Help Building New/Strong Credit Profile

[FromNYtoDubia]

@Thomas_Thumb  I was interested in obtaining a 3rd (unsecured) card and was trying to see when would be the next time to do so. I plan on doing business with Chase but I did however wanted to ultimately get to AMEX cc as well. I will definitely take your recommendation on waiting at least 3months before applying for another card. 
-Should I apply for the AMEX personal cc or Chase ink for business? 

-Copy on your message on waiting to get the SSL loan until after I get a 3rd card. Also would me being placed as an AU hurt me in the future? This is something I wasn't doing for certain yet, due to me not nothing the damage it could cause.

- Also I have a question. If I get a car loan for 15K for roughly 3 years. And I pay that off within a year. Will that effect me applying for another car loan later next year? (For my bday?)   Sorry. Trying to plan ahead with all the credit "hits".  

[FromNYtoDubia]

@SouthJamaica 

Sorry it too a minute to respond. I'm still learning the forum, but:

1/2: Thank You, and I appreciate this! 
3: Does it matter if I wait till I get my billing statement to pay it, or can I pay it before my billing statement? 
4: Okay, I'm hearing this a lot. I might not go the AU route. 

5: I don't have anything on my profile. Waiting eagerly and patiently for the next 90 days to past so both my secured & unsecured cc can be the first (2) things on there! 
6: Copy on you thinking Chase not really carring

7: I opened up a Chase checking account and they have a SUB where I deposit $500 and get $300 back. So I have that and will wait to open the business account once I actually start making revenue from the busines. 
8: And okay. I might have to do this approach. I'm scared to have so many hard pull on my credit. 

[FromNYtoDubia]

Hey @Realist ,

Thank you for commenting, and yes! I have some basic commen since and now realizing that credit is extremely important! 

- I currently don't have any type of loans on my credit profile. 0 -paid off 0- on my report.

I can't agree with you more that having a great diverse and aged proflio will help those viewing/taking a chance with me to have something back to look at. I'm just in the bad/good spot where I have nothing there. So no baddies or anything ever delinquent, but I am now actually trying to build as if I was 17 again! lol. I am in no rush because this indeed is a marathon (that I don't mind running,) but I just want to make I'm taking the best steps possible to credit-freedom. I learned a lot all from discovering this forum and I am stoked! 

I am currently gaining on the SUB with my DiscoverIt card (5% back on certain items this quarter) and Chase banking $300 with opening an account! So I'm trying to learn! But thank you so much for your response! 

[FromNYtoDubia]

@SouthJamaica 

Correction. I meant to ask you:

-Do I have to wait to pay my bill untill the billing statement comes, or can I pay it sooner? (Sorry, I am aware to never leave a balance. If I do it will be at or below 3%)

-Copy on opening up the Chance Business when I start to operate and gain revenue! 

[SouthJamaica]

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@FromNYtoDubia wrote:

@SouthJamaica 

Sorry it too a minute to respond. I'm still learning the forum, but:

1/2: Thank You, and I appreciate this! 
3: Does it matter if I wait till I get my billing statement to pay it, or can I pay it before my billing statement? 

You can pay it before
4: Okay, I'm hearing this a lot. I might not go the AU route. 

5: I don't have anything on my profile. Waiting eagerly and patiently for the next 90 days to past so both my secured & unsecured cc can be the first (2) things on there! 
6: Copy on you thinking Chase not really carring

7: I opened up a Chase checking account and they have a SUB where I deposit $500 and get $300 back. So I have that and will wait to open the business account once I actually start making revenue from the busines. 
8: And okay. I might have to do this approach. I'm scared to have so many hard pull on my credit. 

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[SouthJamaica]

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@FromNYtoDubia wrote:

@SouthJamaica 

Correction. I meant to ask you:

-Do I have to wait to pay my bill untill the billing statement comes, or can I pay it sooner? (Sorry, I am aware to never leave a balance. If I do it will be at or below 3%)

You can pay it sooner

-Copy on opening up the Chance Business when I start to operate and gain revenue! 

