Getting my credit together!

[Anonymous]

Hey guys, I have been a lurker for a few months so now it is time to post and introduce myself! My names Kenny, I'm 21, and I live in sunny Florida.

I have 4 credit cards/revolving accounts/charge accounts, in order of history..
CreditOneBank- CL is 0/300 (Almost 2 years)
Capital One- CL is 0/1,000 (Year and 2 months)
TiresPlus- CL is 100/1,800 (9 months)
eBay Mastercard- CL is 900/1,800 (3 months and yikes I know I am over the fifty percent mark; which isn't good!!!!!)

I have NEVER missed a payment on ANY of these accounts. I just recently applied for a AMEX Blue card. We'll see what happens

I checked my credit score on FreeCreditReport.com, and the one they gave me said I had a score of 723. Not bad, I know. No baddies, no collections, nothing negative. I have 5 inquiries, and 2 should be removed by this month (They were from applying for credit cards back in march 06)

I do not like CreditOneBank, although I have gotten around their 5.95 payment charge (I use Online Bill pay). Horrible CL, but at the time it was just what I needed to start my credit history.

Shortly after, I got the Capital one, then the tiresplus, and then the ebay. I am going to cancel the creditonebank if I get the Amex Blue card. Why would anybody pay a annual fee!!!!!!! Granted it is the longest card I've had, I am not happy with the company.

I usually carry a balance on my cards, which is usually only between 5-20 percent of their limit. I am working on the ebay card (I bought a Samsung HDTV and a new bed on it when I first got it) which raked up 1,200 dollars. It's at 900 now, and in about 30 days I should have it down to zero.

Am I on the right path? Sure, having each account open for +3 years will help. I am not looking at getting a new car or a house in the next 2-3 years so I can't say I need to get it together-- I think I already have.

Thanks,
Kenny

Message Edited by xKennyDx on 03-23-2008 10:21 AM

[Anonymous]

After whatever happens with the AMEX, I am done looking for credit. (I only tried to apply for AMEX because I have heard they are a good CC company). I know it lowers my score (It went down 8 points when I opened the ebay card), but like I said, I am not applying for a loan anytime soon. I figure just build on these, never miss a payment, and try to PIF. Keys to success!

1,000/4,900 is how they portrayed my debt to cl. Not bad, but I'll tell you what, zero would look a lot nicer

Message Edited by xKennyDx on 03-23-2008 10:27 AM

[Anonymous]

Kenny-  Sounds like you are on the right path and understand financial responsibility.  Good for you.  I agree, if you have to pay an AF for a card and are not getting any benefits from it other than, age of account and the fact its being factored into your utility, I say cancel it.  You will take a fico score hit but seeing as you are not applying for a loan any time soon, you are doing the right thing.  Pay off you debt as you plan to do and start/continue to put money into saving vehicles.

[Anonymous]

I was told never buy a car unless it's cash. Why pay the bank for driving YOUR car.

[Anonymous]

I wish I had your in site and great credit start at 21.

My Auto loan (DW's SUV) is at 0% and I paid cash for my truck.  I have never been upside down on an auto loan.  Until recently- I was lousy about saving.  

Someone wise was telling you not to pay interest on a deprecating asset-  HOWEVER there needs to be a good balance-  I would not pay cash for a 3K car that I would need to put $300 in repairs in every month- that IMO is counter-productive.

---

xKennyDx wrote:
I was told never buy a car unless it's cash. Why pay the bank for driving YOUR car.

---

[Anonymous]

Hey guys,

Well just got off the phone with American Express Blue, and I have been APPROVED, I am very happy.

I should receive the card in 7-10 days. Another milestone in my credit, finally a DECENT credit card.

I may cancel that CreditOneBank card soon, and just work with the credit I have available. Why have a 300 cl and PAY them to use it???

Thanks for your replies,
Kenny

[Anonymous]

Hey guys, Just a little update.

Went to that triple-credit report thing for the free trial (That I will be cancelling after 7 days lol)

My scores are: 5/23/08
TransUnion- 738
Experian- 739
Equifax- 717

Not too bad guys eh? I am a little dissapointed at how there is a 20 point difference with Equifax, but I have no missed payments on ANY of my credit cards, and have always paid the minimum. The 739 is the highest I've had on Experian, which jumped about 20 points since my last post.

Now, this brings me up to my question The CreditOneBank card I have, will not give me a CLI for another 6 months. I have a THREE HUNDRED DOLLAR limit on the card.....but I have had it for 1.6 years. I am thinking of cancelling this card, but I don't want to hurt my score too bad. I know that since it is my longest history, my scores may take a huge dump. But....with the annual fees, it's just collecting dust in my drawer. Should I cancel?

I am not looking into buying a house until the end of 2009 or 2010. Will this hurt me in the long run? All my other cards are 1000, 1800, 1800, 3500.....this one seems to be holding me down!

Message Edited by xKennyDx on 05-24-2008 10:18 AM

[Anonymous]

I also just started a Capital ONE savings account. My first savings I've had, I put 3,000 in it and I have about 1,000 in my checking to keep me going. Time to start saving for the future, 3,000 isn't much but it's 6 months of rent that I pay!

[marty56]

---

Timothy wrote:

I wish I had your in site and great credit start at 21.

Amen to that brother.

You got my vote for the role model for young person just starting out in the credit world.

[Anonymous]

I would suggest that you purchase your fico scores from this site.