Detailed account of my journey with credit building. **ETA Update (4/19/2020)

[tnanny]

Hello, this is my very 1st post, so be easy on me please.

I had a relatively late start in credit buiding, as I am newly 42 years old and only decided last year to create a credit profile. 

So,  I am going to try to list every step I took from beginning to present.

I. January 2018, I recieved my free annual credit reports. ( I always have an issue with transunion and get the message to write them for the report, but I never do). I choose to request in January every year just because it is easier to remember ( or so it seems).

- Both reports came back as "thin file" or  something regarding no open accounts. I expect this to be the case each year, but I also want to be sure noone has opened any account with my info

II. February 2018, I opened a checking, savings and money market account with NFCU and declined the invitation to apply for their credit cards products

-decided 2 months later that I would apply for one of their card products and I was denied. Re: not enough revolving credit, credit history too new, (although there was no history, at all).

III. May 2018, I opened a self lender account (Lead Bank), choosing the lowest loan offered.

- Lead Bank took 2 months to Report to the CB, when they did report for June, my score jumped to 605 ( these are vantage scores from just one  reporting agency. I am aware that they are significantly different from actual FICO, but I am including for the purpose of showing progression).

IV. Sept 2018, Applied  for CapOne card after the suggestion from Credit Karma and being rated as "excellent approval odds", but got denied.

V. Oct 2018, Applied for NFCU Nrewards secured, got approved and opened with a $500 deposit. Also opened a DiscoverIt Card with $200 deposit. I am meticulous in my use of both cards. I never charge more than 30% and I ALWAYS make sure I have the money upfront to pay it off immediately

VI. January 2019, I opened a Bernina account through Synchrony Bank's 18 month no interest promotion. Approved for $2000, Bought my sewing machine and used the money I saved for it and  as soon as it hit my account, I paid it down to 10% of the balance so that it could report. Then paid the balance in February.

VII. March 14 2019,  My fico scores: 722, 698 and 702. I applied for NFCU GoRewards and got  $15000 SL. Two days later, I logged into my account and saw that my secured card has been graduated with a $2000 SL, however the $500 deposit is not showing up in my savings acct and my available credit is still showing $485 ( from when my limit was $500). I know it will update, but I have read posts with people who have said " immediately". Perhaps they noticed a bit later than I did. M only other concern is that I read that signature cards do not report your credit limit to bureaus and that it may impact you credit score adversely. I am not sure if NFCU does or does not as I have not found any definitive answers through my google searches, but it makes me a bit worried.

I hope this helps someone who may have a similar story and don't know where to begin, because I was and still am green when it comes to credt and how it works. But I have researched this topic to death and I am still learning as I go. I have no plans to add any more cards, but focus on increasing my score. 750 is my goal.

- (4/19/2020)

Somewhere between then and now, I got trigger happy and applied for credit left and right. But when I wrote my 1st post, I had the 2 secured cards, Synchrony/Bernina and the NFCU GoRewards. So, here is an update a year later:

• As of 4/10/2020,  my scores are :  732-Utilization 8%, 735-TU/8% & 728-EX/9%
• Oct '18- Disco It SL $200, Current CL$2800 ( denies all requests for CLI)
• Oct '18 -NFCU N Rewads  SL $500. Current CL$6000 ( PC'd to More Rewards  Apr '20))
• Apr'19- NFCU GoRewards SL $15000. Current CL $23000
• May '19 -Citi Costco Anywhere SL $6500. Current CL $1100
• Aug '19-NFCU CashRewards SL $9500. Current CL $18000
• Dec '19 - Disco SL $4000
• Aug '19- GS Apple card SL $5000 ( Has only reported once)
• Feb '20- Hilton Honors Amex SL $2000 ( Has not reported)
•  

I honestly thought I would have reached my Credit Score Goal by now. I am satisfied with the progress thus far,  but I just thought the numbers moved faster than they actually are. The only time I request a cli is when I am pretty sure it will only be a SP.  I do not get the Disco Luv everyone speaks of, I have only requested it for the card that began as a secured card so I think I am going to cool my jets on that one.  I have not been denied for any credit card that I've applied for and I don't have any targeted cards. For now I am pleased with what I have and hope I to put the breaks on apping so my AAoA can mature.

[Jnbmom]

Congrats on your credit build.

I have never heard of signature cards not reporting a credit limt??? I have a few and all report the limits just fine.

I would suggest when you are ready to get your real FICO scores so you know where you stand as CK  should only being used for credit monitoring purposes.

[tnanny]

Thank you! I should have clarified...but, I currently receive my actual FICO scores each month with my credit card statements. They just do not reach back to the beginning , when I opened the 1st account, so I have to rely on the vantage scores. The 722,792 and 698 are my actual current FICO scores. Thank you so much for chiming in on the signature card, what a relief!
The little info I have found said because they are flexible with over the limit spending, they report utilization, but not the actual limit. BOA signature cards is one I’ve read that about a few times. So I hope they are wrong.

