
Valued Contributor

Re: 9 months of credit history?

If you have the down payment and the income to afford a car, I think you can buy a car.  Longer history might help you get a better rate, but you can re-fi later if needed.

If you are 21 or have enough income, it might also be time to get an unsecured CC.   Something like the Discover IT for students or another student card.  Just be sure to always pay all of your CC's in full each month.

 

If you go this route, try to get the auto loan and the CC at about the same time.  Your score will drop once either report to the CRA's.   Your score will rebuild over time, but in the mean time, it will make getting anything else more difficult.

Message 4 of 23
CJIII29
Regular Contributor

Re: 9 months of credit history?

I have a $2000 credit limit unsecured Best Buy card. I am 31.

Chase Slate Credit Card $1500 credit limit Best Buy Credit
Card $2000 credit limit Amazon Store Card $2100 credit limit .

My Fico scores: Experian 710, Equifax, 702, Transunion 716.
Message 5 of 23
CreditDunce
Valued Contributor

Re: 9 months of credit history?


@CJIII29 wrote:

I have a $2000 credit limit unsecured Best Buy card. I am 31.


Sorry I just assumed since your credit history is new, you might still be in school.  Before you turn 21, it is difficult to get a CC unless you have substantial income.   Or a co-signer.

 

My advice for a third card still stands.  Just not one of the student cards.  FICO likes to see 3 CC's.  Moreover, some CCC's ignore store CC's when evaluating your credit worthiness.   Once you have 6 months of credit history, you should be able to find a starter unsecured CC. 

 

In any case, with your scores, you should be able to get a good autoloan.

Message 6 of 23
CJIII29
Regular Contributor

Re: 9 months of credit history?

I will wait till tax time to try for a auto loan once I have a downpayment.

Chase Slate Credit Card $1500 credit limit Best Buy Credit
Card $2000 credit limit Amazon Store Card $2100 credit limit .

My Fico scores: Experian 710, Equifax, 702, Transunion 716.
Message 7 of 23
Super_AL
Valued Contributor

Re: 9 months of credit history?

i only have 1 year of credit history but i went nuts applying for credit just 3 months ago when i had 9 months of credit and it has worked out for me, you should try getting The CapOne Journey Visa or QuickSilverOne MC or Discover it for Students, They are very easy to get and you Don't have to be a Student...

Smiley Happy (BANK OF AMERiCA CA$H REWARD$ ViSA SiGNATURE) (CHASE AMAZON ViSA SiGNATURE) (CAPiTAL ONE QUiCKSiLVER ViSA SiGNATURE) (CiTi DOUBLE CA$H WORLD MASTERCARD) (BARCLAYCARD UPROMiSE WORLD MASTERCARD) (SYNCHRONY MARVEL MASTERCARD) (AMERiCAN EXPRESS BLUE CA$H EVERYDAY) (DiSCOVER iT NHL)
Message 8 of 23
CJIII29
Regular Contributor

Re: 9 months of credit history?

Do I really need another credit card.

Chase Slate Credit Card $1500 credit limit Best Buy Credit
Card $2000 credit limit Amazon Store Card $2100 credit limit .

My Fico scores: Experian 710, Equifax, 702, Transunion 716.
Message 9 of 23
jamesdwi
Valued Contributor

Re: 9 months of credit history?


@CJIII29 wrote:

Do I really need another credit card.


for best scoring its best to have 2-3 or more cards.  

 

if your card is lost or stollen or is otherwise comprimised, see Home Depot and/or target, and they issue a new card,you could be without your card for 5-7 bussiness days. 

 

If there is any issue with the card you are stuck without access to credit. 

 

 

 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
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