Trying to improve my credit score

[50]

Hello,

So I'm 19 years old and have been working as a real estate broker for the past 2 months and I've noticed how bad credit affects everything. I ran my own credit report and have a 679 which is nothing to be proud of. I do not have any student loans and only have one active credit card which I've had for about a year now. I've applied for other cards but I keep getting rejected. I am going to try to get 3 credit cards in an effort to boost my score. What other things can I do? I always pay my payments on time. I made one mistake and opened an account and closed it before I activated it but it still went on my closed accounts. Any ideas? Thanks

 

[Captante]

Start by not filling out too many credit applications because excessive credit inquiries can lower your rating ... just keep the cards you already have & maintain a small running balance that you make payments on every month & before too long you'll be getting pre-approved offers sent to you.

 

[vrbaba]

Well, i think its the age factor and the fact that they dont really consider you to be working full time. Also, dont make a lot of applications at once. That affects their decision and adversely affects the credit score.

Its still weird how u can get rejected for a lot of them. Also, having more credit cards isnt really a good way to boost ur score. You need to stick with a card and keep it going. Other than that, you are still young, you dont need to worry about bad credit yet. In a year or two, after consistently paying ur credit cards, you will improve it.

 

[Tiamat]

the easiest credit card to get is the credit card from your bank that you have a savings/checkings account with. This can be a pretty decent stepping stone. Afterwards, stuff like store-specific credit cards. These will build your credit as long as you dont screw up.

 

[bctbct]

Make a major purchase, they only want to give CCs if you have massive debt. Sad but true.

 

[HeroOfPellinor]

Gas cards count on your credit score and should be fairly easy to get.

 

[kitkat22]

Buy a car.

 

[m1ldslide1]

I was in a similar situation, and I opened an account at a credit union and they gave me a cc with a really low limit and a really high interest rate. It took about a year and I was able to get another crappy card from another second rate company. A few months after that I got a better credit card with a higher limit. Four years later I had above average credit and bought a house with $0 down. Not sure what my score is now, but the moral is that if you keep at it and don't close your oldest accounts and obviously pay your bills on time, then it'll turn itself around.

 

[nakedfrog]

What reasons are they giving for denying you? You should get a letter explaining it. Fix whatever they're complaining about. If it's insufficient credit history, nothing to do for it but wait.

 

[spidey07]

Originally posted by: nakedfrog
What reasons are they giving for denying you? You should get a letter explaining it. Fix whatever they're complaining about. If it's insufficient credit history, nothing to do for it but wait.

Age of credit history killed him.

 

[SoulAssassin]

Originally posted by: nakedfrog
What reasons are they giving for denying you? You should get a letter explaining it. Fix whatever they're complaining about. If it's insufficient credit history, nothing to do for it but wait.

Exactly what I was going to say...his biggest enemy is probably time, or lack of. With a FICO (make sure it's not a FAKO) of 679 you shouldn't be rejected for most cards. Generally speaking around 650 and you're somewhat credit worthy...700 is pretty good and 720 you'll get approved for just about anything within reason. If you're still living at home make sure you include your parents income when they ask for total household income and if you don't make sure you include the income of any roommates you have. It's perfectly legal even if they don't use the card or give you any money.

 

[Chiboy]

It is too late for you... but when your kids are born, get them a card at 15-16. I'm not sure exactly how my father did it, but i'm glad he did.