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Noob questions about building credit. Chase CC

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SoloTango
New Visitor

Noob questions about building credit. Chase CC

I've just recently received my first CC from Chase.

I don't have bad credit, I have no credit.

As of today my scores are 695 TransUnion and 715 Equifax.

Is there a way to see my TransUnion score for free?

 

This CC is for credit building only and will not be carrying a balance. Especially at 25%.

I'm finding conflicting information as far as when Chase reports to the bureues.

Some say 30 days after your statement is issued, some say 2-3 days after the balance is paid to zero.

I'd really like a concreate answer as I don't want to make 2 payments to zero in 1 report period. Though I'm not sure that's possible.

 

Is thee a particular CC that offers anything special to someone trying to build credit?

I think I saw a thread here saying something about Bank of America CC being good because of how they report or something.

 

Should I juggle 2 cards, one with a zero balance and one with a very small balance?

This was from another thread here, I just didn't understand.

 

Is 6 months the minimum it will take to get an above "good" rating?

Message 1 of 5
4 REPLIES 4
SouthJamaica
Mega Contributor

Re: Noob questions about building credit. Chase CC


@SoloTango wrote:

I've just recently received my first CC from Chase.

I don't have bad credit, I have no credit.

As of today my scores are 695 TransUnion and 715 Equifax.

Is there a way to see my TransUnion score for free?

 

This CC is for credit building only and will not be carrying a balance. Especially at 25%.

I'm finding conflicting information as far as when Chase reports to the bureues.

Some say 30 days after your statement is issued, some say 2-3 days after the balance is paid to zero.

I'd really like a concreate answer as I don't want to make 2 payments to zero in 1 report period. Though I'm not sure that's possible.

 

Is thee a particular CC that offers anything special to someone trying to build credit?

I think I saw a thread here saying something about Bank of America CC being good because of how they report or something.

 

Should I juggle 2 cards, one with a zero balance and one with a very small balance?

This was from another thread here, I just didn't understand.

 

Is 6 months the minimum it will take to get an above "good" rating?


1. The only way I know of to get your TU FICO score for free is to have an account with a bank that provides it, but maybe some other folks will know a way.

 

2. Chase reports the statement balance. It also reports any time you pay the current balance down to zero. Any "conflicting" reports are wrong.

 

3. No there's no credit card issuer that's particularly helpful about establishing credit. Two that are particularly unhelpful are (a) Synchrony because it reports the balance to the bureaus erratically and unpredictably and (b) Comenity because it's having some kind of system problems that are preventing it from reporting.

 

4.  I don't know about juggling but it is good for your score, if you have 2 cards, to let 1 report a small balance while the other reports a zero balance.

 

5.  I can't answer your question about "good"; "good" is not a FICO category.

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 687

Message 2 of 5
MySunrise271
Established Contributor

Re: Noob questions about building credit. Chase CC


@SoloTango wrote:

I've just recently received my first CC from Chase.

I don't have bad credit, and I have no credit.

As of today, my scores are 695 TransUnion and 715 Equifax.

Is there a way to see my TransUnion score for free?

 

This CC is for credit building only and will not carry a balance, especially at 25%.

I'm finding conflicting information regarding when Chase reports to the bureau's.

Some say 30 days after your statement is issued, some say 2-3 days after the balance is paid to zero.

I'd really like a concreate answer as I don't want to make 2 payments to zero in 1 report period. Though I'm not sure that's possible.

 

Is thee a particular CC that offers anything special to someone trying to build credit?

I think I saw a thread here saying something about Bank of America CC being good because of how they report or something.

 

Should I juggle 2 cards, one with a zero balance and one with a very small balance?

This was from another thread here, I just didn't understand.

 

Is 6 months the minimum it will take to get an above "good" rating?


