help with building credit

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lebronjames06
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help with building credit

Postby lebronjames06 » Mon Dec 05, 2016 9:29 pm

Hi guys I'm new in credit cards and I need help getting it to 700 so I can buy a car.

so I just started working last January and I opened a debit account in chase. For some reason after 3 months of working chase informed me that I'm pre approved for a slate card. Take note I have no loans and what so ever so hey what the hell, applied it and they gave me a $500limit on it. Last month they increased my limit to $2000. I dont have fico score yet according to the chase website but I tried the credit karma app and I dont know if its accurate or what but it says my transunion is 668 and my equifax is 665. I believe this month fico will give me a score. I only have one credit card as of the moment which is the slate and I have a $950 balance on it so maybe a 50% Credit card utilization on it.

I want to get it up to 700+ so I can buy a car but I don't know how, I want to open another credit card but the only one I'm getting pre approved at is at credit one but they don't have an 0% intro APR.

I need help guys, literally new and I just want to buy a car.

Thanks!


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PhillyPhoto
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Re: help with building credit

Postby PhillyPhoto » Tue Dec 06, 2016 8:04 am

I would focus on getting the utilization below at least 30%, if not closer to 10-20%. I'm not sure how much opening another card at this point would be, as that's going to be only your second card, and will cut your AAoA in half, and show as a new account. When you're going for a high score/low rate for a car loan, you don't want to show that you're applying for credit elsewhere at the same time. Get the balance down, and just stay focused for 6 months or so, and you should be good. You can then even see if Chase will give you another CLI without a HP. Also, keep in mind that CK only gives VantageScores, and not FICO scores. You might want to check out CreditScoreCard as well. It's free (from Discover, but doesn't require a card from them), and will give you an actual FICO score.
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Sock drawer Cards:
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Tubpbs
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Re: help with building credit

Postby Tubpbs » Tue Dec 06, 2016 12:04 pm

lebronjames06 wrote:Hi guys I'm new in credit cards and I need help getting it to 700 so I can buy a car.

so I just started working last January and I opened a debit account in chase. For some reason after 3 months of working chase informed me that I'm pre approved for a slate card. Take note I have no loans and what so ever so hey what the hell, applied it and they gave me a $500limit on it. Last month they increased my limit to $2000. I dont have fico score yet according to the chase website but I tried the credit karma app and I dont know if its accurate or what but it says my transunion is 668 and my equifax is 665. I believe this month fico will give me a score. I only have one credit card as of the moment which is the slate and I have a $950 balance on it so maybe a 50% Credit card utilization on it.

I want to get it up to 700+ so I can buy a car but I don't know how, I want to open another credit card but the only one I'm getting pre approved at is at credit one but they don't have an 0% intro APR.

I need help guys, literally new and I just want to buy a car.

Thanks!


When are you looking to buy the car?
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

lebronjames06
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Re: help with building credit

Postby lebronjames06 » Tue Dec 06, 2016 9:08 pm

Tubpbs wrote:
lebronjames06 wrote:Hi guys I'm new in credit cards and I need help getting it to 700 so I can buy a car.

so I just started working last January and I opened a debit account in chase. For some reason after 3 months of working chase informed me that I'm pre approved for a slate card. Take note I have no loans and what so ever so hey what the hell, applied it and they gave me a $500limit on it. Last month they increased my limit to $2000. I dont have fico score yet according to the chase website but I tried the credit karma app and I dont know if its accurate or what but it says my transunion is 668 and my equifax is 665. I believe this month fico will give me a score. I only have one credit card as of the moment which is the slate and I have a $950 balance on it so maybe a 50% Credit card utilization on it.

I want to get it up to 700+ so I can buy a car but I don't know how, I want to open another credit card but the only one I'm getting pre approved at is at credit one but they don't have an 0% intro APR.

I need help guys, literally new and I just want to buy a car.

Thanks!


When are you looking to buy the car?


whenever my fico score gets up to 700 I guess

lebronjames06
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Joined: Mon Dec 05, 2016 9:20 pm

Re: help with building credit

Postby lebronjames06 » Tue Dec 06, 2016 9:12 pm

PhillyPhoto wrote:I would focus on getting the utilization below at least 30%, if not closer to 10-20%. I'm not sure how much opening another card at this point would be, as that's going to be only your second card, and will cut your AAoA in half, and show as a new account. When you're going for a high score/low rate for a car loan, you don't want to show that you're applying for credit elsewhere at the same time. Get the balance down, and just stay focused for 6 months or so, and you should be good. You can then even see if Chase will give you another CLI without a HP. Also, keep in mind that CK only gives VantageScores, and not FICO scores. You might want to check out CreditScoreCard as well. It's free (from Discover, but doesn't require a card from them), and will give you an actual FICO score.


I checked the website and it gave me a fico score of 704, is this accurate?



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