OFFICIAL NT Credit Thread

Great post.

Im 23 and my credit situation is kind of awkward. All of my credit is currently in installments (student loans, car loans) , I have paid over the agreed amount on time every month. I have a steady job with a pretty decent salary and an AMEX Corporate Card (doesnt go toward my personal credit) that I use like a credit card and pay off monthly.

However, I just recently applied for an personal AMEX and was denied and I am waiting to here back from Chase Slate, and BofA AMEX. AMEX reason was I didnt have revolving credit ( credit cards) and length of credit was too short (credit history started 3 years ago).

I've learned the best way to increase you score is find a credit card with a huge limit, use it for daily use like your bank card and pay off end of month. APR doesnt really matter if you've decided your going to pay off at the end of every month. Unfortunately I dont seem to be getting accepted for any CC that have my interest (rewards/annual fee/ 0 intro apr). I am trying to purchase a home soon, and I know i need a high credit score or banks most likely wont give you the best rate.

My question, does applying for multiple cc hurt my credit score and make me look unattractive to lenders?
 
Originally Posted by EB4President

Great post.

Im 23 and my credit situation is kind of awkward. All of my credit is currently in installments (student loans, car loans) , I have paid over the agreed amount on time every month. I have a steady job with a pretty decent salary and an AMEX Corporate Card (doesnt go toward my personal credit) that I use like a credit card and pay off monthly.

However, I just recently applied for an personal AMEX and was denied and I am waiting to here back from Chase Slate, and BofA AMEX. AMEX reason was I didnt have revolving credit ( credit cards) and length of credit was too short (credit history started 3 years ago).

I've learned the best way to increase you score is find a credit card with a huge limit, use it for daily use like your bank card and pay off end of month. APR doesnt really matter if you've decided your going to pay off at the end of every month. Unfortunately I dont seem to be getting accepted for any CC that have my interest (rewards/annual fee/ 0 intro apr). I am trying to purchase a home soon, and I know i need a high credit score or banks most likely wont give you the best rate.

My question, does applying for multiple cc hurt my credit score and make me look unattractive to lenders?
Click to expand...
yes the multiple cc apps will hurt cause you will get a hard pull for each one.  waystinthyme had a post on the other page about it. 


  
 
Originally Posted by EB4President

Great post.

Im 23 and my credit situation is kind of awkward. All of my credit is currently in installments (student loans, car loans) , I have paid over the agreed amount on time every month. I have a steady job with a pretty decent salary and an AMEX Corporate Card (doesnt go toward my personal credit) that I use like a credit card and pay off monthly.

However, I just recently applied for an personal AMEX and was denied and I am waiting to here back from Chase Slate, and BofA AMEX. AMEX reason was I didnt have revolving credit ( credit cards) and length of credit was too short (credit history started 3 years ago).

I've learned the best way to increase you score is find a credit card with a huge limit, use it for daily use like your bank card and pay off end of month. APR doesnt really matter if you've decided your going to pay off at the end of every month. Unfortunately I dont seem to be getting accepted for any CC that have my interest (rewards/annual fee/ 0 intro apr). I am trying to purchase a home soon, and I know i need a high credit score or banks most likely wont give you the best rate.

My question, does applying for multiple cc hurt my credit score and make me look unattractive to lenders?
Click to expand...
yes the multiple cc apps will hurt cause you will get a hard pull for each one.  waystinthyme had a post on the other page about it. 


  
 
When I got my BofA CC in 2006 they gave me a credit limit of about $2800. I got behind in child support in 2007 so they dropped it to $2400. I payed the child support off in 09 and payed off my cc last year. I now have a credit limit of $4700. I dont see myself using all of that though. I guess i am doing something right.
 
When I got my BofA CC in 2006 they gave me a credit limit of about $2800. I got behind in child support in 2007 so they dropped it to $2400. I payed the child support off in 09 and payed off my cc last year. I now have a credit limit of $4700. I dont see myself using all of that though. I guess i am doing something right.
 
Originally Posted by Mojodmonky1

Originally Posted by EB4President

Great post.

Im 23 and my credit situation is kind of awkward. All of my credit is currently in installments (student loans, car loans) , I have paid over the agreed amount on time every month. I have a steady job with a pretty decent salary and an AMEX Corporate Card (doesnt go toward my personal credit) that I use like a credit card and pay off monthly.

However, I just recently applied for an personal AMEX and was denied and I am waiting to here back from Chase Slate, and BofA AMEX. AMEX reason was I didnt have revolving credit ( credit cards) and length of credit was too short (credit history started 3 years ago).

I've learned the best way to increase you score is find a credit card with a huge limit, use it for daily use like your bank card and pay off end of month. APR doesnt really matter if you've decided your going to pay off at the end of every month. Unfortunately I dont seem to be getting accepted for any CC that have my interest (rewards/annual fee/ 0 intro apr). I am trying to purchase a home soon, and I know i need a high credit score or banks most likely wont give you the best rate.

