I'm trying to build my credit up.

[Boogie]

I'm really starting to take my finances seriously. I don't want to trade time for money my whole life, I want to build wealth. I want to own appreciating assets and have something to pass down. That's why I made the thread about real estate earlier.

I just signed up for credit karma...my current credit scores are 604 and 619. I have no credit history, but I also don't have repossessions, foreclosures, or anything negative. I only have 1 account that went into consideration and I'm 100% on time with it. That means I'm on the right path but now what? Do I just keep doing what I'm doing, sign up for some credit cards or what???

 

[88m3]

I'm really starting to take my finances seriously. I don't want to trade time for money my whole life, I want to build wealth. I want to own appreciating assets and have something to pass down. That's why I made the thread about real estate earlier.

I just signed up for credit karma...my current credit scores are 604 and 619. I have no credit history, but I also don't have repossessions, foreclosures, or anything negative. I only have 1 account that went into consideration and I'm 100% on time with it. That means I'm on the right path but now what? Do I just keep doing what I'm doing, sign up for some credit cards or what???

If the bank you use has credit cards get a credit card and don't use it.
You also don't need more than one credit card, two tops. If you use them keep them at 30% or bellow of available balance every month.

Do you have student loans?

Do you have a car note? Do you need a car? Can you afford a car?

 

[Bernie Madoff]

Bank of America secured card
Never carry the balance over

 

[Boogie]

If the bank you use has credit cards get a credit card and don't use it.
You also don't need more than one credit card, two tops. If you use them keep them at 30% or bellow of available balance every month.

Do you have student loans?

Do you have a car note? Do you need a car? Can you afford a car?

No student loans. And the car is the account on my report.

 

[theworldismine13]

get a capital one credit card, they will give just about anybody a credit card
http://www.doctorofcredit.com/view-your-capital-one-pre-qualified-cards/

also open up accounts at victorias secret, express and fingerhut, they are easy to get, buy something cheap and pay it off every few months

every few months call all your creditors and ask for a credit increase...and dont use the credit

check out http://ficoforums.myfico.com/ for info

and actually follow what credit karma advises, they are a good site

 

[88m3]

No student loans. And the car is the account on my report.

K, so with that said keep up on car payments and open a credit card and you'll probably be in the 700's in a few months.
The other thing that matters is the age of your credit, the longer your credit history of on time payments the better.

I can't think of anything else off the top of my head.

 

[theworldismine13]

If the bank you use has credit cards get a credit card and don't use it.
You also don't need more than one credit card, two tops. If you use them keep them at 30% or bellow of available balance every month.

Do you have student loans?

Do you have a car note? Do you need a car? Can you afford a car?

hmm no, you should have as many credit cards as possible, like 5 or 6 at least

you can chill after $10000 but the basic goal should be the to get it so that your credit limits add up to about the same as your annual pay, but i agree that you should never actually use the credit

 

[88m3]

hmm no, you should have as many credit cards as possible, like 5 or 6 at least

the basic goal should be the to get it so that your credit limits add up to about the same as as your annual pay, but i agree that you should never actually use the credit

Why would you want a bunch of shyt credit cards with high interest rates?
With a credit score like his he's bound to not get many of them anyways.
No reason to get all those credit pulls either.

 

[theworldismine13]

Why would you want a bunch of shyt credit cards with high interest rates?
With a credit score like his he's bound to not get many of them anyways.
No reason to get all those credit pulls either.

you start out with a couple of credit cards, but long term, not all at once, you should have at least 5 or 6

credit pulls dont count after one year and they disappear after 2

the interest doesnt matter because the point is you arent using the credit anyway, and when you do you should pay them off every month, the main thing to avoid is the annual fee

like i said the reason for having multiple credit cards is to have high credit limits that you do not use, that is what creditors like and what gives a high credit score

 

[ill]

you start out with a couple of credit cards, but long term, not all at once, you should have at least 5 or 6

credit pulls dont count after one year and they disappear after 2

the interest doesnt matter because the point is you arent using the credit anyway, and when you do you should pay them off every month, the main thing to avoid is the annual fee

like i said the reason for having multiple credit cards is to have high credit limits that you do not use, that is what creditors like and what gives a high credit score

Having a bunch of open credit accounts that you don't use is also a no-no. I wouldn't recommend this guy to get 6 credit cards. Cmon, breh. He's a financial newbie trying to build wealth not fall in the credit trap. I have two personal CC's with a 10k limit total and a business CC with 25k credit line. Thats more than plenty. In no way shape or form should you have credit card lines equivalent to your annual income

Get your first CC through the bank that you already hold an account. They are more apt to give you credit since they have a history with you. I typically spend 30-70% of my max every month and the key is to pay it off in full every month. No late charges/interest/etc. Last I checked my credit score was in the 780's.

 

[theworldismine13]

Having a bunch of open credit accounts that you don't use is also a no-no. I wouldn't recommend this guy to get 6 credit cards. Cmon, breh. He's a financial newbie trying to build wealth not fall in the credit trap. I have two personal CC's with a 10k limit total and a business CC with 25k credit line. Thats more than plenty. In no way shape or form should you have credit card lines equivalent to your annual income

Get your first CC through the bank that you already hold an account. They are more apt to give you credit since they have a history with you. I typically spend 30-70% of my max every month and the key is to pay it off in full every month. No late charges/interest/etc. Last I checked my credit score was in the 780's.

having open credit accounts that you dont use is not a no no, i dont know where you get that from, there is no downside to having too much credit

how is it a credit trap to have credit that you dont use?

the annual income is just a goal, its not something that's necessary, but if you for example have 45000 in credit that is already approaching the annual income of a lot of people, so you are making my point for me

i went from 500s to 700s, and to do that it is important to establish multiple credit lines, not just a couple and its a long term process

 

[Milk N Cookies]

I got a jewelry store card & brought my sisters' Christmas gift with it. I pay on time every month & i pay above the monthly due amount. I was advised to pay more because it looks good. I have yet to check my credit score since last year but I'm hopeful that it's gone up.

 

[JahFocus CS]

Get one credit card, preferably a rewards/cash back credit card so that you get something for the money you spend. I am fond of the Capital One Quicksilver card, but not sure if you would qualify (look into it). If you don't qualify, go for the next card down from Quicksilver.

The best thing to do is to charge to your card while keeping money tucked aside to pay the bill off every month. Only charge for what you already have in your account.

Good luck with your Cream Scheme fam. You'll build your credit up.