Ok it's time to get some credit. Here's the story. I'm 18 and I'm about to go into the Air Force. I want to have really good credit in 4 years when I get out. I have a derogatory item which is about 5 months old. It's a video rental. I was 17 when I rented it so I'm going to say I wasn't old enough to sign contracts, illegal etc. and get that cleared off. Then to build positive credit, my dad cosigned on my car so I'll be paying that off all throughout my 4 years in the Air Force. Needless to say, I don't even need to drive while in the Air Force and when I do it will be payed for (perks of the job.) So basically it will do nothing but build my credit. I applied for a CC and will take whatever balance I can get. I also applied for a Target card and a Citgo gas card. Obviously I won't even need these, I'll use them a couple times a year just to keep them active. I'm going to be a CD for 500 dollars and use that to get a secured loan at a credit union, and put that in a savings account and get another secured loan at another bank, and then take that and repeat the process. I'll have 2000 in secured loans, and I'll pay them off with the money from the loans leaving me with about $55 dollars to pay out of pocket per month. So that's my plan...does it sound feasible? Any suggestions? Where would you ESTIMATE my score to be when all is said and done? I would assume it'll only take about a year for things to go up, but could it go sooner? So to summarize my questions: 1. How long would it take for my credit to go up? 2. Approximitely where could my score be? 3. Is this feasable? 4. Any suggestions? Thanks for any and all replies, it is greatly appreciated.
