Establishing credit

Hi, I'm trying to establish credit. Right now, I have a Cap1 Visa w/$200 limit and a Verizon Visa w/$500 limit. I recently ordered credit report from TU, Experian, and Equifax and saw only the Cap1 card being reported. The Verizon card is not on any of my credit reports. I've had both cards since Nov last year. My question is do I need to get another card to help me establish a credit history? What are good cards out there?

 

You do need a second card, preferably one without an annual fee. That's where one or two retail cards would come in handy. I was surprised that my Macy's card, for example, is reported to all 3 bureaus. In your case, that would be an advantage.

That Verizon Visa could be a real asset in the future, simply because it isn't reported. You can keep it open without lowering your score due to "number of open accounts." If there's no annual fee, having the card is costing you nothing, either in fees or lost opportunities. The only cost would be the interest on the credit you actually use.

 

Many banks send their updates to the CRA's once every 3 months, so possibly it will show up soon? It could be an oversight with Verizon so maybe you should call them to inquire. You definitely need for that second card to show up.

 

The two easiest cards to get are either
Mobil or Exxon both issued by Monogram Bank (G.E. Capital) apply at www.mobil.com and get instant approval.

I sujest waiting until the Verizon posts to your CRB. I know from past experiance your application for these cards will be accepted but the credit limit given now will only be $200.00 wait and it will be $500.00

Write dispute letters to the CRB's and to Verizon (Associates Nat. Bank) and put some presure on them, to get it reporting.

After they show, apply on line for a Bank of America and Citibank and watch for a $5-6K limit being approved on both!

 

Thanks for the help guys. I'm going to wait 3 more months to get to the 6 month limit then apply for the cards.

Sonny