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[DebbsSeattle]

Ex car biz family here...just chiming in on the car part...Your car loan will be a first time buyer, thin file app. You may not need to wait long to get started. BUT... Lenders will want to see you walk before they allow you to run. When you say "really nice car" I hope you are not envisioning a BMW or Mercedes or Lexus or Audi...please picture an Accord or a Camry or better yet a Civic or an Elantra. Envisioning a nearly new over new is beneficial and most likley...lenders will want to see an "every man car" something easily resold/unloaded if you default and they need to repo it. Your best bet is buying the car you do not want, cheaper, 20k-40k miles, great practical commuter car with 20% down. Shop your rates not just the car. Consult a Credit Union, then allow dealers to shop your loan. Do this all in the same 15 days. Do not let anyone run your credit until you are actively shopping and land on THE car. You will benefit from driving this car, paying this loan perfectly for 12 months. Then you go shopping for your ideal car that fits your income after that 12th payment reports. You could then expect that a 10% down equity position will suffice to get you bought. You will need your scores to be 660+, but your responsible credit use will bring you higher than that easily if you are not already there. Great news is, you can go car "shopping" now and begin to familiarize yourself with what you love, like, hate. Just be strong and DO NOT fall for the salesman spiel of "what if I could get you bought today." There are still some old dog natural born salesmen out there that can pull you into the ether and make you believe anything. In fact...take your most practical friend or a parent with you to keep you safe from falling under their spells. Trust me on this...I saw a pregnant lady drive off in a two seat convertible instead of a minivan. The threat is real. Good luck!

[FromNYtoDubia]

@DebbsSeattle thanks for your input. 

so I'm in a little of a pickle now. I applied for both a personal loan (5k) and a car loan for (10k) and was denied due to low or no personal credit. The 15 day window has passed so now I'm stuck on what's to do. It seem like I won't be able to get a car until I get a credit score. And when I call the credit companies they informed me today that I don't have a report due to me not having no credit. She informed me that it can take up to 6 months to get a report and score. So now do I just wait and go 6 more months without a car. Uber is killing me. I do have my cc's but the first one just made its first statement and the second is still only 2-3 weeks old. 

I'm not sure what to do but pay all my bills on time! lol. Please help lol 

[DebbsSeattle]

Here is what I suggest...look for a cash car. They are hard to find in decent running condition. Your best bets are grandma and grandpa cars. The ones that none of the young folks want to drive...boring, plain even downright unattractive with gold paint (we call it grandpa gold in our house). Depending on your area and how far you drive, when you drive and whether or not you're a defenseless woman or a 6'7" big guy will tell you how reliable it needs to be.If you drive 7 blocks downtown or 40 miles each way in bear country will matter. Can you wrench your own rig or cannot even change a tire?

If you have $5k you will find something. If you do not, another choice is a "Buy Here Pay Here" lot. They work with those with no credit and bad credit. They are your lender, you make payments to them. They typically sell low end, starter cars. They typically install ignition/engine disablers. You fail to pay by your due date, they remotely disable the car. They have gps locators, they can come hook it and take it if you do not hold up your end of the bargain. They still require a down payment. I would guess that $2-$3k could get it done. Make sure they report to the bureaus...some do, some do not. Get a pre-purchase mechanical inspection done by a reputable mechanic before you sign any paperwork...probably $150'ish. Get a car fax even if you have to pay for it...a lot of flood cars, and rebuilt titles out there. Do not buy a rebuilt title car ever, they have no future value at trade in. Let your nose tell you a story inside the car, pull the seatbelts all the way out. There could be mold all the way in there that would tell you it was a flood car. If it has all new seat belts, that is a clue too. Look at all the paint closely, feel it touch it...if a panel has a different shade or texture, it has had work done. Spend some time watching YouTube vids for how to evaluate used cars. Again a boring 1997 Ford Taurus was even boring in '97 and mainly purchased by conservative older folks. You might be ahead also if you can drive a stick shift because so many cannot anymore. And then save money like a madman for the next steps in your journey.

[FromNYtoDubia]

@DebbsSeattle  Thank you so so much for a very much detail response. I am very much taking all this in due to me not having really no-one I know that knows this stuff. So thank!  (And everyone else who commented.).

Now let me answer.😅😅

So I don't mint driving a "grandpa" car AT ALL! lol. I actually thought and loved the concept is having a old car that dingy for now. I just need something to take me back and forth to work realistically. However.... I have this business idea I want to do and it does require me to have either a pick up truck or something that I can attach to a car to transport the equipment. So that's the pickle for "old car". If I go the "car" route I'm sure I can find something that's 5K or under. But with the pick up truck up I didn't want to spend more then 10K for one. Now that I will be using and driving back and forth from different locations.... so I don't know what to do... But with whatever I do I will definitely get a carfax and I am not sure what "rebuilt tittle car" mean? I will get a mechanic to check it out, will play close detail to what I buy. (I will actually take notes from this and make sure I check those boxes) lol. 

Also just a little update. My secured NFCU cc started reported to the credit bureau and my credit score one TransUnion is now 670. So I'm happy about that! (Still low) but happy on movement. Reported with a 1% utilization. Hopefully next month my Discover card will report because I have a higher limit with that. And roughly in 2 months I'm going to open up a SSL w/ NFCU for 5K to help my profile out!