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HELP

New Member

HELP

Hello all! I'm new here! 

 

I'm currently a college student and need help (suggestions, ideas) to build and raise my credit score. I currently have the following: 

Wells Fargo College Cash Back: Credit Limit = $600 (used: $598.61)

State Farm Student VISA: Credit Limit = $500 (used: $499.52)

Credit One Bank VISA: Credit Limit = $300 (used: $297.68)

1st Financial Bank VISA: Credit Limit = $150 (used: $149)

First Premier Bank MasterCard: Credit Limit = $400 (used: none, approved but it took fees)

I also have 2 student loans (both are federal) reporting 

Cornerstone/Dept of Ed: $1,750

Cornerstone/Dept of Ed: $1,010 (this loan has interest) 

 

My credit scores (I'm using CreditKarma, any other suggestions are appreciated)

TransUnion: 533 (Updated Jan 6)

Equifax: 504 (Updated Jan 6)

Experian: ?

 

I do understand that having a high revolving balance does not look good and I do also understand that my credit utilization should be below 30%. I'm asking for help and advice on how to maintain a good credit history so I can advance to better cards. I have a limited income. I'm also only 18 years old.

 

Thanks for your time and input!

15 REPLIES
Frequent Contributor

Re: HELP

you have quite a few cards. just make a budget and pay down the balance and keep util down slowly. your score will be fine.

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Rent: AMZN: Drawer:
EX-777; TU-775; EQ-breach!! The unknown unknowns! Current plan: Amex Delta GLD in Feb 2019, Garden til June 2020.
Message 2 of 16
Valued Contributor

Re: HELP

You're already maxing out cards and accumulating debt at 18, the last thing you need is more credit to run up more debt. The most important thing for you is to paid down/off debt, revisit your budget and learn to live within/under your means.
Message 3 of 16
Established Contributor

Re: HELP


@oldman87 wrote:
You're already maxing out cards and accumulating debt at 18, the last thing you need is more credit to run up more debt. The most important thing for you is to paid down/off debt, revisit your budget and learn to live within/under your means.

+ 100

 

  
Fico Scores 840 . . . AAoA = 8 yrs . . . AoOA = 22 yrs . . . Garden (18) . . . * Credit Limits Capped *
Message 4 of 16
Contributor

Re: HELP

Learn to manage your income and start paying off your cards, put them in a sock drawer, don’t use them and start paying the balance down and your score will definitely increase.
Amex Gold: No pre-set spending limit

Chase Sapphire Preferred: 9.8k

Citi American Airlines MileUp: 3.1k

Capital One Quicksilver One: 2.5k

Amazon Prime Store Credit Card: 2k

Discover it Miles: 1.5k

Chase Freedom Unlimited: 1.2k

EX: 730 | EQ: 723 | TU: 705
Message 5 of 16
Valued Contributor

Re: HELP

Hi @jmay and welcome to MyFICO

First, kudos to you for seeking help regarding your credit. You’ve taken the first step and that’s a good sign.

Second, the first thing to do is stop using your credit cards. This is VIP!!!

Third, don’t apply for any more credit?

Fourth, let’s make a plan to get these cards paid down. So, update your list so we can help you reach that goal. For each card, what is the APR and the minimum monthly payment. Are your payments on time?

Fifth, what is your monthly take home pay?

Lastly, get your FICO scores.

We are going to get you on the road to creating a great credit profile.
GOALS: Garden til DEC 2020 and 800 Club

Scores
JAN 2019: EX 794, TU 783, EQ 801
DEC 2018: EX 777, TU 783, EQ 799

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Message 6 of 16
New Member

Re: HELP

I understand that I need to stop using them and I have! I can only make the minimum payment on the cards since I don't have a lot of income. I only have $200 monthly (or $2400 annually). I'm not looking to apply for any more cards because I know that won't help me. I'm just looking for help to manage what I have right now. 

 

As the cards go, I have a 100% payment history on all the cards. The minimum is $25 for each card. The APR for each is: 

Wells Fargo College Cash Back: = 0% APR for the first year, then 23.40%

State Farm Student VISA: = 25.97%

Credit One Bank VISA:  = 25.75%

1st Financial Bank VISA: = 0%, for the first year then 31.9%

First Premier Bank MasterCard: = 36%

 

And, I can't receive my FICO score because I don't have enough of a credit profile built... unless I'm looking in the wrong places. 

 

I really want to improve my score, I don't want to be like my parents. I'd like to have a good/great financial future. Thank you for your help!

Message 7 of 16
Established Contributor

Re: HELP


@jmay_2022 wrote:

 

 

I do understand that having a high revolving balance does not look good and I do also understand that my credit utilization should be below 30%. I'm asking for help and advice on how to maintain a good credit history so I can advance to better cards. 

 


It sounds like you already know what you should do. Pay down your cards as much as you can as soon as you can, don't spend beyond your budget, don't miss payments. From the looks of things, you may need to do some tidying up of your credit profile or build some good habits for credit management before you can start making plans to advance to better cards. 

Message 8 of 16
Frequent Contributor

Re: HELP

OP, I know you've mentioned that you don't have much income, is it possible to get a side hustle/part time job to earn extra money for more payments?

I use a budget program called YNAB (you need a budget), and they offer their product for free for one year for students - this might be one tool that helps you budget if you're interested.     



Message 9 of 16
Contributor

Re: HELP


@jmay_2022 wrote:

I understand that I need to stop using them and I have! I can only make the minimum payment on the cards since I don't have a lot of income. I only have $200 monthly (or $2400 annually). I'm not looking to apply for any more cards because I know that won't help me. I'm just looking for help to manage what I have right now. 

 

As the cards go, I have a 100% payment history on all the cards. The minimum is $25 for each card. The APR for each is: 

Wells Fargo College Cash Back: = 0% APR for the first year, then 23.40%

State Farm Student VISA: = 25.97%

Credit One Bank VISA:  = 25.75%

1st Financial Bank VISA: = 0%, for the first year then 31.9%

First Premier Bank MasterCard: = 36%

 

And, I can't receive my FICO score because I don't have enough of a credit profile built... unless I'm looking in the wrong places. 

 

I really want to improve my score, I don't want to be like my parents. I'd like to have a good/great financial future. Thank you for your help!


Hey,

 

I do have to say, very mature of you to seek advice and want to have a great financial future! Good job!

Amex Gold: No pre-set spending limit

Chase Sapphire Preferred: 9.8k

Citi American Airlines MileUp: 3.1k

Capital One Quicksilver One: 2.5k

Amazon Prime Store Credit Card: 2k

Discover it Miles: 1.5k

Chase Freedom Unlimited: 1.2k

EX: 730 | EQ: 723 | TU: 705
Message 10 of 16