Building Credit From Scratch Fast?

A place to talk about your credit-building goals and progress -- and to ask for advice
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bb123
 
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Joined: Fri Feb 10, 2017 11:47 am

Building Credit From Scratch Fast?

Postby bb123 » Fri Feb 10, 2017 11:53 am

I have yet to get around to obtaining a credit card or asking for a loan in order to build a credit score but would like to do so. Since I would love to enter the game now I have to ask a list of questions:
For someone with no credit, what is the fastest way to go from point A to point B in getting a high credit score from scratch? I would be willing to pay small fees on cards or interest on a loan in building a high credit score if it means that it would allow me be accepted upon the best travel rewards cards in a reasonable amount of time.
Has anyone tried Self Lender before and would you recommend it?
I just ordered a Discovery Chrome IT card which was approved but have yet to activate it. I read into this card which got some good reviews but for someone in my position would this be a solid card to have?
If i decide to go with another card at this point would this hurt my score or will it only hurt my score if it is activated?
I read on multiple sites that it is important that the credit card company reports to all 3 credit bureaus. Is this reporting included with this card or should I make a call to the company and inquire about it?
Would having multiple cards (like ordering a secured card or a store credit card along side the Discovery) help expedite the credit-building process?

I really want to take advantage of the many rewards cards but I obviously cannot apply what I learn without the ability to get a semi-decent card. I know the building process can take years but anyone kind enough to give me some advice on an action plan from this point in time on would be greatly appreciated.


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CarefulBuilder14
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Re: Building Credit From Scratch Fast?

Postby CarefulBuilder14 » Fri Feb 10, 2017 1:18 pm

bb123 wrote:I have yet to get around to obtaining a credit card or asking for a loan in order to build a credit score but would like to do so. Since I would love to enter the game now I have to ask a list of questions:

For someone with no credit, what is the fastest way to go from point A to point B in getting a high credit score from scratch? I would be willing to pay small fees on cards or interest on a loan in building a high credit score if it means that it would allow me be accepted upon the best travel rewards cards in a reasonable amount of time.

Has anyone tried Self Lender before and would you recommend it? I haven't, but probably wouldn't bother with it.

I just ordered a Discovery Chrome IT card which was approved but have yet to activate it. I read into this card which got some good reviews but for someone in my position would this be a solid card to have? Yes, Discover is a solid first step (even if you just have the secured one). You've moved forward a lot, and I'd avoid the temptation to take a step back into fee-heavy cards and unnecessary loans just to have more activity. You'll benefit now from a little patience. I suggest you limit yourself to getting quality cards you're likely to keep.

If i decide to go with another card at this point would this hurt my score or will it only hurt my score if it is activated? The score damage is temporary, and doesn't require you to activate a card. I'd just focus on using the Discover while you learn what you'd want your next card to be. I have years of clean history and still use mine now and then.

I read on multiple sites that it is important that the credit card company reports to all 3 credit bureaus. Is this reporting included with this card or should I make a call to the company and inquire about it? Discover reports to all 3. Call then in the unlikely event they haven't reported the account within 3 months or so.

Would having multiple cards (like ordering a secured card or a store credit card along side the Discovery) help expedite the credit-building process? Yes, but don't rush. Take your time to think about what you'd want to add next.

I really want to take advantage of the many rewards cards but I obviously cannot apply what I learn without the ability to get a semi-decent card. I know the building process can take years but anyone kind enough to give me some advice on an action plan from this point in time on would be greatly appreciated.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

bb123
 
Posts: 2
Joined: Fri Feb 10, 2017 11:47 am

Re: Building Credit From Scratch Fast?

Postby bb123 » Sat Feb 11, 2017 10:14 am

Thanks careful builder I will try to heed by your advice!



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