Building Credit help
 

Hey guys so I just want to know your experience with credit cards and loans etc and how we can build our credit with daca. So I was recently approved for 3 credit cards with various limits Discover Student-1500 Amazon Store card -400 Capital one quicksilver -300, I also recently opened a service line with tmobile was approved for 0$ down (last year i appiled and was denied).Does anyone have advice on what banks give the best credit limits for someone just building credit and what we should do to help improve our score. Also when I request my annual credit score from experian or the other company's they can't give me a score is this normal?

Re: Building Credit help
 

The Quicksilver CC was my first one. They did give me a low limit at first but that number increased within 3-5 months. My credit score is at 770 right now.

Tips:

Use your CC for everything, up to your limit of course. Then pay the FULL or CURRENT BALANCE amount at the due date.

Don't apply for too many credit cards. I see you applied for 3 already, that will hurt your credit score. I have 3 now and i've had credit for over 2 years. There's no need.

You can know your credit score by signing up to www.creditkarma.com This does not hurt your credit and they update it monthly. It will give you tips on how to improve your credit as well. It's free.

Quicksilver is just about the best card to start. I think they offer 1.5% cashback. I have one that's 2% cashback (Citi Double Cash) but you need good credit. In 3 months, i racked up over $100 in cashback, which is pretty good.

Re: Building Credit help
 

You could also apply for a secured loan at your local credit union.
You basically give them the money you want to borrow, they put it in a CD for the term of the loan, then once you pay it back you keep the credit history and they don't lose their money. This is a much better idea than immediately going for something like a car loan because if you have no history besides credit cards you'll still have a hard time getting a car loan with anything under double digit interest. I had 3 years of CC history with a 3k limit and two other CCs with a few months of age and found it impossible to get anything besides double digit interest rates.

Re: Building Credit help
 

I'm thinking of getting a credit card from my cc union but how exactly does that come up as in the report is it a loan or just another line of credit card

Re: Building Credit help
 

Like brz said, I would recommend that you hold off on applying for more cards. Each application you submit leads to an inquiry on your credit report as well as lowering your average age of accounts. I started building my credit 2 years ago and began with a $500 card with my credit union, now I have 3 cards and $23.5 k in available credit. I always pay my statement in full, but if you must carry a balance I recommend that it be 1-10% of the account's available limit.

As far as the credit union card, it reports as a credit card on your report since it is revolving credit.

In the end we are only giving you advice and you are free to do what you choose to do. As for me, I worked in the financial industry so I had to deal with a lot of this, I also suggest you check out the myfico forums as they can be really helpful for someone new to credit.

Re: Building Credit help
 

A lot of very useful info in this thread http://dreamact.info/forum/showthread.php?t=59231

Re: Building Credit help
 

One of the most important thing is. At the statement date, your balance should never exceed 30-35% of your CL. Even if you make all your payments on time, your credit score will not go up if you continue to come close to maxing your CC. CL usage and on time payments are two of the biggest factors combined with hard inquiries. Don't apply for many CCs in a short period of time. A hard inquiry stays on your report for up to 2 years.

Re: Building Credit help
 

Personally, I think that if you currently have no accounts then your credit age is ZERO anyways so if you're going to go HAM applying to credit cards at on point, the time would be now. Also, inquiries show a low impact compared to the usage 2face explained.

@crisitianofit A credit card will show up as credit card on your report regardless of who it's from. A loan will appear as a loan. I know specific loans, such as auto in my case, show up as that...an auto loan. If you get a secured loan will the report say it's secured? I don't know that.

Re: Building Credit help
 

I think you should consider a lot when choosing using credit cart. You can face the problem that you can't pay for your dept