New to the credit game need some help

[AllZero]

Once your Self is closed and you have no other open installment loan. Look into SSL.

I would recommend reading the below from CreditGuyInDixie
Adding an installment loan -- the Share Secure technique
The Quest for an SSL alternative to Alliant
NFCU SSL

Here are two institutions that have SSL which you can pay in advance to 8.9% utilization without shortening loan term:
NFCU - membership restrictions.
SSFCU - geofence.

[KLEXH25]

Wait until you generate FICO scores at the 6 month mark. Then you'll have a better sense of where you're at. Then you can decide if you want to apply for anything else or continue gardening. I would wait until at least the Discover card graduates. But gardening gets you better limits so keep that in mind! I was where you are not too long ago and I'm very happy with my progress. 😊

[Anonymous]

Thanks again . This forum is amazing I new nothing about credit just a few days ago and now feel like I have studied it in college for years. This info is priceless. Appreciate everyone 

[SouthJamaica]

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@Anonymous wrote:

Ok thx. That's what I thought about the self. Kind of dissapointed i did get it but maybe will be helpful. I though5 1 installment with 2 credit cards would be good start. A little more about my report I may have left out is I have 0 derogatories or charge offs or even late payments. My credit was squeaky clean just lacking As I did not have anything 3 months ago. Also before self lender was 673 and dropped to 623 on credit karma. Dissapointing🤦🏻‍♂️ but I know the 673 wasn't true anyways just part of rebuilding process I guess. 

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You won't know about how the loan works until you start prepaying it. You haven't mentioned who the lender is. Try prepaying some payments and see what happens with the 'next payment due date'. E.g., if your next payment is due 8/3, and you make 3 payments now, and the next payment due date changes to 11/3, you probably have the right kind of loan.

But even if you don't have the right kind of loan, paying the loan down to 9% now will get you a nice scoring bonus, for at least as many months as the loan lasts after that, whereas paying the loan down gradually will get you nothing or next to nothing. E.g. when I was down to 14% I was getting almost no points, and a negative reason code "proportion of installment balances too high". But getting it down to 9% was like rocket fuel for points in FICO 8, and finally got rid of the negative reason code.

[Anonymous]

The loan is through Self credit builder loan, sounds like if I pay in advance I just shorten the life of the loan which I don't think I want to do. I really need the payment history since I have none. I'm gonna just continue to pay the monthl6 on tah5 and keep both my card at 0 balance and maybe 1 at like 5% and see where that leads me. 

[KLEXH25]

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@Anonymous wrote:

The loan is through Self credit builder loan, sounds like if I pay in advance I just shorten the life of the loan which I don't think I want to do. I really need the payment history since I have none. I'm gonna just continue to pay the monthl6 on tah5 and keep both my card at 0 balance and maybe 1 at like 5% and see where that leads me. 

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I think this is a good strategy. You still haven't even generated Fico scores so don't worry about what Vantage says. I'm confident that with responsible use and some history, you'll easily have scores in the 700s. It can be a little frustrating being this early in the process because the only thing that will truly help you is time. So just be patient 😊

[Anonymous]

I forgot to add the self builder loan offers a secured card after 3 consecutive payments. Does anyone know with that secured card can I add more money to increase the CL? I know the6 are gonna take atkeast 100 or maybe 125 but I would like to put another 200 on it make it for at least $300 CL. If I get this card would that be a good foundation ? 3 revolvers and 1 installment? Or do I need more ? 

[Anonymous]

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@Anonymous wrote:

I forgot to add the self builder loan offers a secured card after 3 consecutive payments. Does anyone know with that secured card can I add more money to increase the CL? I know the6 are gonna take atkeast 100 or maybe 125 but I would like to put another 200 on it make it for at least $300 CL. If I get this card would that be a good foundation ? 3 revolvers and 1 installment? Or do I need more ? 

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No, you don't need any more secured credit

Let the accounts sit and you can get much larger unsecured lines for free

[jamie123]

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@Anonymous wrote:

I forgot to add the self builder loan offers a secured card after 3 consecutive payments. Does anyone know with that secured card can I add more money to increase the CL? I know the6 are gonna take atkeast 100 or maybe 125 but I would like to put another 200 on it make it for at least $300 CL. If I get this card would that be a good foundation ? 3 revolvers and 1 installment? Or do I need more ? 

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I agree with the other poster, you are fine for now. Just sit back and pay all your bills on time for at least the next 6 months before applying for anything else. Once your credit is about 7 months old, I might suggest apping for another credit card. It is best to have at least 3 credit cards to build your history and scores.

Choose your credit cards wisely because you eventually want 5 to 8 credit cards that you can keep open for life.

[Anonymous]

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@Anonymous wrote:

Hello I'm am just just getting into cc game and I am hooked !! Love this page.  here's my story 

          I had no scores no credit as of 5/19. I now have 2 secured CC (Discover it & Citi Secured) and self builder credit loan for 1 year(just opened last month) right now my scores are trans 623, Equifax 622 and experian 681. Trans and Equifax are from credit karma and experian from self vantage 30. What is my best bet as far as paying the credit cards ? The last few months I run them up and pay off before payment date and statement date. I use the card a lot but never report balance. I understand how statement date works. Been reporting $0 Balances on both. Should I leave a 10% balance on one of them ? Also my self loan i owe 88% just made 1 payment. Are these 3 lines good enough or should I try for more ? The goal is obviously get above 700 as soon as possible but I also want to increase my chances of graduating and credit limit increases on the secured cards. I don't want to do anything that requires HP. Please let me know what you think. Look forward to the comments. Thank you! 

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@Anonymous Welcome. I have not read the thread, just your first post. However to give my two cents, first since you're new, you should read the Scoring Primer linked at the top of my signature. It will explain a lot of things for you.

Second, you need 2-3 more revolvers, whether secured or not is irrelevant. Do not go out and get predatory cards or AF cards. If your scores don't support it, wait 12 months and then get them. Add in 12 months cycles. You don't need any more than 5 revolvers for scoring purposes.