If you sign up for an Experian account, you will receive your free Experian score updated on a regular basis, I think daily.  At the beginning of each month you can request a 7 day free trial of their Premium subscription. You will then receive all 3 scores.  Just remember to cancel the subscription and go back the ‘basic’ version. You can rinse and repeat this each month to see all your Fico 8 scores for free.😊  I usually go through the browser to do this, as sometimes on the app the option for a free trial doesn't always show up.

Message 3 of 5
USMC_Winger
Frequent Contributor

Re: Noob questions about building credit. Chase CC


@SoloTango wrote:

I've just recently received my first CC from Chase.

I don't have bad credit, I have no credit.

 

To most lenders, that's the same thing, unfortunately.

 

As of today my scores are 695 TransUnion and 715 Equifax.

Is there a way to see my TransUnion score for free?

 

Should I juggle 2 cards, one with a zero balance and one with a very small balance?

This was from another thread here, I just didn't understand.

 

Is 6 months the minimum it will take to get an above "good" rating?


@SoloTango:  Discover and BofA give credit cardholders their TransUnion FICO 8 scores for free every 30 days.

 

The poster on the other thread was probably recommending the AZEO method to maximize FICO scores.  Being new to credit, if you can handle it, 3 credit cards is better than 2 CCs, because your one CC that reports a small balance each month will show a balance on less than 50% of revolver accounts, boosting your FICO scores.  2 CCs only gives you exactly 50% of accounts with a balance, at best.

 

You can bump your FICO scores up (~10 to 20 FICO points) with the "All Zero Except One" (AZEO) method by choosing one national bankcard (VISA, M/C, AMEX, and Discover) with a credit limit below $29,900 (and isn't a charge card, store card, credit union CC, Chase CC, or US Bank CC) to report a balance less than $100 AND have all the other credit cards (revolving/open-ended accounts) report $0 balances.  Also ensure that the balance reported on your chosen bankcard is less than 29.5% of that card's CL AND less than 9.5% of the aggregate CL of all your revolving/open-ended credit accounts.  Pay the balance on your chosen bankcard in full after it reports to the CBs, but before the due date, and you won't pay any interest unless your bankcard has no grace period.  (In that case, pick a different bankcard that meets the AZEO criteria.)

 

6 months is probably the minimum to reach the "very good" range (740 to 799 according to Experian) for FICO scores on Experian, because it takes a minimum of 6 months for your first FICO scores to be calculated.  TransUnion and Equifax count the months differently, so it will actually take 7 months on those CBs.  However, you're not going to get there with only 1 CC at 6 and 7 months of credit history.

 

I had 7 months of credit history with 2 CCs and no hard inquiries on my Equifax CR and hit 740, but my scores at Experian and TransUnion were 727 and 724, respectively, so still in the "good" range.  Then I was approved for a third CC to improve my AZEO method and, to get points for the "credit mix" category, I used the SSL Technique to boost my FICO scores an average of 30 points at each CB for both new accounts.

 

What's the SSL Technique?  I opened a 5 year share secure loan at Navy Federal Credit Union, paid it down below 9.5%, and Navy Fed reported the new account and current balance on the last day of the month.  My next payment wasn't the next month, as it is with ordinary installment loans.  My next payment was pushed forward and scheduled about 4 years later.  When the 3rd CC reported barely a month later, I had EX 755, TU 744, and EQ 782.  That FICO point boost for "credit mix" will last for about 4.5 years, when I make the last loan installment payment.

 

I believe someone with 3 CCs and an installment loan using AZEO and the SSL Technique can probably reach FICO 8 scores of 740 or higher at 6 months on Experian and at 7 months on the other 2 CBs, as long as all 4 of those accounts were opened at the beginning of that 6 month period.

FICOs:





Message 4 of 5
PNWRambler
Frequent Contributor

Re: Noob questions about building credit. Chase CC

Mercury, Barclaycard, and Capital One will give you a TransUnion score every 30 days - In addition to Discover and BofA as mentioned above.

Message 5 of 5
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