Building Your Credit

A place to talk about your credit-building goals and progress -- and to ask for advice
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CreditCardSage
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Building Your Credit

Postby CreditCardSage » Wed May 17, 2017 3:30 pm

Since it's graduation season, I thought this might be a good topic to discuss:

How did you first build your credit? Any recommendations for recent college graduates?


Bacon
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Re: Building Your Credit

Postby Bacon » Wed May 17, 2017 4:55 pm

My Dad helped me get my first card through USAA, as he was a member. I still have it as it is the card with my longest credit history. I don't use it much but it has no annual fee and a long history so it stays open.

TXviking
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Location: Palm Beach, Florida

Re: Building Your Credit

Postby TXviking » Wed May 17, 2017 10:12 pm

I started with a Target department store card with a $300 credit limit. Highly recommend going that route.

Tubpbs
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Re: Building Your Credit

Postby Tubpbs » Thu May 18, 2017 5:48 am

Really people should start as soon as hey graduate from high school / turn 18
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

rockyrock
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Re: Building Your Credit

Postby rockyrock » Fri May 19, 2017 9:12 am

I've started from scratch three times! Below are the ages I started out with a FICO in the toilet and built my way back up to the mid-700's where I am today at 41. My first round only lasted two years but took me seven to recover from. Round two lasted about the same, but I recovered much quicker once the baddies started falling off. I successfully used a credit repair service that time too. Currently in the 8th year of Round 3. My revolving debt is in the 40's and my availability in 150's and my score fluctuates between 735-750 on any given month.

18: student cards from Citi & Chase. Secured from Cap1. Store Card from Sears & Mervyn's. Sears & Cap1 survived past 20 but all other canx by issuer :eek:

FICO (low): high 500's

28: Amex Green and BoH Hawaiian Airlines Visa + 7 others.

FICO (low): mid 600's

33: Amex and BoH carried over, all others closed/canx
Sapphire Reserve: travel & dining
Blue Cash Preferred: groceries & gas
Freedom: 5% cats
Double Cash: everything else

Tubpbs
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Re: Building Your Credit

Postby Tubpbs » Fri May 19, 2017 7:06 pm

rockyrock wrote:I've started from scratch three times! Below are the ages I started out with a FICO in the toilet and built my way back up to the mid-700's where I am today at 41. My first round only lasted two years but took me seven to recover from. Round two lasted about the same, but I recovered much quicker once the baddies started falling off. I successfully used a credit repair service that time too. Currently in the 8th year of Round 3. My revolving debt is in the 40's and my availability in 150's and my score fluctuates between 735-750 on any given month.

18: student cards from Citi & Chase. Secured from Cap1. Store Card from Sears & Mervyn's. Sears & Cap1 survived past 20 but all other canx by issuer :eek:

FICO (low): high 500's

28: Amex Green and BoH Hawaiian Airlines Visa + 7 others.

FICO (low): mid 600's

33: Amex and BoH carried over, all others closed/canx


You're saying you have 40 grand in credit card debt???
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

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CarefulBuilder14
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Re: Building Your Credit

Postby CarefulBuilder14 » Sat May 20, 2017 1:02 am

I didn't start until after college.

If I did have one then, though, I probably would have had an occasional late payment due to disorganization.
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

im_mr_awesome
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Location: Indianapolis, IN

Re: Building Your Credit

Postby im_mr_awesome » Sat May 20, 2017 11:02 am

I would recommend getting a student card, like a Cap1 Journey, or a secured one with a good bank: Discover Chrome, maybe BofA. Treat it like cash, and set up automatic payments, and you should be fine. Get in the habit of paying in full and living within your means (not living up to your credit limits), and credit cards will be a tool instead of a way of financing everything.

I would also recommend considering loans for large purchases (appliances, maybe some electronics) instead of 0% offers on credit cards. At a younger age, it can be difficult to get your head around the sometimes complicated 0% offers. A 24 month loan from your credit union is much easier to understand, and helps build your profile as well.

Lastly, just because you're the friend with credit doesn't mean you should treat everyone to free stuff. I had too much fun in college because I had the credit to do so. I'm still feeling effects of that, so make good choices.
Scores on the mend...
FICO: 654 (7/2017, AMEX), Vantage: 663 (CK)
Cards I Use Amex Premier Rewards Gold, Discover IT, Capital One QuickSilver MC, Amex Gold Delta (for the free bag)
Sock Drawer Chase Amazon, AE Visa, CareCredit, several store cards for util padding
Next Card Amex Everyday

adamjonesbe
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Re: Building Your Credit

Postby adamjonesbe » Mon Sep 11, 2017 2:14 am

I've started building my credit at college and I think this is the best way to get a great credit history. I didn't have my own credit card, but my parents added me as an authorized user on their cards. My parents have a good credit and I was piggybacking off their positive credit history, which boosted my score.



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