[FinStar]

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@tnanny wrote:
Thank you! I should have clarified...but, I currently receive my actual FICO scores each month with my credit card statements. They just do not reach back to the beginning , when I opened the 1st account, so I have to rely on the vantage scores. The 722,792 and 698 are my actual current FICO scores. Thank you so much for chiming in on the signature card, what a relief!
The little info I have found said because they are flexible with over the limit spending, they report utilization, but not the actual limit. BOA signature cards is one I’ve read that about a few times. So I hope they are wrong.

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Specific to the bolded statement, and in the past, some Visa Signature and WEMC products from some issuers (e.g. BoA) that coded as Flexible Spending Limit accounts, did not report the actual CL.  That has changed, if you obtain a fresh copy of your CRs, you'll see that the CLs should display.

[Anonymous]

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@tnanny wrote:

Hello, this is my very 1st post, so be easy on me please.

I had a relatively late start in credit buiding, as I am newly 42 years old and only decided last year to create a credit profile. 

So,  I am going to try to list every step I took from beginning to present.

Your story and mine are so very similar - also Gen X and I started from the same 'no credit history' just a month before you did (December 2017 for me).

I started with a credit builder loan just like you did, but I didn't get my first credit cards until a year after that - December 2018, just 3 months ago.

I think the way you went about it is better than what I did, which is detailed here: https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-All-At-Just-Under-8-99-Utilization-e...

I should have gotten a secured card or two right from the start like you did to build revolving credit history. Our scores are very similar now, but I think you're in a better position than I am with only 2 recently opened cards. I'm at EQ 695, TU 705, EX 719.

Thanks for posting your story! You're off to a great start!

[calyx]

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@Anonymous wrote:

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@tnanny wrote:

Hello, this is my very 1st post, so be easy on me please.

I had a relatively late start in credit buiding, as I am newly 42 years old and only decided last year to create a credit profile. 

So,  I am going to try to list every step I took from beginning to present.

Your story and mine are so very similar - also Gen X and I started from the same 'no credit history' just a month before you did (December 2017 for me).

I started with a credit builder loan just like you did, but I didn't get my first credit cards until a year after that - December 2018, just 3 months ago.

I think the way you went about it is better than what I did, which is detailed here: https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-All-At-Just-Under-8-99-Utilization-experiment/m-p/5448185/highlight/true#M148614

I should have gotten a secured card or two right from the start like you did to build revolving credit history. Our scores are very similar now, but I think you're in a better position than I am with only 2 recently opened cards. I'm at EQ 695, TU 705, EX 719.

Thanks for posting your story! You're off to a great start!

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Hello, fellow GenXers - 42 year old here also started a build last year.   I'm glad to realize I'm not the only one around these parts (I feel weird hanging out in the rebuild, because other than student loans, I didn't have credit before July 2018 and I'm really just a builder).

I have to laugh - I also got have a Sync account for a new sewing machine with a great promotion (48mos 0%, Janome for me )

I feel like we should start a club or something.

[Anonymous]

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@calyx wrote:

Hello, fellow GenXers - 42 year old here also started a build last year.   I'm glad to realize I'm not the only one around these parts (I feel weird hanging out in the rebuild, because other than student loans, I didn't have credit before July 2018 and I'm really just a builder).

I have to laugh - I also got have a Sync account for a new sewing machine with a great promotion (48mos 0%, Janome for me )

I feel like we should start a club or something.

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Too funny...I occasionally think about learning to sew and I also have the Subaru Crosstrek on my short list of cars to look at when I need a new car.

[calyx]

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@Anonymous wrote:

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@calyx wrote:

Hello, fellow GenXers - 42 year old here also started a build last year.   I'm glad to realize I'm not the only one around these parts (I feel weird hanging out in the rebuild, because other than student loans, I didn't have credit before July 2018 and I'm really just a builder).

I have to laugh - I also got have a Sync account for a new sewing machine with a great promotion (48mos 0%, Janome for me )

I feel like we should start a club or something.

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Too funny...I occasionally think about learning to sew and I also have the Subaru Crosstrek on my short list of cars to look at when I need a new car.

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We're secretly facets of the same person. Haha.

I love sewing because I find it very relaxing.  I also make stuff up as I go along, so have some really fun costumes and other oddities, like the parking purse I made for my Crosstrek because they don't have a drawer over the fuses like my previous cars did - I got used to keeping spare cash there for sudden parking situations where they only take cash.    And I do really like that CrossTrek.  I had one as a loaner in 2014 and didn't like it as much, they did a really good job updating it.

[GApeachy]

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@calyx wrote:

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I love sewing because I find it very relaxing. 

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I find it relaxing 'til I screw something up, try to fix it, cut too much, now it won't even fit a babydoll  I need your machine....mine, not so much.