Help building credit!!

[Anonymous]

I Recently turned 18 years old and need help building my credit to like the 700s. I've read a lot of articles and gain knowledge .but just wondering if anybody had any advice for me . I have a capitol one journey card with a $300 limit and a discover it student with a $800 limit I've had both for 4 months now paid on time every month those are the only thing I have on my credit . I'm employed I have monthly income of $2100 from my healthcare job . I'm also in college sophomore year . I have no student loans . I don't anticipate taking out loan until my final year . But I've been putting money aside for that so I don't have to take out a loan. I checked my credit score on credit karma they have me 627 & 614 but I've heard those are not accurate. I tried checking my dico score with discover but I have no fico score yet can anyone tell me how long until I get one . I also checked my score with capitol one they have me at 631.any suggestions on things to help me build credit . I was thinking financing something from fingerhut and paying on it so I can get somemore stuff in my credit file .

[gdale6]

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@Anonymous wrote:

I Recently turned 18 years old and need help building my credit to like the 700s. I've read a lot of articles and gain knowledge .but just wondering if anybody had any advice for me . I have a capitol one journey card with a $300 limit and a discover it student with a $800 limit I've had both for 4 months now paid on time every month those are the only thing I have on my credit . I'm employed I have monthly income of $2100 from my healthcare job . I'm also in college sophomore year . I have no student loans . I don't anticipate taking out loan until my final year . But I've been putting money aside for that so I don't have to take out a loan. I checked my credit score on credit karma they have me 627 & 614 but I've heard those are not accurate. I tried checking my dico score with discover but I have no fico score yet can anyone tell me how long until I get one . I also checked my score with capitol one they have me at 631.any suggestions on things to help me build credit . I was thinking financing something from fingerhut and paying on it so I can get somemore stuff in my credit file .

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As soon as you generate a Fico app for at least one more bankcard, you should get one that fits your spending (cash reward or travel reward, low interest, etc). At minimum you want the 3 bankcards and 1 store card that you will actually use. I would not app for any more student cards. You will get a FIco after one of those cards reports 6 months of history. Personally I would forget the FH account they are expensive and you are not trying to recover from a financial setback.

Welcome to My Fico and the world of credit

[Anonymous]

Thanks for the advice will do

[takeshi74]

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@Anonymous wrote:

I checked my credit score on credit karma they have me 627 & 614 but I've heard those are not accurate.

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Scores are a very common topic here (don't overlook prior discussions as a resource).  All scores are accurate but only for their own model.  You can't rely on an score generated by one model to determine a score generated by a completely different model.  Even FICO has a number of models used by creditors so don't just assume that the scores you pull from myFICO will also the the same score(s) that a creditor will pull for you.  See also the Understanding FICO Scoring subforum and its stickies.

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@Anonymous wrote:

I also checked my score with capitol one they have me at 631.any suggestions on things to help me build credit .

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Reading up is the best thing that you can do at this point.  If you haven't read this then take a look:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Understand that there are no quick fixes with credit.  Building and rebuilding take time.  Your credit profile is very thin and you have to gradually build.  At least 2-3 cards are recommended for optmizing utilization and number of reported balances (i.e. allow only one balance to report at 10% or less).  You may want or need to consider a secured card for your 3rd card if you decide to pursue it now.

With low limits is very easy to end up with high reported utilization so consider reducing reported balances by paying your balances down prior to report date (statement date for most cards).

Do whatever you can to avoid derogs as they will kill your credit and drag you down no matter what else you do.  Everything else pretty much just takes time to build.

Again, these are all common topics here.  This site is a useful resource.  Read the other discussions as well.