A Couple Questions Regarding FICO and CC's

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3 posts
Cactuar
 
Posts: 1
Joined: Tue Sep 28, 2010 9:26 pm
Location: United States

A Couple Questions Regarding FICO and CC's

Postby Cactuar » Tue Sep 28, 2010 10:05 pm

Hey everyone,

I'm new to this forum but have been reading posts for a while on here. Decided it was about time to sign up :) I've become almost obsessed with building great credit after realizing just how much it can help you in life. So I have a couple of questions I'm hoping someone could help me out with. I'll keep this as concise and short as I can!

1. I've never sought out my FICO Score, I know it costs money to get it and I'm willing to pay but where is a reliable place to get it? I see sites all over and I get the feeling not all are reliable. Also, does getting a FICO Score hurt your Credit History?

2. I've read a lot on how people should have no more than TWO Credit Cards. Since reading that I've been hunting for the two most ideal credit cards. I've read it hurts your score to close a CC and even open a new one, so I'd prefer to keep that to a minimum. I rarely travel and don't spend big money often, let alone on my cards. Annual Fee or not, any recommendations on cards whether my score would be high enough or not? Gives me something to work towards at least. Goal is to have 2 great CC's that are both respected and reliable and will help me build great credit. I don't know what the future holds but I can tell you I most likely won't need a card of Gold or Platinum AMEX caliber.

Brief history on my credit:
-Secured Credit Card from Bank of America, 2 years in November with no late payments and staying mostly under 10% of max limit.
-The only strikes on my Credit History are from when my parents were struggling and asked to take a loan out in my name. They missed a few payments, that was 8 or 9 years ago when I was too young to care. Otherwise all bills were paid on time by me to this day.
-Haven't taken out a loan since.
-Working a seasonal job while searching for a full time regular job.
-4 Accounts open, 2 for over 12 years and other 2 for near 3 years.

Thank you for taking the time to read and respond to this, it's very much appreciated! Any tips for raising Credit History would be greatly appreciated as well, whether it's something I might know already or not. Thanks again!

-N


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Mogul of Pineapples
Centurion Member
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Posts: 1271
Joined: Sun Jun 01, 2008 11:32 pm
Location: Smogland

Postby Mogul of Pineapples » Thu Sep 30, 2010 9:16 pm

Cactuar wrote:1. I've never sought out my FICO Score, I know it costs money to get it and I'm willing to pay but where is a reliable place to get it? I see sites all over and I get the feeling not all are reliable. Also, does getting a FICO Score hurt your Credit History?


I feel the same way - a lot of these credit score services are not trustworthy. I have heard rumors that checking your FICO score through a third party (anywhere other than through Fair Isaac directly) does result in a hard pull, but I have no confirmed that.

I've read a lot on how people should have no more than TWO Credit Cards.

That doesn't sound correct to me. Maybe two to start out with but over a few years you want to have more than that. I say at least 5-7 down the road.

The problem with having only two is that it's like having all your eggs in one basket. You never know when a bank may slash your credit limit or start charging fees. It's better to spread the risk over several cards. That way if you ever get screwed on one of them, you won't be losing 50% of your credit card accounts as you would with only two. I also don't think only two lines of revolving credit is ideal for your credit score.

4 Accounts open, 2 for over 12 years and other 2 for near 3 years.


I take it one of these is the secured credit card from B of A. How about the others? Let us know so we can have a better idea of your credit profile.

By the way congrats on your first post!
Last edited by Mogul of Pineapples on Thu Sep 30, 2010 9:21 pm, edited 2 times in total.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
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Public Savings Bank
 
Posts: 2
Joined: Fri Oct 01, 2010 2:31 pm
Location: Huntingdon Valley

Postby Public Savings Bank » Fri Oct 01, 2010 2:32 pm

Hi, Cactuar, and happy Friday!

1. MyFico.com is a great place to get your credit score.

2. From what you explained about your personal finances, our Public Savings Bank secured Visa credit card is a great fit for you. Our card helps you re-establish/establish credit history.

We report to all three major credit bureaus as a regular credit card, we're accepted wherever Visa is and you can open a card with a balance from $300-$2,000.

If you pay your minimum monthly balance on time every month, our card will help you re-establish your credit.

Here's our online application if you decide to sign up:

I hope this information helps. Have a wonderful weekend! :D

Moderator Update: The Public Savings offer is no longer available. As an alternative, here are some of the best secured credit cards.



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