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AAoA is low, and you have a lot of inquiries in a short amount of time. Hold on to those cards for about a year. You have to build your credit it's gonna take some time .
24 Looking to build Credit... What are some good tips on your first Credit Card
- Thread in 'General' Thread starter Started by trynafeelmink,
- Start date
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When you close an account just to take advantage of the sign up bonus how does it appear on your credit report/affect your avg age of history
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I don't think it hurts at all when I close it. Since it's a newer card my AAoA will actually go up. The 2-3 points I might of lost because of the hard inquiry I'll get back in a year and it stays on your credit report for 2.
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I read that closed accounts still show up on your report for 10 years (age of accounts wise) but the limit is removed from your total available credit after you close it. Can't confirm cause I haven't closed a card yet
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Great thread... Remember, having large sums of debt and having a history of paying it off is like strapping a 871 blower on a hemi engine..
Car payments, jewelry, electronics, all do da trick.
And may i suggest store cards? Those allot a TON of credit that reflect well when u got a good history of payment.
Car payments, jewelry, electronics, all do da trick.
And may i suggest store cards? Those allot a TON of credit that reflect well when u got a good history of payment.
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Bank of America now offering free Fico (TransUnion) credit score through online banking.
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already posted a few pages back
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Yes..all approvals are based off of ur current situation..which is why they ask ur income and ur permission to pull credit..so closed accounts are good for your history..but once it is closed the only way to obtain more is applying for new cards for approvals
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Whens the best time to refinance an auto loan to get a lower apr rate?
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Hey guys I'm new to this thread and I'm looking at getting a new card I already have a Discover card and want to see what you guys would recommend on getting my credit score is around 720-750 according to Credit Karma and the Fico score on the discover statements
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I heard about 6 months in and when you see am improvement to your credit profile/score as well as you showing you've made on time payments.
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What are you looking for with the new cards? Cash back? Travel rewards? Zero interest?
If you just want another card to earn cash back maybe get the citi double cash card. 2% back on everything since you already have a discover card. Others will probably chime in too
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I refinanced my car as soon as I got my tags, so about 30 days. I don't know what is considered "best" though,
my refi rate was the best rate my CU offered 1.99%.
my refi rate was the best rate my CU offered 1.99%.
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I couldve gotten 3% with my 792 score but since im a first time auto buyer and only 1 line of credit (usually need 3) it jumped to 9%. They recommended 6 months also
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@FreshPairs Your whylin if you wait 6 months at 9% apr with a 792 score.
You messed up because you got your loan at the dealer, I did the same thing came out with 7.99% apr.
As soon as you get your tags refi at a credit union. My score is 100 points lower than yours and I'm sitting at 1.99%, don't wait to refi it makes no sense.
That 6 month stuff is bs, the same bs they tell you after you buy a house.
You messed up because you got your loan at the dealer, I did the same thing came out with 7.99% apr.
As soon as you get your tags refi at a credit union. My score is 100 points lower than yours and I'm sitting at 1.99%, don't wait to refi it makes no sense.
That 6 month stuff is bs, the same bs they tell you after you buy a house.
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Get out of that ASAP. You're throwing wayyyyy too much money away.
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Good news. Everytime I always heard 6 months. I had no idea you could refinance immediately
9% at 792 is WILD
. Never get that loan at the dealer...come with your own at a CU
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Wait at least 6 months is the rule of thumb. My dealer was able to get me 1.90% on a used car so I didn't even bother to refinance.
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It was actually through a credit union
didnt even bother trying my bank assuming my rate wouldnt get lower.
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Damn 9% at 792 
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LOL I can't believe it, they are getting over. I still wouldn't wait 6 months, as soon as it starts reporting your credit file is "thicker" due to having an installment loan.
Did you shop around or just take whatever your CU gave you?
Did you shop around or just take whatever your CU gave you?
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Normally CUs always give the better rate so I didnt even bother checking my bank (chase) even the dealer said i wouldnt get approved through them with only 1 line of credit (my only CC since 2007)
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Always remember it doesn't hurt to shop around, all CUs and banks aren't created equal and they all don't give the same rates.
Auto loan inquiries within a 30 day time frame report as 1 inquiry on your credit report.
I applied at Pen Fed (denied), Navy Fed (Wouldn't tell me my rate unless I accepted the loan), Tower Fed (1.99%).
I wasn't gonna stop applying until I was in the 2.xx% range. I do all of my applying online.
For other people shopping around for loans.
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[quote name="BeezyGotSole" url="/t/521602/24-looking-to-build-credit-what-are-some-good-tips-on-your-first-credit-card/3600#post_25656294]
[/quote]
Repped for great info. Didn't know that
[/quote]
Repped for great info. Didn't know that
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"Navy Fed (Wouldn't tell me my rate unless I accepted the loan)"
They allowed to do that?
They allowed to do that?