My question, does applying for multiple cc hurt my credit score and make me look unattractive to lenders?
Click to expand...
yes the multiple cc apps will hurt cause you will get a hard pull for each one.  waystinthyme had a post on the other page about it. 


  
Click to expand...
yep, this will initially hurt your score, because you're applying for 'new credit'. as your 'new credit' matures, assuming you remain in good standing, your score will recover.

revolving credit (i.e. credit cards) are different from installment loans. you won't be able to start off with the rewards/no annual fee/low APR credit cards if you currently have no revolving credit...you need to go apply for a 'student' credit card at your local bank or credit union. use the card and PIF each month for 6-12 months, then apply for a major credit card. after 12 months of good credit history, you should qualify for some rewards cards. you'll know when to apply, once you begin receiving 'pre-approved' offers from decent cards in the mail.

also, if you're looking to buy a home soon, you need to stop applying for cards immediately. you want as few hard inquiries as possible on your credit report before applying for a home mortgage. try to not apply for any cards or other types of 'new credit' for 12 months before applying for your home loan. on the other hand, having no revolving credit will also make getting a home mortgage difficult...so you're in a tough situation in regards to your home mortgage application.

-waystinthyme

  
 
Originally Posted by Mojodmonky1

Originally Posted by EB4President

Great post.

Im 23 and my credit situation is kind of awkward. All of my credit is currently in installments (student loans, car loans) , I have paid over the agreed amount on time every month. I have a steady job with a pretty decent salary and an AMEX Corporate Card (doesnt go toward my personal credit) that I use like a credit card and pay off monthly.

However, I just recently applied for an personal AMEX and was denied and I am waiting to here back from Chase Slate, and BofA AMEX. AMEX reason was I didnt have revolving credit ( credit cards) and length of credit was too short (credit history started 3 years ago).

I've learned the best way to increase you score is find a credit card with a huge limit, use it for daily use like your bank card and pay off end of month. APR doesnt really matter if you've decided your going to pay off at the end of every month. Unfortunately I dont seem to be getting accepted for any CC that have my interest (rewards/annual fee/ 0 intro apr). I am trying to purchase a home soon, and I know i need a high credit score or banks most likely wont give you the best rate.

My question, does applying for multiple cc hurt my credit score and make me look unattractive to lenders?
Click to expand...
yes the multiple cc apps will hurt cause you will get a hard pull for each one.  waystinthyme had a post on the other page about it. 


  
Click to expand...
yep, this will initially hurt your score, because you're applying for 'new credit'. as your 'new credit' matures, assuming you remain in good standing, your score will recover.

revolving credit (i.e. credit cards) are different from installment loans. you won't be able to start off with the rewards/no annual fee/low APR credit cards if you currently have no revolving credit...you need to go apply for a 'student' credit card at your local bank or credit union. use the card and PIF each month for 6-12 months, then apply for a major credit card. after 12 months of good credit history, you should qualify for some rewards cards. you'll know when to apply, once you begin receiving 'pre-approved' offers from decent cards in the mail.

also, if you're looking to buy a home soon, you need to stop applying for cards immediately. you want as few hard inquiries as possible on your credit report before applying for a home mortgage. try to not apply for any cards or other types of 'new credit' for 12 months before applying for your home loan. on the other hand, having no revolving credit will also make getting a home mortgage difficult...so you're in a tough situation in regards to your home mortgage application.

-waystinthyme

  
 
I'm currently in the process of cleaning up my credit.

It has taken a few years, but as of yesterday the only credit I have that is unpaid is a student loan totaling around $15K. No plans on attacking that just yet as I'm not even obligated to pay it back until I'm done with school. I also have no plans of taking out any additional student loans as my tuition is being covered by my new employer.

Question though, what is the best way to rebuild my credit over the next year or two? I was irresponsible when I was younger and it hurt my score.
 
I'm currently in the process of cleaning up my credit.

It has taken a few years, but as of yesterday the only credit I have that is unpaid is a student loan totaling around $15K. No plans on attacking that just yet as I'm not even obligated to pay it back until I'm done with school. I also have no plans of taking out any additional student loans as my tuition is being covered by my new employer.

Question though, what is the best way to rebuild my credit over the next year or two? I was irresponsible when I was younger and it hurt my score.
 
Got a question about debt to credit utilization.

My due date on one of my credit cards($500 limit) is on the 12th. I use it to rebuild credit. Anyways, my due date is on the 12th and my statement is on the 15th of every month.

I always pay in full by the due date, but I've heard I should be keeping a small balance so it can be reported to the credit bureaus for use(around 7% of credit limit). I also read that the credit bureaus only check what the balance is on the statement, so anything charged and payed off before then technically looks like there is no credit card usage. I've noticed my statement date comes a few days after the due date. Should I be charging something small in between the 12th and 15th, so the statement reports a balance?

...What is your guys' monthly paying habits? Best way to help credit score? Thanks!
 
Got a question about debt to credit utilization.

My due date on one of my credit cards($500 limit) is on the 12th. I use it to rebuild credit. Anyways, my due date is on the 12th and my statement is on the 15th of every month.

