Building my Credit Score

**OhmyTSwift** · January 9th, 2011, 11:27 PM

Hey Everyone! I was reading around this site and it looks there are some very knowledgable people on here. I was wondering if anyone could provide me with some guidance. Long story short, I am 19 years old. I got my first credit when I turned 18 back in June 2009 through Macy's w/ $100 limit. I bank a CU back in MN which I also have a Visa CC through shortly after w/ a limit of $400. I have an income of about $18,000/yr. I have had a stable job for 3 years since I have been 16. Back in June of 2010, I requested a CLI w/ my CU and they upped my Limit to $1000. I tryed with my Macy's but they said they would do a hard pull to my credit so at that point in time I didn't have them pull it. In Nov 2010, I got approved for a Best Buy CC for $1250. I put almost everything on CU CC and just pay off the total amount every month. I recently applied for a personal loan of $4,000 to make a larger purchase for some new DJ equipment but they would not approve me for it w/o some type of security. When talking to the Loan Officer, she informed that at my Income Level I have a lot of available credit limit to me. I am also under the impression to try and get a CLI around every 6 months. I was wondering if there is a certain kind of CC you guys could recommend w/ higher CL's. I have never missed a payment on any of my cards. I just want to build my credit and do it right and I understand it takes TIME! Is there much more I can do than what I already am doing? Currently, my only monthly bill is a Cell Phone and living expenses (Gas, Food, Etc.). Thank you!

**Joeyman** · January 11th, 2011, 03:25 AM

Originally Posted by OhmyTSwift

Hey Everyone! I was reading around this site and it looks there are some very knowledgable people on here. I was wondering if anyone could provide me with some guidance. Long story short, I am 19 years old. I got my first credit when I turned 18 back in June 2009 through Macy's w/ $100 limit. I bank a CU back in MN which I also have a Visa CC through shortly after w/ a limit of $400. I have an income of about $18,000/yr. I have had a stable job for 3 years since I have been 16. Back in June of 2010, I requested a CLI w/ my CU and they upped my Limit to $1000. I tryed with my Macy's but they said they would do a hard pull to my credit so at that point in time I didn't have them pull it. In Nov 2010, I got approved for a Best Buy CC for $1250. I put almost everything on CU CC and just pay off the total amount every month. I recently applied for a personal loan of $4,000 to make a larger purchase for some new DJ equipment but they would not approve me for it w/o some type of security. When talking to the Loan Officer, she informed that at my Income Level I have a lot of available credit limit to me. I am also under the impression to try and get a CLI around every 6 months. I was wondering if there is a certain kind of CC you guys could recommend w/ higher CL's. I have never missed a payment on any of my cards. I just want to build my credit and do it right and I understand it takes TIME! Is there much more I can do than what I already am doing? Currently, my only monthly bill is a Cell Phone and living expenses (Gas, Food, Etc.). Thank you!

I think you're on the right track. Especially since you bank with a credit union. Regarding your denial for the personal loan, I think it was probably because your lack of credit history. Yes you have a good mix of credit limits, however, you only have about 16 months of history in reality. Your logic regarding time and being patient is definitely the key here. Just keep making payments on time, lower or keep utilization low, and set a financial goal. Perhaps ask yourself is my income enough to handle a loan payment right now? Even though you have minimal bills the financial institution may not see it that way. Six months from now an opportunity may come where you get your own place, and suddenly you have more bills.

**OhmyTSwift** · January 12th, 2011, 12:39 AM

Yeah I can agree w/ why I got denied. It was not super important to me but it would have been beneficial. The loan officer did state when reviewing an applicant they look for at least 24 months of credit history.

**Wanderer** · January 12th, 2011, 04:42 AM

Originally Posted by OhmyTSwift

Yeah I can agree w/ why I got denied. It was not super important to me but it would have been beneficial. The loan officer did state when reviewing an applicant they look for at least 24 months of credit history.

After reading your posts, there is the consideration of income to debt ratio and too much available credit. I suspect this was every bit as important as the length of credit history.

**Jacob3d** · January 18th, 2011, 11:54 AM

Originally Posted by OhmyTSwift

Yeah I can agree w/ why I got denied. It was not super important to me but it would have been beneficial. The loan officer did state when reviewing an applicant they look for at least 24 months of credit history.

Hey OhmyTSwift - there's a good article on creditscore.net that talks about what else they look for when reviewing an applicant - might be helpful for you if you in the future. Good luck with everything

**Joeyman** · January 19th, 2011, 06:13 AM

Originally Posted by Jacob3d

Hey OhmyTSwift - there's a good article on creditscore.net that talks about what else they look for when reviewing an applicant - might be helpful for you if you in the future. Good luck with everything

Jacob, as much as I appreciate you sharing information from other sources, it would be nice if you used specific links. This leads reader's to believe you are trying to promote creditscore.net, rather the article you mentioned. So please, if you reference an article with a link, provide the exact link to the article. Thanks! : ) : )