Sup all, this is my first post and I feel like I should just jump in to get all the knowledge I can. I am 18 years old and have 1 aged credit card thanks to my grandmother, my fico score is at 690. I am wondering what credit card I should get to boost my score, which ones are the friendlist for this? My goal is to 1) Get another trade line open, 2) Boost my current score higher. My goal for getting other tradelines is that I am extremely interested in real estate. My brother has numerous properties and is only 21, I look to surpass him at his age in property owned, just need some help getting the credit to acquire it all. Thanks in advance, Soul
Congrats on getting off to a good start. The most important thing you could do to help your credit would be to read the posts here and learn the woes caused by even minor credit mistakes. To answer your q. though, get a store charge card (Macy's, Home Depot, etc.) from a place you would shop a couple of times a year anyway. FICO likes to see a mix of credit types. I'm not sure if FICO counts store branded Visa/MC as store or regular CC's because you can use them anywhere. 0
They even like installment loans better. I have seen high scores when all the holder had was deferred student loans (hmmm-- could that be a sneaky way to favor educated people?) FICO loves car loans. Interest rates are low right now. The new models are about to come out. Time to buy a car?
I got a student capital one, a student amex, and a student citi and an aged 16yr account from my parents and my fico was 767 before I got on here and found out I could get prime rate cards lower than 10%. I have applied for 7 cards and 2 car loans since then and my scores are still what you see in my sig. I think the student amex was my favorite, because once I had it for 9 months and then applied for blue approved, waited 2 more months green charge card, 2 more weeks gold charge and closed student blue and green, and a couple weeks after that starwood which has been converted to optima plat with a rate of 8.24%. So in the short of it I think my favorite student card was the amex because it paved the way and they gave me a good limit off the bat, 2000$. So I would say, as long as you are a college student apply for the amex or the citi, but skip the crap one and you should be well set up for the future If you have any other questions about student credit I could probably answer them because I just got rid of all my student cards a few months ago.
On the same line as ero2, you may want to think about WHO you are establishing yourself with. ero2 established themselves with Amex - a favorite creditor on these boards. You may want to apply for a card with your bank to "deepen the relationship". If you do not yet have a bank, and you are 18+, both Wells Fargo AND Bank of America are offering good student CHECKING accounts - and BOTH offer STUDENT VISA cards. This will get you established with a local bank who can help you later in life with larger loans, mortgages, etc. http://www.wellsfargo.com/per/checking_savings/checking/college.jhtml http://www.bankofamerica.com/deposits/checksave/index.cfm?template=check_student If you are in So. Cal, you can get FREE checking with Wells Fargo for 5 years if your parents also bank with Wells Fargo. (can be a credit card, mortgage, or savings account - but it has to be SOMETHING.) BofA is offering something very similar to "try" to stay competitive!