I always pay in full by the due date, but I've heard I should be keeping a small balance so it can be reported to the credit bureaus for use(around 7% of credit limit). I also read that the credit bureaus only check what the balance is on the statement, so anything charged and payed off before then technically looks like there is no credit card usage. I've noticed my statement date comes a few days after the due date. Should I be charging something small in between the 12th and 15th, so the statement reports a balance?

...What is your guys' monthly paying habits? Best way to help credit score? Thanks!
 
775, been building my credit since middle school with a cosigned credit card.
It's important to pay in full and pay by the due date. If you don't have the funds by in a month or 2, dont use your credit card at all. 
 
775, been building my credit since middle school with a cosigned credit card.
It's important to pay in full and pay by the due date. If you don't have the funds by in a month or 2, dont use your credit card at all. 
 
A site I use to keep an eye on my credit is http://www.creditkarma.com/

I know a place like this can seem kinda shady, but I haven't had any problem with it and googling it shows that most people haven't had issues either. I don't think they give you your exact score but it's good just to keep a sense of where you're at and even to put in different scenarios (opening a new card, paying one off completely, etc etc) and seeing how it'd effect your score.
 
A site I use to keep an eye on my credit is http://www.creditkarma.com/

I know a place like this can seem kinda shady, but I haven't had any problem with it and googling it shows that most people haven't had issues either. I don't think they give you your exact score but it's good just to keep a sense of where you're at and even to put in different scenarios (opening a new card, paying one off completely, etc etc) and seeing how it'd effect your score.
 
finally got all delinquency accounts paid off which was only one from tmobile... now im trying to get over 700 score.. right now im sitting at 660.. which is medium risk i think..

so my question is who is the best company to go throw to get a CC with a 10k limit?
 
finally got all delinquency accounts paid off which was only one from tmobile... now im trying to get over 700 score.. right now im sitting at 660.. which is medium risk i think..

so my question is who is the best company to go throw to get a CC with a 10k limit?
 
Originally Posted by Mojodmonky1

For you younger NTers who are seriously dating and thinking of wifing up... keep this in mind.  CHECK YOUR GIRLS CREDIT.  Since I work in lending, I am vigilant about maintaining and monitoring my good credit.  I tried to maintain 750+ credit on all 3 bureaus and was trying to get it up to Boilermaker X status and get 800+ (Hit 2 of the 3, damn you Transunion).  My girl's credit was not great when we started dating (upper 500's).  I tried to help her get back on track and raise it up.  When we got married and bought our home and applied for a loan, they looked at the lowest median score of both applicants.  My credit was stellar, hers was just below the 720 cutoff for A credit.  Since her median score came in at 706, we ended up paying an extra 0.125% on our rate.  0.125% may not sound like a lot, but when you are talking about a $400K 30 year fixed loan, that is still real money each month. 

Make sure your credit score is good, and then make sure your girl is straight too. 
Click to expand...

I went on a date wit this lil mexican shorty.. big **** and @@! so definitely wifey materal.  the date went great.. she was really feeling me... maybe cus i'm black and she knows i got enough meat to feed the needy... if you know what i mean.
however, i took your advice and asked her about her credit.  she uttered 5..0..0.  and i just said hell nah and got my butt off the bus and walked the opposite direction.  now we could have had a great thang but she just messed up everythang.  thanks for da good advice.
 
Originally Posted by Mojodmonky1

For you younger NTers who are seriously dating and thinking of wifing up... keep this in mind.  CHECK YOUR GIRLS CREDIT.  Since I work in lending, I am vigilant about maintaining and monitoring my good credit.  I tried to maintain 750+ credit on all 3 bureaus and was trying to get it up to Boilermaker X status and get 800+ (Hit 2 of the 3, damn you Transunion).  My girl's credit was not great when we started dating (upper 500's).  I tried to help her get back on track and raise it up.  When we got married and bought our home and applied for a loan, they looked at the lowest median score of both applicants.  My credit was stellar, hers was just below the 720 cutoff for A credit.  Since her median score came in at 706, we ended up paying an extra 0.125% on our rate.  0.125% may not sound like a lot, but when you are talking about a $400K 30 year fixed loan, that is still real money each month. 

Make sure your credit score is good, and then make sure your girl is straight too. 
Click to expand...

I went on a date wit this lil mexican shorty.. big **** and @@! so definitely wifey materal.  the date went great.. she was really feeling me... maybe cus i'm black and she knows i got enough meat to feed the needy... if you know what i mean.
however, i took your advice and asked her about her credit.  she uttered 5..0..0.  and i just said hell nah and got my butt off the bus and walked the opposite direction.  now we could have had a great thang but she just messed up everythang.  thanks for da good advice.
 
You must log in or register to reply here.

The ultimate sneaker enthusiast community.

NikeTalk was created as a way of giving back to both the sneaker enthusiast community and to the greater global community of which we are all a part.

NikeTalk is NOT affiliated with Nike Inc. in any way, shape, or form. All opinions expressed herein do not necessarily reflect those of Nike, Inc.

© 1999-2024 NikeTalk.com

Share this page

Back
Top Bottom