New Fico Member

[henryla]

hello guys just bought my first credit report , im 20 years old only had my credit cards for 8 months , just a macys and a kay's card , so far my TU score was 644 im impressed with myself i want to have 700-800 by the end of the year , i have no debt just the small amount thats on those cards. i went to be approved for an autoloan by christmas , you guys think this is achievable ?

[Anonymous]

Hi and welcome to the forums.

With a 644 you are well on your way to getting that high score.  Plus the fact you have no negatives on your report.  Make sure you keep up with your CC payments and do not be late.  One late can tank your score.

A FICO score is based on several factors.  Mix of credit, utilization, length of credit history, payment history.  Some of these things you can have a direct impact on, such as payment history, others you do not, such as length of credit history.  Some things just take time.

Getting an auto loan would help you in the mix of credit.  Because you are new to credit building, though your score is ok, you may be faced with higher interest rates due to lack of history.  Not saying it will happen but, it could.   Don't let it get you down.  Everyone has to start somewhere.

[henryla]

thank u so much for the reply cant wait to see my score improve and im happy im doin this at such an age that i  can take control of it

[Anonymous]

Welcome to the forums!

A factor in an auto loan will be your income, expenses, and your debt-to-income ratio.

You might want to think about talking to a bank or a credit union about getting a credit card.

Good luck and stick around here and let us know how you're doing!

[Anonymous]

I wish I was credit savvy when I was 20 - you are in a smart place!

Guiness and Jack Be Nimble were spot-on in their posts,  +1.  Don't overlook Jack's comment on the bank or CU card.  Both are helpful, but the bank card carries more FICO score weight (FICO likes to see at least one bank card - but you only need one).  We have both bank and CU cards.  You'll get some good recommendations from folks re: their favorite bank/CU cards if you search these forums.

Did you pull your credit report here?  If so, you'll have access to the simulator which will help you know how to impact your scores.

And since you are planning on looking for an auto loan in the next little bit, here's one of my favorite links on the subject:  

The Real Reason You're Broke  

Kudos for all your awareness and hard work.  Way to go!

[henryla]

well right now i have a free checking card for my direct deposit for job  , i plan to join a CU in about a month or two so i can get my credit up a bit more to get a loan from them. i dont have any credit cards just those retail credit cards.  thanks so much for the posts and yes i did pull it from here its the TU