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New here!

Gypsy2
Valued Member

Re: New here!

In my wallet:
Cap one platinum
Cap One quicksilver
Credit One
First premier
Indigo
First access
Victoria’s Secret

Honestly, I would have never opened a couple of these if I had found this forum beforehand😬 - but it’s a start!
Message 11 of 21
KLEXH25
Valued Contributor

Re: New here!

Welcome! I was in a very similar boat as you (no credit for 10 years and then needed a car). I got a credit card in May and then came here in August when I couldn't get an auto loan approval. Started reading the forum inside and out, applied for two more cards, increased my scores, and then got my car loan approval! If only I had come here first!! I would have done things differently. But it's not too late to fix and adjust accordingly. I highly recommend reading as many posts as possible, and educating yourself on all things credit card related. 

 

When you say you're going to pay your cards down to 10%, does that mean they are all carrying a balance? I would recommend paying them all off when you can, and only allowing a balance to report on one card at 8.9% or less (AZEO method). It will help bring up your scores. Because of the low credit lines, try to only use the cards occasionally and minimally, and always pay in full. If you have gone this long without credit (like I have), you should continue acting like you don't have the cards and only spend what you have. Just use them occasionally so you can grow your scores and credit limits, and you'll have higher scores in no time.

 

I'm also wondering how you have a score already. Have you checked your credit reports? Do you have any old accounts showing? Any derogatories? When I started rebuilding, I had an old Chase account reporting on my Experian, so it gave me a score (but it has since gone away).





Message 12 of 21
Gypsy2
Valued Member

Re: New here!

That makes sense! Thankful to have a little garden 😊
Message 13 of 21
Gypsy2
Valued Member

Re: New here!

Thank you!
Message 14 of 21
Gypsy2
Valued Member

Re: New here!

Wow! We are like FICO twins🤗
I will take your advice and pay them all off, except one, keeping below 8% balance on that oneSmiley Happy I wish I had found this forum earlier too! I am now studying it like crazy lol
I had ALOT of derogatory (from when I was just starting out at 19, and had no clue how important credit was😬) on my report before I stopped using any credit altogether...got married and just didn’t worry about it. Fast forward to now, a little over 10 years later, I decided to try to re-establish my credit - and to my surprise, there was no score at all😶 after I got a secured card, my score basically reset to “new credit” - like somebody who was just starting out. A little older and much wiser now - I’m sure thankful for that reset!!
Message 15 of 21
Gypsy2
Valued Member

Re: New here!

Well I’m super excited to sit in my little garden 😂🙌🏻
Message 16 of 21
Tutheather22
Frequent Contributor

Re: New here!

Welcome Aboard Gypsy!!!
Message 17 of 21
WarCulture
Frequent Contributor

Re: New here!


@Gypsy2 wrote:
Well I’m super excited to sit in my little garden 😂🙌🏻

You're a member now, you can add those cards, you can also add the garden club seedling now. Good luck!

FICOs: EQ - 730 / TU - 735 / EX - 736
WALLET: CL 70K / UT 1%

"An investment in knowledge pays the best interest." - BF
Message 18 of 21
Gypsy2
Valued Member

Re: New here!

😊🌱
Message 19 of 21
Priory_Man
Established Contributor

Re: New here!

Slow and steady is the way to go, and it seems like you are already doing that. In a year or so you will look back at this post and see just how far you have come. 






~~ Former Royal Navy Submariner - Proud to have served ~~
Message 20 of 21
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