Credit Scores?

kanyewest

kanyewest

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So i just got my first credit card and it said i had a credit score in the low 800s

keep in mind this is my first credit card so i was wondering what this means :nerd:

i was trying to build credit and thinking of opening creditcards with retail companies and etc to diversify my credit portfolio but after seeing such a high score im not sure if i should make too many inquiries as i heard it lowers my score
 
Usually having no credit is just like having bad credit....at least from a lender's perspective as you are a ghost in the system. No credit and you have a score in the low 800's? Maybe your parents have been building it for you, but that doesn't sound right.
 
Depends on the rating scale, but either way 800+ is very good.

You'll get denied if you have no credit history, though. I was stuck there because no reputable credit company would approve me.

Get a couple cards, and keep your balance below 50% of your total credit. Be sure not to use all your available credit.

I'm no expert, but I struggled to get my credit going at 25. I waited too long and missed out on student cards, so I was kinda floating around. Got a secured card (which means your credit limit is basically backed up by a refundable deposit that you make) and I worked my way up to about 750. It's tough, just make sure you don't get too in over your head. Never bite off more than you can chew, and of you ever do, be sure to stop yourself until you dig yourself out of the hole you dug.

Hope that helps.

EDIT: Also, new inquiries come off in 2 years, I believe. Someone correct me if I'm wrong.
 
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pretty impressive for a new CC. did you recently pay off student loans or anything???
 
Major props if true. Make sure to stay on top of your stuff because a credit score can be easily tarnished.
 
more info i am only 18 and this is my first card also i am unemployed going into college

i have been banking with them since i was 13 though so when i got my credit score i wasnt sure what to do as the whole point was for me to build my credit

so should i just go all out and apply for a bunch of cards or should i just stop and only use this card for the next few years?

edit: the score is from one of the 3 major credit bureaus
 
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Considering your age and lack of credit at this point your score will fluctuate easily. I wouldn't go crazy with it. You will need a card to build up your credit but you have to be very disciplined when using it.
 
should i create a balance and make small payments or pay everything off?

and what exactly is APR
 
Don't go and apply for a bunch of different cards, that'll make your score go down b/c they'll do a hard pull on your credit history....since you're 18 I would look into a student card as another option maybe just so you get rewards on stuff you'll use a lot more often if you want another one. I'd recommend the Citi Forward, I'm 21 now and have had mine since I was 19 and it gives good rewards on restaurants/fast food, movies, Amazon, and Itunes stuff...I started with a low balance since I didn't have a job while I was in school but now i'm up to like 3,000 since I pay it off mostly each time....don't fall into the trap of spending more than you have as others have said....I make it a point to use my CC for purchases to only get the benefit of rewards points, but I make sure I have it in my checking account to pay for stuff at the time
 
800+ by default on your 1st card at age 18? Something's not adding up. People don't start hitting the 800's until they start paying car payments, mortgages, and student loans. Check your credit history, it's free once a year. It'll give you an entire breakdown of your credit.
 
KanyeWest said:
should i create a balance and make small payments or pay everything off?
and what exactly is APR
Click to expand...
noooo don't make small payments. pay it off, immediatly every time.

And only open 1 card if your 18. No need for more. But, look for one with a good rewards system, there are some good benefits.
 
KanyeWest said:
should i create a balance and make small payments or pay everything off?
and what exactly is APR
Click to expand...

Annual percentage rate. It stands for the interest rate you get each year. Credit card companies love to rape younger kids with a 25-30% apr. Your age group is where card companies make most of their money.
 
KanyeWest said:
more info i am only 18 and this is my first card also i am unemployed going into college

i have been banking with them since i was 13 though so when i got my credit score i wasnt sure what to do as the whole point was for me to build my credit

so should i just go all out and apply for a bunch of cards or should i just stop and only use this card for the next few years?

edit: the score is from one of the 3 major credit bureaus
Click to expand...
If your whole intention is to build your score, you're already doing pretty good if it's already 800 (seems strange, so look into it). You get a free credit report from the 3 bureaus once a year from AnnualCreditReport.com. You won't get your score, but you can see the activity in your name for the past 7 years.

Most people will tell you to open a couple cards over the next couple months to build your credit. A better idea if you really want to build credit is open an overdraft line of credit on your checking accounts. It'll be the same as a card, but you won't be as tempted to whip out the plastic and swipe.

If you're really 18 & unemployed, throw that card away. Right now, building wealth is much more important than building your score. Almost 70% of people who get a credit card at your age are at least $5000 in debt within 4 years. IMO, that's a pretty expensive credit score.
 
killabee said:
Antidope said:
Profanity in the url got bleeped out on NT so your link doesnt work. Just gonna post the google link 

https://www.google.com/search?q=vic...&sugexp=chrome,mod=4&sourceid=chrome&ie=UTF-8

LOL that was hilarious.
Click to expand...
wait, so you can actually have negative accounts removed from your credit history??
nerd.gif
Click to expand...
Only if the credit agency and/or debt collector cannot prove that it legally belongs to you.
 
I just started trying to build credit about a year ago I have only 2 credit cards. My score last year was like 560 something I had it checked yesterday for a car loan and its 606 is that a good score?????
 
Son... you're going to hear every argument about credit cuz everyone thinks their method is right...

Pay on time. Dont Max it out.

That's the basis of everyone's argument.

Inb4 major credit debate.
 
nawghtyhare said:
I just started trying to build credit about a year ago I have only 2 credit cards. My score last year was like 560 something I had it checked yesterday for a car loan and its 606 is that a good score?????
Click to expand...
No, not at all. If someone actually does give you a loan for a car, the interest rate is going to be sky high.
 
Im 20 with 3 more semesters in college. I have a secured credit card almost maxed out (going to get it to 50% in 3 weeks) and a Kays card, my credit score is 700.

Is that credit karma free? Or just free trial?

I want to get a real credit card(not secured) to build credit. Want to get my credit in the 800+ range by time I am 22. Is this possible and what should I do to achieve this (another card) ? Thanks
 
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Just don't live outside your means, pay on time and you'll be good OP. I wish I didn't have to use my CC's when I was unemployed or my credit would be better :smh:
 
KanyeWest said:
more info i am only 18 and this is my first card also i am unemployed going into college

i have been banking with them since i was 13 though so when i got my credit score i wasnt sure what to do as the whole point was for me to build my credit

so should i just go all out and apply for a bunch of cards or should i just stop and only use this card for the next few years?

edit: the score is from one of the 3 major credit bureaus
Click to expand...
no offense, but why get a credit card if you dont have a job? thats exactly how alot people get into trouble 

if youre in between jobs, just wait to use it, otherwise, it could downhill real fast
 
BeezyGotSole said:
Im 20 with 3 more semesters in college. I have a secured credit card almost maxed out (going to get it to 50% in 3 weeks) and a Kays card, my credit score is 700.

Is that credit karma free? Or just free trial?

I want to get a real credit card(not secured) to build credit. Want to get my credit in the 800+ range by time I am 22. Is this possible and what should I do to achieve this (another card) ? Thanks
Click to expand...
Is it possible? I guess. But part of your credit score is the length of your credit history. If you really get on it, it's more realistic that you could get an 800 score by the time you're 24-25. But you'll have to diversify your debt portfolio and keep utilizing those debt tools in order to maintain that score.
 
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