This credit shyts a scam

[Fat Fred Jones]

Like a lot blacks folks in the world I fukked a lot of my credit when I was younger.

Thankfully I was able to move past those things and don't owe shyt anymore

a year and half ago my score was in the low 500's. I decided to get a card to help build my score.

Now it's at 659. I only have one card

It's a Capital one card with a 500 dollar limit.

Since then it's been building but i've been stuck at 659 these last few months. I don't use more than 50 bucks on my card to minimize my utilization. I pay it on time every month.

Any help would be gladly appreciated

With such a small utilization rate, there must be some derogatory information on your credit history that's weighing your score down. It could be late payments, collection accounts, judgments. Have you pulled your current report lately? CreditKarma.com will provide free Transunion and Equifax reports along with non-FICO scores and guidance on how to improve. Get your Experian report and official FICO directly from Experian.com

 

[Ghostface Trillah]

Dont paint all of us with that same brush breh. Some of us actually care about our credit and dont over exert ourselves credit wise.

You have no idea what I'm talking about.

 

[BaldingSoHard]

Credit is a tool. Nothing more. It's a very useful tool in the right hands. Like any tool, you can also hurt yourself if you use it incorrectly.

 

[TheHNIC]

Like a lot blacks folks in the world I fukked a lot of my credit when I was younger.

Thankfully I was able to move past those things and don't owe shyt anymore

a year and half ago my score was in the low 500's. I decided to get a card to help build my score.

Now it's at 659. I only have one card

It's a Capital one card with a 500 dollar limit.

Since then it's been building but i've been stuck at 659 these last few months. I don't use more than 50 bucks on my card to minimize my utilization. I pay it on time every month.

Any help would be gladly appreciated

Go to their website and request an increased credit limit. Pay that well for a like 6 months and apply for another card with them. That one will probably have an even higher limit than your increased limit. Within a year, you'll probably start getting offers from other companies with better cards with points ecosystems. Get one that fits your lifestyle (travel, cash back, hotels, rewards, etc.) and like everyone else said, use that for most of your purchases and pay it in full every month. Since you're only using that card, the others will have 0% utilization at all times and your score will go up.

Aside from that, if you buy furniture or any other big ticket items, use those 0% financing offers and make sure you pay them off before the end of the 0% period. Those are usually revolving credit accounts that report on your credit, too.

The best way to use credit is the same way you use cash. Only buy what you can afford to pay off immediately, pay your statement balance in full so you don't pay interest, and maximize whatever points system you're in. Using this strategy, my score has gone from being low 500s to 770 over the past 3 years and I have over 500,000 Marriott points, 250,000 Delta miles, 200,000 Chase UR points and 150,000 AMEX points.

 

[GoFlipAPack]

You have no idea what I'm talking about.

Maybe I misunderstood or you didnt explain well enough? Care to educate me on what you were saying?

 

[num123]

Yeah i had the same issue, did not get a credit card until i was 29 and had issues getting higher credit card limits and loans. Was told i have good credit but low credit history and was denied for a while at 670-690. But once my income went over 100k i had no more problems and my score is at 770-780.

 

[Ghostface Trillah]

Maybe I misunderstood or you didnt explain well enough? Care to educate me on what you were saying?

Pre civil rights black people weren't given credit so anything we wanted had to be paid for in cash. This prevented most of us from living beyond our means. Black banks only gave loans for houses and businesses. After credit became available to black people so did the ability to live beyond their means that never existed. Black people now had the ability to afford "nice things like the stuff white people had" but they didn't have the wealth or income to that white people had. It created a cycle that still exists to this day.