Brehs I need guidance!

[SupaVillain]

So background first:

I am 24 and my credit score is 610. It's shyt, so I was researching a lil bit and I signed up and got approved for Capital One Platinum MasterCard. Did I make the right decision or should I have signed up for a credit union since my score is so low?

 

[OfTheCross]

So background first:

I am 24 and my credit score is 610. It's shyt, so I was researching a lil bit and I signed up and got approved for Capital One Platinum MasterCard. Did I make the right decision or should I have signed up for a credit union since my score is so low?

You're good.

Just be very intentional and responsible with your credit use and payments.

Open a secured loan at s Credit Union if you can, though too.

Just pay yourself back in 4 months and you'll get a boost for a. Having a different type of loan on your record, and b. Having a loan paid off.

Additionally, that credit union will likely extend you a proper credit card offer to replace Capital One. Just make sure you ask for a higher limit. We tryna go up, not down

 

[SupaVillain]

You're good.

Just be very intentional and responsible with your credit use and payments.

Open a secured loan at s Credit Union if you can, though too.

Just pay yourself back in 4 months and you'll get a boost for a. Having a different type of loan on your record, and b. Having a loan paid off.

Additionally, that credit union will likely extend you a proper credit card offer to replace Capital One. Just make sure you ask for a higher limit. We tryna go up, not down

Ok this is my plan:

I use and pay $180 (below 10%) every month. That APR is gonna get my ass if I don't keep up on it. What you mean with "Just pay yourself back in 4 months and you'll get a boost for"

 

[OfTheCross]

Ok this is my plan:

I use and pay $180 (below 10%) every month. That APR is gonna get my ass if I don't keep up on it. What you mean with "Just pay yourself back in 4 months and you'll get a boost for"

Your plan on the credit card is perfect. Just pay the $180 off every month. There's no interest charge if you don't carry the balance over.

On the secured loan, it's essentially a loan that you give yourself, except that it gets reported to the credit bureaus so it helps build you up.

Say you got $500 in savings...the credit union will loan you $500 based on that. The catch is, that they'll hold your original $500 as collateral.

Anyway, you can pay the loan off with the same $500 that the credit union gave you. So really you're not coming out of pocket at all.

At the end of it all. It gets reported to the credit bureaus and you get a nice 10 point boost in a few months.

 

[Secure Da Bag]

So background first:

I am 24 and my credit score is 610. It's shyt, so I was researching a lil bit and I signed up and got approved for Capital One Platinum MasterCard. Did I make the right decision or should I have signed up for a credit union since my score is so low?

Just pay your bill on time. Never miss a payment. Keep your utilization lower than 70%. Ex: if your limit is $1000, never have more than $700 on that credit card.

You need to check the credit scores, Experian, TransFax, (forgot the other), and check to see what bills are overdue and delinquent. Make sure you pay the company. Not that debt collector. Once you've done that, call those credit scores companies and it taken off your record.