24 Looking to build Credit... What are some good tips on your first Credit Card

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 .
 
Dam itz Lou said:
It hurts your average age of accounts, but that only accounts for 15% of your score. My scores range from 755-786. My lowest is Experian. They usually take the ding for an inquiry.
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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
 
DWalk31 said:
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
 
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.
 
Bank of America now offering free Fico (TransUnion) credit score through online banking.
 
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jon4rd said:
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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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
 
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
 
Headhoncho said:
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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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
 
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%.
 
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
 
@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.
 
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BeezyGotSole said:
@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.
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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 :lol: . Never get that loan at the dealer...come with your own at a CU
 
BeezyGotSole said:
@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.
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It was actually through a credit union :lol: didnt even bother trying my bank assuming my rate wouldnt get lower.
 
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?
 
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BeezyGotSole said:
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?
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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)
 
FreshPairs said:
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.
 
What to know about "rate shopping."

Looking for a mortgage, auto or student loan may cause multiple lenders to request your credit report, even though you are only looking for one loan. To compensate for this, FICO Scores ignore mortgage, auto, and student loan inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your scores while you're rate shopping. In addition, FICO Scores look on your credit report for mortgage, auto, and student loan inquiries older than 30 days. If your FICO Scores find some, your scores will consider inquiries that fall in a typical shopping period as just one inquiry. For FICO Scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO Scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO Scores.
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Repped for great info. Didn't know that
 
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