need you help with credit

[1992tracerlts]

ok so heres the deal im 18, almost 19 and i want to start building my credit. i was thinking a credit card and using it to buy parts for my car. i really dont like the idea of a credit card but i want to start building my credit. any ideas?

[MazdaNoob]

use the card , but dont spend more than you can afford to pay IN FULL when the bill comes in ... it's the "I'll pay it later " that kills you

[Turpro]

Yea credit cards can hurt you bad if you think about it when you use it. Like noob said, only use it to buy things that you can pay for when the bill comes in. You can use it to pay bills as well. Like say you have to pay your power bill. The money is in the bank to pay it. Use the cc and pay it and don't touch that money that's in the bank. Then when you get the satement bam pay it off.

[ScOrTGtC]

best way to build credit is just by using it to purchase small item.. but like what everybody says make sure you pay everything in full right away when the bills comes dont wait too long.. small thing can accumulate to something big.

[808]

Yep... the best way to screw your credit is to put it off and not pay it like someone i know.... Me.

[Squeekster1]

i got a card for the same reason and only used it for gas. I make sure i have the money in the bank before i even use the card. less thinkin that way for me.I use the online service through my card ppl and when it shows up on the card, pay it. why wait for the bill.

[1992tracerlts]

thanks for the advice!

[almighty4wd]

Know what works better for building credit fast? have someone with awesome credit put your name on a card of their account. My parents did that with their discover. Pretty neat to look at my credit history and see 10+ years of perfect payments (which sucks for interest rates, but who cares when you pay it off?). This netted me a STARTING credit score of 763 (it goes to 800 if anyone cares to know). That's what it was when I checked a year ago, and the year previous. Oh neat. Its that time of year again I can check (once yearly for free). I'll report back later with what my fico score is now, see if I've been a good boy or not.


Seriously. Get your name on an account for a year or so of someone with 10+ years of good credit. They don't have to give you a card, or even tell you what the number is or how to use it. Just having your name on a card of their account means instant good credit.

[svtfast]

Know what works better for building credit fast? have someone with awesome credit put your name on a card of their account. My parents did that with their discover. Pretty neat to look at my credit history and see 10+ years of perfect payments (which sucks for interest rates, but who cares when you pay it off?). This netted me a STARTING credit score of 763 (it goes to 800 if anyone cares to know). That's what it was when I checked a year ago, and the year previous. Oh neat. Its that time of year again I can check (once yearly for free). I'll report back later with what my fico score is now, see if I've been a good boy or not.


Seriously. Get your name on an account for a year or so of someone with 10+ years of good credit. They don't have to give you a card, or even tell you what the number is or how to use it. Just having your name on a card of their account means instant good credit.

FICO08 aka the new credit scoring system wont count authorized users anymore. That means you wont gain and credit being an authorized user.

Get a card from a Credit Union. Low APR and they are just better to deal with. Google credit forum and read read read.

Screw American Express, Orchard Bank, etc.

[almighty4wd]

FICO08 aka the new credit scoring system wont count authorized users anymore. That means you wont gain and credit being an authorized user.

Get a card from a Credit Union. Low APR and they are just better to deal with. Google credit forum and read read read.

Screw American Express, Orchard Bank, etc.

oh that sucks, I hadn't read that. oh well, back to the old fashioned way! Glad I got in before the change.

[svtfast]

FICO08 has been implented yet but it will be. Work on building your credit by getting a low limit card from a credit union or some store. A store card will have an APR that is somewhere around 25% where a CU will have an APR around 10%. Read everything on credit apps before you apply. If you have any questions ask me.

Like it was posted earlier. Pay in Full (PIF) every month for at least a year. That will give you 1 year of credit history and your history is the biggest part of your overall score. After 6-8 apply for another card. Rotate your cards so you use 1 one month and the other one next month.

Multiple trade lines are another big part. Only apply for 1 card at a time. Each time you apply you get an IQ or inquiry. A creditor will look at your credit each time you apply. IQ hurt your score. 1 or 2 wont hurt that much but 3+ will.

After you have had your first card for a few months get your FREE copies of your credit reports from EX (Experian), EQ (Equifax), and TU (Transunion).

The site is www.annualcreditreport.com. DO NOT PAY FOR THIS!!! There any many imposter sites out there. To get your credit score you have to BUY it. Get it from myfico.com. For now the discount code for getting your score is CPPSAVINGS. Each score from each CRA (credit reporting agency aka EX, EQ, and TU) will cost just over $12. Buy these at least 2 times a year. Its good to keep current on your credit and it really good to look for identity fraud.

Yes I am a credit whore. I have only been in the game for a year but I finally broke $50k of credit in July. BoA is very generous with CLIs (Credit line increases).

[svtfast]

I told you BoA was good with CLIs. Its a 4 year old card but I was at $6k in June. I got $8k just for asking in July and just now I was able to get $10k.

When you pull a copy of your own CR, its a soft pull and doesnt hurt your score. Usually when you apply for a new card for ask for CLI, it will be a hard pull which will hurt your score. BoA CLI are soft while Chase CLIs are hard. Its hit a miss. I learned the hard way.