How do I start my credit?

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How do I start my credit?

Postby Plex » Sat Sep 01, 2012 4:37 pm

Hello everyone, I'm happy to say I received my first credit card in the mail the other day... It is a Walmart credit card with a limit of 400 dollars.

I plan on having a good credit score and always paying my bills on time. I've researched online, asked co-workers, family, and I keep getting different answers!

So, my question is how do I start my credit? My mom says pay it all off as soon as you get the bill and it will start your credit history/score. I believe my mom and all, but I would just like your guy's opinions.
A Walmart card wasn't my first choice, but hopefully I can start my credit history off of it and move up to an Amex card/VISA. Thank you, I look forward to hearing your opinions.

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Postby namvet » Tue Sep 04, 2012 7:10 pm

Pay on time each month and don't charge more that 30% of your credit line. Walmart should give you a credit line increase within 6 months. After 6 months you should get a fico score. After you get it apply for a mastercard or visa. Do your research and find out who you may be qualified for once you do decide to apply. Good luck!

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Postby Rory » Tue Sep 04, 2012 9:27 pm

what this means is that you should never have more than 120$ on your card by the time the statement is sent out to your house. You can spend up to $500 on it but you MUST pay back 380 before your statement is sent so that you dont show a high usage of your total credit line. It hurts your score when creditors see high usage percentages and it is generally regarded that 10-30% is ideal and will be the most beneficial to your score. I would try and get a second card (if you can handle it) some time soon, maybe 3 months. Try for a major credit card like a discover or chase that is attached to a major banking institution as these are more preferential to your creditors than just store cards like your walmart card. Keep up the payments on time and in full and in no time you should have a score good enough for a amex or whatever else you would like. You might also want to diversify your credit report with an installment loan like a auto or school loan. Mortgages work too but i assume you are a bit young for that.

Good luck
Amex Zync - NPSL (Cleared up to 25k)
Amex BCE - 12000 limit
Amex BCP - 4200 limit
FIA Rewards Amex- 3500 limit
Chase Freedom - 2000 limit
Chase Slate - 2000 Limit
BoA Cash Rewards Privileges- 3000 limit
Barclaycard Rewards MC - 3000 limit
Discover IT- 3500 limit
Marriott PR- 5000 limit
21 years old with alot of life to spend ;)
Its not about the ending, its about the journey,
just as long as the ending is just as good :cool:

Money card
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Postby Money card » Tue Sep 04, 2012 9:55 pm

your mom is 100% correct. since you only have 1 card it makes sense to pay it off in full. if you had 4 cards and 1 of them you use
twice a year then this is a different situation. But since you have 1 card listen to Mom and pay your bill in full.

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Postby Crashem » Wed Sep 05, 2012 9:36 am

Walmart card cli every 4 months but you need to request it. Wait till Walmart reports fir 6 months and app for some easy to get credit cards.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

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