Anybody know?

Question

My credit score is zero and ive had 2 credit cards for a month and I paid in full before its due but I am trying to get a used car and he said it would be a good idea to get some more credit cards to build up my credit, I have a credit one bank card and a capital one card does anyone know how often they report. Also does anyone know of anymore credit cards for me. Thanks

Answer 1

Building up your credit is a good idea, but not when you are planning on making a major purchase - car, home etc in the next couple of months. You should build somewhere around 6 months or longer before you plan on making the purchase.

When you apply for credit, you will be hit with a inquiry. Inq points are a bit odd to pin down how many points will be taken off, but usually somewhere around a 7 point drop.

Then, it may take a month, 2 months or more for the card company to report. When the card starts reporting you may see a small ding on your score for a little while, since it is a new account.

Paying in full is a fantastic way to keep your utilization down. Especially with Cap One. They stink!! They do not report your actual credit limit, they only report your high balance. So if you currently have a balance which is higher than you have had, they will report that balance and it will make it look like you are using 100% of your utilization. Oh, did I happen to mention - They Stink!!!!!!!

You might go to Orchard Bank, HSBC and Bank of America websites. They have a card selector that you can do to see if a card will be recommended. The card selector will not pull a hard inq. If you actually apply for a card that may be recommended, then they will pull a hard inq. Keep in mind that even if they recommend a card, you are not guaranteed to be approved for it.

If you have had no recent bankruptcy or major baddies (charge offs) you might try for a Hooters card. I have read that they are fairly easy to get if you don't have alot of baddies on your reports.

To round out your credit file, you might try for some store cards. Like Walmart, Target, Kay Jewelers or Nordstrom. Chevron has a rebuilder card, if you don't qualify for their regular card they may offer the rebuilder.

One other place you might go to is Crown Jewelers. They "do not" pull any inq's and you are automatically approved. The catch is that you have to order something for them to report. But, you can order an inexpensive item and have a $1500 limit reported. They may say that you are approved for $500, but from some of the reading I've done, even those that are approved for $500 still have a $1500 limit reporting.

If you happen to get denied after applying, always call or write for a reconsideration. Many people, who have been denied, have called or wrote and ended up getting approved by doing that.

You might check out the site I've listed and do some reading in the credit forum. There is also a link in there at the top right of the page. It is called CreditPulls, it shows what cards were applied for, what the scores were, approved or denied etc. Very informative.

Answer 2

You sound like you are in a rush. The answer to your question is not something you will want to hear but it is simple.

You just recently acquired credit cards but you still have no history. The only thing that will help you is time. You need to responsibly pay your bills for a minimum of 6 to 12 months before you can have a history. And you need to do this on at least 4 lines of credit. They can be gas cards, secured cards, store cards, credit cards, loans... You can have 15 lines of credit - but if none of them show that you have payed your bills on time for a year they are all useless for building up your history and you will have no score. Before a bank gives you a loan it will want to see a few financial instituitions that say that you pay your bills on time.

A persons payment history is reported monthly.

When you get lines of credit keep two things in mind. 1) You must use them. I am not saying to go into debt. Most of these starter lines of credit will have high interest rates. Use these cards at least once a month and pay them promptly so that you will not have to pay the high interest. If you have no history to report, then what is the point of having them? When you establish a good credit history you can get better lines of credit and cancel these high interest cards. 2) Never borrow more than one third of you limit. Banks want to see that you are responsible with a line of credit. So if you get a walmart card with a $900 line, never spend over $300 on that card so that you will keep your balance low. A maxed out card is bad for your credit.

Good luck.

Answer 3

Yeah the thing that really helps your credit score is credit consistency. So instead of having a bunch of cards (which can get you into a lot of debt really quickly and ruin your credit score), keep with the ones you have and consistently pay them on time and in full. Before you know it you'll have great credit. A good rental history also helps with credit, but ironically most renters do a credit check before renting to you. Hope that helps and good luck!

Answer 4

You need between 6-8 months of good credit history before you get a score. It will take you years to get to 800, but don't worry about that, just keep paying them on time, charge and pay in full every month and keep doing that........ You will see in about 7 months a nice score!

Kosher1

Answer 5

DO NOT GET MORE!!!! that is how 90% of americans go into debt. what you do is spend a little on the cards you have each month make sure to pay them on time. and after a few months it will show good on your credit report.

Answer 6

Don't get more, just use the ones you have like you have been and give it about 6 months.. good luck!

Answer 7

how about
visa
american express